, 1866-12-04

transportation paid 10 torcig1 rhlpo:ensrs, twenty
PR c. t III least rhould be added To tha imports
Which wona ma:o the balance fo: tho past en-
sEatnt' the uniled States nearly 500 Ok, 90. i
Is ssadsn, That ihe balances have been largely
tn.na.. on no; other e'o1tId can the fact b, nc
counted TO-. that a,esy large nu,ount of Amer!
can bonds 5 Il ns~ hela r. Europe, which arc cs
klsse "a siiass NUM- Spa I'll bond:
-........-. ..... ta>s.aaaoa
,., THE BALANCES A0AISsr ua.
y Is evident. fsom these figures, that the bal
sneet are against rs. aud, chiefly by the c1porta
uon Gi onr Government boadA, ara heing tom
pora1iy aud imptovideAty- arranged; ien9or
!;ave Eave tcen bought on speculation, ard viii III
ilkcly 10 be returned whc,,ere. financial tronbtc.
N Tie countries II which they held sha!i make
or. @henevsr satisfactory profits cau be made 81
returning them, which nhl be .wheu rhoy ne arlY
2ppEoaeh ,heit paF value In coin; tauproyidcnly,
pslees. anu because thctr :exPortauon sumu,atos
Noihirg |. more icataiu ,h.n The fsc. that there
nrntk In Tho United States until Inc balances o..
tween Them and other nallons shall be tuads essy
BY an e1E oItauon Of commodities, including the
pt1i&tons. and mill provieioa shall be made for
returning bonds, or !or prcvcnftng their return at
unpropiuons umes. This snte Of Things, Ii Is
conceived. cannnl be rsccted without ctsuge in
DlaAny1a7Aars or rArzu CURRENCY.
Iheto being but one universally recognized
costing what It represents N the labor ahlch ii
required to obtain II, The nation that sdop = eilher
from choice Or temporary necessity. al Inferior
and Inevitably suffers for IL violation. An trre-
6eemable. and consequently deprcciated currency,
drives ont Of circulation the currency superior 10
fN nd In hN T[l
tts real value il not thereby cnhaured; 1t becomes
false End denorallzanc standard, under the tnuQ.
gee q which prices advance 10 rsiio diaprupor
1esent from this u that gradual, healthy and gen
slal adsance OF pricas Which IS the eiI-ct OF the
tnGchse of the precious metals. The cola which
10 ohtain. In the guild aud ellycr producing dls-
ticts, althuugn Il arst Affects prices within such
d!suicla. following the coufro Of tende, aud In
obedience 10 IL laws. soon nds It's ,say 10 osher
stock ol the nations, which, increasing in amount
BY The regular product OF the mires, and in &C.
usily BY the growing demands Of commerce, nd
throughout thc commercial world. Tnus. lie
products Of the Amencan. Australian and Russian
nnes tend nfst TO advance prices T., ;helr scspec-
t1itntes .hes products and enterprjse ererysvhete
feels and responds 10 tie increase Of he.universsl
measure of Falur- All this Ii heAlthfnf, because
dneet In any couliEy viii be rasalnea .the1t no
balance OF trade Ia llA faynr. As soon as II hr-
Gomes &C slespys si IBIS word can be properly used
iu hich 1t is produced than in other accessible
counties, or rat4er when T. will purchase more in
o1ber countries tsddne interest. the cost of trans
AID oshnr necessary ezpcn+es>
than in That In which It IL prndncrd, o. when 1t ii
required 10 pay balances to other counties, 1t
o"s to fhsn by Law as .egala5 and as certain
neta.s are produced in considerable quantities 10
bat few counties, thcy alice: tho prices In all.
mol 20 with paps! CURRENCY, which Is loca,
vatiage5, when convertible, ar. admitted for, il
although IL ewcls the volutno Of cur
rshc;. L. rather Increases errpris: han prices
IL eohserttbility prevents exhaustion, willie its
iaferr volume gives Impetus lu Trade aud creates
oefnana lor iabot But un II paper currency IL
an inconveTtieie cNEeaey, asd especially wnen,
lesa lender. IL becomes prolific Of mischief.
hen tpec!c becomes .dcmonl 1iZed, and trade Is
uEctItaln tn its icsults, because tile basis is uc-
luasinE; then p'tcce advanee AS tho volums Of
CURRENCY increases, MID require as they advance
further add1i1ons 10 1hs circulating meaium; then
spscuiaIon becomes rife. aud '',he few arc en-
fiehsd re @ nt The expense o! the many" thea lndns-
'fF dee!tHee. and cxtravs nnce Is vanton then,
Will dtmftution of products, and conse1uchtly
q exports there ts an increase Of Imports, and
higher tariffs are required On account Of the gen
era' expansion, 10 which they, their tarn. give
new s!fmnna and support, while the protection
intended TO he given by them to home industry Is
tc erth, 'neasuFc rendered inopcra.isc by The
~AP@uGA9A.
revenues and The prosperity OF naay branches Of
industry. is substantially the condition OF the
9nltrd sta!fe. and the important question arises,
Hlat are tho remedies!
