New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1865-12-06

Deposits. individual and Government 90; n; 90 s'0iS
L% To- which shcad be- added
Investments In u 5. bonds and otner ,-,,.~o
=. s. securities '-''' wv ~ ots GOO
These figures are history In themselves exhibiting not
Of exceeding interest indicating uncney the dangerous
direction in which the financial current - sweeping
note circulation Of the United states $40 49, the
deposits Sl27,3yco. the loans $40 In Janu
x5. 'ss s 9e ie deposits re- $50 the loans sGst
$1,000 There are no statistic; 20 s1hon ne "nd no
aberal estimate to put at $4,000 600 for 1871 and Wv
Tbcse were wears Of great inaon the effect. Of which
have been already referred tohe revision OF 1857 lot only
producing great mnedoe eu be,IS'meat Ou. ." shic
year the bank note circulation amounted only 70
deposits $50 1880 loans % u, naUi"g
sry 1884, to 81 the LIST Of January lsa and other %
The IN 1851 but for the reason peioio
stated less disastrous and rrotraeted. -. A., N..u,
Bank. alone amounted $54iIyl0i their loans-estinsns
their national securities "a loan to me mem
during the month Of October; while the 3, of that month
the circulation bnk aud national had reached the tans
statement IL CURED eyi bt the present imitation o. to .I
plain Of the cnuen and advancing prices
follow ed the EXPANSIONS OF 1881 and 1851 what must De be
the present expansion unless pdhy eheeAea
largely cash than the cs.e previous TO IDOL anu
that there j. much greater proper demand ior oneS %
be made heretofore, on cfeI ~
- also ,ru that there larger demand formerly for
money the part Of Hanuiacnrer; Tor tnr Iy b %
creased demand arising nom these anu rom
the advance of tie county aud population is
anpsrept rom The foregoing statements il the advance in
prices did establish The fact that the circulating medium
Of the country il altogether excessive.
Before concluding lis remarks upon this subject msy be
proper the Secretary, at tie expense OF ereon 70
notice briefly Of the popular and plausible ot''''0''0a
First That by reducing prices would operate nJuIousy
II dsstrousy upon trade, and be quite hey " p'e'p
tate n uuq CT
10 this may be replied that prices Of articles Of intis'
pensahe necessity already hish to be severely OF
prssive especially to persons OF fixed snd mqd
eTae incomes and TO the poorer classes MOI ouy 10 e
terest but the absolute necessities OF the masses 9'
the prices OF articles eded for their use should oeoe
Nor there any to sppshend by any roey no'
Congress adopt rapid areeaco, OF I,lces as 70 po
duce very serious 'rbarrss'm'ntt 10 sde ite Inns
currency only to any eonsidetsoe extent pe h
by sale OF bonds and the demand ~ ue 20 - ,
by the state Of the market Tat rapid coneeGh WI w I'M
ea not impossible even oH w'r ne S.by Of he Gov
eminent reduce It's cir ulaiou aidy enough than Io
e tbo. is certain 10 come without il, tho Secretary
recommends courscon Prices are daily adyansns' me
longer deferred the greater must the ia eyeht
ualy be, and the serious will be ito conseqnens
no, expected that specie payments wan eisploe
the precious metal. hs will prevent this but ms
confederation make, It the important that 81
and unnecessary influences in this direction 'houa % To-
Again II 1, urged tina, contraction Of tho currency would
II Is possible tia, this might be The immediate eject eu'
woud be temporary only The pube ie'enus, 1
productions. 10 oier werd. uTon labor TIE Iey,nses de-
Tv,d rom tIan.seior' esed upsn e ,ree"rc tn..
upon which reliance con no AGED ir
resns. /. stable basis iii. have long as Tho
country inflicted with an inc on,e''oie currency, We 49,
measured BY tus,us and unreisb snd may be Ia no
small degree controlled b. speculative on biraiionf
IL T. also ured thu, the proposed policy would snd'nrer The
pubic credit by aoy'uing funding and 'ha, woud compel
the Government snd the people wno orc IN dcp 10 W ~
dearer currency than that IN which Their deus Wei" o'H
traced ,-.,,- .. ..,..i.. .,v ,,h.,.,,i,l ground
for Ills objection lie cannot urdspAud low tho process Of
funding sh,e 70 be aided ~ he eoni naah.s o. PEE, "a
be restored by the peTpstuaon Of al cur
4 rency e,peciAy - that currency consist. iIs'j 81 US W
Tor the Of the reduction Of he national
,hst ho.s Lo are sppehensve Of the Effects Of contraction,
= entertain the opinion that ,he trss eondlan .,
should be continued until any Considerable p''n '' WIS
So faI as indebcane. r,rsded ray 10 re-
q from dbt they were I months ago much hes 10 deb,
esn ssy VIZ l's S %Ssp tse s,y day Of
ID round II tho volume Of paper money 10 10, cur'sied
and ,tmaIs,c he PAYMENT 81 those arady existing. fsr
irou being Injurious woad be In the highest S'srce esn' l.
IL s further ure,d that .rrtueton q The Goyommen, notes
would enbas. the National BANKS u did Rot ireo mihy
D To Itch Jay tr said better that The l,ni.
,bond be eubsr SEED now than barkrup;ed hereafter Thar
. bn,iness nnd Their customers unisr tlef eohiio
What viii be ttor condition Ia these Esp'e. 'te
sion continue, aud swell. y~as two longer D. no. d
predict Lie tier. been no aph'sthJ cilsh
Of In the Uni,d States ior which the benz. lave
they have not been ultimately tie oser Unless their '
misunderstood by tie Secretary tue eoserva'e
n bankers of the country are quite unanou'y ~ iaF. o.
cosin,n nj Of the cuneney h vie" to al carp return 70
"a specie psymeus
H. Again. IL sad that the excessive bank deposits have a.
ne much influence in creating and sustaining hgh rcr as
perabLndant currency This d unqucsuonabS tue but
in sso that excessive deposit are the effect o. eieee
n and that whenever ne currency ,ei
a. will be- At least, accompanying not greater reduction
a. ihe Lao, objection which m be noticed to the
commended that II would By reducing the rate Of iorrisi
n exchanges reduce exports end increase imports a.,
IL doubtless that high tate OF exchange did Tor
an time increase the explorations Of productions sui dih
a. ish the impo. Of foreign srees but thus tdvao As
much sn couut Tbauced by the aTg'y increased ~
penses Government and Of the people resulting non
~ the very that Produced the Lsh rate Il exchange BE
side tins apparent advantage longer cyiss Inc advance o.
price, in the United atstr notwithstanding the continued i
rate oturopean exchange uow checking q nV
" imports snd Il creating balance In favor Of Europe s
likely BE- the greatest obsce In tie way u an early re-
~ sumption of specie payments Nor must be fgotcL Thai
while the eapor Of productions was stimulated by The
high Ills high of exchange enabled
y Europe to purchase them s exceedingly low pricts.
Unless unusual demand for products IL created IN
Europe by Extraordinary caufes IL will be sscersned by
u eJnce 10 thr rrour sb.s that our imports Increase
exports dminn uoder the influence OF redundant
rency. But reference TO figures body necessary TO ub
OF IT, country la which high pnces prevail IL an invn;
for sellers but an unnyng one iCr purchaser such
in order however that there may be no iappebenin On
this point the attention OF Congress respectfully ear1 10
clear ard interesting paper from Dr. Elder a'istchn OF TIM
~ Department, tccon panyng thf report
Every consideration Therefore That has been brought to N,
mind oil the Secretary confirms the eorrctnss Of the viow
be has presented II the bysness Of the country rested upr
further would b. less occasion for sociud,
this subject But such is not ue fact Business !. not -
Every day that contraction deferred increase the difficulty
% Of preventing final collapse Prices aud credits VIII moi
will not ecede without the exercise Of tie controlling
power Of Congress.