, 1864-04-09
THE CURRENCY QuEs1ioa.
Eeeting Of Merchants end Ganksrs'--G:aai
Upanimity In favor OF tie Proposed sn9-
stilut!rn of *sGreenh.cks" Ter
ssNild CEts."

Of Trade Rooms, to tafc lnto Consluesalon the
r.opoecf substitution currency. which ia at pres
t1t subject Of consioe1ao4e d1scussaon among the
busipces community. 80
On motion ~. L. Hancock WIS called to the Chat
ard J. O. Rut,er appointed Secretary.
]. +. Mum then stated that the object of the
meeting WIS to take into consideration The project
Of restricting our circulating currency to green.
backs and National bank notes. The Doard of
Trade had passed resolution. appointing com
mittce TO meet with the bankerz, and. IL possible
arrive ut some conclusion.
Colonel Z. N. Housh said 1t was the dctesm1ua.
hon ofthe bua!ness men to bring about this change
al some time not very far m the future, and as this
meeting wus called for the purpose of dlscussins
the question, he hoped some Of the bankers prcs-
cut would cfcr some suggestion.
E. Aiken waa, In tavor Of making legal tender
notes. and all notes redecmahle in Chicago, the b.
sis Of our circulation.
Mr. Smith, Of the Merchants Loan and Trust
Company, eaid bis Institution waa willing to make
legal tenders the only currency, together with notes
OF other banks redecnable in Treasury notes. in
bankers in such movement, but thought it m
wlse for only two or three bankers to 60 into it.
". +. co"baush said there was no difference
Itching the best sort OF cusrcncy, with which the
business OF this city shall be done. lie thoueht
there was considerable pref ud1ce against a good
community. The West has had better and mors .s
cn1o1m currency during the past two years than
'h:::tr curing tha. time than x per cent? hgnre
which previous ycars never Witnessed he be.
leysd taat @ most Of ths currency II ejaculation. ia
are well secured. The 2aG0oo circulation Of
New York is secured by deposit Of ss.oo1,oD Of
State securities, and ntnc-tenths Of the 1liaols
currency fsanes 81 Il 1seorea sSs es stocks TIE
1he 1east desirable. but as the7 a9 ara taken sso
e. g, Hss ss 1ae - Hefs@es HHo1tsSR Rsopse ks ts
cago. uniformity Of currency is desirable, from
the tact, that the merchants here desire That tic
snency they remit, should pass At gar along. the
are, however, some points in this question to be
considered; The speaker was heartily In favor Of
taking and paving ont onlE: treasury notes bnt
this question. There have been times during the
pact two year., when there was very great scarc-
y o. currency currency, and with The vast amount Of
beeanes question whether It is e1pedient. to
suddenly chanse the currency. II the business
men arc satisfied that there is enough currency to
dctlrablc to restrict the currency to leal tender.
If all the thccks drawn to-day were 10 be paid to.
molroE, IN erecnh.eEs, It could not be done BE-
Ttera no ,ihs 'he banEeSs
In adopting this system It can only be done grad
g3y hG !, eona 10 not be done Ss,ofs
i 1cote prejudice asainst New England banks than
any Others because their fEsues not secured bv
ear as .aex arc al Raf N bgsson they are
and Ohio only redeem At home. and 1t would be Of
no benefit to them to redeem in Chicago. There
sess istp5e ana : the q
inny twolh1tds q TIC 1ssue is hoa!dcd up. great
deal Of 1he s1eenhaci:s is absorbed b, the Govern
the National liank currency le a mtre drop in the
bucket. It now sakcs about three times as much
currency 10 90 ne & business o. the country than
There are three or four banks In this city, who
aai!y receive ana pay out more money than the
!otal !! amSuIt o. greenoacss in fae CITY, II there
rnr1ne, s 1s was neahy IN i;So: 9l tne r
ttio, - !, ~ it,, nAa upt Inc snshest ob'
~; rt 1s W. ,n' lnto
TN A. smith asIeed VT With - 'he previous epe3ker-
ateIy II vii 1ntr lime ~ ,,erct Z; y
sor Il and ,Re ssees o hoss ~ IA
nj t;srn sei1 that rI,rancx "a ac,-r. .na vii,
confinTe n he a. ~ 1ns14e22 .xh.t II hnu WI
ionc a. our cl,.ai Is so sna1. II our canjtsf was M
u u as se q = hsve fsr
all the river towns maEa 1essl tenders fbe hes,a -
tber cnrreT sInnase ss tyme for the s9a;e, 9asis "
Of Ills mca:nse we4e pnI OF iii mi ii JuIQ e 1T hoW
thsn now. The sneaker thnn1ht th.1 W.
