, 1869-09-15
MONETARY AND COM MERClAL.
MONETARY.

II. pay Eyfrskt, frrt II.
rt,tr IN have 1lHt,.i:,t taG sffuntutis i'toh
,,nt - arr III tntEr waJ t"tinf. TT taffr,
n, r,I,, ;,tr s'las. tnt;rna taat hora. e'HH Atk
Ihrtt.t ,r. Tho .Iiehtiun ~hsthet e1''ed Rta1cs
rfra..1sy Hotr. payable nj III t1h,r, nud nl.h I'm
,r.rp,, IA or.h l.,u1r than Ih'srd Ants tDr',
eprt 'nrh''Y patahtr nj thr rni NJ rrttatn trTn
kt ,rarp, md itcaslnX Ihltrrsi Al rrT fcnt ut
rrf trns trr anNAn,. 1'hrY hhsr oafy to tn ihlo
he ,nasirt al, uAk. iU nnh 0At ihst #lih knlf al
IA, Kfrrtfarks nsr ~0rlis int ~; crnia IN Khht
y hiir Tho 1h!r Alhtfs wrh NJ now u*ra 10 L0t1lt
t.tI, III Inr drptailipR WITH TIN TfrasurrF u Tho
llte ktxc1 10 Arx:urh the scllAtnu nf EAtlDhY1
1ahk&} wuTlh, e1cahs,r nf h.c!nc't iHtc-es, Io
IL cur1rm} Ut nrar, 81 eeals IN the tlulEat IN Rntd
and that thr :-ostt1s later iAsHrs. tnch III are
sec1 ly ..1r la1Iis tor iepns.tIng With Ii. Tica.rr
to secure their cfcnas0n. Arc worth &c III gold TIL
thc dollar, tacluAtfe b! nrsluti lat.1tst Let III
aee, then, how much marketable value IL dcnb1ici
to srrurt the redemption u National 1}anS no:es-
For eyrtJ to.uH of circulating notes src"lscd from
The TEeasury Department, the Sntlouxf bants nast
deposit, III srrusly. ssDop9 Of ~, or 1o4p bonls
II they art thr former. eay VI the Issue Of ,f br
1A.S, th"y 4fe worth In the market Dr1ry l.. In
currency, exclusive OF the nsrru>a nt:rcst: or -
cen,z on thu dollar In gold. Thc sln.tp, o: hoa1s,
then ts worth s,t1 IN goth, Or alaoh IN r"F7euss,
showing Tint rvrry dollar Vi Satlolsl uAhS ca!"
rens3 " Ncrund tY depusi that will kFf IN tif
market ic.tlay for EeaYly o. ccuts IN Rnts, H Is
Ccn!t In currency. Int this II nut al'. l"rsc
t,ont,. which are delH'44'sd 10: hrca''oR
1hc redemption vi S4if'a1! HanS hote@,
are taeusr.yrs The ishh'te proM!@ of
the Eoscrhmrr: - F-y a rrS';He' tine. hot
s,u1r1. sn cents In go's1 n ilc olIbr, hat lm cents
On Tia tolIa- aud II this Promise ~ Kept inIi1r,
the lx,rt,r instead Of he,uy security n the anoaa,
Of o. cents ort5 In gold fo- evr-S dollar o National
Eark tosca !sxu, Il an tHc1n W. h2 equivalent, At
the maturity OF tho lo:'!. 10 security 10 the
amount Of tln cents In E1!d for every dollar Of
E4liulIst Eank notes. Lu; crea this ts not all
7 be Natlonnl Currency a.: provides that In ca.c
tue rarkel yaluc oi the bonds dcposttel 10 xecnre
Calculation REa'l fall below the amount OF r'rtn14-
lion Issued for the plMt The Comptroller OF the
Ep1!+ncy may demand Of the banks additional
bond. OF the ruI.e! S;ate+ security for the c.
eaaton Issued to the ba1Is; and, a'su, that In
t1efa.h uf :'.e buns slcnnsitcd he!ny sufficient
when NoId IL raE OIL the notes Of the
NHtlurat Banks. the Cpi:c1 Slatci shull hare,
In behalf Of thr halHcrs OF The notes.
stl rEN anh Ja7at1oInt fIrn upon al! the assets
Ct such association, and such deficiency shail bc
made gooI out Of such assets, IN preference to
auy ur all o.her cams whatsoever" Not ool!
.,e I'll the usAets ot each hansng as!oela'ioa held.
lsui tic Shareholders Of the t'lnk7 are n's1 held
t,y 1aw "i7H'ydJ3l3y ir7p0nsb!e 70 a1 an all
d!:Eona' a1n.'ant equal II The arnouat Of Their
Eleck 10 the Lahl4. Nov 1t must be sprarent
slu. there Is rn-re security plcisA VI for the re-
t1ct5tiop O: the Nas!ulIa, Hank notes than for c
redemption Of the nptcs Of The government
Itself Nine ,nonEarA dollars in crrenhscks ia the
promise Of the government to par ninc thousand
tclla1s wheu II IL conseD!ent, and without tn
te.cst: hut ninc THOUSAND tIn1lars IN National
BaLk nutcs ts srtur.~l ny TIE pledge Of the r.ni"
government To rHy ten thousand dollars nj n