The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-11-16

In the hrst place, the pracuoal execution OF
the measure is fraught with great and serious
The bonds deposited in the Trea-
sury certainly belong TO the banks. Congress
may withdraw the right to issue currency
against these bonds but it cannot compel the
banks to sell them. II is true, If the banks
are deprived of their currency they may be
forced to sell their bonds from want of money,
but they will then sell them in the open
market and get the current price, which is far
above the nominal par value of the bonds. If
the Government declares its willingness to
buy the bonds of the banks at market price,
who is to fix that price, and which market
price is to be taken-that of the day when the
law is passed, or that of the day when the
bank surrenders its currency, or that OF
any other day And if the Government
buys these bonds at market price,
l(what injustice to other bondholders y,
why should not the bonds of the banks alone
be redeemed Or if the banks are compelled
or allowed to sell their bonds in the open mar
ket, what disastrous fluctuations would result
from the sudden or even gradual sale OF such
an immense additional amount OF securities
what loss would result to the banks and to
thousand other innocent holders 1t is very
easy to say the banks shall call in their cur
rency, but do they control it 1t is in the
hands of the people, who want it for their
daily business transactions, and who will not
take the trouble to present it for redemption,
unless compelled by threat of depreciation.
And what effect would it have on the business
of the country if the national currency were
suddenly threatened with depreciation Why,
every bank and private banker every mer-
chant or retail dealer, every manufacturer in
the United States would be bankrupt in less
than month, and thousands of people thrown
out of employment and brought to the verge
of starvation. A cry of distress runs through
the land at Mr.. McCulloch's per istent con-
traction of four millions month; but to COM
pei redemption of the national currency is
equal to contraction of three hundred millions
in day. We could fill a column with the
enumeration of practical difficulties in the way
of the measure proposed, but practical diff
culties rarely trouble Missionaries and dema-
gogues
We have said that the practical difficulties
in the way Of substituting greenbacks for the
national bank notes will prove very serious,
and, perhaps, insurmountable. We now pro-
pose to show that the object sought to be OBJ
tanned by the proposed substitution can be
better obtained in a different manner. The
real cause of complaint is none other than the
excessive cost to the people of the currency
furnished them by the national banks. If the
banks desire to retain the business Of furnish
ing the people with money, let them offer to
do it at less cost. The banks now get seven
per cent. per annum on their currency from
borrowers, and seven per cent. per annum
on their bonds from the Treasury, or the
people at large. Let the banks be
satisfied with seven per cent. per annum on
their currency, and three per cent. per
annum on their bonds Let the National Bank
act be amended so that ON all bonds deposited
in the Treasury as security for national cur
rency only one-half of the usual interest be
allowed; or, in other words, that the banks be
i -. - IL.
the interest on their deposited bonds in return
for the privilege of issuing currency. They
will still make money out of the privilege; not
so much as they have been making, but fully
as much as the people are willing to let them
make, and much more than they will make if
the privilege be entirely withdrawn.
Business throughout the country is in a
very unsatisfactory condition. The natural
reaction from years of wasteful national and
individual extravaganza is aggravated by the
wretched condition of our currency. The cur
rency can only be made worse and all its
attendant evils intensified by violent changes
now. 1t is not to the interest of the banks or
Of the people at large that these changes
should be enforced; but enforced they will be,
unless the banks meet the popular demand by
voluntary concessions The feeling pervades the
community with almost perfect unanimity that
a law which gives to the national banks four
teen per cent. interest on their capital, in the
midst OF general depression IN business, is an
anomaly and absolutely uncomfortable. The
difficulties in the way of substituting green
backs for the national notes, and the indispo-
sition to tamper with the currency now,
incline the people to concessions. Let the
banks meet them in similar spirit, and they
may still save part of their valuable privi-
leges; if not, they will lose the whole.
Impartial VS.. UnIverHaI-A Distinction
with n Difference.
From he N. Y Times
We notice that most of the Republican jour
nails declare themselves in favor of impartial