, 1869-11-29

referring 10 5ou. editorial Of the lllh inst with
the Above caption, permit me todls'ehi 1ten q So
Of the rrofosltlooa therein la"l do~a-
The n,s,oT5 pi banking ii the Ca.ted States u
de. the "free'' system, Or my other, co.'s nor
hfem TO tustiff the opinion that there IL no hAn
GER OF .ui:at!oo," cven though tnc nsu1a fe"ef'e
IN coin. or its equivalent, be held for tue purpose
| ~ redenptlon OF currency. Under the Safe Daas
| sr.fem. 70 wAlca you allude, Il wAs heenea 1to'
tn1 20 Issue three Co Lara Of paper 10 oae o1 cola
| IN h.ud. The repeated nnaaesal DISASTER "nsea
visited the country, together with the constantly
| recurring md vide fluctuations 10 eseaaa2es ".
tween the Stntes, demonstrated tue tailacy OF shas
| theory, Nothing Is clearer than tlRs oFestsastbg
anl ,ts ratulat sequence, canmerc.al distress, are
| Ku,e to follow unrestricted paper Bsues- II Ia
cla.ned by The advocates Of 1tee haoEln9
| system lhat the Issue ot currency hbaef
| II would be regulated hy the demand. True; pa'
| the deua.d ts almost certain 10 pecone u o1o4-
date. Place before caild boS OF coa!ec1sonets,
lrii him 10 help h.tuselt al tittum, md he TA nos
mn,e cxr,atlIy make himself slcS than Will III
pnnt a,thy anu often DISASTROUS. cunduon of trade
| u,.e 10 = couMupity authorized 10 iasue 81 the
! rny,.rcr TRY pease. tbs demand tt:'alates II
se1f. hui rot tilt nttes tnc evil nAs rrbnned.
There il = reasonable Init to paper tsaues 9hst
t,nut u established by the waEts o1 our iasf1a'
t CONN e1ce- Whenever that limited u e8cecoet'
= ,.n,ertu.Ion Il ce1saIp. The currency goes back
r /
Il thr nm, wants Of the people follows. ~ uece1sa
q RI preeauton BY the banks. aud bankruptcy Ii Lat
t eoltiou Of many IN honest trader.
d I do not propose. howeeer, 10 alseuss ue q":s
r. ,,ou Of how much Currency the eoactrJ peeds
It Fcrpresc.t purposes let ~ as:uuae tHat
ID Is the pt,rer anonIe an,
,c Row cnn that an QUIT Of curEercy, really,
III vc ns tneort ttcaly rctecuaale in cain, he sar
N n,ied : A satisfactory ans scr will ro'at eas IL
id | 1naa Il, Immediate resumption OF ePecfa pal
Of ueo,s. without tudlcatg any Fet1oas injury
~ | trade
re Soa tut that the srccnbacf currency knouta
e. rc.ittd. acc cs.n substituted hY the banks a.
Id sc1ye- AL right; but you 'ail 10 sno@ Was,e !"
TO rnin IL 10 come from. I mean colu ecoa:n
nd >;ars rood for tie whole ansotnf II ear'tneJ-n
:n!sd, or fourth, OF ft;h rast Of IT,
OF | Snur answer 20 this Wou!i douhtitss ne II
Ing such provision Is simply tmpracticsoie Aan'fss'
has TO- II the literal foldment Of the stipulation DC
art nulted; hn:, Is there 20 substitute Tor eon '
hs x,tp reasonable amount Of the latter,
me slse,ctc,teo. would Virtually saoses'e ioe J.
'Sa pose7
Im- rhe bonds rpon Which the present c.fealatl
he, of ,he SRttorsl Isanea Is Fecused are mol ara
c1 lie for t5e purpose. tccause meg arc 3s'he o9a
ce5. | and only convertible !E:a coin 81 dlscohLL
also amount Of which is cansiIee1t anon she cono''
len a. ,ha Emope1n mohe5 market. 6Feenaa
the will LOT do, because. as Is admitted ey tae
tyes ! trca. tEHhs, tier n1e not what !
acy, nnrrers to te-tegat terder-aor would lAF
etructtpS the Secretary Of the Treasury 70
'z.an 1ouuce h!s readiness to redeem them IN c
d make item legal sen''cs. Therefore, tne5 We
gne, ot1y lie nya,labtc rs redemption f:n. W se2s
.yel, them snthe IT as:rJ to he paid cn and re'i
cdllJ Thu; the eovsrnncut cannot 10" do. has
that pose there tbculd be IN tssuc OF sattVao,eo'
to honds. hear1rg interest at rate not e1cee
nsed four rer cent; tha: with this Issue The s'
,nity creenbsck currency, anl a. much Of the o."
pub- a. would make m the amount, he fea1ea'
sraa- ,hese bonds be a.able Oh aeusnd. pr1oe'pal
interest, IN coin; that they be tssuei s7ec1n
far. and used onlJ as basis ooon WLtea 10
I VIII | currency. ...-..-.... 49,.
