The Jackson standard. [volume] (Jackson C.H., Ohio) 1847-1888, 1867-01-24


Functional currency ..I.!y9 4. g.gg..d zF,6gS,01O
.Iilur09 5Ai 5-Ol1-- -z-.oi-it;l1-
.ridi ri ni.sd .7sdf9q5 7R .YqgS61O, ~, ,54s
To which may be added sacfi part Jf thsl se6otn-
pound-intereAt notes due in 1861 aud 1865 az iiiay
be held as reserves by the several hati3nl baiiks
thereby releasing fOr circulation an eqila anttint
Of the said United States notes the kisOle affotDt
Of che said cosnpOund Interest M ncse5 BEING i5p,-
Now, Sir, Il Il sufprisffik thaf We should ind
upon our tables bill asking o. in addition 10 an
tIiis, that the national banks b Ohio. Iniiaha l-
snOis and thFOughoht the West, Northwest and
South must organize n redeemin8 agency IA the
city OF New York; They wifi then Ret faII our
money there; every BIT Of IT, gA 9yaa lodi sul
Z There Is another propositions IN that bill viii
lspe9k Of before | get through Bat BOW shout
Jhislthiagof having redesnIing agency IN New
York. Some OF Us IN the West have bad sad ex-
periencei regard to that matter 24al q, q sAaa
You remember, sir, once upon time there ex-
listed an Institution called Che Ohio Life IpS1fapee
and Trust Company The main ofEiee Of That
company was n-Ohio, but the principal Office for
redemption was located in the CITY cf New York,
where the bulls and bears do eongreg1te, to say
nothing Of any othe5 species pf animals, Il, so
happened that The men who had the management
Of this redemption agency in New York applied
all the funds TO purposes outside Of the legitimate
object of the Organization, and when the crash
came in 1857 down went the Lie and Trust Com
| pany NOW, ! say that In my Judgment il would
be Infinitely better we are to nave an Institution
of that kind, TO locate it ont west somewhere, In
some Of our little towns, where meA do mol con
gregate in such masses and dperhspsit would bot
| be alniss 20 locate that redeeming agency Id my
own little town Of Jackson. Ladghter.I 5iFs
Mr. MAYNARD. II the gentleman viii allow
me- / find In nav mail a petition of some Of my
| constituents which seems gernane t0the subject
he is discussing and Il hedoea not object yeald
| like to have lt read. ~ q fI6nisI nq u y .l0l
IL .MF. BUNDY. Not at ell every Injection OF
that sort helps my speech. Laughter Jyoff s
| The clerk read as follows: 5la
h70ths lSeldte ind House ofl8tpgtsestafises " Ms
r. United Statss 10 Congress asse'ablsdyl esas 'aa
Your petitioners, the undersigned citizcns Of
Benton, Id the county oE Polk, in the State OF
/ Tennessee respectfully pray paa4f ~
lf0iI That your honorable body VIII refrain from
the passage of any act authorizing the clrtalinent
III The aiiorial currency, or having hi View the
retIF within limited tiins 10 specie paymehts.
They respectfully represent that The nfrthef re-
Educfiofl OF the volume Of currency 81 present
would prove highly injurious to the banking man.
ttfactufing, and mercantile Interests If 4he e0an-
tfy.. and Would entail suffering upon nehflyev
member Of lhccominunIty and they eexbf6sethe
opinion that IL such currency shall naw be- con-
tfacted We are near 20 the time wheR the lawfal
obligations of citizens cahnot be hIet Nvliel 4lle
demands Of the national Government together
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