Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1868-10-28

through this and the other Atlantic cities
Of late, and they have made themselves
acquainted with the plOdus operandt of
docking up greenbacks." They fully
understand the important part which
some Of the bank managers play in this
business, and also have their names.
Considerable surprise is expressed at the
absence of the bank examiner at this
critical time, and his entire indifference in
the matter. This affair will be brought
before Congress at the December session,
and it is not improbable that a committee
from that body will investigate and un-
rayel this disreputable business. In this
case, no doubt some Of our banks might
lose their charters, and their officers suf-
fer the penalty ola conspiracy against the
public weal-under which charge is
classed this locking up of greenbacks."
This production Of an artificial strin-
gency in the money market gives the in
fationists very strong argument in ia
vor Of their position that the amount oil
currency at present in circulation is in
adequate TO meet the demands Of the
business Of the country. The New York
Herald asks what do the currency doc
tors and contraction theorists think Of
this state Of things, when few individu-
ais can make stingency and disturb the
money market by locking up only ter
millions of the circulation And Their
answers its question as follows
"Why, if their theories were carried
cut and the currency contracted as they
wish, a few native or foreign spectators
could throw the whole country into bank.
ruptcy al any time. The use or misuse
Of fewmillions might make difference
of many hundreds of millions in the val
ne of property and securities. We
want an ample currency and one thai
is convertible-a currency that cannot b.
locked up by spectators or drained by
foreigners. We want a money system
Of our own, under which the people may
be secure against native spectators Of
foreign capitalists. Can we not reach
that This is one Of the greatest prob
lens Of the time. Have we the states
men to comprehend this and siye us &
monetary system adapted to our condi
tiop and the progress of the age ?''
The great West, with its heavy sur
plus Of grain and provisions, and its in
adequate banking facilities to move thi.
surplus to market, feels the effect of thi
artificial stringency almost as soon anC
keenly as does New York, and we fnC
the Chicago Times discussing the insult
ficiency Of the present volume of the cur
rency to provide for the commercial
wants Of the country. The Times argue
that the aggregate business of the coun
try has greatly increased since the war
that its commercial transactions extent
over a much wider area that the exten
sion of our railroads and the movement
Of population have developed degree o
activity of which the history of no othe,
age furnishes a parallel; and that thest
things being true, there exists a necessity
for such an increase in the circulating
medium, over that in use in 1850, as vii
facilitate the transaction of this increased
business, and the satisfaction of these in.
creased wants. And upon this PROPOSE,
ton it justifies the assumption that tn,
present volume Of the circulating medium
is insufficient for the wants Of the coun.
try, because its purchasing power is less
and, practically speaking, its volume is
less than in 1860. 1t places the cinula.
ton Of gold and silver in 1860 at $780,
100000. The Times then goes on to
prove the ground taken above, and fur
nishos the following figures
The bank note circulation for a series
of years before the war was as follows: