The Abbeville banner. [volume] (Abbeville, S.C.) 1847-1869, 1857-11-26
riii; nARKa.

I'll" monetary 'lii'icnl,irs through which our
r"nn,iy ia n"w passing. makes the c,c, nrrnrru,
I" every one That something sl,cull hc ,l,nr Ly
the Legislature tn r-s,,,ct thr Hanks IN their TN
stnii"ns. Instead or being. mn n,lvnn,nu. 1, thc
country. they have thus far been n curse. ny
their over issues aud sprculn,ionS they have
brought upon themselves the necessity of s,,spcn.
SION, aud consequently contributed largely Ia the
financial distress of the country. The time has
arrived, we think. when this excessive circulation
of paper money should he checked, and that no
bank be allowed 10 iSsuc bills under the dcnomi
nation "i ten or twenty dollars. Thu effect of this
would he to throw n"rc specie in circulation and
III case of bank suspensions there would he a
large balance Of gold aud silver in the hands of
individuals, and in II great measure olviatc the
difficulties IN such events. And moreover with
large amount of specie in circulation, and ::
knowledge Of that fact would prevent punics and
whilst il gave confidence would lessen the ncccs
siiy for ruus to be made upon the banks. TIN,
only protection we can have against the FREQUENT
recurrence OF such difficulties We are now
experiencing is IN enlargement of the metallic
bas Is of our circulation. And the onl; plan by
which this can be done that we can conceive of
for the best would e to restrict these. ins,i,u
tions, as we have suggested, to issuing no bills
under ten or twenty dollars.
The following article upon this subject we COPY
from the Philadrphia Evening journal:
Sp"ci" md Pap'r.-Thc import trade of this
country would hc wholcSomcly regulated i'm n
great measure hy "a sound fiscal system alone
nnd II We we're asked, "whrn will confidence be
restored and business Resume its accustomed
tIi:, mel Il
people of the United states will sion tho ;ssun.
oi all paper money un'l"raccrt;n denomination
beginning with ten dollars and ending with fir
~.
Let lis sec, now, how tIl" figures bear us ont
IN tins view. In July, lS:,i; our cniir,. ,;rcuI,
tion Was !l6,"lo o0o-in July, 1857, lS5 .Ullu,
uno, "G which the amount under I;ys was .,h,r,
toono,n"'h II, there lorc there had been no
n"lcs nd"r Tens, the circulation would have !;ru
only i6,"oO,oOtl, or 7n,UuD,ouo less than it was
WIN the small ISSUES. These 7n.ulio GOU had
expelled the amount of good ,r,,J fr,,, III,
country, as amy srh""lb"y may See and bur for
that cNpu sion We shuu!;! have hnl 70 nu(i ,uu
more "i gold and silver Adding this To ID
ouo,npt,. The estimated amount i'm the c,uutrv
we SI"uld have had ~, ,uun.nnD. and, while pns.
stSsra "i ','"i o'''l '""rc OF s!r"Ic, We should
also have had Tu,uiuu uU0 less of ,lcnnul u.,nu
'hc h;inks-'h's GIrin" The banks lluuuO lIuu
mare Of m"n|y P"Hcr. And Is it not obvinus that
the banks with lH",on",uU0 more or money DOW
"r would ""i h"cc S""prn,fH Hence we think i,
plain that ,hrs" small rag rnm:srs l,av. la,r,
y allied To bring ui"n ,,S our trouble and moral
dr:.ra,tou.
In En%i:i.tl there arc paper issues under
SO, aud III France aud the c,n,incu, mona
nn;!"r S?u' This fact will show thai, wifi, am.
abundant supply from Caifnrmi, of gold, W..
must certainly cxrrl all iss,,cs under ten dollars
AMI 10y 1861, all under Twcnt:cs. to be- upon an
equality in III" IF .riur with the lcns, f
'"rc,! portion of Eur"l,c. In lSI:; the entire.
circulation "t the / nit"d Stnirs was aS, ,Ouo, Otu
Can any sane man hc!icve that our incrr::s. of
i"'pa,ti"n called for any such amount as PIG
U'n'opo III July, ISJi, i>,; u,,,, uilV in lSjI !.
i'"' Il We had had bat 'lG.n"n, 600 only of paper
iSsurs 1000 "0a mare Of specie thai, we have
had. then there would have been no need of bank
suspensions.