, 1864-04-08


MEssHs. Ep1roKs: 1perceivc BY your pa
per that You are In favor of discrediting en-
tircly the circulation of tho State banks, mud
using no other currency than green backs,
or, in other words, Governmental currency.
/ observe, too, that the subject Is aSltated by
The Doard Of Trade Of this city, and that /.
Lae appointed committee to confer with the
baukcfs upon the subject, All this is well,
lust tbe steps that should be taken, and just
the object desirable to accomplish.
Notwithstanding tho desfraslehess Of the
object, We must not act hastily or inconside-
rcncy Of the country is responsible and
hazardous busiurEs, ofsentimes, rs all our
business is done with 1t, and all our values
based upon it, It will be wise for the COM
mittee, for 1he bankers, and for the public to
leorn whether there arc sufficient green backs
In circulation TO do the business OF the country
or whethera sufficient amount Is Authorized
to be Issued by the secretary Of tile Treasury
to supply the place Of th= currency proposed
TO be discrcditcd. .-,.,.,.
By figures taken from tht TRIBUNE, which
! suppose to be mainly correct, I 1ssume
them tlcm 10 be so, the country has from
eeyen to eight hundred millions oi circula-
ting currency now, something less than half
Of which is grccnbacks, aud something more
Ing the Issues Of Suite banks. New, an i'm
portant question is, eau VIC spare the half OF
more Of The present a.grcsntc ctreulation,-
can t1e country do its business With half the
nionty Il Lov uscs?,
And beyond this, en- NC calculate, without
further enactlnenta, upon the half we now
Tic GO i've per cent bonds are just put
upon the markell, and the sales of them cx-
lausts lie grfcnbacks. The few days that
those bonds have bren in market, from
quarter 10 halfa million per day have been
utcd for their purchaEc, and this Is likely to
increase daily.
/ beg leave to disagree with the chairman
Of the con.mi.ecc appointed to confer with
the bankers, when he says there arc green
back enough to do our business.
II he means Chicago alone, then be is right,
but If Ec means the whole country then he Is
wrong.
Ii there is good reason for Chicago dis
ctediting the bills Of State banks take it
the same reason will exist in all trade and all
localities. So the question becomes a gen
eral one.
1fCongress will taz the issues Of the State
banks 20 as 10 drive them out Of circulation
ana authorize governmental ,ssue, equal t to
the real wants Of the country, or IL 1t be
found that We have now, and will have per-
manently sufficient grcenbacks to do the
business Of the country without embarrass-
Meut, tlen for one 20 for the resolution be-
fors the Board of Trade. Otherwise would
do nothing to cripple the trade Of the coun-
try by discrcdtting the bills Of the State
banks. My choice however is to have an en-
tire governmental circulation
Yours, r.
REiIARKs.-Our correspondent points ont
clearly the only real difficulty there is in the
way Of at oncs substituting Governmental
issues-meanipg, rs we FuppoEe, green
backR and the bills OF the National Banks,
viz: the trouble there would be in getting
enough OF them to do the business Of the
country, if the "debt.tactories and Their
filthy rugs were at once tabooed by the entire
business public. He also agrees with us thai
the best and the most cffectual way to gel
lid Of them is for Congress to tax them out
Of existence. But, milling in that, for ths
public stcrnly to refuse to take them, just as
cicctually Kills thcm. True, loss Of frsm
half to one per cent mast be borne by hold
ess In selling the stuff to the brokers, bni
this md all other difficulties can better bs
met now than fnr greater losses when the
crash In this rug-mill currency comes, as
como 1t must 1t no distant dny. And besides
1t were far better for the public, il, by re
jecting this trash, the volume O.
currency were largely reduced. Th.
millions. of It sfoat hcve inflated
prices immensely, engendered a wild reck
less spirit Of speculation, and fattered thon
sands into c1trayagant and foolish expense:
! 10 result only in ruin and vide spread disas
ter The business public know tllat-when :
} rotten or baseless currency is thrown
out, The difficulties anticipated are neve
half realized. In 1eG0-l, our entire CIR
rency, based on Southern stocks, went tt
the wall; but in few weeks Its place VIA
supplied BY gold, aud the bills OF sount
specie paying banks, and business agafl
moved forward IS il nothing had happened.
With some four hundred millions of Govern
ment issues, and the three hundred million
authorized to be ies1ed by the Nationa
banks, and rapidly finding their way init
! circulation, there will be an abundance o
currency to do the business of the country
Let, therefore, the good work Of driving hom
the dirty ragged issues Of the local debt fac
tories SO on; let the Board Of Trade, th'
Mercantile Association, the banks, the mer
chants, the farmers, all good citizens, pu
the ban upon them, and the thing will soon b.
we'll and ctfectually done.