, 1869-09-03
MONETARY AND COMMERCIAL.
MONETARY,

MONETARY AND COMMERCIAL.
MONETARY.
TnrEsr4y EeEsfsa, Sept. 2.
1hr publisher OF the .ifrdnes has Invented |
rnt, tf1 nrlI published An rrInri1lnu' artjrc, 10
Eaf HR ltngt!l Ia concerned. r1rninIng "wty, |
II lFn anil how In resume srrci" Payments" We |
Rrr1~hthIi thnt IN" wtitet stRtt,1s MHct1 nUrt
rhanrrni tH'ing asruek l'y lightning Rny bright
t!ny ,hnn of treIng hls ImmrnHs scllrtnr adopted
| b, ,hr pnsctutne,,t. Hum" parts Of ,hr rnn nm
| ,kr Tint tfnroar'I " tntrrnos Mnr,pn, which
tlfrrry hrtrnt.trh. sIpi uthrr features srhmntln
| tltrrr, Il pInnR, nhhh Atntnn nutih.strh Nulr
u thr lrns nrr entirely af1Elnnt. in, hr nm ut.
rhirh lhr tHrrnlnf ltu's'fy rIaimn h.a patent II
the nHn t"r 'rtensInn tfr ln,!1 N ptnlHrlun ~
thf tuircnr} Rrpfnnriea Ea'i snIn". liz unntl
n1 ~ 10 ~ PR rent ~ shr rtrarn. r.c+ssyr n,,i
rsn"hlnp nepht IT luiH Iasnll"H TIL thn rnnaun'.
tT .! manufacturer. Ant NJ O'l,rrfr
that jny tunAr, of tA!IA'r'pIln,
WIN trurts lhH' sinna' lrht IA ,HtIm1s
| hItn,4itu {tn hln}. wntny voulsnruja lhla rnfl M
HE Itlht. C'attr sntItA III ptir MI thr tariff II"
ttnfrH.rs IL thIni tka. III" vhr, rr',p!r nt",,,rs
,lsr richer hhl hhrp|rs t!lr} I'ecnnr. r!sr tthrs
ftn1u,rE If THU scznfllt!ntl Hrhrtu. nsr:
I. "ttt nngttr.. M itn*.rnhl)hE ~ )'r"rtnier
% sn H. Ut" r.r cs III 'nts 'r its 'an ID, !" na,y s9's
A. n il'r-".Hr1 EtrrHrntI,i Tor Resumption, 1T
I
nri,'ti I" til" An.l''H nnk rfrrA'rtten.
mi' & ts t't i't",E," ths. IL ;"s .,..;, .r.'rn'rr ,
tni"a, rtnH hr e'ntns"l Htttf trshthfthn, wnh
ti'I' hn'tlial nfr 'rni 1n.tlilra'''n: ma ,l'e
@ !. Il ts' II" s t ,.,,1 Il Il rn NV ,"s ss'", Mt
Inst The ,,At!n4' l'a"k tr''"a shr!i ~ s''"en"i
t"ti II r'.'''fr'sa ~ ,'''!', n IL" tq'lt ~ q"
hank 'l.H' lastd lhtn'. III h'ltt'"'tl. ~" ~,
tti'ai 4'nnk ,t"- Il" rn1" '"rs' t"t'l"r tnr al
NJ nu' f'rt",, h'fn.'n d.. ,a'"sa h4WAs t"sns. |
tt'r. NJ" l"tnrrn LIE l'a"ta a.nl iA"s ts'at"n,
y "whtlt t,.t IL .tsf..attsA N As"t nrt A +,t
list t4.atr f.,t lla ttn4ht ihu s1ats Ahnit la
.l!'r.'l =. ''n'"**"I a". s'"a s,th r.seen. !"s
H., ALL It.lf.si, thn ,lIl"z sis,.I.t ''r In ts,
ti"t IN n'tt "tVl III taSiHnnl Hi,airttt il"t 6a,a
n I'll t,,''ai eti f Iha pht.thhht u 4tH4l 1aI',tut
| Ia In4El!i lIltEi hIt ItlIatH,
"lh4 t1"n''.'l ~ teslntn Of 1,sa mods ii "a.
