, 1860-12-31

issues nude. without the actual c,ptn' neccs-
eary to their tafc and proper nanasehenL
With temporary credit the honas mny W
ana this credit cancelled III great
part with tllc bills obtained un tho bouds.
s. Loca.cd without ri, ys,lco to Tho wants
or wiahe+ Of the Inhabitants, tho owncrs mny
he. nud 1tey too oftc, urv. foreign adycnturers, |
having no local or St,se intcr.st to subSer7c,
and no psrsoual reputation at stake.
9. Too oiecn again. Il nrcomcs fYr ti1e n',r an'e
panic, not 10 kcep good their SECURITIES. but
IL permit lhcm IL hc sold 1t depreciation, |
nnd 10 buy them in Tor uticr ofcfato''s, Wneh
their values advance nsan' !.at1'i tue Aolaesa
Of their bills to ''rocket thc loss.'
Z. OFSallzctl nj lhc optlon VI olet''otS. ~:
Bank circulation may bo increased w1thont
check other than the want Of abisaty 70 pro"
cart securities: and tnls t,ny DO reuIca osain
ut pleasure, Ehu* Inc nank operators may'
At will: kTlll thc tue u 11ua'F'a III" neccss'-
1afcand :ssasa1e Panics. ,,..,,ns
& This tysten', W proausinS w issl.s, uuntSa
demand ioT o1ate e! noIns ,sto1nc.s us ~ p~nd.,
increase ol elate inue'acahc:s. l.ou4if.' ~!
States Will issue nooa' rcaaeG my - as'a'
and corrupt operators VII hrine 10 LUG l'sue
Of them, BECAUSE they Nieh " ou5'
o. Another vice OF tho system, as anec!.1?
Illinois, lies in tic AID e!le IL, !nrousa u; iuu'-
rect1y lending Eren. ta nos t,r :rG aroat n
tonyi are Generous rEa1s III luz lacc ~ ~
ness. Chicago anu 81. LOUIS ara co:nEStns ;.ts
for the commsrtc OF INC NoitnMe I.1Ier s;', ~.
Illinois nor Chicago naFc :.l.3lu ~ Ea!n -
tue increase tt STATE 3nacetness, l aor ~ tu'
n,aint cnance VI ING Na"S t, " s!atc u1 ,i.
IL essential 70 oo1 "a, ~" ,..r...e.' ="
that tic Stale deo1 III Atssunit ~ hAe4
complete her systems ol fa1i1eaas, ~" ~ tn;s
end it Is csecntll tl'at aie t'ec "a iet ,,' Ton
be kept up. u Is noiicS;!.'o 1aet tnaI .1tu9o
ly making demand los M'se'nt4 ncuus' - ~
inS for that state "nal "'7soe'1 ie4o7eo ~ w
for herself. .., .o~,,;d,,,,c ;r,,ccd .
There arc eeI!a';s ;,;,a'', -, ,.c srstr,n ~
fearful LIST o. wees. 'usincut ~ et ar., re
nractlced III 1l4uu'o. -. '.se1;.eto aI.
difficult, II not i!npoas,;; LIZ; s,,n.tt;.,,, c,c nr
low me t" men'aot, W 's.'9 eonaee''o@1 9A~ -
two otlicT not'ceaole laIse' !i, 1,,, ;ts or;o;,
This System VI ifse pHa. ,nna n lie s !, r;nt
| in New oIa. ~ ~" ~. =, wv ynri: II
WIN toleiaole :; suee n 1vcrn,wcrinr State ueccs.
had its ori@tn Ill an r':. o'etro"'r: ''a,,,i.tc,
sity. New orh ":s ii.
gigantic sseleul u ,.,i 49,, 'r,.,t..I T;,,.
| ready vas o:a'1 uso@ u"I ,,ri.s ru,,drrtJ
toulile'ioa o. tnes. ~ i,r,c ,,ld;tion tuthl,
l,rospcc1Nety nsess .;.s.,'r.. T., - MANNER r.
