The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1866-12-18

~ office OF WI. Lowry q Co., Bankers, No. 1
I Firststreet. '.ags.e 1n. 4ao
a.s e4 BANKABLE FUNDS. tt
u. ). Treasury Notes. 7
National Bank Notes.
State Bank of Indiana.
State Bank of Ohio.
UNCURRENT.
Indiana Free Banks.................l to lOc dis,
Eastern Bank q u
Planters = Fl
n Other Tenmessee Banks 40 to 9Oc g
Virginia, North and South Carolina.
Georgia, Alabama aud La....l0 TO soc ]"
The indications are all against contrac-
ton of the currency, as recommended by
the Secretary of the Treasury. Not only
Congress, but the people generally, are
averse to oontrsctionS and hencegthe Sec
retary's Suggestions are not likely to be
adopted. OF course, we shall learn in time
who is right. The arguments in favor of
continued expansion have a serious and
plausible look. We should remember,
Thowever. tI1at like causes pf6duce, as "a
rule, like results. Judge McCulloch has
experienced the endines of several paper
mutations in this country, and doubtless
regards an ounce of experience worth
81 more than a pound oftheory. Our own
views, in the main, coincide with his We
must remember that although the rolume
of currency may be maintained, 1t will
! not be generally distributed as during the
war and the year following. 1t will main
~ concentrate in the hands of the rich
&ying them power. of control at the ex-
pense of the many. Deladed by the ifdei
that money is abundant and easily to be
obtained, the extravaganza and specula-
ton of all ranks will go on--gradually rum
ming into widespread Indebtedness, to
end some day in q general COLA pse.s ssass
Now, the Peep are measurably out of
debt. Let them but understand that ju-
dicious contraction has begun; that
smuggling up is in progress no'o; that we
must prepare for return to solid ground
in bnsinessa and to an adherence to a safe
line of expenditure; and our belief is, that
in two years the country will be vastly
better Off aud thatthe people will be bet
ter able to pay their taxes than if con-
trary policy is adopted, aud we go driving
-on for two years more in the direction
whittier we are now tending. Such, at
least, is our judgment. Others, whose
opinions are of great weight, take differ
ent view, and contend that to enable us to-
pay high taxes we must have a high vol
ume of currency, and high prices in all the
departments OF industry and trade. This
position certainly has strong seeming of
legic in it. And yet, even should taxes
not be reduced, las, I'M all probability, ,
they must be-, 1t is none the
less worth considering whether
policy that will tend to restrain extrav-
agance and loose speculation, which will
admonish the masses to keep out of debt
and within their means, thus protecting
them against all combinations of capital
in the hands of the few-whetfer such a
policy will not more advance, the real
prosperity of the people, and the better
enable then to respond to the demands of
the Government upon them, than a con
tinuance of the present unexampled issue
of deprecated currency, and perpetual
ton of the decisions growing out of it.
Let us inquire why is it that people al
ready complain that money is scarce, that
collections are poor, that buyers are asking
credit? This was not so year ago. And
yet there is FULLY as much currency in the
country as there was then. Why then is
it SO generally scarce in our communities
Upon the theory of the expansionists
should not every man have at least enough
to keep his business even as before? The
reason is because money is more concen-
trated, and, If the expansion continues,
this process of concentration will
go on, the rich becoming richer,
and the poor, those who have
squandered, their opportunity, will
stand a fair chance to grow poorer. Let
the fact that, with an undIminished circu-
iation, money is less abundant with the
people at large, be pondered, and until
some scheme can be divised to distribute it,
so that all may share more equally, as
heretofore, in its advantages; let us act
wisely and not follow a phantom, which.
, ltsfnay be. hut beckons as on TO betray.
II. O. Wheeler, Esq, as may be noticed
in another column, has resigned the
presidency of the First National Bank
of this city, his resignation taking effect
to-day. The Board of Directors have filled
the vacancy by the election of Hon. John
=. Hopkins. the Representative elect to the
State Legislature for Vanderburgh and
Posey Counties.
During the past week the Branch Bank
in this city, (which went into nquida alton
over ayear ago, upon the establishment
of'the Evansville National Bank, 10 which
its business was tTansferred,) was closed
ups paying the stockholders a final Diyi-
dend of twenty per cent, making with
former dividends from Capital Stock and
Surplus, $3.50 for each 500 paid in The
Branch was organized in 1857, and paid
regular semi-annual dividends of pei
cent, until the present year, and, as stated
returns twice and half as much to the
stockholders as they paid in. This will bt