Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1862-12-19

i..t@,i Ei-I'"S HrLur, car Ia ti:G 't-i Ssre ~
@ni;E c'i;uIa'I"n nhd deposits.
It i Iu te uya.,is.'l Lns H. '.T c"mro:'tA
an,: io p:L.iI irca3s!;y reiiii III SLY :..nT2E-
r.eri o::ue Volume Il currency by the banks.
DC tho cunL.ary, there are, III aume .! lhj
), ;eS, positive cnactrLcl.ls by which the IL
cTcssa ~! CIRCULATION during surpans"n ie p,o-
ilrh,t.d; Gnd The princip,t erlo"c:@d % riisi:!
IL - ub"lo:,si? just thu: We! ni:.nt3-d !nis-
tutlons,, wtr"n ..Dlis,rI 70 suspend, almost n
varah.i y H,.,I.t the corstrain; .; AM iA7s,
reduce thelr Ilicu!a!id.. lnstea1 Of augnsntn%
H. Ii un"d!cnse 10 Linz principle rsduc.I"r
o. ;,:.uI q! cuiA.lan Actus!ly too; p.a:o n'',t
tue Suspension ii December. II Hag only
wncu L.ipi t,t7;rs notes, having t"er ln..i.
e afal teiri"r, ',eir diverted from their lrg:t-
:r.yate nHc a Gu: .cJcy std lra'io tn' bssh OF
! cHah c:rcu "a ion, lLae The Hraa. iaCrtasq u!
, the !sttsr i,eHan. 1t "ss purely voluntary
! ;,romptci. doualics-. tv tie desire Ol extend
Ing scco2ro da.Inls to bu:!.i.ss rs Well ~ ~
tie expectation Ii 5rout. No prat;.c.l liau,:
: upon ttir increase Lea rs yet ben RIopoed
! tg :iie psr.le' iltcitstSG II il.
lii, Str:;sTy nas .iiealy showu ,ha: the
! "a g::v3 i.r oLE.rw lac with ths crcuIat:an
u: Cl.td St:is. notes. - condition has
, 2c"E -. .ssi 81 tho suoJepalnD With ~ az
.;,4ns Il t1io impossible. Loans Of oorpoiats
n9sca Objectionable ;a themselves, were pest
! L!reiy p,vlinit5d hy law rot likely 80 o.:
! rsIeai:1. The CXt;:tIDn o. the United Stdt.s
no n: lui.r,"n, uttii ou ficien: in anJoGut &:
eaaDle tie secretary " o0La;n l. from hold
era Sy sag "f idane, Is equally Inevitable.
4 pTac!'.i !itui: On i;s q: ;.;.- - n:l lG.,I ~
TIA jud,,o't, lreisiatjoI, d Loraras rhi,a
aiakia ID" nolss ivc..vstir lI. I,:.I.-. ~! -.
;i::r! ;hoi 10 lnrel.j: III byu6. iaf !, ara
,n-'! hs p-ii 4 eo!n.
l:";er thsHs oiIIu.us:nnccS the path OF
wisdom snd duty sae:lb "ery ciGer. !. ,'.i,
20 tie i:,.rOrt Of = States ncts cicn'Itic6
aui 30 t:.r reduction Of the bank note cicCu-
lat!jn. : l. u,r+ratYeiy snail REDUCTION q
:I;n i.::ar viii si!oT ample Tco.n t-r the
whoia 'acrsase Of lie former suIhor'5ti hr
: rXstlrI:, An Al sS rh5 ref1nrtlon prore"vE
lhc ;n:rc .:,a may rc Gy'enict. never, Lev
rr:r, i"*.'H- '7a roirt winch stuH'o ;na ~.
rnr.t,.''I "9 Ia : :, .th".r"h.n 'S'"". TIA
S1,rrA:r:' -. -ar,t"I.!e .;:T !Sr'. =: iinyr-
sing II :1rin:ats ti:1 OH C0ry's!.tn c'rru.n.
;ia., :nl nln -HrrTs the rscnWn.ndH'inE
! pa tiis hSt rr..m: ~ !c1m"nnn snd gradual
suhstltu,I"I,. cucn h tG3 involves 40 hard-
. ships. NaieA circulating ha n.onry cos,
ra;hirr .orT7d the egpfn'e NJ p"cdrc,; u
and n:ip.rvr'o", ;.:ii y"t firm highly scti;-
fci.tatre s9eccs VI property. The NrcesSl-
ties vi :ho sar have caIsaa the tavati11 cf
a-:.,=r ~ l,r".s nf value. Gsn t.s:e be
t5uf rc,7at Ior -So:npiiaE INST w!llca cj+:.
the proprietor ls:st snd tnjns: !m most
IL nag ~ properly addei that th;s esns-
~: suisnt4t;on a 4 circulation, Mr'iG!in n
las"T :,t;15i I'D ::'ne sor ci:cr!eti"n ".ry
lag '4:daiy in ba'' :uay, rarhsre, 10 more
e1Siiy sad nn2eroAn; effected hog th.r 4,
env ether iirnc. Tbs circulation Ct United
States n"lsa may greatly facilitate tbs pay.
,u-.tcs To- he hanke through which their oWn
;,oilas mus: he vii tdrsws and thus, not only
prrtsc. ,hs community ir"ln the hcoryori-
, encrs, hnt the hanks fam the losses which
might Otherwise attead reduction.
