, 1869-12-16

fHHA1sss Aas3ke1S A4s4H&9s&5 AaQ ~conNuQea to
!, DO 20 until tho eatzene1; Is restored 10 p.z.
An additinnnldg ga ii as1mfs thefact thst,
vhiic business papsr requires from II 10 ci
per cent ineerrst, loaas On cali, for specp.
,latTe pnspoaes, can b effected 1t from to
per cent This anomalous condition cannot
ba lang saaars; md sesious ttpuAls ia in
stots :unleas pfaqpt, con>sgeouA sha Adc.
qnAfs measures M reform be aadopeed.
Psnics ~ p9oaueeI bY using up business
capital IN axorbitaut interest in time, COZ
hdence isdestroyed, intszed agaia ADVANCES,
failures follow, uaM 8 general ala.m is pro
dnced. depositots withdraw their money, and
the banks suspend. The banks owe their
deposftot, aobiect 10 Immediate demand,
nearly sir hundred millions Of dollars, and
have on hand> less thar eighty millions Of
greenbs6kh In 1855 the bsnka owed bat
four hundred and sixty millions fo1 both
notes md deposits, vhile today they owe
twice that sun and The government owes
three hundred and ~hfty-sar millions for
grcenbaeta, Wills thsra IL Iea specie in the
country nov than il: 1857. These fa:ta,
Ny. Walker says, It is not safe or wise to
tgnose.
;'Paofessor Perry eorreeta a. very common
'eTroa, which IL the eonfusion o{ tho terms
Credit aud Money, which should always be
kept distinct in che mind aud in Liquidation.
Credit ID Essential to modern business. aud
when confined to its own sphere will take
care u itself. Dan1drg. which is nothing
hut the buying and selling Of debts, should
.6e - free as ahoeuaking< But the manu-
featuring aud issuing Of money is not leSiti-
mate banking. Money Is distinct from
credit. There: ia NO credit in gold OF
s{tver dollar; money! is not promise, hut
commodity. Credit q nothing but a prom
1se, earcu}atin8 On ths faith Il the receiver
in the good faith Of tha- -ptozntssr.. Thsse
should he no credit IN the money of
: the country, wtneh ought to be
gold and .ai1ver. II the money
Of the rntIon were gold and silver only, the
ferns Of credit such ~ checks, dzefts, biIIs
of credit, and Post oHaee orders, would
.obriste MI The burdens ! eoin t1ansfera,
would give Legitimate business TO banks,
would keep the meazure Of value stable,
and would SO lake the place Of papee cur
sency TINT The Inter xpnIa hard}y need ~
increase under the vast incssase Of busi-
ness. Great Britain uses no more money
nor thaa she did thirty years ago. "Free
banking" is sound when it means banking.
The 5ssaa cf bank bills must DO restricted
or we EhAn have depzeciased currency and
periodical pAnics. What We are suffering
under no~ IL too much money, and not too
little. Il or currency vere reduced from
seven hundred nlliona to four hundred
nilho1s Of do}}asa, the rate at interest
would be lower, and the country better of.
g Free currency" Is Only sound when that
currency IS gold and silver.
BE regards the idea that tho South needs
rnore currency "a mere delusiun, because,
! anr currency being incouvertible, goes Just
where it is moot wanted. Nothing can stop
the currency flowing 10 The south, II there
Be greater need of it there than elsewhere.
The nationa} banking is aimannpoly, and,
IN that sense, the South IS entitled to shase
IN It ea long as the North enjoys It, It is a
mistake to suppose that our present volume
Of currency can be kept convertible $500,
! OS,n fSa1 70 IN 41,n& anv. T. f,nxk
r. A. .-ssah.,t. ss,+;sa.,as ~ s,.o.;a,,s,
,,-sIs. 1-o~a -, t.tsn ~ rrh,t ,-an,tr,
~ -n.r ..d =, aor.1 .no,n, ~ ,.a,;a
ro1,d w. . +o,ara,,a rrnnav bnt MT 90 s,o,a
as to have the money all money, and credi'
- 81. @.1 =, =
Nv NAA 0>'''s'%S "s~NN sNN ~>>A ">'40*1'
!" raoAes
! :, 'ons'asao1 W po'p ]nsse st.'ata = !.
suss ~ p1mc'tsu cause - .uo ns'su supes y
wi atease'so1' N''':uAt's' eh'e''''A
snsa9a1e .. @------ ~s.ess:
r- cu1ce 1c r1wr.spnup arrnvrp
m. ch;o.,o T;n<, ~ ,es5.n5.v ~. =,
a,t;e,s st+.ctiine 9; NJ tsr1e,s: ,hs neu rlsr,
- ~. 1nna,r To,.t, : - ,...h.w .,1.,a =.
- srrs.u .s4 @s $500 ss'..,s q 49,. -.
s 40 s.a411 ~ 40 -''o's f.,''"'Ss -
-. =. .EaA.sa.a ~ - - ent. 49, e. 49, 80 =
present, that the cou.se of the 7fmu Is IN,
teresttns and surioas. Iz stsack upon III
Some dssa ago the BosRl Vi Supervisor
passed . puelile and impeFtinent resolution
ashng NJ. dndele to accept The SUN Q
T5yo9 per Aunum N LEU OF tae lees d1A
. oyia" ano ptesct'oeo n tne s.ate uonsa
,ba conntv- -Conrt. The resolution ,saa I'm
, pertinent, because it assumed to meddl
with matters which thn ponrd of Ennerx5
WV wv I.a.1e naas s.h:aa s.sn 'ae ~ .a . " eatesss
r which the Constitutional OouTention aim
>.e s'~"..~A1'A SNA '1n.'on @@o4