, 1860-12-31

~ fl, ,nv emergency at home. Sill. aguin.
Ecainr t1s !u,tnenso profits realised ~ tne
Suffolk Bank from tue deposits OF the eoun.i}
luuks. thesa banks hare recently c:tnollsnea'
on THAR own account, Bank q -AMnas he
tie,npfio7, and thus they avail 1acmseNss 80 W
the use Of these deposits, aud thus retuco tne
expense Of redemption to nominal sum,
they do not make redemption source o! P'o
tit. Under this system no bank eau alolt ~
uiyc another bank the benefit OF cifcu'ataol'.
There Is. on the part Of each, II con:tant euolt
to pay out and keep out It's own tlll*,4ehu J."
&c: possession Of aud send to bos1oo ios AZ
Icmption the bills Of other banks.
/ lave thus Infinitely tle:cEibol ttc system s
Of central redemption in New Ensian";; a.;.n;. W.
causc it seems to tuu particularly we'll aoata H.
ed TO tic Northwest. Chicago IS u -.
Northwest what Boston is to New ", Gl, t,,c
Sae is now the commercial centcF. 1usas orcv 10
tcatcr: Now, il we had III the Nof.h"esi ~ u
por currency. par redemption in ChicasSt., t,o5,
the 3 INKS in tie district Of 20 lnfry Of VIII, "nlI
Cli :aro Ia the commercial cen Q WILL
ftc<iil, follow, but can we l'arc tvs onpp
It were lnadei in Illinois. penal o1lence ~ ~.
dcenaablc 1t pr. on demand. what "'aAo
the result? Various and marked: co,.
/, Men would cease to locate Banks III w.
conda, Carmi, Carthage, and other ltcsa HAZE - :.
not cGily accessible l1cllitIcs, "ncle .u n,v 81
no demand fu1 the hills, anu those ~" e,.J ~
located would speedily be COMPILE ps.tcd - Fach
up, or to migrate to where neeacu ci-c,,1,t.
s. Banks restricted to the circulation OF
their own par money vould be eonpe..eus a ,san ~
sell defence to- receive 10 moacy a;nt1.; otneI
| money worth pal. to them. Depr,f l,.,t"ro If
,uoary would be thrown out IS 1na'tes u
| cou,s'.. .,-.,.,,
3. All money would be deprct tiatca lof "nleh
| Dar Redemption should not uc provided Al Tue
commcrci,I center Of its district. II Chicago
banks could issue only their own par hilis.
thcy would not rc~tive At ar 6ills when tnes
would have to send any considerable distance
| fur REDEMPTION. Banks at Galcsbur. would
| rc:ciyc at par bills OF Ch;ea 70 Banks because
tllcy could use them il making exchange t'n
Chicago, her commercial eeo1er: toF IN
| same reason The Banks Of Gal:eburE wonld
receive a: per. the bills Of Ill Banks rcdecm'b
| at par in Chicago; but they would refuse I"
receive at 1mr a1f Hills not rcdccmahte at par in
Chicago, b-causc thcy.c.uld MT a1oEd to gl:c
them the circulation wanted fur their own
| ;,ills. nnr vet to hc at the expense Of sending
them home for redemption. What would ~.
Irue OF Banks at GaIessurE, would be true o.
81 Banks in the district of country tho trade
Of Which cc1tcrs in Chicago. Hence 1t would
s..ceiily follow, that all bills thrown out in
Chicago, would hc thrown out everywhere amt
.lcnie1 circulation. Thus practically NIL rc.
tl:.nption in the West would be mad: IN 1'is
;r<a; Commercial center, rs ln Nov En:llnI,
lins cotnple.c's' nc1c ~ lAe'e' soo@e1 '4is5 'oe
:'anss " somu,ere ,,..,,.z lar ,,n,ort,nt
- nao,ner ! 'eeas, nara iso ,.,p1I,ad ;,
discriminate In MAXIM, loans, ST. as to favor
circulation. Loans wuul nut be srantcl tt
| ply Icbts, or to favor speculative Operations
>" ,oAt t"S ol'4s nou.u ~ -: onIs .uo 49, i.nt.