II Sc The proposition hare 10 H1aHo ~ tnats
ell as ! inch basis fer caHency, MODERATE CON
erses kerye. 81, sio0 COO oGo, wouid be ample As
Il day ! hare fustlr tad, what ts requisite 10 a
5abtE, | tprn 10 A gold basis in the eonodehf
hzrat the peop,e. In no way eau that eonnd
lders- be estah,tkhed except hy the assurance
n1!ng The currency they are to use Is backed 10
Lguet1 t,.mpt1on b. the government Oh rtesents
cTs Of Your proposition 10 secure redemption o.
trains crenseJ eleppst b. the banks Of tine oonda
1attng nv bpmple Judgment, unsouud for the n
from | wren obayc. thtt their rElue A ueceIlAao
did conttpsept upou c!rcurktanees-nos nxe1
have stable, as wnuid be The proposed neT ssuer
De aF' be m deranl. .. -.. ...-...
Z days II It te objected that the government Is
about condition 10 redeem $3.50 oo0 300 Of as inaehie
endez- At once or that q larger SUN might De pres
,unt II | Than c0uld te met BY such :, tum - coold
liberty he proouced, THINK such oot3c wonld
great made BY an experienced rEhnc'cs. Oar
follow exporse alone, will hencefosth prnTide Us :"
reaftef she enn necessary To sat nothing Of the n
'as1A Of rtoa ~ cur 1niues Golc gambler. asioe.
ples or had recent occas,oo to know. can't "ee
-peas- Clcle sam.
Il Is 60 oojec3el that to substitute tnte1eat'b
hotd, for greenhscka Is 4 losing hus1ness
that II. when the nation Wa sssERgunE 1of
sores m issue Of currency, pufpoEtin2 10 he ela'
2ec1a.lJ 10 coln In tts dehs-payrng power, when
i, has and no legislation could nake IL ho-"as
Since s.ry It Ia Necessary no longer than itb 1on
wanted | c,n te nroy,dcd-spd retu.as, c1 neglect
ave ea- deem It. u rank lnjustce TO the people
7er teeJ oyer the reduction OF the tate Of insefes
o-opsr- much Of the tye.tweEttez - would &C ses
T. haze TIE teE issce, would Compensate ~ pH'''
aee q loss IL retiring sfeenhasss
It oac. tfi, be objected that bsnketa would not
: them preot enough, u the interest On the bon
hey de- ve.e yequt.ed to use a. security De sea
segsuu, | aasweY, uE ro.or:oas 1ack 1nat tae f1ss
Z, send ca,nt5es Of laber which COW Eoes 10
ose csa- | us.ttt Is 100 freat- Nuhoat gong leto
ose WHO l, Il apparent TO al candid neo. ane1adLpe
ftue tnat 10 receive upon hls cuSrercJ. anu
ed, and | .3euos,t4 Of hIs customers, the teRzl n
id oues, | t.rnxt co,urouuded from hFe to eight
tnAs the rear. in addition to the interest pa hs
soc1ety Stases bonds, u as heavy tax ~ baokets
n By two ler1 rpun the industry of ne eonntty' z
!, u&e tor --.n.-r. ~1v kr~ II,
h1naced R1npofA7A~ ~
Boston. Nov. e7--A czse cana oetof
11veIl. 10 tie Enited StA-es Cont Il
| Trach he Vntsed Ssztea Aaaeasor clAlns
1oacapg srph q uCrndNlck cer1Ted iEe0ne hpm kaf
i eoe.ess, Lad Company. Win whsea hs connec
rrlErtou had tot fully reported II The Assessor
-s,sr ~ I ed 1na1 he be seoEn tue h0oSs
"a'ea, courxpy, ard ChadEtck refQsed r.
been neld ID ihe contest Is whether The unHe
{ the IA A+sss ssoE can compel c1tlztn charged =
be the de- rrfcrps OF personQ income TO *aoN gag
- .rr.nt ihe cofpof3lpu tn which ha y copcf me
40 In If jndru lowen'A dee,sioo. wh;eh for NJ
aoss oat" Is 1eserstt, b sdserfe 10 ChAdME& Las -
13a rta- DC ELL fuf1ner teatcd upon tne po,ai
A2so tFnse Tnted Suites Asecta9t cannos Gooopa !,
I'd 10 the CHARGED H'Ln Iihuo IL aoe"4s
hopes TO ola Ptf1&0 "o'Ae'
~. California Items.
Mid. the sax FpAsqsco, Nor. 9'--Ihe Glans
the Corps Motst 1n ne aess rTtn 1rfs f,!Ie3 :
-Nnas t1e Eouphed, Eight ChtnAmen were !n1n1
y they Set ! bnVtmv rAs b.own 10 pseeee, enn t0e
! touch the | ecstteItd IN the neixhhoEtng hoaseA
etrrr,tn of The explosion Was felt ~ fteat dtA
In poliu- a $780, - .nstsuftr Killed. his trody
8 believed fu13y mnt,Isted Tia cause o. the disa
-kA- -IL lHA