, 1869-01-25

Department ot the government. Our people |
we're ds.eouragcd-.. Mississippi hAd eepudl. |
who declared We eonld never pay our debts,
and Fo mus. rxpudtAtc. Our cur
rrncY consisted Of Town sc1ip. city scrip,
capal scrip, internal improvement scrip
county orctrs. Auditors warrants, St- Louis
dets and tc1,ps Of al! kinds, varying in value
from twcrty to ninety cents on the dollar.
Yct the people neither repud!ated, no. were
any forced measures tAken to return 70 epe.
cic payments. Yet In . lew years, By tha
gradnal growth and deyclopment Of the
and scrip IN payment q the revenues or ta1ns
of the country, they Ill came up to par With
out rpy forced legislation upon the subject
60, now, what Ne need Is to let we'll
enough alone-not attsmpt to ford Or swim
told The Southern gentlemen who .sknd him
what be would do In case "sorertsgu stAta
rrketled."
Lei the public have the hasurauce that tho
patient Is MT to be dosed By any OF the
ton and speedy return 10 speeie pay ments,
but that the people nsc to be permitted to
have money enough TO do thelr business,
they being the judges. without any interfer-
tnee. In the way Of Euardiaushfp, by men
who assume to be "aa,n,anc!ers." a,, aud al ~
We need moro currency Instead Of less, un-
less &c are to be forced to return 10 the old
tnd pe1niclous universal credit sY.tem. We
require only such legislation from Congress
as Will protect the public a..1inst frauds
and weak banks. With tueh freedom IN bank.
Ing as the Slate Of New York possessed be.
fore the TaE
1htre ahos4ld be absolute free-5aaiiaq. or none
at all. With free bauki aud law sequiriar
all banks, banking Institutions and bankers
to keep reserve in Treasury notes or
specie equhl to twenty-fir per cent OF thels
deposits. anu prohibiting bogus circulation
10 The shape OF cer.itled checks and ce,tid-
Gates Of Dc posite, as ptaciIced in Se< York,
the sioo, ,ooo0o Of Treasury notes, the poiut
specified IN the loan acts OF Congress, OF the
greater part ef1he same should be absorbed
In the bank rcseryes,- and .hus made equya-
Lent to specie. We should hare what il In.
dlptnsable 10 all commercial countries M
elastic currency, fate 10 the public be-
sause saus :. $ seeprea ;Sa s by public sto:ks,
cause regulated folely By the demands Of
! hus1ncss, q safeguard against cnntracttous
or expansions bY the Secretary of the Treas.
| ury. or any officer Of the government, or the
locking up processes Of New York banks and
gamblers.
| Perhaps the best system Of banking In
large capital securrs public confidence, aud
| upon Whose circulation there Is no limit. It
PAYS on. more currency when busipes. re-
| qulEts 1t, and cont racts It as tho demand
d,mIngshes.
We derived our rotioos Of banking In the
beginning t1om England, whose government
Theoretically looks down from its aststocrat!c
standpoint upon the commercial ,mmu-
nifty, md undertakes to tell them through
the charter Of the Eank Of England bow
much money Is wanted. Yet the utter In.
possibility Of fore=eeing this c,mpelt, In
| avarr +t.af 49,
late the law and suspend the Bunk act, and
allow the bank to Increase IT. circulation IL
order to restore public confidence.
New England, following Great Britain, IN
deFtook by Its legislation to emil the circula
tion Of its banks. let was alwa5s compelled
whenever the business Of the country re
Qulred greater circulation than the bank
could REDEEM. But, In fact, they ncEcr hnt
onJ considerable amount Of specie In New
) England. Their bank rcdenpilous vera sub
stsntial'y the exchanging daily Of cacl
and out oi this paper circulation New Eng
land got rich By furnishing money for th
use Of isk own citizens and the West
Colonial views ha1 more force and prevailed
, longer in Massachusetts thtn IN New York
The free trade views Of tha latter deyeiope
themselves Into free banking, and Its systet
before the war WAS, or the whole, the hes
! that exis,ed tn the country. Il was slasti
9 and safe 10 tho bil!'holdes, Our present ns
tions: system Is better, becausc more unifoE1
!, and safer to the community. Mos: OF th
banks bare made money under ~
I'D I'D specie sss sass sst,Sos sold S0ns t. a. sn
r ehow large kurp'uses In Treasury notes. i
they hore had TIE brneats Of paper eirrutatio,
. fhfy should bar The burdrn Of q r<turn to sptc
payments. Under tree system Of bansir
. THIS can be accomplished, through the !.
t creased and Increasing growth and pro.pcrit
$ OF. the country, without crushing the
debtors or the great body Of the pcopl
> Congress Is not wise enough, nor Is anybad
!. else, 10 tell beforehand how much currency
y requisite for the busincs. Of the couctz
d Gre US free banking, the c:nycrkion
t Treasury Totes into bonds, and the rccol
=. version Of the latter into Treasury notes U
to tho limit of the f4o0, ,ooo, ,0e0, on Just Al
fair terms, and public conadencc will be r
t, England had for the frat twenty years aft
t. the Maj oleot1c wars. Meantime. let Il
banks 6e compelled, as was formerly r.
quited during . suspension OF specie pa
&c ments, to reserve all the specie thcy recei
for the interest on The bonds which s.eu
their circulation, and they will be atrengs
enlnC themselves for tie permanent resum
tiou OF specie payments, which VIC eh'
reach Us sotn Is the country is prrpar
C. for It.
IS Meantime We shall have earned more th
h money eut ugh to pay ali our national del
10 N<store pae{!e eotvadMee, remors oPpreht
g, the North and south will show such grow
IS and development for the next ten searsas v
N even astonish those F ho have witnessed
D. growth OF Chicago and the ereat country
N which 1t Is the buein ess centre, those v
y, ~ have seen sen t1ancLco, and the Pac
IL slope.
n. Ian T. 1861