, 1861-05-22
Gbitaqo Gtiitt,tttt':e'
nn, uunnnneY. Qu1ssTHoN.:

observer batne1hsrrssalatioaa adopted by
psba:cmectinB nor Arrangements entered
into between ths hank and heEddpoAton
canE;3}ve 70 oar present currency that eon:
ddanos IL its safety and ultimate security,
which are absolutely necessary in order 70
secure for it apar edrsulation upon the only
true basas-Gold and Silver, the standard
Of value There arg two Indispensable eles
mcnts to q eound and and reliable (stock
seeurc1 .spueucy, not ono Of (which Is pos-
seased bJ .auy considerable number Of cur
bank., snd without which they are deserv-
Ing sf no confidence, and vii secure none
1T tho hands of = community well informed
Ii reference to the modes Of banking upon
the stock basis.
lat There must be an actual, paid-in
capital, and legitimate losal business by
the bank issuing the circulation
I'd. There must be a central redeeming
point, and clearing house for aR the banks
Sd. This plnce central redemption
nust be commercial and specie paying
point, using cnly gold and silver or the
notes Of its own banks redeemable at par,
in gold and tilyer on demand
These ara Tue three great essentials to
Eound, reliable and convertible currency,
compared. with which the price Of the
ttocka upon which the curreacyis based, ia
secondary consideration And until these
elements are added to the stock securities
Of cur present banks, no agreement Of par
ties or resolutions Of committees, to secure
and pay out these notes 1t any speci~
fed valuation, can be relied upon as likely
to be Of long continuance, while the
stocks which contribute the only security
for the bills, are constantly f1uctnatlnG in
value. There may lie many remedies for our
prezent diflcnltics with the currency, but.
We can conceive Of only enc permanent
and reliable method Of relief Instead Of
fixing arbitrarily upon q list Of b.nks, and
assuming that we can and will take their
uotes at par during tA1 tcar, because, per-
chance, their stocks are worth to-day in
the market within ten or twenty per cent,
more OF less, Of their circulation, and may
be worth tomorrow any given per cent,
more or less, than they a1e to-day, let Us
come at orce to the true standard ofralue,
ard receive no money at par that Is nut re-
dee1ned in New York exchange, or gold in
the city of Chicago, at not exceeding three
quarters Of one per cent, until J&nuarJ
next, and onc-han Of ono per cent. there
af1er. There are now in Ii. State not less
than forty banks owned BY responsible par
ties, secured principally By United States
and Northern stocH, and having c}rcula~
ton of abo four millions of dollara, that
are abundanily sble and should be COM
polled, under penalty Of utter rejection
and euniLi1ation, to establish O central re-
demption agency, under the lam of last
winter, in the city Of Chicsgo. Let them
take 8 sum equHl to the July in.
tesest on their bonds, soma S12o00o, and
with this, as cash capital, establish a
Marepe'Itaa Bank of .R-dempton in Chica-
70; and no resolutions Of committees or
another agreements Of customers will be
needed to giye currency and active circula-
s.-.s:. 49, - ~:,,, @ 49, | .a:.e--,;,, ~ ,o1oa-o 49,
oss-' e.:l.s " -. :as:>..asas,. a-.;e1a &c h.nro
So 90 49, 49, -: .r-aSa~h.s,..~ - - ~
As' a4e4 ' ~ ~ -
sse "ou'u eoso ~ us neS pA,1 -
nae1oaa eAo neie''nule uAn0s1es.ons Ans
oAnEs o1 cnculs'ion lla'aas 'nuS olscua1seu
1near ou1y 10 Ice puonc' lc1 Ene puonc ols-
cnarge us oo'y 70 tns"' " of1sne ou1
WIG sJe'e" u oahAlng upou oepfec''
.'Ieo c'tt1encs' no" 1ne o1ly eye.en IL e1.
n1enee IN ILLS Guy AUG recognising ano
supporting no oanRs ef panAets IN oilcs'
Co. INA t.taneac' ouslheas Oh my oAnel 'nAn
1fIeess nas:s- w :: ~, .Aet ee1assAs
enl3 'pecse or snen .o"A ~. =. par, aua
fece'me ~ o&aer clsee.*aon =. ~ se''Ds''- '
10 Va,oc' anu s'As ~ no.u0 'o4. e1sa'A
aeo "nete - 1''e. !a.s ~ e51sou. ou.o
ss@o*ue ane o $500 ~ Ne" Ao.A'
MI o0a'4Ne es4' - =.
aans 1nu esn4 sn5 suo W. = ~
enne 1ee'' A"o VIII nc1 eoofanou9 AZ
po1a, aunnailJ 1ncfeaan8, eno' nos st
ready, soon TO DC, 1ar IN excess OF her IN
perts. Esstef1 exchanko "11 hecome
thing OF the past snd gold. neN-so scarce
m this city, and II securely lid sway, L
here at Ill, - tympsthikers With Southern
secoaajsnists, will hsw hero in payment O.
the balance due Us upon our shipments O