Delaware tribune. [volume] (Wilmington, Del.) 1867-1877, 1869-04-08

| Now, IT is out of this aggregate we are to
| obtain the canning money-which Is to he II
| solvent credit oy which all other credit may
| be adjusted.
Ii "Thc Public Credit Act" means any
thing, il is thai the U. States notes should
be interchangeable with gold, certainly not
| that gold should snpplant them. Surely
then ii is t., Banking with its expedienis Of
deposits, loans. cearlngs, discounts, checks,
&c ihnt these sums in part. or AS u whole.
must he entrusted to work out the desired
end.
| Under the asprci oi the subjec. thus pre-
sen'ed, the single question arises, is not the
work joint duty Of the Government and
| National Banksl If il is not we surely
will search in vain elsewhere for power to
compass the cxigency. II it is, there is no
difficulty in pointing to the manncrin which
the work may be accomplished. Together.
they unite all the elements that will ever
ent r into "a re-ndjustmeut, and no adjust
ment Can spare any If tic parts The
banks represent the aggregated national pro
ducion in credts-thc government the SOW
creign power. Neither can create wealth,
for this is a material commodity which pre-
exists ; hut joined, they may unlock that
which Is treasured up, or is held unprof,a-
bly, in Golfers, and turn il to the best account.
In furlhcrancc Of this object, let us con-
slider how, ii charged with this duty, a
dozen business inrn chosen from those in
contact with the larger workings of trade
would be likely to proceed.
The natural instinct Of their calling would
prompt them 10 learn first-thc amount over
due and unprovlrd for,-;hen, TIE cash
ready 10 meet 1t. NrAt, to select from the
resources, that which can be changed into
money soonest, with the least loss, 10 supply
the difference. a
The figures show about ten cents in ready
gold to Il dollar of demand but ii the
l25 millions now by law pledged for the Iay-
ment of interest ON the public debt be re
tanned, il would give twenty-five to hun
dred of demand, in other words, all the gold
in hand and to be received, 277 millions.
would offset the whole liabilities, Ills mil
lions.
To possess this l25 millions, suppo.iag one
years savings sufficient, it is reasonable to
suppose w0lid be the next procedure To
buy or secure the amount at once, that we
might resume ut once, would be unnatural.
, The same business experience would know
solvency 10 be something more than capa
city to pay; that l; consisted In a we'll
placed confidence, there was an ability to
continue paying, and that this confidence
7 was of slow growth. Here, then the appli.
! anccs of banking mus take their places. Ii
must reorganze about the products of labor,
! by the proper Instruments of Commerce and
Trade, such solid foundation Of commercial
equivalents from these sums as will restrain
I expenditure within the limits Of production
! These equivalents are the true @ .rrency ot
! commerce money of the world and In.
: ternal trade and external commerce, are
I moved alike by them.
F; Other duties wouli! suggest themselves
r Before osc structure is removed, another
y should he commenced. The gold on deposit
could be retained and be represented by in
terest bearing post NOTES So much Of The
= liability on demand issued rs public debt il
D exchange for commercial products, as res
# tituiun could be madetor would disappear
i nsensibly, 1t might be, TO take It's l.rupel
= place, either as none, ur funded debt
s The reserves aud the National nans helt
G for security of the Bank circulation each il
s turn would furnish nIcans and u prop Al
y restoration proceeded.
i 1t will not do to postpone payment on on,
G part, and resume on another, or for eithe
Is the Government or Banks TO resume alone
e This antagonism must moi he We hav,
G tried something of il in anoiher way au,
% failed. 1t should be all free or all slave-th
e new made credit should be accessible to al
Is that the certainty of exact rewards ma,
open up boards and stimulate industry.
a If these reflections have weight, il is be
10 cause they appeal to experiences, gained fror
d a business stand point, common and familia
!, to all. The recollection of every merchan
,s will bring to minG. where, substituting thor
ii sands or hundreds for the millions unde
consideration the embarrassed, using th