The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-10-03

70 usdsn.and hi. = wcuisiss = fulhl ~ In ether
words " man Qsns your presence understanding you
prom him hu pdvd bushels OF wheat for certain
ssrvics and Yen are .waf: snas Se mus sodssssnSs
ing you cannot pay him hundred bushels OF oafsi and
thus discharge your obligation, although you actually
said oata nss wheat. IN making the onsr 10 not the
.. The government took the money Of hundreds Of
in coin on ,hc sum 20 borrowed until refund the prin
cpa borrowed" He who fancies thai this debt can be
o.: ,, sn %: Of
Il ID the government that debasss currency. and
thai cannot rghtuv take advantage Of its
10 htsls was said or thought OF the medium where
10 Of principal should % mado those loans
because NO one dreamed thu resumption would be post
poned after peace should be restored We all regarded
suspension a. transient though grave evil 70 be escaped
ct the earliest moment No expected II to last %
long - IL has already endured The necessity and The
for have long since passed away Jet ivs per-
sisted In because too many choose TO pay but sixty 70
seventy cents here they owe q hundred
IL General Butler asks why. II the nve.twsntss are
Is worth i43f We answer, l. Because they super
abound; Because our country imports too many
alists timd and fear that there may be Buffers
enough IN the isnd 10 dsiraud them Of their honest
dues The fact thai promise OF the United States TO
pay six per cent on given sum per annum in gold rs
worth twenty per cent isss than promise OF Great
Britain pay three cant like sum is in point
Repatriation Ia thus shown 10 be o losing game.
II every American would say, ave will pay
"pubiic debt the utmost farthing,n might soon
fund our debt at per cent As Il a. shall long
pay nfty millions per annum extra interest because
OF the threat ald dread OF virtual Reputation. And
tina, ufy millions would pay OF our entire debt IN less
than forty years We for reducing both principal
and interest last honestly be done and We
object al lodges that OF reputation that they
preclude this most desired consummation.
IL General Butter thinks are variance on
legal question We think It preiomnanty moral
question. Tue reader VIII judge between us
Important to Holders Of National Bonds and
National Bank Notes.
From the Washington Intellisencer, Oct. 81
The projects before Congress last winter in reference
to notifications Of tho national bank entirely
failed, and they w doubt. DC revived al the coming
session. The experience Of the Last fos months has on
Joined the necessity OF notifications Of the system
The recent pros,ration the Market the sudden
OF the rate OF Interest and fall IN stocks may
be ascrbei IN areAL measure 70 the want OF
uniform mode OF reducing the national bank issues
Currency abundant everywhere in the summer
when IL was not wanted but IN the fall, when
wanted for moving crops and other business operations
il The Comptroller of the Currency
commended 10 Congress az a measure that would meet
this and difficulties appertanng TO the present
system, plan for the redemption OF national bank
ISSUES 81 some one or more central po,na The Com
mlee on banking and Currency reported bill for that
purpose which WAS not acted uron aud, meanwhile,
the banks tie interior manifested much opposition
TO H. IL 10 now contended that such provision Tor
redemption al New YORK would give elasticity to The
currency rendering abundant for all occasions whom
the activity Of business should require IT, Now 1t Is
abundant Tor speculation, al ow rate OF interest," Of
when - not wanted for regular business The
ineQniabe distribution OF the national bank currency
IL another source OF evil aud has gwen rise TO much
compliant In TIE South and West. The opposition to
the banking system has been manifested in
some quarters upon this ground alone ana
strong cornbnst ons will at some Time DO made
against 10, unless the defect DO remed.ed.
erai remedies proposed the last Congress- but
adopted increase Of the currency for the pur-
pose e1ectng more equitable distrbat on was re-
com uended on one hand and another proposition
The shares aosed 10 Inc North and East
and distribute this excess 10 the south and West
The question il frequently asked What becomes Of
~ hnnk lara ar
and been closed upS Why. II Is asked, should not Ibis
Of be reiistroused, 50 as 70 adjust, IN
manner. the inequality OF allowance 70 different
sections and Commercial ciGiesf
Appears, no"ever, that noprov,sion has been made
for this contingency. TIE notes tud u these broken
banks not rst,sd from gneal uaton. they
use, ana d. not back TO the Treasury for
redemption In legal suders, except when they come as
mutated or worn out notes. Tue limit fixed oy law 70
the amount OF currency 10 be issued thrse hundred
ionsl VAS reached some time ago Banks have
been established under The law, but mot
~ banks Of circulation, and received no cur
rency from the treasury. But II appears that
these banks or indeed any other banks may purchase
OF the retiring bangs Their aud employ IT, 1ney
pay premium 10 the retiring bank FOR THIS privilege,
ADD, indeed the rate 81 premums IN some cases nAs
very large. II would sesm that this Is matter
snat should be regulated by Law. Tho Treasury has
gwen notice several instances that the Issues Of banks
wound would 10 pad prssent alton but the prvi
lege OF employing them TOO valuable TO DO taus sur
rendered.
Tn. Fiuancial Canvas in Ohio.
At democratic meeting lately in Ohio, Mr.. 8 8.
Coz said:-
Now let Ne come back to things they II the
present time. Here 10 specuator in Chicago who
holds millions barrels OF hour, worth to-day. say ten
dolsra . barrel. IL that man could only get tho
~nole amount OF currency In the country suddenly
doubled, ne knows perfectly well that In month .
time he Will get twrDty dollars barrel for this nour
Il H. therefore, tnis mans interest have the cur
rency inflated. He therefore goes 10 Washington and
obbies 10 get b through extending the issues OF the
national banks, a1d Authorizing Thorn to issue
rsucy and discount paper II Congress never
would vote help such speculation aud fraud Here
another In New York who has his store full Of dry
goods worth average. ay twenty-five cents per
yard he knows very we'll tast II be get the
rency doubled lie sell his sufs NJ nfty cents ard
Il Is thus that ar stewart 10 that way and by vrdi
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