, 1866-12-06

ssdsem iu New York Philadelphia or Boston its
h9,es = aud ths noses Of every other bank for
.set o. the last provision i rdsrcc;lE to compel
G11 GsSrs ran 70 redeem clher IN Sew lor, Phils
6n Eai H. pa1oee i, 80 sT so ssd
therefore open 10 eve,y objection .hs: ,snuii he
a5sed @ against direct requirement II Law to ihal
xeIs. ,hsis i r it1'n' iatsaisoa 10 In ,sns:s Sss
There are cI1es 4 great eresl IL Inn 1'al LEO:
II the Middle, Western and soutnera states, %
whose anauets1 interests den'an3 eot,ide:at1ou.
The notes Of banks locattd III those citits .r. nv
tecnabe in New Yorl, and tic man.se:s Of taaa
dio not .rqniee It, They would Voluntarily re,,,..n
al other banks 70 do the Sane ,uing. viii rive
reney, worth par in Ssss Yo:s, ins;ea Of dcuTc-
cia'ed currency that would be q continual cior
upon all business OPERATORS. '
York. the fact that The banks Of tha' eeclion are
required 10 redeem IN New YORK will no. nuke it
tributary, bu, Ill make such rel-.aa;ioL. easy
YoEtance Of my place will forcc It's own rscosni-
lion; money can be drawn from It Guy f5r the
channels. and moher goes with tt; wherever t:.de
centres. there money will accumulate sufficiently
tra'y 10 us principle, 1t vii se fog Saei su
again, Just Is water will drd is level.
+ ne assaneas against redeeains
ipossarce cf any other plsce as aeeat:e Of l!aGc.
Ceases 70 be an Argument. Is in the natural
order of th,EEs the circulation Issued BY barS- IN
that place wili he worth mort at uomc Than al any
other point, sud y III 20 home for 1As payr,snt nf
balances father than 10 New York for sedemDdop:
consequently there will be no ha-dship in Inc re-
quiremcnt. II the argument Is not based On that
assumption, Il is an asEnncst for The other side
q 1he question tos i !: Is hasasllp 10 redeem
IN New lotk, The hardship Is evidence or The ne
ctsetty.
Il all national banks are required to redeem
hsif h ,ssEes ~ Ssw f1:k reelp1eeal obligations
balances Kept in those banks will anocni in thc
aeg1ccatc 10 very large SIN. a::d there viii Be
country banks. Such competition already exists.
a.; ard Eas Led to the dangerous p aet,ce Of payiag
corresponding. e~SN
4 hank that pays interest On currcut
eoustsut rsc. or lcsc money. In u5er TO 10 his.
1cans payable on call are niado u2oa collateral &c.
competition for snch loans that il hss lne .ect 10
lower thc Standard Of security rcguiles Eyery-
hing which causes ex:1ao1a.nary iar,!iiies il
monetary ttaneacttans tends 10 pfoduce eScJ;e-
ment, ove1t:adins. and speculation surc to bling
eompes saton sooner or lares. II Eot crcL cd, il
tc1iptton aic made chiefly to splculaos, :, md tint
ga,ded as nnsaf.-, Conservative oauk. s:oaSc not
civ banEs. made by law tnn cnac,,,s @ es" y t91s s
available means Tor iedceuairly Tie cic is,,,,n ~
al lie hnnks IN TIC, United States, shunid
should not b allowed t, jeopa.dizs iii, snnje Of
,n ,n 5rr Ma o, ~ oHn1ng Them M
to rar lie inicrcss On thrn, Sion 1hc ~, I, ooe1 u
,n,.Tesr ~ In trmno,n,, ~ Sup ais pas seNt OIL
Of such funds Il removed:
he re.cheg II ~, ~ ~. ns ~ ~ Hhsson can
protithinE every National Fanh from rafipc OF
t.. ~ VI o'nA Na!laces a.u tae pro-
p'dae,y 81 sasn ~ law Is recommended 10 the COZ
reSsrnt,nra ,Tas ""A s,I Isae'ica! sFs.em Or
nrs,,,c tns se'IG naGsse;.,,r .teneer no!ea wo1ld
hn, aI,I ,h., ~ SogsxaaS rs e1panslon
iSI5Ts wese ndEcc tn =, srcn nns,asss, ie;ai-
or, 1n - er:1alaon shoa.a not exceed the srn
n H., Srho,l"1t ~ tas ol taa!ui mony
be more sirsn"eny ~ All hants tempd921 ,rat53 weu.a
,as ~ oies''a'e 'ne'1 lssncs o5 lie demands OF
4 law enacted DURING ,hc ,,st scss,o, NJ cor-
rress nrotes t,.t fba ny ~. sSss1o 2. Gon
MAJ Gu,sn w. u rl,,,,s. ~ z u 1e ifea.asy
no,ss IN inn 1oq =; Of shs United assa
nf dni's1s -, an go ao1 a,S ious H.anons
d1ed millions as Tic point from mh;ch h35 nft,c fhc
iin,f, nf1nn rnmmsr-aas aN4'. A'o., asne1a ta-
t;nn ~ ifoa,nenceS fnn fesatar rearg-
Won,d ir.rc .1at ~ tho mions a4n1sMo, e5en month
tl,ee hnnded millions oi legal tenies-notes II ex-
Srmn,io " ~ "s e.aS 5oii, IT, 10. ne ss
authorized TIM rsff, rroniI hsrtir -s Sass1euI5
tSrei nn h.n snsgnt @ 70 nrna9es mn15
he rrarhci ty te ern;rstInr ~ ana s .or ot ~ so1 M
fss! would E To:e tee1aed: WV 'A' -
daS nnf 3 hanat an sRn,S onsana RE- ao1afs psI
,a tsue"pt.oa o1 fnen lesncs dtm 'n1sning at the
dni, ~ nar Go aov nunatse a ana ssxdy taonsand
Soiabls cur1si ihsy sitcuaoa 70 thn mi Il anst
Rtas ~! BUSINESS nu4!9 permit, Ano me oone-
als a,;dtiing fton practical system Of redemption
-, THIS proposition Is based Epon the presumption
sh,, LIN = ~ ~ ~ sae nolcY o. ne 1osesnment TO
= III, r. ~ aaiss Issued lor cscaialoa y
.a To- ~ aoMsset thas an opinion pre-
~ IT, aagGsse 20 an1s VET Of nc
H. shoa ies il posss issaa cas az.
WiIhont interest.
question sses sots 3 oe1'ss ossaaied '1ta IL
.sIsfsa ~ ~ VI saH n@oscsnmeaL @ noa "a
nmounr wss rernInfeJ M, ~ No hraI'
nsss roca,sitfas - .ho 49, ~. ~ oust
necessities Of d e1eat emcrscnc;, and wss oajv
ltmiied by reacbine- the naxir,nH, nY r1ncnG;:
durin, a lime Of ynr. The nnnnnt ;.sned wss
entirely arbitrary, far t.e business Interests
excess Of TIC Demands of trade, as Is cs*aeni h7
cotto cf q rs az
issued q ave t. catiatry fIan, ban1;rn5tc4 anTs
fpe p.otractei strrrrie viii armed rebellion.
ana can only be cortt5c;cd by legal suactmcnt of
Copcress. There Is no eismrnt abcrt is Ia syrn-
nn;hy viii thc roun,rrna1 md i,,slu t,;ter
esis Of thc conutFy. 1-~- N"1 ~
The now.r af issn3nc, nntes IN circnyate IA
money IL fnn ianceTnnJ IN he n1,ced a. th,e mary
~ nnf,,cs. no,,is. u; cnEp1.sn1 " p.r II. & 1nr
nnI r. tauptt Witn nossihfiss nf ,nrrnntion at,;i
disaster cnicntnfet1 10 e1eite fhe rrsr.st mn
nrrEc cns;nn IN thc ,ninaa ~ ,.,d.n+ Eaar Nv
ine serrcd the nm,nos ~ 1heH !, VA r.,1e in.
10 eyfstenee' hrfvr1ejo, snnnI5 lie n,eSs for ia
Wf,IdsaTaI' tA"E4oa suoa'o We 11aHS A'2 ~
IN ,hr other haca barka are IN df,er+ avnns-
thV wiz frn1e- ,ensrtltnr m !. fnr her nyn;t.
shcy ,ect wnnts he Gscnnnts " anI i,r 9nnish
10 "a; S ~ w. . aAo - 9zan4 - ~
1880 ~ ~ tFs Gsmann Il !. ;,4aes;sias r,nrGat, ~