~ I9ts ~. hos st,,t ~. 80 in, =,
Tou!o uuu eonote 49,. y n,t T., iaa;,;
,n ,nnte i.,.ein; ~ .,r,;n ~ ;,ttic nr hn" !,
su1'e u.stnes, - ~ E'.a, y, 49,, ],5't -,
.ne eoua!!. anu ~ aomostea 9'p ~ ~ ~ 49, 80 y,
she premises, anu ~ Mahutp:a4fe's atat tst WI
tsac1ols 10 I:'y Out lor Hlase1,al ana ,aopl
ihus' thc interests VI nc banks ahu lne pusl
Aess community Mou'a msasI'auy '.;s "sso ,ro.,I,
tlentlci, aa1 nanh ~. ,,r
mol W nnl1e"' Us HOW ~ a'e" 14'o'so fi'
u. tnls "out9 s Jx.s E'e a..J au ~ R'nte ALI
unerr'ng test o. the eonnahGss i1 VI p1mh oov
o"' fuen teouae "o4tu WV ~. 'e III. ,.,,'
:! cae.l panh pa1las ~. ~ ;a,nr.an.o u.a =
o:co!aFa question y '''sI t.ntu1 ~ ~
1a!ulse WHY snls aas ~ w easoa t5,i,h ~ IN
- 1e'AsL 1oaS cnouSu ~ H'aus "t'''e - nsn -
system u redemption; 1"s, oacc Sstao''snce
such syr!eln wonia peflelua!e 'tsen'
There Is single aos"er 10 1htn qncsl'ol
) Is u fessarus 1nc power oi .Ac 1cs!atuis
tnsolce tnio. ~ lnc te!eis s:e n'9 ,ess ~
!. anu reTu.ttc interest,": HA"lie1'ls ~ may -
'iu!rc 1htt Danks sl!aii pay OUT uePiec.a,!!c
: currency. bat MI btl!s age dep.ec.atea VIII:
enn9t be promptly ahd conveniently coh'e! :
: | cd. Nor arc 1aele WANTING Ileceucnta ~
J. such Legislation.
l. But It may bc sald, 1nnca ol thc oanh'n !,
:. y tltc West Is dons ny bahkef5 anu M not
i aanES OF ISSUE 1his Is true; nui 1n.s
: thlray consequence no"lns 1fou, ,ns 'otel
y | tlun ol ueprcciatca currency. WIN y
!, currency. tstg inducements 10 pr'ate bauhn
= arc srt1Iy d1n1fi saeu. u noi uous A"as VIZ
b Hn' thcto ln"y nc resttletea III l'kc hiauu
. iFc:n ~ 1ns out u p eet1in cus!cnty.
r. ILL., II may bc stlA aS"ll. 10 pu1ht IN u
L Wcst stands 10 tl1c West us bo-1oh 10 -sc
& IN .lantl-thit thc rei! cotnmcrcia1 center
II u! lilc West, IS New tofa, aud that tie
r :aaus! for exchange on New isFS Is sach' &c
" tr:sl Gauks would frequently pc arAnea
&c :pccsc to make 1Als exchange. INC 5ep4s
:!4is Is simple. Wlllae thc ucmana LOT G
change Is very great, the supply 1naHc ny FL:
Y rrn capital brought "cst, anu " pfouae
rc provisions anti gull sent Easl. Is ample
u. meet thu dcll,ara, Banks would onlv have
IL encourage tue oveE.uuudant supply ma e
ri | ccs1aiu seasons Ill tue year TO 1nctt Inc ~
H. cicncies Of otlcr Seasons. Gc ises, thS II
Is r:cuse demaud HOW twisting TO l'ay tlic Ea:
cra Indebtedness, in the s!';lpe Ut interest
T. borrowed money, and dlsidcnt!s On ltise
H. il:Iits by EASTERN men IN ralroaas, anu OH
public works, Will 5r:ldualy be diinln sNc'':
,c IS to bc hopeI the tlmc Is mol ul:taEl @ Wn