dsbt: u oecane ,,.rl.'., ~ tn, State bonds.
sertial 10 1laAe 1na: ~ ,n.. ,,a,l,,,. ri
Hcace her systenl W ;;;..", i.xt1 I,f1,.d
Stac '.,aos. nGnss, ~" 49,, IL NV well
to The i'anSs, nnheasu VI oeo.e ~, 80 eJ;r,,.r'
regulated ba''h1ns 3to1.' I;7s H.. un,.r,
tor Tie resfcmf'totg <1t I'' ". U s, i,v nnorr
ttun ot WHICH, S st4'' ~ an,u;nrcr n,
clearly sce, T. n.nPs nf IN H,nrs .is aiso no.
the atc ~ !aNu: " ,hi. ~ 1851, ,.,rnt"i1 svst,n
tccable that WHY ~ ,,,;a I'I;o,,, II;nt;s an
has been COPIED III H4u; .n .ss',..' ;r'',,,v ~.
Wisconsin, on'o viz 1n: 4uu VII oonS;r ,r..
pudiatft II anu 14ataes n,t' ,'rcintcT cnr.
snuefln4 t.c q ~, t.,-ti,n- .+;cs,l liz f,ct "a
lene!: A. 20 an,,r'.,,o ,,,n,,, =. xau,;nation.
notorious is 10 rcl"lc ~ utnu.1 t ~s..r..I. =,
but it Is true to ~ extent n"t c.a, III.
dcretood. tue a=rse o' nss,s -. th thast &c ~
Free bastk1he s5s.:l'' eaua ~, ,r-,.t
oAio, ~ 1oFe'y ae IN t"t'' a,.rr;t;:e ,s j.,
and 0tt repca!cu W t1 ,as h:.'
1he western States WIFI ~ Nv ,,''a,, 49,, cnnn,
a,aea, su ~ ;ee,,,a.;a, ~ clartrrrI Banks. Il,
aiuouht VI etteoiat1ou -. 49, s.,,,o 1;,,,n I,
any II. 49,, T.. ,s .i ;,,,;c tt,rn,,",, ;nrr,as
VIZ aad fc !oss oi INT puonc .usn wv -:
Gu pic.ulua,is VI eAeu.tss' In.s "a svn1fcd
depfccaGd currency guy eu.4ie is0 - ;.r..
r. sta.lna: An,u'ls aa ~, =,,.n;t ~
Dle, 'nat MI antcilisei.t pa'i'S MI, "'' ''"''1''
| systefa productive VI saeu s@As;
II the iorcssong ~ any'nsu, nhI :. i14 ~ ~.
seHln'o'i VI t.c 1asan,aSe ',';,,., 49," ,,,o E..,,
tw" =r$tc'as, it must be admitted "a ane seN ~
Ehsnu sEs!etn Has grsa.,s 1,s trs ,st"n, .nn;'d h,
greatly that tl1e NeW Iu.h ss...n4 s:'sarr sao IL.
abandoned IN Illinois without n'1eSss.s m;,. ~ ~
1.y: and to this end the present nnh!uT i'as .'r
should he so far repeated as ~ prevent tA1 "
s,in'za!ion Of any new !s,uk nader i.
The comparative: advantages o. lnc 49,
England system will become s1'l4 H'ole apia
rent, as auaptcd1o ollF location anu o1I wv
nicrcc, when 'se comc to treat o, es.ss.o - .
: 1empt:on. Indeed the single statement =
fact covers this additional c"slderat,on. -
cry bank III New England, with possibly = 's'
r exceptions in Rhode Island ansl to'"e.e.e"
re.Icc'iis in . ,stol at PR i'll can,tlensst
such redemption, New En:'an" "'l'7ais "os. 49,.
+ in New York Ciiy a-O "t M: Per Gen'; ;,n! nn!