or three weeks would be long enough. and We
would rttain grecnbacka. bT rsrcnlstin1, nothtn9
esse il .Tonld tstc bns rerv sbort s;ns ~ ~
m o ibe to .s 9
ID T he .ns ;han ye1 6efar. s,S wo11a no oe secS1s
wonid still increase tThe rhn3rTnan %e,a siaa
the epcaler how long Enn1s # tste n sriTe nt
the Eastern circrlation If Their issnes uera
at a sl1cht diecouut. 1A'@~0 VIZ =. = AeN
Col. Il II. Houeh. said the hus3ness oommnn,+v
pot pot he bankesf S hare 10 bear ths burden they
+ t,.s hten said tha+ ure;rd,ce eeia.s r.
misee3ianenna currcncr be c,n11 aa1. tne
ment s5rIenrE vii e4 tsrca w Ia % r
ria nav e ;c,ied M, rcea a1o % Tna' VIII 20
mny nnrhsse err,ne for saht ds.o, oaakess
then nftafT for 1f nv nna * 1acI sin1n anu
fhirfeen mftfnns r. shis St,+a - 1s.t tuetI Nete
nrf n r,1n1.ton .n5 .,,,5 sa, ~ 1sis n
East snted nr Etsu .nS .oSA ~ R1aee ane
Whcr tha - 81 -, r. 49, .,x ~ ao ~ pax goio.
h. ~ a. thor - ,asaE eaEnss VII not
rafber fhan Rarc 1hs;r c,rcnIs;nn thro,, ~
and Eh1na-a % IT "a II sseps ln tns 4atteE
bankers viii mite with the merchants ffie matter
epcaned and let public notica1 be given on the
board o. 1rade, and bf tbs banks Of the move
msat: 1qH The 1hs West % has been gnlied long enough-
arc good, let them redeem II not, let the notes be
cent home;
are eeatcrcd throughout The couni1 and Mi II can7t
be sent home. The retail dcalers Ii ali large cities
take II at p1,, and + the national currency Be
ee s. tue oa tss e
salcr as at p1csent. "~'''
4 T. Anna eaid that = deprecated currency viii
stock raietr Throughout tue Northwest retain Tic
:reenlacks, and ray their debts in the misce!laae
9ne Ss e1an'c WI not be as e9t 19 obssn
when the only medium was gold. In order to cons,
vert the currency into green cacks it viii not re-
fone The ster to the 1st Of My II L only Pl tie
''bnlnnccs" that require to be carried along.
l. sises1nan SAID that whenever the currency
Changes. q loss always follows The speaker rapid
II reviewed The Papics, through wh ch the country
ha: passed, and stated that no bank Issues ousht
10 b credited except the National bank Issues and
they will not sell Their goods for ousht else t4an
government no:cs, then the basis will be estab-
nshed whethcE the banks here take nct1on or not
Col. r. b. uocgh supposed the feasibility OF tue
scheme TO be admitted By all, and the only ones
tson wns to ngcce upon time The bankers mpst
mcnt, aud ,nior1 ihem that Only pas iand. vii Be-
received here.
uf brileiDG about this movement The Wbeat
corn and pork will fetch 1t. So long as an indef-
this place for circulation. It is wrong standard
tHe eonn1rr # ;sremnn hers a u a osi Q, Q,
the currency sound bn some of it Is isrespoas.hlc
The amount Of lc::al tenders coming in here every
eaS # iEe y 90, y L. 9!f ccttaln 1na1 INC ooofcst
= H. f1nae51saod u.as onnosrd ~ unitsno o.f tho
time until the first OF July, as 1t would probably
make the money market ght," but was in tlror
Q! she propogluon Eotne INTO elect mia mach
os we1t as n tHo manfhs mi a'ou' IL 1"o "eeks
1Y Mum submitted series OF resolutions
HsFsed by the merchants OF Fulton, ILL.,. requestin.
'ne s. TqSfn = oi iIade t9 aoopI ne pfopos1Eon.
xea a1toer,er taa som r. i; hcter W ~ :" s3ns
and be enre, than rnsh ahead ana fail Thu rrst
day Of Juls will not he too early. We Will have TO
taA naea W 1ias,uI3 noles AhSnpWt ano !! WIN nor
~ ~ ~ .1.M @a1a ,ao+hin. ~ anp.f o-'ec sae seao
III. Eni'ieoit s ofIeresd III ths foi,oWIn1: