, 1864-12-15

their true mission was to fscttate trade, It has
been the bane Of . bank note circulation. tha: II
and contracted h{ the distrust That ovcr-dssucs
NOW, the objection to a bnnk-note circulation
Res aele e 20
hanks to keep up n ful1 circulation, and aSalnst
extensive issues there arc the restrictions of 1aw
md the liability .o redeem: g Government 1otss,
the necessities Of the Government OF tho interests
Of the party In power: 1t one time they might be
increased altogether beyond the needs of com.
Hcrrc nnd t1adc, thereby enhancing, prices and in.
ducing speculation at another, they might be 60
reduced a. to emburrass business mid pfecipstate
financial disasters. They would Be ineomparably
because the power that should control circulation
would be the power that furnishes 1t. Supplied BY
an authority not In sympsthy with trade, they
Of trade. They might be tic fullest In Volume
when there was the leaat demand for full circnla.
tion. and the most contrnctcd when there WIS a
nai1y Become an undesirable circniation. becauac
there would be no way In which tho redemption OF
them could be enforced; they would be danger~
control Of political parties; an unreliable circula-
commerce, they would not be regulated by iheir
Necessities.
There are objections to all kinds Of paprr mo-
ney bul, in sonc form, It is comme.caal ncccs-
sty, and no form hos Jet been contEiyed 80 little
national currency act Under this act the Govern
ment performs its proper functions by exercising
one oi Its cons tutonal powers for the regulation
Of commerce, BY fixing the maximum Of bank-note
ctrculation+ securing It's eorcncy. and giving to il
nationality Of character md uniformity Of vaIne,
1t tskes tic promises, which are to goamops the
people through the national banks. puts its seal
upon tacm, and guarantees tAttr redemption, as II
takes the precious orc from the mines-thc pro.
perty Of individun1s-eo1rs-1 into money Of the
UIitcd statcs, and hxcs the valuc thereof It thus
performs the proper offices OF; Government. IN
dies with no mans lawful pursuits. 1t stands be.
tween the bankers and the people, aud while II
protects the latter from imposition In the usa Of
1eses Of the former. Without becoming a banker,
nn1 without, as In the case Of the charter og the
United states Bank, comforting peculiar II not dan
provides national .arculation, Indispensable for
It's own and saiety in the collection Of its In
terna1 revenues, md suited. to tho circulation OF
But while the National Currency Act Is restric-
ttye In Its general provisions, md is expected,
when generally adopted. to prevent expansions,
invested under II during he SUSPENSION Of epecie
payments, and In the existing Unsettled condition
Of o1f polillcal and financial ndalrs. When money
y plenty. and fortunes are being rapidly acquired
the country is always In fcverish and unhealthy
state. This is especially true at the pre- sent Tine
The enormous expenditures OF the Government,
and the great advances In prices since tho COM
suddenly rich, and ason fortunes Suddenly acquir-
ed have followed reckless expenditures, cStraya-
gcnce, waste Speculation is taking she place Of
sober and persescring industry, and thousands are
itluded will the notion that the wealth Of the na-
uon is being increased II tho increase OF its In-
dehicdnces. The Inauguration Of new system OF
hazardous, and hare been, from the time Of my
appointmcnt, more apprehensfyc that too many
banks would be organized, than that the system
would not be sufficiently attractive to induce capl-
ta1ists to become connected with it, The Govern
ment is the great borrower. It's obligations COM
pose large, portion Of the discount line Of tho
%heh sca5aa are making d 1ss Profits
banking system, Viii ali its rtric.ons MAJ, % dur
ing The suspension Of specie paymcnts. and the
money and that, when the war is over, the banks.
deprived OF the existing means OF Investment In
Government obligations, ard dndins no legitimate
III encouraging operations that will eventually
pEorc to be a. Improbable to themselves, ns they
will bc injufions to the country. For the double
circulation far as 1t has seemed possible to do it.
consistently with the establishment OF the system
soughout the countr, and preventing an increase
mental In keeping up the Imitation, and .ctarding
pEon,able to its owners, hare telt it ny daty to
Of new banks, tlnd IN moro instances 70 refuse mr.
rnuston to tue increase Of the capital Of those al
po%r g. The !: g pS
it not sus tanned By Its letter, have been BIZ Its
spirit, and am willing to let the failure decide as
to the ceE1eetness OF ,ncorEectness ofmy coarse.E
But while entertain the opinion that the cur
rcucy OF the country Is already too much expand
ed, and that 1t would be caluuity II the national
banking system should be the means Of materially
Increasing it, mret not be understood as saac-
iioning the notion, SO generally prevalent, that
ths hiEh p1iec Of coin IA TO he chiefly
Hf,f Trfk
Statce. When gold sold in Wall street, on tue 1st
OF duly Inst. nj 1ss premium, many OF the best
stocEF, as well as productive real estatc were no
higher than they hare been upon coin b1sis
By rcfrrttng to the gold market in New York
during Ic three past years, It Will be perceived
that The Eanc has been regulated by other caHscs
Hostility 10 the Government has been as dectd-
edly manifested In the effort that has been mado
In the commercial metropolis Of the nadon to de-
In the field; and unfortunately, the effort OF sym
pathfzcra with the rebellion and Of the agents Of
The rebeiious statcs to PROSTATE the natIonal crc
dit has been strengthened md sustained by thou
sande In the loyal States, whose political fidelity It
might he ungcneTons to question. Immense inter
ests hase been at work az oyeE the country, and
coin. End Splendid fortunes have been apparently
made by their snccess. The loyol importer md
Manufacturer Of the East and the produce and pro
vision merchant Q! the West hare locked lands
With the enemies OF the Rcpublic in common ef-
fort although for n different object, and Bome-
times have produced results which have crested
serious apprchensfons that the Union might be
lost for want Of means to prosecute the war, OF
rather on account IT the excessive and ecssary
costlincss Of tho war. The Government it It's
eontending with armed rebels In the field, but
with unarmcd rebcls In the loyal States, backed
By an immense interest in the hands Of loyal
citizens.
Gold has boon iasorite article to gamble In.
1t has been forced up aud down by those tricks
and devices that arc SO well understood at the
used by the operators for IN advance to send It
up, and our military successcs hare been turned to
tae advantage of those who were interested in .
1ns
ra'ue was cFeated ID the legal tenders, gold aid
silver, whose legal Talue had been f1xcd By the
jcct to Tic influences that have conroi Of tic mar
ket, and yet, unfortunately, everything necessary
for use or consumption was maie to follow their
upward tendency, as II they wcre still the proper
The e1ect Of all this has been not to break down
the credit OF the Government, but to increase eu-
o5mously the cost of the wcr anil the expense Of
liv}rg; for, however email may hare been the con
nexon between the price Of coin and our domestic
products. every rise Of gold, no matter by what
means effected, has been used as prctc1t BY hold
and spectators for IN advance ofpriccs to the
great Injury. Of the Government and the sorrow Of
q large portion Of the people. 1t Is unquestiona-
hly tFuc that The abundance OF money has faciii~
tcted the operations against the credit OF the Gov
hare tended to check and restrain them; but It Is
mistaken notion that The high price Of coin Is IN
evidence Of an over1ssuc OF currency or OF Its de-
war would be ended BY the LIST Of January, gold
wonld falA9elore that time to 25 per cent pre-
MUM, Il no lower although the piper money In
circulation mi ight In the meantime be largely in-
creased.
The expenditures Of the Government hare crc-
ated great expansion Of currency and Of prices.
1n lees degree 1t is true, but still IN expansion
Il the war had been cnrr1ed on 1pon2 spcce basis.
Prices OF ell the necessarics Of life. as we'll rs luz
must purchasc in the prosecution OF tho wat, arg
enoImonsiy hfgh and the penalty is yet to be paid
for the imitation, in increased ta1atson, and the
ruin which must oyefwhelm the thousands who
believe and act upon the belief, that the apparent
prosperity OF the country e real and Is not to be
interrupted. Fortunate Will the country be II the
standards without collapse. which WILL as
greatly excel tn the extent q Us disaster that