The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-12-04

or, i Is evident NJ ag om s e3s rss that e balances
Goyernment bonds, are being Temporarily aud Inn
portion OF these bonds have been bought on specus.
4anea tobe in @ oS4pSes P sei1r9ea IN o TaiSeneyeE mems yer
nea shall max e necessary ior the holders realize
MAGE MACE oy returning them which VIII be when they
dSn pd5Sss RPPTSss9b bt5 s4eT Per y3oe In o9 mproy
| prices nnd because their eXportation stimulates
more certain than Tie that there can be no per-
states unti he balances betWeen tbenl M S ANA otb
naiQus shall be made easy By expectation of com
a enst TO our impOratons, and until provision shall
return nj p0neS 3E tot P.event4g Their
lsconeelved, cannot be effected without change in
There being but one universally reooFpized measure
on value and that being value In ITSELF costing what
u repres in the labor which is reanred to obtain
it the nation that adopts, either from choice tenn
financial law Of The world and in oySbly suffers for
ed An ifIeqeemaoie 9nq cons nseqently de-
reney superior to itself and il made by law a legal
becomes false and demoraizing standard, under the
portioned even to ~ ac,i l 1a0 uispI2
ertnt rom this is that gradual healthy and general
ne he precious metals The coin which Is obtained in
affects prices within such districts foiovne the
course OF trade, and in obedience to It's laws soon
Of the common stock Of the nations which Increasing
in activity by the growing demands Of oonmeTes sSu
advances the price Of labor and modtles through
american, Australian aud Russian mines tend first to
operation oftrade soon distributes these producs and
enterprise everywhere feels and responds TO the in
crease Of the universal measure of value. All this is
beautiful, because slow, permanent and univ ersal;
there no longer than its productions and sales keep
the balaroe Of trade in its favor AS It becomes
standard Of yalue( in the country in which IS pro-
when will purchase more in othe countries (adding
interest the cost OF transportation duties and other
duoed or when Is required to pay balances in other
certain gravitation Hence altho ugh the precious
metals are produced in considerable quantities in but
with paper currency which is local In its use, and
admitted for IL convertible, although it sweis
the volume OF currency y rather increases enterprise
while its larger volume gives impetus 70 trade and
currency is an inconvertibe currency and especially
when, being so, i is made by the sovereign power
specie becomes demonetzed, and trade uncertain in
require as they advance further additions to the crcu
the few are enriched at the expense Of the manyp
then, with dlminution of products, and cOnse-
quepty Of exports. there is an increase Of imports,
raj expansion to which they in their turn, give new
to be siyen by thdm 10 home T industry is in greS
measure rendered nopera,ive by the expansion
prosperity of many branches Of industry is substau
portant question arises, What are the remediesq
With entire Difference TO Congress, the Secretary
suggests that they are to be found:-
First IN compeillng the National Banks to redeem s
nas St 5as o Ann'o cities or what would be
feanTed IN bT OF an ss trade @ the
Third In a careful revision of the tariff for the
moving the oppressive burdens now imposed upon
or greatly relieving raw materials from taxes in or
der that the product of labor may oe enhanced and
production and expectation increased.
Fourth In the issue Of bonds, payable In not over
five per cent? payable in England or Germany,
to amount sufficient to absorb the six per cent.
there for actual and permanent Investment; aud,
First The utility Of compelling National BANKS to
redeem their notes at commercial centres as well as
gress in the establishment of the National Banking
rency Of uniform value throughout the United states.
eenTed by deposit of bonds s. with the TTeasueT at
Washington; but. as the Banks scattered through
feult Of access redemption of their notes at their
tSebI threng6ont The United States par circuiation
1t is e that the notes of all National Banks are re-
ports, and must be paid by the Treasurer case the
viii moi he claimed That the notes of banks aIthouph
perfectly solvent, but situated in interior towns are
sa6oSd cities as the n0'oS o' 0"nN' IN 'n'
1t may be urged that, to compel remote banks thus
managed banking Institutions in the United states fail
TO keep accounts and balances in some Of the Atlantic
cities this hardship would be found upon trial, be
imaginary rather than real. But II II should be
eresls ofhe banks must bend to the interests OF the
people. Besides, without such redemption, there will
be practically none at all least until specie pay
mens are resumed; and when there no redemp-
and Illegitmate banking, The frequent and regular
of their notes is needed TO keep the Ebusl-
invariably proves less advantageous TO the stock
holders than to the public Unless the banks shall be
them will neither lend their influence in favor of
return to specie payments, nor be prepared for them
when, without their agency, specie payments shall be
brought about. If the dete minaton of the question
was left to the Secretary, all the banks would be re-
qured 70 redeem IN New orkl lhe 4cknowledged
Commercial metropolis ofthe Union. The designation
Of thst city 2s me redesmi9g point for All NaE9nal
TO their circulation, but would so facilitate the
cal and general redemption would be enforced.
IL Is certain that this Will not be done under
certain that it viii De- unless all banks shall be
PEELED to redeem al a single point Ihis might be
the ground that it would aggrandize New York at
their expense. But New York is already the iuan-
the interior banks keep their chief BALANCES IN that
city because they are more ayauable ana valuable
be oniy yielding 20 an written but controlling law
which statutes should coufor. The course Of trade
whose business is based upou the products Of the
to keep their chief balances IN New YORK whether hey
aud other cities should be favor of the latter,
the redemption by their Banks would he made
but tbSt e of local pride would be involved In
their being required by law to redeem at the common
centre. When New ork shall be a debtor city 70
Boston An paH..isacipha the notes Of the Boston and
YORK foT payment Wha is required is an active
relar and actual redenpton of ihe notes of ali the
National Banks TO effect this local pride should be
sacrificed and minor interes Is shouldbe dgregarded.
NVhnt Is said upon this subject by the Acting Comp
troller OF the Currency is fully indorsed
The second remedy suggested is curuilment of the
Ihe views Of the Secretary upon the question Of
reduction Of the currency have been SO frequently ex
whether the euramen should be Of the United States
undergone