The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1868-09-01


Treasury at once, ami that, too, whether
the securities pledgel for the purpose
are sufficient or not This being the
case, it will be seen tat the circulating
notes of every Natiolal Bank that may
fail, in consequence of premature re-
sumption, or from any other cause, must
be added to the outstanding matured
liabilities of the United States The
Government, on such failures, in order
to provide itself with means to redeem
the notes of such broken banks, would
be obliged to sell its own stocks held by
itself in trust for then.
If many should fail there might be
thrown upon the marlet such an amount
of such stocks as might, for a time at
least, seriously impsir its merchantable
value. Perhaps the depreciation might,
under such circumstances, reach point
so low that the avais from the sale of
the securities in the hands of the Trea-
surer would not be sufficient to redeem
the whole circulation of such defaulting
banks. In that case the balance would
become direct charge upon the Urea
sury Such failures might and very
nrobably would, throw serious obstacles
in the way of any scheme for re-inyest-
ing the present stocks; it might even
cause another suspension, and thus pre-
vent stable and permanent resumption
for years after.
It should be borne in mind that any
feasible plan for an advantageous con-
version and refunding of all the Govern
neat liabilities into single consolidated
took, bearing much lower rate Of in
crest than the present, must be through
undoubting faith in lasting resump
ion of specie payments by the whole
ountry as condition precedent.
These suggestions are addressed to
on, because I have noticed that you
ave not only written on the subject of
ur finances, but that you have written
ell, and in the supposition that you
lay be inclined to continue the subject,
would most respectfully suggest the
ropriety Of your devoting chapter of
idvice to the National Banks. Many
If these institutions were put in opera
lion by new and inexperienced men
lignorant of the first principles of legiti
hate banking. They have never had
ileir circulating notes returned to the m
Or redemption. They have scarcely
.seen one Of them since they first issued
hem. They hardly know what redemp-
ION means. In truth, they have come to
look upon their promises to pay as as
ats to be relied upon for use, instead of
overdue liabilities. It is feared that,
hen resumption takes place, many Of
Tile banks under such managers, unless
i1ucated to correct appreciation of
heir duties and dangers. will be forced
/, the wall, and compelled to go into
sluidation. Your admirable essays,
= Jus far, seem to have been intended
ainly for the enlightenment of Congress,
government officials. and the people.
Ill of these, it is, believed, will be right,
lsng before the banks will be prepared
ar doing their share of the work that
aill be required to insure an early re-
sumption of specie payments. Bring
the Banks into line, and my word for it,
sumption will be fact accomplished
sithin year.
The gallantry and heroic virtue of our
spiders and sailors have saved the
.ountry from the distracted condition of
Il Mexico. All should now unite in a
srm resolve and fixed determination that
the public honor and faith shall be pre-
;erved untarnished, and that the nation
hall be saved from sinking down to the
s.sagnant prostration of a Spain. The
Military has done its part of the glorious
sork nobly, and deserves and will re-
tleive the nations gratitude. If civilians
6'esire that posterity should hold their
! ames in grateful remembrance, they
! ust finish honestly what was so splend-
lily achieved by those who bore arms in
Il e struggle. The soldiers mission has
seriously ended. The civilians duty
il still before him. Fail to preserve
tie nations unspotted faith, and no
Human ken can divine the distress, dis
1: ter and misery that will overwhelm
Cur people. be just and do right, pre-
5 rye the nations good name, obser We
II obligations at home and abroad, and
lie country will enter upon career OF
osperity and happiness that will ex-
{ ed anything that the world has ever
Il en-. Very respectfully yours,
F. E. SPINNER, Treasurer U. S.
To-, esq. Boston, Mass.
sin our talk at the poll>raising in Rich>
.1Qu In, the Gerrn NO