The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1857-12-16

governments INTO Dan8 notes, Nlthout Ieief-
enes 10 the specie required to, redeem them.
However valuable these securities may be
in themselves, they cannot be converted
into gold and silver at the moment otpressy
ure, as our experience teachess IN suiiielent
/ time TO prevent bank suspensions ana me
depreciation OF bank notes. ~ peaand,
which is 10 a considerable extent a. paper
money country, thoagh vastly behino our
own IN this respect II was deemed advisa,
Bile, anterior 10 the act OF tarllsment OIL
sis44, which wisely separated The issue OF
notes from the banking department, iof me
bank OF Engiand always 10 keep on haild
gold and silver equal TO one-thlrd oi IT'S
@ dscirculalloa and deposlts,S u lhis
proportion was no more than sniilcient to
secure me eonserhpilily sot iis. notes, with
ihe Wnoie Of ofeat 6Illain, ana 70 some eX-
zen. 'ne ,coi,ii'eiii oi Europe, az lelu ior
i's cifeuiasoli lelioefi y aiIiost i'npossl,
Jle n,as suuus t.s -
~ y. noul9 70 ipsae upon ~
ls ss.iie Plooiaon W1uiu 10 IN
s9iiiclellI ulluef our oahA,t
uil our loaf'een n,iiluieo paiks, mas put
lor 10 ll.'
N the course oi a very iew uays ,lie 9oposi-
tofs stpa lo.e-iioi,lsIs y. oei'ailu ne.li
sueii bahk suiicient alnouht ~ Specie
70 eompetit 10 suspend, even ailponga n y
had com N us vaults equai 10 onert rthilo ol
us inmeaiaie llapiiihes: 1Ana Yet am am nor
aware Win lhe exception Oh tlle oahks OF
louisiana, that any ossie 'pahk iiirouShout
the unloa' mas been required 'py Us quarter
to, Keep it's OF any proportion otSoia and
siVes compared WIN 'ne amount m u ,ls ies com.
plaed clfeulation ana aeposl's. !" nat mas
peen me consequence Y m q ieesi.l iepoi'
hiilae py 'he treasury pepitislient t gu ule
condinon Oh me oanks .nrpushou. ,iie s9.'l.es,
aeeotaln9 70 returns oaiea iieafest ~ 'ahua,
ry, 1921, the asgreSsiee a.uoei.l Oh ac.nsi aus
specie IN ulelf Yaats y Soo,SfS,oSeI
ot iher clrculanon 9zdo,t'o,S.S, anu OF
their deposits Ssso,Soi; ;sts' mus ap-
pears sihat these pahks IN the aggregate
haze con constuefapiy , iessz than one eohaf n
seven OF goia anu s,lyef conpaIeo WIN
their cltcuianon ana deposils' II was pai.
.pabie, tnereiofeJ tnat the very hfst pressure
must drive them 10 suspension, apd oepriye
the peopiefot a conyeruoie currency Win
all lis disastrous consequences II IS truly
wonderful that they should have soionS con-
tinped 70 preserve their 9credit, wnen a'ae
maAd ior. ilie payment q one-sevetin OF
Their immediate llahlllties would nave driy-
,en them INTO insolvency Ana lais lsihe s,i
condition oil, tue na!ks, noswisHstahding
that iour hunGFed narllons oi' Soia ifoni Val
iiorHla nave nowed "a upon Us wt'atn tle
last eight years, and me tlde sun contlhnes
to tiowa indeed spch mas been llIe ex'ray-
aglnce OF bank cIedlts sthat the panKs now
hold consideranlc less amount Oh spescie,
either IN proportiontot thefr cap OF 70 tnelr
eircu'aiio' ana qeposits cololi,So, liisl seey
did before me a4scoyeIy o. geia ~ saliior-
MIA. MhiiI N me, year 1915 5thelf specie
IN proportion 70 tllelr cap'tai was inore iiaH
equal TO one dollar iof ionf anu nan, III
1857 Il does moi, amount 70 one noliaE ior
every SIX dollars ana ihlrty tlifee cetsls Oh
llelf 90 9tlai. IN i9So lle sl'eeie Ns.s
wilhin avery snali lractioH 70 one aoliar N
iiys ;oi theifi clfcula ION ana aePosits; Ia
1921 HIS hot eq,iat 70 one oouar "a seven
and a nan ol tlelr cifcelS'lon ana ueposl's,
from ms st'tlelnellt y : sasy 70 "ceYuut ,i
lof our hiiaueta, iiissoty oi y 'le idse loity
years, IL tas psett q it'is'piy u oilA'i@NdSeil'
a IN .nez pustnsss - .o oSsa,S'
ipiioWsu ~ ~ ,.
cessiye i1letys .ie p1, y
lpeii ht'Ne pIsn 'e, ~ - Y.
..
s sASii. ~ z..'s1 L.. 81
U ~ ~ Psst. IL.
t..'u ,,,s
,Sn9n .iio :. saiaf =,
pa'As es nv y. ~ .'S
PIE m sal a. sotueSeii g. i',e n n
ulilues y, Spseie s 49, d. ai.r,as snd a.
,raet tIt.,s. ioans af'u a. b, a." -
ias., ~ 'ne nou.s VI Iis'e3e Il
slslaiice - l'los. neeuse', ala.i
ofS togetier snA ,,,'o ,so,s selJy :,
,,.s;a,, raiFs,;i,,, - ,,oy,,;nsi ,rice ~ ev-
expans,on lasl sie i,oi'lla,st rna daie ne ., sn
cry al.tc,S o;i -, pa 20 - - ar,,ies
CON plfeu Viii .'ile Sos. ~ si;,,,,a. q ~,
II, co9n.iss soss s n.na s gso fop,
uleo, va nas .sr,,o,s S '.,;, soras,,
peu''S ~ w wv na,snes w. tsso,ssa ,l..apt
nas rsn,.,
iiapot''9eohls, 5h, au sNs,ess ,,a,,
eilec5 u t'ie 80 H.,
sliorVeu " GU .S,aF s,,;s ~,
le pIese' tes e Ss -. ~ ,a,,J nf
nfaItcies o. o''f lilap us =,
law inaseiials ue p.ouast =, ~, ,,ool,, osn
coui'f a. oo'lon, ane "pG t.:so,
inpilcs--Ne i'oe le ,hs ,,oa
almost eAetuslse Possess'oa ", ~. aa', tou
mar&e,, puI Mouiu naye elgass.s ~ lo' ,ga
selSes alorele' u.srS 9.,e
pepiofao,e, uuWeseil ~ uiay 20 0us aj,s p,s
en-, en- nnaac.a, coupA'un, w. ,n'y H., a,has inSes
~ o,isht noPes iot ,ne ,.ut 'u.uso ,. tsu
iionbas ever eH's'ea, Wh'cu .cuu,d nase en-
dofeo sucn vlo'eus e4Psns'oas auu soiuso.
tons OF PEI. .cfeai.s wi.nou' ias.'us lnl'''yi
yet tae opoyauoy oi youtn, uie @sHeis'e @ y