, 1866-12-06

nsns, eo1" oseT 1is,i,ay y,sly ptogofoa sfvsasoe
leaving ID he couT Pa1a1S psaS e m ,fs
production. This state Of thiass naturally causes
mach @ dssconteat and dlssatls{aclIon AN. lac
Third: Prosperous industry Is tho most speed,
san eeEan remedy for the existing crtl- Ii III
Ing dissatisfaction with hs results q the be- Tst ,es
Rtls; Te r. ~ ss;s,.,ss u: seuia as gs 2sa
banking associations won1d be Important hn:s IN
character snd extent Besides, commuoi,y ~ o1
yenid h,;o :. 1naocla1 i1n a1d peeaniary interests
power tos the assimilation O. niins. puI oosr. ,.i
sns;o n9nsa o. q AZ ,s iae psap'e # ali te saos
ont TIC entire CnIon would brtn, ahsut srsh ~
lotn.ts o. interest in the credit Of the Goyrr:-
mem, arg OF The entire syesem Of hanks, as wonid
secnre INC aeti:c and Jealous eoopcra1,on Of ali
nG5'o4s toward the preservation Of such c1cit
.,TWo methods have bean suggested by which
1Ae southern States can be supplied = ith b.ntiuy
1ac1l:tles- 0Ec Is by IN equalization TIC cirr1.
ts,inn l. a!ESady authorized hy law among the dtf
are Two serious objections: First, the question
arises a. to TIC rds,t OF Congress 70 rrsclnd any
al the time Of 1hcr orcan.kstion, hy aI,rosatipe
fn H5 rs=s.s.ipg any Of ths rights secured by them
my 1ss IL sst q rebsa.iy b. Sassa' ST., ST.,
vas repealed 81 e. 81, Of osks
$. 1S@.. Int the scpealine al cuutalned ihis s
sa,1ng t!anse: Snch fep q shall not s1tct any
Lad, or the 9: o:csnizaicn, acts or lroceed;nas 6f
an. as:ossaton prank or IN srocess of aa-
Iizi- : The lliIciplo That the rcpeal snouii mn
nGeet any rights secured under tte former act A'S
Ills, Is not Fcp2scd 10 cutes into any elsbors,c
E:st !Lc doubts which may a:5se In counseitan
YIN an Hesitation looking an cqna:rzstioa of
we tsne ii from
fol E,ity 10 law. ~oA
lhes seeona objection is this: That, eran.ins 1ae
uIc Of present rslicf, osln: 10 lie impos.i5ility
ecaoa M as'',a nilio The assssasfx ss,st
1cme. National currency notes, whcu
oEcs Iut in circulation scattered iruna the Al
the st. aNrence to tue Gulf. No one ever LOOKS
70 sec y nlat h1:1l:e the notes is= =ued, and
they arc rot and iii not be refarned To- iss b,oE
81 lesuc until they become mulia;cd a to make
them difficult 10 circulate.
the amount ct circulation u he issuc3 THIS mar
j. met BY liz assertion shat II woa.u lend
d@lEeet}r dire tp fa,thel imitation Of til: currency.
Gaze III 50 adJustn. .hc lucrease tha, it tsll not
St o1's time, IL any month, exccvd as anoan:
hr 1,oprE n'issi OF lesa1ten Icrs were iu;iv
u.ce:stood, aud tho A"ecs siy OF placin. our cur
Fsncy un permanent basis-clt!.er Of ssec:s VI
be nj difIieui:s in pros1diig for ths psooc- relu.
room ior very nodcfs:c iacress oT 1o,snaf sa.G
Currency. and yet secuge net reduction il tue
@h9ie ollns. OF eurrcncr.