trinEi1t Ia lin tit ciIl Vi isin ll,I ~
tllu fstI,ni t'ahLs unsk s,ank, lht.ah Ut i."lisx
tultl"!.iat IN trsl'rlH lis ,Hinlst1IH l,dsa Fnlt
~, " y, an isnn 1a, f ~ a ~ ,''a' @ ,nf ~
III nIih,h 10 lln AI!'. In Ihn rhIpnea NJ IsEtcthk
Ahn, tbs A@ Gfnt tli.9 tH FrslItIIlL htlnut llr,i
hIt't e'pr, hali"nal Hath Tram hasn1,K thu 1"tea
h "Ins au,rrIlrnt 10 Gradually hoar,, Mi, have
IN hatli aIe bnulrrt sHIItunt ht cntn With witch
.a1errn .~o haIrrcd ar, ntti -t.x n!!ons Of out-
| Standing Etrrni,artb- Tan Satuhal HANKS to IN
obliged, by Law, To hf,nr r1tS millions Ni gull
~ lilt ,Ini nf two yeArl 10th the government
|
C. "Io lnrrtusu s,lu lnl,l M aiding scale Of two
nr three ,tr cent nnhsn '4r'ns tho xo sca1a Of
| preparation tor rrHunr{nn."
! There Ia Que thing, however, In The plan not cx-
| riutncd, viz; How tfr government, With t1OS,-
AN,0ot OF coin, Ia GotEI redeem eaa4HN,oo1 OF
| greeIhackB ami t3i,up,NAl ol fractlnnalA II lhc
. ! government pays out lfr Ey~rnbackH AZ fast a.
they nse sent home for redemption, Il viii have to
redeem them md a,ai4l, nulcss they arc
! catcellcd at once, which would make contrac-
| ft,1nfh nj rfIHEJ NnN rfudh
Whery Is the golt to como from With which 10 do
G II: The government has 10 RESOURCES except from
: texcs md !oaus and the inter means IN incscnse
| Of debt. When hank pays cut Its uoie4 1t re-
eclves their yaius IN endorsed paper col!atcrl's
mortgages etc. II they conc back for rclesnp-
tcu The bank u ptepated 10 take thc:n Up with the
properly and effects Of IT. customers, rs vel ns
with its capital II converts tho paper Of its
: | debtors Into money and Herewith fedeems TIA
}. own no.es- But the government does not t1ans-
act banking business; The Treasury Is MT bank
u Of loan Rnd discount, which buys paper. lends
: moucI, Ecns exchange, taxes eoltatcrzls charges
= Interest on discounts or receives deposits for the
. purpose Of loaninr them. AL this hauk docs:
Il but mono OF this docs the government When the
. government rass ont money II Is done
!. 10 lqu'datc liability. 1t suhRlsts on
e ta1e4 It Is in debt to tho pablo
II aI.P Millions for inte1csstcarins bonds, anA 3al
millions fur noG-tutercst demand notes. II Is ruE-
J. chasing he former IL tho rate Of ten or twelve
q Eltions month from tts surplus revenues Dc,
le reissues nouc OF them. 1t could retire An equa
re monthly amount Of Its demand notes with lis sur
r rlns ta1es Il Il preferred that courBe TO parchas
= Ing bouds- II the Treasury wero to undertake
D. resumption according to The plan OF the rubAhel
d. OF The .iiran II would be obliged to s:lstaiu Tax
:. | demand for EVecic OF the whole importing III
- tcrcsi Us well a. OF The Wall street Spectators
d. The hnnks would give themselves no tro7bc L
oc rrocurc coin while DOLLAR could b.
70 drawn out OF tho Sab-Trcasury tt,
u. y. Treasury IN cucct would be ohltEcs
&C to redeem 10th its OWN notcs and thosc Of tn
IT, banks. Tic only resource Rt cocunanh would b
the margin OF EnEi received for 1uucs In c1ccss
the rola required to pay interest Oh tho dtbs
amounting perhaps 70 thirty or lortE millions pc
aunucl. Would this sut1ce 10 meet ali runs An
mr. | ran,cxI Would It be enough to meet the tA1Anc
id ol trnt{c against us. wti2h this year a1nnauts
II. sie2,n ,0e01 Would Il tc enough TO meet Bh!r
=: loads Of cur Iattona, STATE and railroad bonda
~ frrrrc, hch might bt returned for kalc 'u cas
of OF n foreign xAr or financial collapse In frame.