With entire Difference to Congress. the Scctc-
ta1y suggests that they are TO be ound-
nofca x. Msona nanr to re-
Second, 10 curtaliment Of 'ic currency to the
amount required by legitimate and heatthfui
Third. In careful revision of the tar,G, for the
fn1poFe OF hnsmontzlng IL with orE fntcrra! taxes
-repoyinc the oppressive burdens now imposed
altogether, OF greatly relieving, raw materials
from taxes, 10 order that tic product Of labor may
BE- enhanced and production and expectation IN
Fourth. In The Issue Of bonds, payable in not
over t%enty ycaIa, a'd bearing Interest at not
,p II
per cent bondf now hclt tn Europe, and to meet
the demand there for actual and permanent in.
FVfl. In the rehabilitation Of tho Southern
statls.
AEDENTT1oS OF NATIONAL BASK NOTES.
First. 2hc utility oi compelling ShtiUnal Banks
TO iedeem iheir notes At COMM mIrcial centres. as
well as at their own counters. l. appate ent. The
object Of Congress-, In the establishment OF the
National Ranking System, was to furnish the peo-
Pie Win eol,ent currency OF Uniform value
the notes Of The Na,ional Rank. is eecured hy q
deposit OF bones with the Treasurer al Washing
ton out, as the Banks are scattered throughout
the county, and many OF them are in places dill
Gull OF acccss redemption Of their notes at their
respective counters IL not n]l that IL reqnrsd to
make them thronehonl tho United sta!rs par
ciFcusatlon. It is true that the notes Of nll Nh
ttona1 Banks are receivable for all public dues,
except duties upon Imports, and must be paid by
unable to redeem them, but II will not BE- claimed
tina: lie notes Of Banks, although perfectly sol
veE, hut Ettnatcd iu Interior towns arc practical
board cilles.
:, 1t may be urged that. to compel remote bsuks
Ins ~. 70 Icdeem, fonI 'e hn1dshtpi but as very
1s% ni,c hsntirg institutio9s IL 1hc
IN soro OF The Atlansic ciies, thl: hardship wuud
DC ionnd upon trial. 70 be imaginary, rather than
rial Busif It should be hardship, Ii would be
a necessary one, and the interests OF the 1,arks
nst b. I'D to the interests Of the people, Bcstdus,
without such redemption, there will be psactica!I
nonc At all. at least until specie payments re-
there is always constant tendency to sadatios,
and lllegittmnte banking. The frequent and reg
Mar return Of their notrs Is needed to ke p the
thus invariably proves no lcst advantageous to
the stockholders Than IN the public. Utlie.s The
6ahss shall be compelled 10 redeem In United
States noiss many Of them will neither lend their
influence IN favor Of return to specie pnymcn,s,
ior be prepared for th"m when without thet:
agency specie payments shall be brought about.
tnf determination OF tue gurefion was left to
the Secretary. aIl The hanks would be reJaIrcd 10
redeem in New York, the acknowledged CONNER.
citl metropolis Of tic Onion. The designation Of
thai city az the redccmtng point for all National
their circnlatlon, but would 30 facilitate The as
eoisihG ald returning Or notes that practical and
ES,rInl @ rsdsmp1ton wonld be eu1orced. It's Ger
PROVISIONS OF the Law; it is not certain tnat il
VII be- nb1cee all banks shall be compelled 10 sc-
deem A. SINGLE poirt. This might be objected 10
~ me hahEs in o'her Atlantic cities lhc GROUND
that 1t would orrrandiyc S,w YORK. Al t1Ie1r nv
pensc. Bat Ncw York is already the 1aanciai en-.
por1um of the un!on. Most OF the tnierioS hanks
e and j. IT,, efy n
elsewhere, and In compelling ali 7,,o banks TO re-
deem, At the metropolis Of trade, Congress would
tsons to Which Ct .t.,se, but
conform. The coursc Of trade comneis and
VII compel, those National Dsnss whose Business @
IS :, nasea npon the products Of tho county sand
their chief balances in New. York, whether they
redeem there or noi. II exchanges between that
city aEd other cics SHOULD be in faro. Of the lat
AZ tnrir own eo!lezs, and no sacrifice bnt thai Of
local pride would be involved IN Their Deiu9 re-
4naftd ~ law 10 redeem at the common centre.
.WLen New York thall be a debtor city ii Boston
and lhilade:pha. the notes OIL Boston and Phi.
York Tor payment. What Is required IL m Actire
The National banks. To chect this, local PRIDE
s:onld be sacrificed and minor interests should be
dfsresatded. What is raid upon this SUBJECT by
ihe Acting Comptroller u the Currency IL fully
endorsed.
crNTAILNrxT OF CURRENCY.
inc second remedy suggested Is a curtailmcnt
Ct The cnrency.
The siews Of the Secretary upon thc question OF
reduction Of tic cntrcucy have ,cen 50 frcqucut-
e1prettcd that 1t Is on'y necessary row 10 coz
1tcd States notes or o! the notes Of the Natiop-
a. banks. On this fuh.cct his oplnions have uu-
::le,geEe 70 change Since he communicated them
Banks Of itsne, organized under State Iaws, have
been IN existence ever since the formation III the
Son innent. By the decisions Of the highest TIL
been affirmed, and they have become: 20 in,cr-
woven With tec business Ct the country. and such
lafse Investments have been made In thcn,, that
very serious character. Whether Of not the coun-
try, World hate been more prosperous