The wcll-known views Of the Secretary of The
iItts !9r On his tne;:ct, ha*ed n,,on 1he so:nI-
cst principles OF dra1csal policy, ouly need 10 Ic
eeconcea AID carried ont by Lon.ress, in ords. to
t.e- e'Ate 'Aa ieasl'
Hsarir: in mind ths regular monthly REDUCTION
E,rtt. as provided for b. Law, as .nc:ratc OF rs
IoEal currency 10 TO exceed twents -are millions,
t. t. be ls.:sd =: lie ,st. ef ore .. Two nil:
WHILE Of all .be States for TWO 5rara 10
cou;e. As tuis seems so i. :hs o.iy ptac:isas:e
ally 0ic,:tcd 70 be d"Sirahlc cuh, i; IL rc,nrcr
f..'= recommended IN the favorable consti.ra:un
o. :tc2SI.s.: II eventually. The aat.nu; Of |
c:cd the requirements OF the country, tic syst-m
q lcdrM"t:o,,s recomtacuue1 will unrrrin.1y |
eqEa'l7a'lor Of natioral currency ar,oar tie |
L! rlcI.i states :nl Ie.:i:Gics Whicu ca1lto h..
excited ~ 't'11cala:* M! aral.r.fy n:a.uris
AMENDMENTS.
coa:a1:cd il 1lle Xaiionai currec; act. st9lel
csmr!:suce with which IL cs.cati.lto tic safs:y
aLu success Of be system. the ,.o.aatrollsr oy
1s S;''sney T. ex1ec:s! 10 see s:.t all the pso-
st+es ~ us Inv .ae enforced ha in rnajoit.
CHI dties IN case Of persistent neglect or wiIf1j
di rca:t u the Law Oh ti4o part oi ih: banks II
r.a '''s He'cce cettAn i'h.na:ncats aft SIs-
1T. IN atreadEaeat to section Is III hosizinu the
ci:'i:aeIt Of receive, SEcnssc. satisfactory
csFs:nS cn the pop, bt.srrcss Of banking: that
a:y .: IL reports required by law have b.sn f4lac
o. 5a.ahef: 5aat - iunds hass hc w;lldIly
oi aa. o. Inst 1t has commit I'd any act oi I1sol-
N:cS.
rio'tsicrs co,..:icci thc:ein SO that Tue i1,tn
in 70 enc-;"bs OF the CAPITAL 81. Ill apply tn ali
aIoan aE,SS ,f @ noaex loansd o. Deposited. cScrp.
S.1Gr. 1a:Ee :inuuute are Etqh.ntjy pllced IN |
.ns G na.. q p1is%'e haakest,- ost:n:15y III the
ti., u,aI e e:at,s o. business, BAT tel.y, IL .ln
olis o. :n: 1ahees hecarse private bankers, nat
WE: Fe5,Hcied IN she'C operations by law, are |
1nlc 10 oaeF grGstes l,dnceiaen!. fos ;Ae ust Of
oieAeS " y Is 1;ot un'eIrcntIy the ca-e, psi-
tsest Iva apL div:s It's f:nds ltom I1 is.It, NM IT,
l:nsi::g anl use tlcm IN zI,e~7lation s.. issrs
excessive deposits w1ia private banAy.s and bro
se.s, ana isssc T. ar:'nI neccsSisy isE an
Practice.
20, a. IN 5mendmrnt to section 81 doing away
E!aetacrs showing :,s coaii;I,a Of easa j. .ns ID
k1as astat!, 49,. NJ pn:ent mnthly statements arr |
nsat 1ea 700 . S2Tac nnd scneral to b. of pactcal
I.e1ui,rd. .sou:sng al eoipasa;iseiy long
1Gials Is snu "l.on ee'tn.n specified aj. enable
D5Ev 70 T{sa'e {ss ~ ood exhibit u.o, those
inonihis III" pr'?al?tion on tue part Of The ''ass
o. 1,,,I mSSS IA snt:d nhoMns wond be ss'st
be cLa''lsd 10 exercise much :1caler vigilance II.
ea;I;tns pr,!,c, 'mt sas p;o;'ssphs ot tes lay.
1 agr,In Ihnnn i';o b. as fa:1s collection
rtpers and tor tic disposition 10 'c made Of ihc
aM1s ~, a,i 4 FEN snsh c.at e Wien c.lea;sd
that where tie csrat *tocS OF an .oc;1s,on la
hec9me PC impaired bs losses OF olhe:w,sc, It =ltall
n ns t'e es !i at. n! he e. to ne
sacii I'll 4a7oLnt ! I1sy bt rendered ncc.e.arr