al Germany Il! (innt FrllA!n: nnt the .idran
ect wsatf1 sGcecsts thR', In case Of nnanc
a." trruhic, the rorrrnmcnt co1li SC
tn huu,rrl M4I}tnrs If honda for go
AID als.f NTH The proceeds rctFr hs necessities.
acI rosr It mEht al large enough discount, wh!s
nt depreciation woalh r1tcua 10 thr whole debt HI
:r., th. Is hernlc rcmctI the people would prefer
,;.1. a,r1. 1hr only sale course ser the Eovcvumc
ha1 to puruuc-ns lar a. .tPrl Was cnncetncd-tu CT
s"tcsnu,t,I.'' would f,c to cancel the GreensAc
us tati ns they were presented for tedcmrtlon
~ ray ihr1H rpt aga!n would merely incrrh.c ia Il
rr,.,t,cs a,ut cnhart,. .s1uruts. II Inc rtNcnnr "
,,, IN c,srsH Of erlay :hey coul only
to fa'' oa. III the pus.n',. ~ so -
crc AMI then thcy won11 Ike In III" hands ot Tho u
Ting lrrtsrr ,ankrsA NH, frrcna'nrs 10 tr present
~aa REnn aul aEuin 1ns redemption, with no uitana
~, meeting thrn except FUN whascscf sH'pl'!E tc'
ihc MTG II crr might happen to tr In The frrnsnrJ T
hy | EnSr'hncnt hns moi nj lfA command thc rof1t
a!ns whra., cot,t. tg!I~inc' nt.Acco. auRar rns.
w tlr. manufacturer and lncrrh rhht,*r of the cosht
~. m tht smhl haer lgnu ,hirh 10 provide hit ans
1nnn thr tetlt p'nn VI thris notes. II has only
tns- ta1rs Ratho.i7rl ~ Cot grfFt, sn thca" tna}
lRa exceed IT, rurr, ants when II most nrcisnnH
.t.n Whenever tho people really 1lcslro tcs'Iinpt
yu;n therr II On Infinitely simpler mor nf srachluE
tac ,hRn that proposed ly Ir wF11cr In the tirrrft
rs~i sif., a frcr tanetrp tJstc.u, AMI fun'tInr
nMany M zfeentacls into londA Lel Congress mate
,,urc | rrern,rks cnntcttIrlr lHto ih10h hf b3l bon
i1sr, and tbhr, ftra nntnnM banking. with rrrenh,
IlnH nf rUin ~ legal frnfft for Inc redemption
utGn M 1aph rotcs The fe1mrE VII s.c gradually tun
shTn Into bo1a AMI the new Dank 1ts'it1 Will h'' II
Two | place. rhc hsnkH Will hnll Oh 10 xfronbasAs
unts louE they can srserfc lIhHs;
tfct sreiu AllT thrt will so wiihtfElwn ani Fnss
orI. >xndr, reurttpg Tho lanta to tclrtn III e
,cn /. The government. II that policy wtse n1nt
Il shc ruM., raicJ rrl' o7 at Ns surplus Eo'i csre
h@aF fcv iutt,a, anl insr.a Tim prt4cc1s ~ hi
sthtr. .,,, -, M, w r,,e, r,,t .rna n NJ n, Nny
rn!c az" W, ~ . 49, 49, ~. ...ns
,Htts ihr lhhA' Hh" ~, wv. M 'FH''t" '"' |''4e
rt,1 ". redemption. Win tr Irrtn',nrks wlta1Fn
m Of inr National 11a',Ah wan!t he doubled. and
thry ! .,,t,nr, nr ,sr,l& heid hr tnrr, vp,.h Misc
. tin | s'''D 't, ,tt =. ,n,, ,,nt t.,,.rfu, ~
Arrp. uah"r"' "''' " "e' N t$ ~ "
II Wts III thnr tWhrFeh1F' thf EHll thscFrak on
rt Ia .,,l ycrY materially nil tAr,!l In nA1htat
tH!5 ~, c, IL, n,cH,s nt this. i,, x'shca, at, II
,.i.n. | IN tbr Snsiunal 1TtaAuIy. II IN Tie tMAIr
Io uLr lie ,sanks tn support rrsus!yttnn. aul II
Ntu n TIE cotsrnIrl ~ tU {l!,i ita del
rt hr ~ cnrnt.f tr,irf IL, 1ht,n md Ia ma It
| uEftI