Indiana American. [volume] (Brookville, Ind.) 1833-1861, 1854-05-12
VOL. xxII.--NO. 81.


oausea. The FIRST and greatest is what
we have Illustrated above. oper-erfen-
dea businsss. This arises ~ much
from the real prosperity Of tho coun.
try as anything. All kinds OF labor
and enterprise are well rewarded, and
consequently everybody extends bust
ness, enters upon new undertakings,
makes great improvements, and specu.
iates In stocks. Currency has incrcas.
ed. but the ociivify Of business has IN
ERASED faster. and consequently
makes the demand great than the sup.
ply, great as that Is. II half the bust
ness Of the country were susped money
would be abundant. But that would
throw tenso thousands out OF employ
ment. and ruin thousands Of families.
The true principle Is to keep all the
industrial works. railways and all. In
full progress. and create capital and
maltipiyths acfiIy and ftnctons ofmo-
ney as we gosalong. There are some
things which may be suggested, both
positive and negative. which. IL not
practicable just at the present moment.
may come in play hereafter.
|. Astothe negative we say let no one
suppose that the European War is to
injure us. II can injure US In no way.
except through the imagination. The
Ports Of the world are open to our pro-
duce. and we will only need it the more
for the war. II the war threatens
the prosperity Of Europe, there win
be more aptitude to buy American Sc
curities.
Q. Let no one. especially among The
men called capitalists. imagine that
suspending work on railways will do
good. The very reverse would be the
fact 1t would arrest the payments
through the whole line OF buyers and
borrowers till II arrived at New York,
where he importers and bankers would
be The real isssrs. The true plan. but
one which requires Courage, is 70 aid
all the roii,ooys ia progress 10 couple
tion. In this way the chain OF pay
ments can be kept up. an in no other
way.
3. The railways should issue their
bonds in sums Of 500. in which case
they should be transferred in much
greater quantities. and ten times AS
much held by our own people, who
are at last the largest holders.
4. Railway bonds in moderate
amounts should be issued for short
time. say five years, and small denom-
nations. say 500. They could be
redeemed out Of income. and at any
rate. would be payable at better
time.
o. Sooner or later, there must be a
uniformity Of interest in this country
Our present fiuctuating and devious
Legislation on money occasions great
deal of mischief. Some remedy shoul a
be devised for it.
s. Ii some financial genius would
devise--what is certainly profitable
and perfectly consistent with the laws
of trade--a bank Of settlements in
each of our cities, it would be equiv
alent to doubling the currency without,
any Of its dangers. Such bank in
Cincinnati, for example, would not be
available for payments out of the city.
but it could settle with perfect ease and
safety, nine-tenths of all the daily pay
ments of the city, without requiring
one-tenth of the amount in money
This was done by the first bank of We.
nice and was the origin of the mod
ern banking system, or rather, want
OF system as it now exists. There
are, no doubt. difficulties arising out of
the complexity of banking in our cit
les. but it seems plain to US. that the
merchants and banks Of any city might
if they choose, make bank of settle
ments, which would command uniyer.
sal confidence.
7. A National bank of Exchange,
without the power of circulation and
discount, would be unobjectionable. and
yet would save millions of expense
every year in the trasfer of money. At
least the great rule for having plenty
OF money IS not 10 use more than you
haze got.--Railroad Record.