Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1867-02-06
TERMS FOR ADVERTISING.

the world will surely yet acknowledge the
fact.
The problem of how much currency or cir
cuating medium any country requires for the
healthful transaction of its business ia one
having 50 many points of distu rbance that It's
sc-ual solution Is one OF some difficulty Each
exam ner will vary the result according 10 the
data included or excluded, and probably sc-
cording to the theory he wishes 60 tuild up
Or deno'ish. propose TO present some fsots
uD1n this su bees thas u ME seem important
end ID which invite the consideration Of the
House.
Tne entire amount of bank-note circulation
of the whole country in auRry. 1862 vas
SI84 ,O10, 600. AMI OF this $40 600 900 be
louged 10 5he Southern Ssares. The m lxtmun
amount Of b ink-unre circulation at nn HTevI-
ous time has gona hav0-d $2I4 77S S22. ard
the crcula'lon IN 1860 VS. S2e7 500 0t1.
aud that year OF IS RE proauc-ipa and
of as much general prosperity as suY perhaps
in cur history Tn the am mt OF paper there
Innst be added 8. small amount OF sFecie IN
daily circulation. Doubtless there was S20o,
100000 # s5ecie ia the count Y. bai that
held by banks IL represented BY pap-r,
eaqai am cunt of which 1T usually t5red x hen
ver specie Is dem md 4 ant temporarily
brought into use. 4 c1n-iisr ~. an.
the-s ever will ne, WAS hJAris1 OF an frdnstI
as u1e-ca indise
The business of tha country was not larger
in 1866, certainly shan J. II 1860. -eps
in national taxes. and these urqnes Inris.hiy
creite dem nd for some ilcret-e Of the cir
culatins peiuD, ard A. unqlsstiaa abty to
some extent diminish the business OF the ooun-
trg. l. "a great convenience. howeyer, hat
the nahum sb aid be OF rational Ct arac5er
and current in all parts o. the country
Yi5h what pr0prietY can 1t he claimed
that the business Of the country req uires the
vast volume OF p'pe- currency which now N
uadates the lan1? Lsr - look - II:
Paper currency nov ciFca'at q. (Dsc uoe- I.
N,-s of state haaks. SO 7s5 81 90
10 OF 81 banks converted, now
Uni'ei st.sgs notss, legal tender 3-54aI 20 co
CiTcu:ation issae - nationa baals. s9567i 753 o.
s75a 2e6 eII ss
In 1862 The circulation of b,ns no-cs q
the Southern S-&tes WIS $40 600 eco.
was II the outset of the reh-iilo0 much in
creased but the cJniedeFate currency Was
subsequen'ly largely sut srituted for It. and
the atuuunt now GA tsck ndIBg certainly ooes
not eXeeac that sum. and i1s chIet value lies
in the fact that the creditors cf the banks can
use - To paw their debts. | shall not bIing the
81 600 900. 600 Of JEFF D4vis's king cotton
currency inso the account Tnas in " swing
ins around the CIRCLE seems to have been
condemned and executed even before It's au-
thors.
West of the Rocky Noun lains, on the Pa
cifc slope. gold and silver mas maintained It's
sovereignty and very little paper has got into
circulation. The amount of gold aud silver coin
is probably considerably greater there 10 Dag
than II wss sixty gears ago. and may be eslina-
I'll IN ak the states and territories Al Sd, coo,
COO. Thr0uZI)ug the country, and p.rIou-
larry where the mercalndi-e Is distributed at
hoiesaie there are tag II sicles bought aud
sold exclusively for GOLD, and no other prices
are quoted for them. Instead OF com, gold
bars Or bullion IS very largely USED bT BANKS
and by importers to pay for foreign nerohan-
Use. these cITcu instances keep soma small
portion of the gold coinage iron bang who'll
iy dsmonerlzad. Ihe copper AMI nIckie COIN
age has been 66pTeciaa6d 50 thas L hvs-cent
IOken contains about one cent OF reai value,
or until Il IS almost as Egha any paper
wnich can na produced, even by he genius OF
the hydro ta5ic power as the treasury ID !
paTtmenG, and l. once more rises ami flats
triumphan4ly ever tns dirty SEA OF paper cur
reney ln Vulgar fra -tioas. The gold certli-
Gates Of deposit, Issued by millions, help 10
swell oar circu iatlon. being conveniently anc
daily used for man. purposes, especially to pay
tor txclange IN tue liquidation OF tOreIga az
counts AMI among gold operators Bills OF
exc-.nZ7 are IA Iacs currency. and tue amount
afnat Is enormous.
Tue c1m oound-interes5 notes are largely
used, and aImOs universally. though without
au oritq, AXE the place OF United States ie-
"a lender notes IN the reserve required TO be
neid by national banks. Even the seven-thiT-
ties of5en take the place OF iawiul money, md
are given and taken IN financial TRANSACTION as
their current value. To some extent the coI-
pom bonds OF the United States are usei
as money and are remitted ID pay balances
Que, es eclaiiy balances of trade due abroad.
To the circulation already mentioned, II Is
ialr, then 10 adj tue IA Isl considerable part
OF the iOiiowia Z items
CID Ger ifcates of deposit, SO 636.5lo
spe e m sexual fcli 4tion On the Paoic % 0oJ 90
sPeci= in actu.i circuialion IN the Atlanlic 1000.
copper and nickle, 800 90
s2lo.us3 6s1
This. added 70 the first series OF iseins,
makes the whole OF Gus present currency
| 1903 29D, ,55l % or IN round numbers nearly
| one thousand million dollars, To do actually
| l4ss ousiness than .ge Were dong SIX years ago,
| when We did not a we nor require one fourth
| part of the sum
The four million per month of Government
paper authorized 70 be retired st year has
| been more than compeneated by The increass
| OF national bank paper and paper currency.
| therefore, sllil maintains les supTemesE bulk
The amount of no an nor zed 70 be Is-
| sued by the nix of England Is Eli 900 900,
| or $4,000 900; and me entire amount ot
| "a per circulation IN Great Britain, Including
| private and joint-stOck banks established
| ~ act of 2 riament in IS44, was E37 900,
| 001, or SlS5UOO 900. Some wears 1t bss
| been a trife mere than this and some years a
| trfs less but in 1865 strained as they ere
| for capital 10 buy and hold cotton at lis ac-
| vence1 price, the amount did not 20 beyond
| G39 I29,7S Beyond doubt the trade aud
commerce Of Great Britain vas ly exceeds that
| of our 18gn or anv other nation. It's exports
In 1864 were s. 545 900 600, and yet they
| fnd $50 600 900 ~ paper money equal TO all
their demands. How Is it Uhat it can be pre-
! tended that We require so much more? Dn-
| ring the war il was claimed that the enormous
| transactions of she Government absorbed
hundreds OF millions, and doubtless the money
| paid 20 our armies in distant fields did uOs
fad lis way to commercial centeTs as quickly
as II would ii 1t had Il wed through the oI-
dinarY channels of trade but the Cavern
mens changed business, did not Increase IL,
and II it dld, the war had ceased and the
Government Is no longer the grand purchaser
and consumer of everything upon which Il
can lay It's hands. 1t Is an absnrdity TO sup
pose that We require five times mucn
paper money as Gre2s Britain 10 DO less thaa
half as much business. But the facililles
now in use for the TRANSACTION of business
by houses engaged in large operations, cut
side OF the use Of money of any kind, al
though known, are generally and vastly un-
derrated. A member of ParlImens recently
declared that IL required no more currency 10
do the business of Great Britain than It
, did twenty years ago, when the business Was
not half as large.