, 1869-12-07
THE CURRENCY REPORT,

The Comptroller Of the Currency, in his
report, published yesterday, discusses two
subjects Of great interest and Importance,
the first cautiously and inconclusively, The
second thoroughly and with perfect com.
mand Of his subject. His first point is that
the business Of receiving deposits" should
not be construed OF allowed to permit Ma
tionl Banks 10 attract deposits hy pasing
interest on them; that the habit Of doing
SO attracts loanable capital to New York,
where it can be loaned ''on call" to
spectators Qoans on call being
preferred hy bankers to loans
on time, where they nro lending the moaey
OF dspos;tors, who nre liable to draw it out
ty check at any monlent) that. while call
loans are ruling mt 5 to per cent, there
fore, time-losns are often worth Is per ceut,
which means per cent 10 speculators, Is
per cent TO merchants. The Comptroller
favors law restraining banks from pay
ing interest on deposits.
Upon the other poiut,-the necessity Of
| Withdrawing the greenbacks, and issu'ng
| National Bunk notes pnri pdssu in their
stead, and providing for Masking the Ma
tioual Banking system Immediately free to
al who choose to secure the redemption Of
their notes in specie,-Mr. Hulburds re-
port is sound, able, and evidently true.
Those Who have been muddled by the
specious theory that the government should
| abolish the National Banks md issue nll
The currency itself in greenhacks, will do
| we'll to study carefully s1r. Hulburd's argu-
nent, which, though brief, is conclusive.
He shows that the people hase tho benefit.
in reduced rates Of interest, Of tho cur
rency furnished to tfs banks. His argu.
neut on this point is worth reproducing
entire:
IA banE with 3l00, 900 capital invested in secu
esEg G nsr !, ssok "gon n sna
81 SO on ita capital Tne private banker lending
eussoers ea Il peT cent o resi,ze he .sme pron
| ~ the bank. The merchant and the tradeaEa1
kpox this, md exoecs to pay shout thas aloe1eec'
pei them 70 resort to private banRe=l or brokers.
"The geyetnn.nt, therefore,. contetA Rrsa.e
boon upon the eostness public By en,onng ,s ",
, t u generally realized or admitted. II aH me osnk
wtfe DEPRIVED Of 1he.r circulation during the CON
fsa oy IS. s. g Is os o
country wopld DC nearly doubleA- The as*uup
> ron By the government Of the sole ro*ee 10 I.r
The United States ca1 Ret its uo.es mo circul.
l ton by pAr,nG :aeu out for It's expenses, asd !
payment OF tts ieb:s. Not being nbe 10 40 = oaas
r tank car, nns wolld hare to pay Them out to !
. CREDITOR. and, 10 'ae END. the notes xo1d soo 60
TITO the hacds Of capitalists, Mno voata leno tao
/. | 10 The people nj high rates Of Interest
aTakipr The country ~ whole, Eorernue1
o and people ~ one, the proat gained " tue so
ertment on the ,ssoe Of It's notes-or, to use
The use OF i'a own notes a1 loan witaant lhttt
= -Hould not coCpetsa.e for the additional !:
ss nqss. aas q u ne
IS likely to fo'aw such caange Ia Tue c!tcnist'on;
"Tte auount laaned By the Nailonat haoka
re- the bQaueas interests Of the couutGr vii avera
4, Alout s7Go 0o0, eco; AID for ererJ addition Of
III cent TO tac raie OF leres,, TAX Of mol leai ta
u 81 eaUS,rS Soo A s lsc.ease Of per ceat to
70 rae Of Interest would nake the tx not ieas N
III Sa5, ron e00. THIS ~02ld be the ack.A money :!
IL 6eD, while II would ne n very serious DIN ~oAGS
n. | the prosperity " the country. could not @eM
essimated !n noseE. A. general ta'ng haMo, ~, !,
n legll ratea; though, Of course, taesc are excs
tiopN cateL"
us We are glad 10 zee the riews which
IN have stenlily maintained for the past Il
n years SO nhly presented by the head Of t
D Currency Bureau, and are encouraged
III believe that this influence, with the growi
1ae tendancy Of public opinion in the IA
OF direction, as exhibited in the columns
nS QUE exchanges, will lead to the passage q
'0e law by the present Congress providing
..o the retirement Of the gzeenbaeks, the 8
W stituliun Of the bank notes, and free ba
'as ioE on the specAa basis. The first neot