The Burlington weekly hawk-eye. [volume] (Burlington [Iowa]) 1860-1876, 1861-12-21
BURLINGTON, SATURDAY., DECEMBER 81, 1861

asss.o SEE
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= ,v :, vh.. .b.v - ,,..,. ,,a.....a -. q; :;
-. -. -. LIT ..s s.s.s nc
j. ;ns, - ia. - ..oa ss.o;. %
hs1e i'm. h,s.o,.., 80 ~. ..,ops - :.
n, 80 - -. s,..sy ~ .c S""I ,T:" -
0''-0O. '.', :. ' =. essl
. sst,..
, '''l'a.7 re ~ 1nE rn.I sH!AIXsHT1AHH !IsH VI
+ ~. h.. .aa.:..,
.'e'.eu : coPy Vi s"ls 'u'por'an
uocu"ens wnicn is TOO long TO appear at ieugtl
|, in our columns. As We have already pristed
teleprapbic syponsis Of Il. 20 shsll NOV nnhl;sl
~. s.a......,....-a...'
'''. - .po" S'''.,s'ey, Anu '"'
present ana our prospective war debt. y ~
BANK PAPER-A NATIONAL UURsxxcY. ls,l,,
The circulation of the h.nks of tho un;.ed
States. on the lat d.v os I.n.a,v IseI ~.
/ comnnted 40 ha AooS nno ne1 ~ ~. .;s.,',.
I tion Slh(l OOo 600 - ro,na ,nnahs.s :. ~"
States nov ioysI inolnd;n. W.. W:aa!.. was .a -
$50. 600 GOO in ahs rshali;as. s,s..s Tha .sa,.
Of this croul.t;on cons,;.n.as Io.n s;.h".,.
| interest from the peonla to m. h.nLs .ns,;no
| them nothing excent IN. e,nsnso az = Mn .,6
redemption and The interest az The s,sc;e ~ :,
on hand for the l.tsa. md = das..ps
consideration vhesber sonpS .oi;a 49, - go.
onire that the advant,~cs cs ,h;s yo.s, ..sns
ferred, in part at least. from the b.nLs ra,,re:
sentipr only the interests Of tho s,ocIho,apss
| to the Government renresen,;pr The ag.,,s,..s .
| Of the whole neonle
Il i,as, hcen weiI n.e s,;o,a,, -, a. -. ~;
nent statesmen : no iher ! any 49,
issued by local ins,;tn.;ons nndsv S... o. oa"n
not. in fact nroh;h;taa hv ,ha n..;sn., ss, 80. -
tuition. such am;.s;on. o.r..;.t- c.W :"
soirt. If not v,th;n Tho ~ .a.'
tionai nrohb;.;on of ,ha s,o;ss;acn.,,.
by the states. and IF the msL;n. ~, - - .s.s
| ANYTHING excon. ',,o,d ID ,nsu .,1..s y !'len =,
tender IN noymene of dsh,. 'o'" = siss"
! Uovever thi.' ma, no =, g T.
reasonable d;sn,,ai ~. CH W. ciear y "
corstitut,onal 'povsrs 80 -. unuer ns
commerce. and To reoulato .ha s.,no - a";.
possesses annie su.ho,;.v 20 a.n' ."o ooin
c;rcpIst;on rh;oh Ha,. W oo"lyi sne Sreais
transactions of commerce. and ssscss n ~ - my
ways the value of coin. - =. '''"y -
| In the Indictment nj. tho S.,,o.. -.
arrived when Conpress shonld' o,a,0;s. .i;s a'
I thority. The v.jna of ,ho a.;s.;. .., ~. ~. ~
circulation denend. IN ,ha I."a"s os Is''e
States And tho .characte. ~ son,o a;..na t.,,
| dred private cornorat;ons T. :. ,,...',a. s.n
pisbed in preatest nronor.;ons ~, ;,..:...:s..
least actual oan2ts, r;rcnI. TO- :.
in the inverse ratio nf solrenc. -
institutions of large and soi;S .:.sa e,ounueu
general comn.rsi;ss,. i;,,,a s Osr.al, nave, IN
weak corporations alnos. ;nvs.,s S,a .oa. sn.s
tain themselves hy ohta;n;nc s.os' H. "
the largest possibie credit in III. PnoPs
such system or ratIo, looL - ......
fluctuations and beavy l,ss.s =, S;s", s.sas
exchanges are inev,tah,e snd ~. ..scs"a,.' anu
through failures of The ;ssn;n os
siderable portions of .he a;,",,,o.;o' aons' eon-
suddenly worthless in The bsnS. "s ~. .oh0
The recent experience Of several States IL tbc
valley of the Miss;sa;nn; rSii,, I,'a.. ~ @ .ue
instice of tbeee ohse,ra. sne
the most cooent nrac,ic, II a,a,n,a,. .Lo 49,, ~
PROTECTING .eommerce and ;nS,,a... s;.,a I WY =,
recurrence Of such disorders "e"'"ss - '"e =
The Secretary thinks it noss;hl, r., oon,h;no
with this protecton, a nrov;s;or ,or o;.e.ia.:n
safe to the commnn;tv aua "aon,:. ~.
Government '' ''u'o'' ''', ''i .sss""St ss"S
Two plans for effec,;no his ,,;oo.
pested. The ;rst con.ao,ni",o E o''JSs .I a'o sns
withdrawal from c;rcnIat;on ns H. as. s1aa' ";
vate CORPORATIONS and for Tho ;a.no;, ~ ~. "a
stead, of United States notes ,ovshi. - 'ns
on demand in amonnts snf;o;on. -" a. - .11
ends Of a renresantot;vs o,rrana. mt sne , useiu,
contemn,ates the nrenorot;nn ~ J.,:.. seo'nu
institutions and assoeiat;ons of no.s. asss,y' 9 "
for circulation under parionsi d;,oo,;on pa ~
be secured "a to nromnt convo.t;h;,;.,, -. a" ~
bv The nledoa of TIn;,ad S,ataa hons' ny .u,n
needfni reonlations "'Au' "''" o'ne'
The frat Of these n,.;ns - NO ,o,.;.,
At the last sass;nn &c ~ Hno,sp "ao pa'usHy adop.eo
anthor;z;ne tho Saora,a.n g. ;s ~ 1ue flovision
notes navebIe in oo;n 80 ~, .sso. o"...u o.a'es
inc ffty mill;ona Of dn,isrs Th.. s nGs eAceea-
he 40 extended .s 70 raaeh ~ as p,os's'on may
ton of the country. while a moderata tox "r rraa
nallv anomentad On hanL no.oo .:,. tsA sfaa-
nationai from .ha CON- na.;.;"s s WI lsleve the
ton n has hssn airasS, s,,ne =. .os"i e,tcu,a'
snbstitution oC nat;onoI s,r Co. a1 aS .ne
uoon this nlan wnnid ha ann;va,as. o",,enu,'
the Government w;,hnn. ;ata,a.. 1so W . 'oah "
fund 10 he Kent in coin sna ,.;,haD. " on .ne
excent the coet or ,,ro,,n,a.;a,, :na Pshse'
5,,,,It,: II. =. p'epa' s.'o''' issue. ana re-
ditional advantage of . nn;fo,oa nsra sam s.e aa
relief from considerahle hnrdon ~ az ~, anu
interest mon debt Thesa aa.a." ~ ~. .o'm VI
doubtless. considerabIe. and r. : s,.hamas al,
devised hv which, snch o;.on,..;s no1 can 10
tanlu AMI str;c,lr annfnoa u.ton y. wiz DC Ger
the neonle. ana eonstsn,iv a"n;n.,aa. .n neSns "
by prompt and certain redsmn,;on IN o,;. Iii
hardly fail of legislative sanction '->N"' W."
The plan. however i. not ,v;thnr, ..,;o,, (,
conyeniences and hazaras Tho .a".,..s.;i
especially great in times of nr..snro .na a.'
to issue notes witbont sdenna.e n."r;s;"n ase', e.
redemption. the ever nressnt ;.p;,;.n % 80 iU nr
called on for redemntion bevonJ man. bon
ever carefully provided and msnsoedE-the h.,
ard OF panics, preciDitatnp demands for ion;n \
concentrated on few points and . s;noIs f,na, ,
the risk of a deprecated. denreciatine and
finally worthless paper money. the ;n,mensnrs.
Bile evils of dishonored public faith and national
bankruptcy; all these are possible conseoun,,cas
of the adoption of system Of government cir.
colation. It may be said. and perbans trnlv
that they are less deplorable than thnsc If an
irredeemable bank circulate IN. ; Withcnt en1er-
ing into that comparison. the Secretary contents
himself with observing that. in his iudcment
these probable disasters so far outye;eh ths
probable benefits of the plan that he feels him
self constrained to forbcar recommen5;n,r ;.s
adoption. u .,ta za lz3aslt fasfy fasl
The second plan suggested remains for exam.
nation Its principal features are, (lst) . cir
culatlon OF notes bearing common impression
and authenticated by common authority; (2d)
the redemption Of these notes by the associa-
t,ons and institutions to which they may be de-
ilvered Tor issue; and (3d) the security of that
redemption by the pledge of United States
stocks, ard an adequate provision Of specie.
IN this plan the people, in their ordinary
buaineRa WOuld find ho adv s,oa ,c,