Evening star. [volume] (Washington, D.C.) 1854-1972, 1857-11-13

TIE SMALL NOTE QUEsrIoN-SEcRErAEY
GCTHRIE.-We find in a late number of the
Hartford COnrant-an ultra opposition journal
remarks concerning ex-Secretary Guthrie 8
management of his late trust, which deserve
republication as involving an acknowledge
ment from such quarter that some-no, ra-
Their: much-gcod came, indeed, out of Dem
ocratic) Nazareth. The appositeness of Mr..
Gutbrie's well-balanced views concerning the
impolicy Of small bank notes, as made evident
in the present state of financial affairs, has
wrung from the Couyant its we'll deserved Gu
logy upon that officer, as follows
There has not been a Secretary of the Treasury
since the United states government was founded
whose opinions have carried more weight and
been more generally accepted to the country at
large, than those OF James Guthrie Secretary
during Pierces entire term Mr.. Guthrie rs no
partisan; no extremist; no theoretical poljtico-
economist He 10 practical business man, re-
ness to take facts as he finds them without
straining them into conformity with pre.con-
eelved theories. Such was the reputation he
pore ana SUI bears, among political foes, as well
| as political friends Such being the case much
respect is universally felt for his Judgment In
| financial matters. In his latest report on the
finances, dated December, 1856, he intimates the
| opinion which Is now, under daily evidence be.
Coming the opinion Of all intelligent men with
out regard to party lines, that the small bills of
the 3se banks issuing Sla5 100 QUO of pa Der OF
which at least $50, OOO, 0OO is small as Is and
under, operates the Withdrawal Of ths 1875 600 600
| OF specie, which the paper Is supposed to repre-.
| sent. bank bill for 81, under Connecticut laws
may driye out Of the country ten times its face In
specie, as each bill is supposed TO be good, al
| tnough the law requires only 81 in specie for
| every SiOissued in paper. Mr.. Guthrie estimates
lne goid and silver Ia the country, one year ago.
| al c2'o,Wo ,UOi although he acknow lodges thai
the superintendent Of the mint make, n oniv
SSVoUo,UO0; and that for reasons stated II Ia i'm
possible 10 come to any reliable conclusion as IN
tue amount OF specie in the country at anv one
perlod III does not seem Of any great importance
Tor practical purposes what the amount Is IN. n
more or less. What We do know 4. that =, H.,
So, 90 COO Of small note circulation mioht ~.
advantageously supplied, from our own gold
mines As Mr.. Guthrie says:
There has been added to the geld and silver
fIom 500, OO,UO to $50, 200 600 since the work
| ng Of the mines In California. This affords sat
factory proof that the $50, 200 900 Of small note
circulation could he supplied from our own mines
ranging our currency, or expressing any branch
Of productive industry. The only difference
would be the supply Of home demand, instead
OF foreign demand, and the consumption Of a
less amount Of foreign merchandise. This a
nedithy operation OF trade would soon accom-
PlIsh 10 remains to inquire, In what manner
provision can be made to have the small note cir
Citation withdrawn and Prohibited. IL some Of
tbe states there are chartered banks, and other
OF the states have not authorized the issue of
small notes whilst others, under conviction Of
the iil-enect upon the currency, and upon their
productive Interest, have prohibited their issue