J, may slro be added t!,ut " hen tbs su',-
s:i:utirn shall have been accomplished, anj.
perhaps il circumstances svGT, AZ an earlier
pcrlou paymerts in Gp,cis Of Cni!bi S:sts:
nnt"a hay be iesuuied with less cost and
less irjury to business than would attend
!ika resumption in pay ment Of corporate
r3:oe. With comparatively ,rir'al sacrifice,
ths Government can. whvDcYer itl rxpsuj-
turos are reduced to ita rcvenus, rrpJ:de; b.
lnsr o. o:h-refe, vi .is coia -,t-d:d -
cUnimrnca ard Islntain t,e resumption.
Viii. tn. Secretary thGs repeats tHe pro-
! f"raEcs In E.a hertiotorp e1plcssti 70. a
Taxed St.tGS nuta rircuifti0n; even Ghc.-
is7u"I lr-n'ig hy the Government, ea4 dc-
pcat m on tas ac:icn Of the GuT,, arIcIt for
r-;n.ti2h Rnd tn-l redemption, oT:T :ho ncto
ci;culs'l"h Of the numerous an;! v:.cicrs!y
, orCsr'ft nrd rnriously reipolsiEl, hs:i!!::,
nov existing In TIE o1n1Ir: oc6 ahi!c %
nor E"ta iorth, more fully thsn tacctcfr2v.
she grona,l- Of that pr,f~rc5ce, ne still edher,s
! 10 TIC op'nno EXPRESSED in his last report.
,h:t circulation furnished ty ;ha G1T-
. slHmrr!. hut issued by banking ASSOCIATIONS,
Organized under a general act oi Congress, ia
to oe pr-!srrod TO e'thG;. S;th circu,a;iuc,
rn'orri IN general characteristics, and emDiy
secured D - prompt coIveTt!b;hty 6y Nh-
titrIal band: deposited ID 40 lrca.u.y. by
n" s:6', ',:iaiioDs resolving il, acui uc!ie, ID
rig ju1c-n; NJ, moro FlaEGDta u sJurIrcsl
f.:li u.;l:ry tHsa c.n BE- cor16ioed IL AZ,
o:ler.
A circulation composed 0xciGsifaly OF
.o,rs is4uad cire:riy by ;Ao Government, or
ot sucG notes sul c1in, IS recommended main
" by Two considerable 2; Ina frs; derived
lro:a ;ae facility with whl"h II in3y BE- go.
'7I;i II ys:iicie., ahd -" ,:ccI.i, iro.r rs
c!!ea1n&:a.
.;ie p'noirsl ohi-c,ic0n 10 e;cn ci.ouih-
zion q. prrn.aG.at sr t-!n sre: lst, the tai;ll-
iiy of EXCESSIVE eypan5i0n when expenditures
s1cesi ,evcuusi -, the danger Of lavish and
crr:uyt e1ysni;nre, stimulated hv facility Of
expansion; 81 The darsnt ofi5a'iA =; msnss7-
rnsut and supervision; +th, rf,e iU;possitiiily
OF provhipg it in sufficient aH'rI.!I FOR "a"
wac;s 81 ri.5 people o'noI:.Tnr e5pcrd-
:rrea ar- '.iTc.i 20 eqH,ii.T 7'it'i :"ycrrs or
below Z.
These ohjectiorj aTs a.! :rri"ES. The 'sg-
requires $40 cEc!datr1n. il xii! r." cneiiy
ufdrrslo2d, 11reveT, u u ee cGrsl.nre 81 that
a gnvainuen: is.;u:'g II c:sd, cI!.tL.!0n cati-
n4: supply, IN hoy giTon prr:od, az amount
oF c'.7r.ocY .,r.-ssT sh.a thG rIceA OF rs
disbursement. o:-r us receipts. To that
smornr Il ui=y create a dent III small ro:'S.
ana the ro.es may be used rs CURRENCY
, 'ih's s pre';seiv the ~ry In vh,ch the exist
irg currency ri C3i:sd States notee 81 sap
p;l"d. That port.on 81 ,he expenditure not
iu-t or -rvenu. or ia4Ds has haea met hy th.
i:Sus ,i t:.ot not-s. Debt in this form haS
!,ccn &uh5tiuteG fyr v.riru, debts IL oh-r
frrna. Wheuever, sS.r.foie, The country
shall he r-ainied - bonithy normal coDdi.
,inc, a:,d rs:e:;.:s exces1 exrondirures. the
supply oi C7.;ri itatrs not:.s will he a:Test-
.,d. and rnu.t progressively diminish. u h;.5-
nve- d,ro.nd r.ay be made for ;.nr rcdenp-
ton il cn'r T.uat ha.ten thIi diminCtlou;
a7.! ,Aer csn u" rc-issuc; !nr rc-is SlI", uo-
dr: ae cor7Itlons, n'o+Eaarliy implies dis-
oarsrn7?., an: Lar .orennt, upon the su?3o-
sit'r::. sly?'Ies louEe lnsn :2 n.:ls3 fer inst
rp.3nsr, i5e-e g. Then, 40 MODE in y5ich
1G-r"1cr IN UnItsd st:.ns -0t:s can DC PSF
n a,ntn.!" r1l,s.i.ed except ~ icaa. CT
:nea, w:tta nat required Tor d.sburSsnsJt,
on d, posts 81 CON, or pledge Of securities,
| CT il; =3n:c otnor ~aJ. This wonid convert
T,p 81; ,r,;. bcDi. n