, 1865-12-06


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; ----..--- -. .e---.-5 ,.-,...- :.
eRe5n 5psaon So t uef banR % ,sssss a1s eon
cerned Y y oeueted thai The most emaenf
check T9nld oe found n II: compulsory ,fcdsmP-
u Ihe coz eou6,f1ss1 9o,I Ia Bos1on q phade
phia.: Under s,ich =, syy'em, proresa5 sa:oscst.
msny ia5ntalions @ estaba.hed chiefly fR The ad,an-
without The expectation Of elns alled apun 70 n
deem the wSq!d a1a hat they had s1coedea toe
m n tS o. ~ aHd oe.3ia r.
lion mus drawn fIom sections where 1t Is not r.
quued. eou.d be dispensed 10 other portions Of the
| county as yet but partially supplied with banking
Institutions.
cd ior ihe unequal distribution WHEN has resulted
| p1efaence 10 the eonHeEslon OF State banks over
applications for new nstonal associations, without
1eicrencs 10 the amount Of currency Which by such
| conversion has been concentrated in localities
Where the toimeT institutions were tae most ou-
n,e1ous. ,. =
1Rs e1e 10 sp,s ssd{ 0nne
on So Of circulation on the deposit OF The requi-
! site tecuIihes In government bonds, It Is not
anticipated. however, thst more th:n three
hnrd1cd mlllons VIII be called for BY
banks now Organized, a. many Of them
located N laIEe ttnee o. inc Northern states will
capital entities them. Bonds hare been deposited
10 eniLe toe nanEs now Organized to ait,7si,1a5
| Of circulation oniy; In no event will the hnlt Of
| the act be exceeded
| Whatever. may have been the intention Of the
trainers Of the Federal Consultation m respect tho
Pnsners g au &c s Ss 81
flow Of events, there Il ample Justification for dc
part1ur from metallic currency and bang ciscn-
cess.tics Of 1he county ~ superfnduced W by tbc M
unparalleled civil war through which the has
been called to pata. Now, however, Glas The cmeE-
3! eency Which called for this departure from lsst
7 ntf.Icfpcs has h1rplly been epFnpuuted II would
fee % be the dictate Of eound policy 70 return IS
ipe soye1nmen. and tie business nterests
! OF The country will allow To- a more normal
condition Of the currency, so that the pecuniary
! talious Enb-stlnG betwetn ourselves nnd Other
lions may be placed upon more harmonious ba=ls
| ct value.
! The evils resulting from an tE1cdecmable cur
1 Ths5 should 5 id Be toesatcd no longer tean absolute
necessity requires. The funding. and the cnnse-
aueu retirement Of portion Of the Inactive clrca-
TO be called out as Increased specnasions and addI
tioral enhancement OF prices may demand. and the
e. fedaeen d ., the saIs 10 s3e amount
| would seem 10 constitute one OF the first
stcps toward that sound condition Of dnance
b sb eese oy ypas
the manufacturing md producing Interests oi the
country tn position to coupeto successfully with
exports. and illus prevent Italn upon our fasoue-
ccs, vi hch must Otherwise postpone to IN 1nde1-
nits period The rssunp.ion or specie payments.
Under the present tnsatlun ob prices, the cost OF
labor and Of all the elements entering the pro-
duction or staple commodities. whether iu sr4cul-
;nx,s tss , Or o M asn a,es as
Countries In orr own markets. Il Is the Which
makes market the best to sell IN and t,e worst
The consequent absence Of m adequate export de-
lnnnd, must eseptuate in the lcnudine ns Of tho
,sa s epun q ss sS
u I'll 1sSaa asstan asS u our ipo and EXPORTS
during ibo four years previous 10 The :anh day of
June iast including the interest on American sccu
mites held abroad pu1chatea within that tlme, aud
also tAkfDE Into due consideration the dlKTence
between the standard Of Our own und that Of for
s,.n gS1as a. tnins H. aud theeeshthe per cent? has
Uy Ieas On Of tie probable falling OF III the export
paid ab,oad, Il il cs,im1ed thai the accruing bal
dsTRS tns ssqe 5eF M xa amount
LIS. t1SC0O. '@'' 'tA -:
orr onjy resource 10 nav thta cold balance against
anrasd 1ho annnni rcoai,e5 If sold AZ an ayera1,,
discount Of iorts per cent, w1ll he ssis s''
~ ~ a'TGa' Mha lt r-1 cent will he i e 1SO
~" discount !. ..nfty per cent will amount 10
<ss5, 5000; every dollar oi which Will be an en-
tire loss 10 the country. ....'f
Tie almost exclusive use and demand for poYt1
now I. for the payment Of custom dutlts 10 be pai
out nga1n 1ot he interest on the public debt thia
ts followed hy tue sale of The surpIus be yond The
amount required 10 pay the interest which sIrulns
ucain Aernmulates 10 20 rcueatedIy throuvli fhe
tame proee=s. II one.lalf Of ii. d,i!eisnces tes
paid in guild es they occur The price or rold nntl
tolclen exchange would lave long sinee Feachsd
aofs sn ss 70 vs s1eess
our exports. The price or rold il now Governed
BY the demand for The purposes staied, and dc
! fhoMr. by the eaie nj,foad or roycruInent and
o!her securities at a discount Of forty pei cent