Lincoln telegraph. [volume] (Bath, Me.) 1836-1846, 1840-01-09

own country, we all kio" """ s'~
perence. The wonderfully rapid transit
tons from abundant plenty 10 extreme
scarcity, that we have so frequently witness
ed, producing a corresponding change IN
the value and prices of property while they
astound those who are unlhiiated IN tue
mysteries of banking, are ru'nous 10 the
regular business and pursuits of all. ana
what else ran nationally he expecte!!--
When bank bills constitute the currency of
a country, aud /, rests in the decision OF a
few individuals, " no are actuaied hy Ink"
natives and passions, and g"vtlntdby like
interests with other men. wheihe' money
shall be plenty or scarce, 1t w"u'd DE- un-
reasonable 20 expect to he exempt from
cons AMI if no, ruinous fluctuations.
would not tie unjust to banks any more than
| would To individuals If they have rights,
let them be scrupul"usly respected. If
they are under obligations let thrir perf"r-
nance be rigidly exacied. Without there
fore seekin. TO destroy, | would contend
for such a regulation and control o' them
as to prevent, if possibie, recurrence of
the evils alluded to. They should not have
the power, as they now have. incidentally,
by the natural operation and defect of bank
ing, to exclude all specie from circulation,
and TO force an entire, and often depre-
ciated paper currency upon the cummuniiv.
A portion. at least, of the currency should
be beyond their control, aud empha,ical-
ly in the hands Of the people Then not
outstanding a sudden contraction of l"ans
and a reduction of their circulation by the
banks, the community will not be left des-
iitute of circulating medium, nor the
streams Of business nearly dried up. One
mod. of eff.cting this, TO some extent at
least, is to prohibit The issue and circ"'a-
tinn of bank bills IF small denomination.
When these are Withdrawn, the channris
nf circulation Immediately becomes pe,ma-
nrnt from the verv nature of the case and
the necessities of business. So FAR as my
knowledge extends. this was the operation
of the restraining law ot 1885, and was on
" interrupt. d by the suspension "f specie
payments by the banks. Prior t" that
event, there was no want Of silver. The
.msll bills disappear,d and their place was
applied with specie, by process so gen
tie that The chnnre was scarcely percepti-
bic hle going on, ard affected no inter.
ests in the community, NOT even those vt
the banks themselves, but tor gond. That
such would be the effect again, under SINH
lar circumstances have no doubt With
these views therefore. cannot hesitate to
recommend a renewed attempt, nov or
hereafter, as may be deemed best, to effect
the design Of the law alluded to No laws
however, can be cffectually executed unless
sustained by the pubic opinion, especially
one of this character. Whether therefore,
the present, is, or is not, the best time I"
attempt its revival-whrter il should, al
first, embrace so many bills of small de-
nomination-or whether all its provisions
are indiciously adopted tothe end proposed.
are questions which your avn experience,
and the knowledge you bring with you from
all parts of the State, Of the views and wish
es of the people, will enable you to decide
In general have not deemed it -xpetli
ent in nv commnnca atoms to the Lrglsla
tine, To discuss political questions however
important they might be. when they had
no direct connpyinn with the husln' l-gh
i'm ,tely coming bef,nr you-and it is WITH
%, an intended departure from this rule
that | allnIe, by wa, Of f"ititymg the we"
Just expressed, 10 the prosp-c, thu an inn
pnrtant change is about to be # cted in tie
financial! operations Of the General Govern
ment, and consequently. though indirectly
in the currency OF the country. 'Ih" In
dppend4n, Treasury system, " judging from
the elections and other strong Indications,
after an opposition, able. long continued
and fierce. Seems. happily, to have rrceiv-
ed the appreciation Of the people, and is
nrobabIy about to be- adopted as the estab-
iished policy of the Country. This con-
by gradual change from the
present system. a payment OF all dues I"
The National G 'vernment in silver and gold.
The disbursements of the government being
also to be made in the same currency, VIII
nfilse larger portion of the precious met
ais into the circulating medium, and thus
afford essential aid to thosn States disposed
to restrain the issue and circulation ofsnall
bills, in carrying into effect laws enacted
for that purpose. IF an addition to this, we
consider that our own banks will und"ubed-
" adhere to their honorable and common
dable policy of maintaining specie pay
ments, there can be no reason 10 doubt.
that specie may be easily and abnnda''lv
oh,aned bv the people TO supply the place
Of small bills.
The long pending question in relation +"
our North astern boundary isstil open and
nnadin.ted. though we have reason, per-
haps, for believing. that it has ma le some
advances during the past year. We have