New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-12-06

r-t., tp tre amount 70 :, proposed 10 issue m Leu or
tLDa .'e n national bank notes The result Would rc,
af,rt- oU1.i ~ ls houds which &c could not lur-
gft. w.Uid nave 60 Try thc rigorous ana Uhntets-
'ary v,,..ulrut Of "galu inhtting tAe currency.
TEc >t.u'vt~lOf hye l,r cont bonds nigat bc .
str,... ac SIX pr cont bond. could be bought
it % Ioy, ul.u'igd they are nOw selling much $500.
h,lcrl s20VJaOOO at 2ooV'''V
u oog,i s55,oojOoO
n huy g, iond, row ic' by the banks Here Is direct
banttipu OF over s5O!p0eU. ,
l.ut ut ird1iau would not stop here. Ihe "tndr9WM
o. riis iu from The banks would cause miro ont OF ten
= i. Nl att hecase the privilege of circulation Is ~
t-cau-. 30 yu.s associations would not submit 20 lne
rs.s .,t aud LIMITATIONS imposed ny the act OF ION
fav wori either r,org,mze under state laws and thus
a. flat federal CONTROL or they would dO business az
f.,- ,rk.rs In either event tho entire mnouut OF
.-' tr .rs NOW held lu reserve would spccdiy nc re-
Mn t.s snnO ,a3 stated above would make an actual
lSt % nearly s4yJoOpJO 70 the acu'e payer 0lA'u
e act o, tbs It would not be dinicult to forete but
hi.ey #" lu'tc appropriately c0lsleet,i ~ IAN T. 4
lut az t'rs az. req mus lSI a. 80, u ~ ~ ,.5
~ polt arguments advanced IN Iayoi OF a cremation
s~,s,, .itii.ly of Government notes upon tie score
t.s t lr,uds deposited 10y tdo banks as security for
turi~ u-. as Fee, been shown 10 be an assumption
iy.t. Upon The merely technical ground Of amounts
tat s9srO 30 WI bc saved To the Goy0nmelt
~ -: liking ilgSS 4zlIes INTO coEat, !, has been
IL ,..' ttt zoe hunks loan inc Federal Government
l. l at icss titan tlfee-iOWths OF one per eentper
Allowing that money worth 70 INC oalhN Blk
p, ~ap per- do0H 20 IS demonstrated that the inter
spGp 90 o legal tenders is annually given TO the
aided S p 10 tAe to fG s PEa STS1 to
i,t- Of S5,59oCoo over the tue interest re-
l.cp q.e howeyer other. and IN financial point Of
moe vc-aty considerations 70 De ugcu atdlust
fs.pcr currency furnished exclusively by Tie Govern
V- currency possesses no Inherent qualities which
1dsrt 10 n, m ats trade. IL does not contract dul~
IT, s~.,s of ilActyity nor expand TO meet the de
a. . Hf"F go 81
T.,, nay be said to the contrary, the fact stands
e. q liar fhe Government can issue s notes only
u sa,Ini 10. chts, and that there Is no possible rein
.er E tLr amount thai may DE required ana which
"a i'i for that purpose, and the amount OF enr-
re.y :eor',,d to do tie business OF the country The
.'e t rIrcd hy the expenditures Of the government
..e 10 eoarurior and must ADJUST itself to the redgu-
SATISFY Ivy "ats NJ prices or tte amount iGt,iS1cu ~
3st'Fyr 3't iu5y hr lnsuAtiril oi tue MNlS vi y
,n We tqulot command further supply. There Is no
See business OF ne country u an IRON currency nv Us
want ~ tat elasticity so essential IN ciitn'atns
lodHm. 1ds ir iren abuudantiy proved by the e4pe-
a.. ev g. tire Inst five years.
- ia ans tLe gtcnder currency been from perform
IL s.- ut.. trade and industry mat II has been tle
MT ,-tHr'c element BY IL ali relative values have
hee m s-i trace intercepted and industry disurgan-
,,, n,,,toii ed la e,liusf itself oycrand over
tsil 90 Te altered condition oI tue currency. Nothing
e.. 90. o. permanent. Violent fluctuations have clalac-
= u,iti TIC plare Of regular legitimate traffic.
,ri z E>t year matters had began to seek more
saDc bt,r, and soon the elasticity OF tue DARK
T"ld most Wholesome influence ly CONTRACTING
tie OF inactivity ana Ocidhu
Id vary. IIis result would be brought aDont by en-
forcing redemption " national bank notes When tDe
yen ey WIS excess Of the demand, and by drawing 10
sKan .htO en- Umuon Wien should De heeUeu U hoN9
49, Crut,>. nT for Huy other legitimate purpose.
tiis must ih ppOrtuc mument us proposed 10 He-
pTiVe He vonntIy OF thls valuable cei VI INC paper
A. stated Ar the outset Of this discussion there Is sec
cut proposition before the public which goes further anu
nS's more radical chges Than ne one tat mas DySn
S@ =. I'D ~ ri,ps as they mature, by new issues
isrt ,im II - seriously considered by any class Of the
r0uuuuy recognized with reluctance; but II cannot
A. preliminary step. they demand the substitution Of
le, tenders Tie issues OF national banks ana 3I1
srm~eycS ~ the assistance anu arguments OF those VINO
ea,& > accomplishment as the removal o. one obsta
&c n way uf their sehriue Of Imitation. THIS cues
son Involves principles ana results OF tS ns Sv t
noucul-rcacrng Tar into tie future ana aIeclhs Jne
Ance G,ln.a.d, alefll consideration. ,,,
Tine hlst point ~ Inquiry snsscsted $ as 10 te origin
fully icrstaud which. II VIII he necessary to 20
bal 70 lc debates ~ Congress when inc iii s"'AoiL
kny thrir issue under CONSERVATION
fII,re are cited tie statements o. members Of Con-
3. az, ae Ig>,de " the LegaTcudcr act that wasa
rer n.asitt limied as tie amount and duration,
iolcCd loan amt rot currency. CITATIONS aIe maze IrC
pike CImhcll stevens, Hickman, Fessenden, sherman
Howard CoiItmcr sumner, Ward, Ainasa Walker, BID
tn a..4> OF Alexader Hamilton, tho ac;l"n q the
Continental Congress- and It's ehecis ne HuaI,a Ne
eruahle legs'liendrrs aud the works Oi Fullerton
The paper money OF tie United sitesthat furnished
BY eG6yrrnneit. together with that furnished - NE
buok>-auuHafS IN C5oJIu0, currency exclusively OF
pap.r IA 4re than sufficient FOR al our wants
Fbo coin which, before the var, constituted more Than
brion y ualr money There for II now, iis
place having been supplied by the inferior aud cheaper
Ehe Dirrcidr Of tie United states Mint at
Philadelphia, in 1901 estimated the alnOuuS ...
OF
Product ~ gold Tor sT months ending Deccm ....
bg 81. 2O00co