: than tho bills Of New York S'a'e, INC ioslne
being received At l'lutfl, "n1'e l4le at'e' - =.
taken ut t Of one per cent. discount. ~
/, change throughout New Enyl1na is ooasuto
i Bost0n for what it j. worth IN o!d ana slse
To this value, 1hrou.hont 1t1c o'atc W ~
t York, is aided the ! Ut per cent. a1io"eo IL
l. Banks for redemption.
t But ! anticipate.
= But in addition 10 tho legislation necessa'
to put 4 stup to the organic 1tiun VI any mt
Banks under our present l'tw, two oiher .
c jccts are to he accomplished, VIZ: ltnss"
It must be n,aae for par redemption on l.at H.
c Of our present Banks, auh for the css2hl:s
C meut o. a new and improved syst.n oi Eanl
hereafter.
C Our present currency should be made co
&c vsrtiblc readily .. par, or drawn ont o1 c1fe
It lahon.
Ie The first ditll:ulty in thls dlrsct'on VIII
RI tho want Q! disposition Oh tue par o! our g.
tc Zcns to insist on this alternative. l'sene
al here lirs the prime difficulty III Tug way
con.in:. to specific basis, the ic Mt y 1"e47s
" ton IL enforce tie fasr, with Determined u:!a
= unity oil l'lc part OF thc public Ncdeihrt't
1T eln be forced under our ~ sefit INV. ~ ~. W
X have we been accustomed TO dcprcciatsd IL Gu
rs rcMcy We griSc1y, III public ihcclihs, Nol'o
III to ailaw the EanSs iu 1ll:Eo1; QUO per ct.l
c- | for rclcc,nlu9 in Chicago, where Win Ing ~
H. degree OF tlr.llness, most " 1he n1nhs - =.
T. no;s, with large part u thosc IN Ut; sost
Mt west out Of illinois, would have 10 r!seni
10 p1r. But let us cndc:ro- to naahe tht' Wo
-c clear.
re Acurrency may circulate at par ii orsilns
hc tr:l.lcat hoMc assd UT b. Il dcpreclltea cure
ii. cy tur the purpose Of paving debts clsewlc'
ks tnat is for buying exchange.
Of Such is our currency nov, the Hlnks OF u
NJ ca,0, rs we'll as cltlzrlss, rccivc aaa pay =
Is 1T tns. Exchange on Nc* 1of. !oT e.t's'. ~
nc rules at ~ per cent. premium, E,'le :or &c
to il c1n lie bought at e OF per reit- Our q
it'll rtncr IS therefore uerrccEsteA ~ pci ~. =
ire But ordinarily It Is dcl'rcc;a;cu!foiti 10
lie cent. Why do business men sds,s'i't 10 LII
Exchange is bought chiefly ~ btsiness IN
ted a:au I}y t,lsr Railroad Cu;li'an,fs. ihts 1T
lie bank :.ce1uts and tirp,s!t currency II !ccr
l. e.l They ea:lnut afford to a=sult a:ld 81
her home c,,frrncy for redemption 1ac tun1x ~
Is mol 'ea,tf IL. The cxch:ngc " Ill: "cs'
ck chiefly made by produce paper. This, is TT
at is t,uu:.l,t aId controlled t.s s:.',Ser5.
ion They tny t with currency u !'tr-
81 But they seG c1chan1:ihus 1E1de h's carer.
cw 1t its dfprfc4ctt rat"s . lug eS!cn', thcIei
olI that the currency is deprecated, by So M
MD do the bank- add to their profits Oh I'LL lrod'
nm. 1rpcr bought
yas fscsi.lcs, mtst Of tue bankers IN the Ia
at cities own banzs Of ISSUE At comparatively
ind accessible points. Titus they ar1 doubty
ycs tcrcstctl to rcfiain from Insisting vi pro1
md auA convenient redemption.