, 1866-12-04


reduction Of Tic currency haze been 50 ifcqucut-
y expressed that II Is only necessary row TO coz
AGlcd States notes or o! the notes Of the Nation
al Banks. On this tuh,cct bis opinions hare W.
:seIeere TO change Since hr Communicated them
BanEs lepea ..e as 9Ep1osE of,l Currency
been In existence ever since the formation u The
Con 'nmsnt By .hc decisions Of The highest ii.
Ssen sud heis h,ss has
WOW With tic business of The country. and guch
jnrce Investments have been made In thcn,, that
yrry serious character. Whether o. not ths coun. :
SS3!hous thcn-wbetner the stimulus they
,ties they have extended 10 t:ale have M or a ha7c
not h1tn eonn'crbasanccd hy the artin-
eial prices, which they have created,
iniied ty The crises they have occasioued, and b.
consider. When the National Currency aet sas
operation. ard no:1ess than four hundred milliJu5
OF dollars were investt IN thea, as capital. In
X and ea.sn
satisfactory aid safe. In other States whrre no
lialle security, or insufficient security had hcen
,of me Ss Of 1hs Pobs and
tent or dishonest hands, there hat. been numcrpus
failures. aud heavy losses Fad been tuetained by
the holders Of their no.cs.
Soon alter tie commencement of the ycbtllIop,
II beeamr arratent that heavy rational debt was
t. Be created. the interest a,s! principal VI which
could only ee Iald ny genera sysisEn Of internal
ia1es. involving necessity for a circulating nc.
dium c4nal in va1nc throughout tho country, and
safe Tor lhe Government 10 receive IN payment of
cues. This sub .ct. Of courec. received the earn
est aid careful CONSIDERATION OF the d.ttAcuis he'd
Eertltman at that time the financial minister of
the Government, who caNsed to .e prepared aud
1ionhl currency secured b. piedse Of Un,;ed
s'at.a bonds, and TO provide for TIC csr cnlstion
and redemption thereof" which. alter hsvin-
been carefully considered and thoroughly discuss.
ed, eccsrue law ca tic e5lh OF February, 1854
Prior to tcc passage Of this act, issues D. the
amount, Of Government notes bad been put mo
circulation. Bu, ihere Is nothing In the acts au-
tnoEtdAg their issue, OF 10 the communications Of
The Secretary. or tn The clscnsslous of Congress.
to Justify The opinion thai They were intended to
provisions In the la for their conversion iuio
onde and The arguments OF the 1ds oca,es OF their
issue. Afford ample eS1ccnce that they regard
I'd oe merely Temporary. arL justfaolc only by m
.m,geney which It was supposed nuihins tl.e
that sheee no,cs should bc peI mancnt ctrcnla.
ton ano lake the place OF bank noirs. there Is
cood teAson 10 suppose that the psoposItto1 *oul3
have had few, II any, advocates. Nor Was the
National EanhiLc Sys'em prepared bf ia author.
70. ADOPT d BY Congress. q destroy The State
saiher 10 compel all banking tnst,u ions Is suiuc
Aott- a. r;Gncy 10 secure them, beyond nuv con.
cctrutlr conlthce ncy, ~ deposits wlth the rEeAs-
u1tr Of The CL,&cd states; thus. wi hou re acen-
reLcy which onfd save the Goss:nmsnt and peo-
Pie irtn lot ses. Of which there was cups!1It dan
ger from local and unsecured circulation. Tue
National Banking System WIS intended, Ahll. !.
Eot inyadfi the r}ch:s uf ihc States nor da,uag.
Ing private tLte!cs,s, 10 inrsh tie pcopic wl.a u