, 1869-08-17
TUESDAY, AuGCsT II, isG3.


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,--rer - ,ec,
lEfloUt1. Att't@1 ~ 1915
.
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.,-nxop .<oprnw AVN ruv c,r
to'IAAuA Wor e. ~ ATD 1a1 cAa-
ClnhAll Ih4ulhEd.
II las been favorile hobby with Pen.
:, -, IL
Iittoo aoo se'e1aa oenef Ono CopPeEhead
tt,n,lcrs to abolish the National Ranks an3
a, ,ssco Itoasurv notes 10 sunnIv IN. n1occ
ri III, bank notes. Senator Morton. in hi,
1ra,,e tho following observation ON H.. sy,..
;ect.
"I!ow /. I, attempted to be shoru that this .y.-
ten: III! osrs IN ad1!t'onaI bu11en Of t"cnl5 sn-
i,:5..rt secause The government nass tnt.rcst to
i:rauount O. t~rnt. billions IN ne bonds Which
Icr,yfrtn, Mt for The sect,1.y Of the,r currency,
ls.: ". nl1 mn ti.r eosS.niasht hass 70 pay the
l.n! IL ,hr tanis Or ncl !: ir thusr bo,rls were
hr sn r1'' ate ln'il' idnns. ane s,FrsnncnS would
NJ H. -. ,1,a r;na;,n.,; E'aa,:, ,
n, ,.,.
v,.,nn ~ ,,n,, ha,r ron,rmn,,s,,,. ,,,r. ot IN.
,n:.Il.p.,ce ., The people, when he makes such .
T. ~ Is ae. If hnn. rsG u. m. ,nts a
;5l"u Hh,rh Tie vuserumentl ii ra5sna an interest
.t,cht nJ,ons IN crrrneT ~ NOW snnnose tne
rn.eur rni should ,hsue three hunl:cd ana nttI
iuns v IN II 1ht a9nount If o;,s Wind m; ." ,ae
cac' 'l'ios q lhv.e tond. ttop nearI. sa.rt5
nNuy: In tic samc iimc. fhr circulating pe:i,u u
EoId no. e inSIslssd ~ .o1T II ~ ~ tls S5stasIs
notes withdrawn frotn cirru,aiion- The p,opoal.
t,on na' enx seen plan even 10 inc hu1b'est
VIII tbe Euou;r,r a,,ow us IN co,,ect n
few Of these ASSUMPTIONS and Insertions ;
]. Abo,t one.thi,d of th. bond ,ecur;t;es of
,l,,. tnrIs ore ~; ;ns. vbich draw five ma,
cent interest; the remainder are :5-.os,
~Lich draw ai1 per cent. .. The bank
rotcs in circulation are something less than
s::M, ,ut0, coo. ). The l0-sO securities are
worth lie und the $50 bonds arc worth 1874
Ter cent in currency. 4. The hanks can
return and retire their whole circulation by
selling the following amounts Of bonds:
Slm,WN, 900 Of lo-40s, which will redeem
S1l5,0OO, 600 Of notes; SI50, 900 of
;,-2Gs, which Eill redeem Sl85, ,O0N, 900 Of
notes, making 500, ,00u, 900, being their
Total circulation. The interest on these
bonds amounts TO Sl4,7a0,o 900. The gov
trnuent, then, in al,olishinc the National
Banks md filing the place now occupied by
.hci1 notes with its own. would apparently
Eavo the interest on tho amount Of bonds
which $500. .0O0, ,ooo Of greenhacks would
pnrclase-Iess The taxes which it derives
from, those banlA. 5. This apparent saving
would be Sl4,75 900 in gold, or Sl9, ,5oo,-
COO in cur7ency-Iess S9,G50, 900 of taxes
maid l,v the Nationn1 Banks to the govern
1peut in 1865. leaving $40. 600. 600 as the
net saving, instead Of sas,oo0, 900,
rs asserted by the mendacious Copperhead
concern. 4. Then the people Of the United
States would have si1 hundred and 6fty
End no National DanEs, How long you1d
il he before brood Of miscellaneous State
Darks yould come into e1istenco to shower
their .vild cat~ stu6 on Tho countrvs
Not long. :. But more serious uuestion
arises How vonld the government mn.
mort the credit of six hundred and fftv
millions Of ou-,n,croet-hear1ne notes
Il has now outstanding three hunurul and
fifty millions, Of which the banks keep
one hundred millions locked up Us reserve
funds, leaving but two hundred and ifty
millions in circ ulation, and vet they are at
a discount of 5ortv Der cent. Increase this
two hundred and fifty to six hundred and
ffty millions, aud the discount would be
what. These notes bear no interest are
not convertible into bonds, and no time is
nnucd by the government when they will
lie redeemed or funded; hence
The shameful discount at which
lhey stand. The notes os the banks are no
OBLIGATIONS of tbe corernmcnt The stock.
holders have given the neople superal,und.
mt security for their rederntion- ther arc
able TO redeem then, with h,Jf tbe notea
ord bonds Of H., government which thew
r.ossess. md their private properly IN also
iiahle for their reiemption to tha vbole
a,aouut Of the circnlation.
II tha o,varnue,t ua,a n nr,caaa 10
-bo1;sb the National Ranks md sn,sti,nto
rv,oon1,,cts tba 1a+tcr pon,d danrsc;oto
So dor ona bof,ra tha ,,,n,-. ,ror.
to.oi1,. ,,;.,o5 W. .roo.1,,,1, ..,,,,,1 ~
- ,..r 49, - -. - 49,.
-, C-N
.,1rroa III, o,t,1,a-;.;.,. .1,,., r.es,1
49, m 49, N IN - ~ 49,. -
49,. 49,. ~ 1'..s-7H: NJ ~ ~ p
N,s .,'- Va 'A7 ~ eAo
Fo"e
o. IAose no'es' A'ter passing
!. .anolns o'u' tue gteenoacSs "oo1d
De ouf1'ca ao1oe " Inc cofo 1or exchange
lnto eoio'ln'eress oonas' ana tn'a process
"oala commune so long % anyone preferred
. oono 70 3 efoenoaek' 1he amount OF new
nooos mus lS8ueu "oola more than eqaai
.ne amount ses''ea ana canccileu nj the
lalne 1oe oan6s were destroyed. AT th's
hl1be u antAls ule sch1cly ol currency
put the consent OF Congress, with one nc
rotd would charter State hanks by th" hum
h5ed and Thousand. with power TO issuo