, 1869-12-28
MONETARY AND COMMERCIAL,
MONETARY,

I6&t week eoth OF 0ur oSDtuS cotenpofat1ca
gut their traus added with the norton that rte n
no.nl Of all llh,ts Irr m the soiuue OF Sttlon:t
EaLk circulation would he the means OF :cacan &c
expansion. Ga the other hand, It's 1rsed pJ
tou OF tcer CO It 1stson,s.s thst lne changing ot
tie pTrpoTtOts Of gree -8c1s aud Sationsl Hlot
nctes b! cc1t,se:tg 1be for-tfr IN ptoao.s.na 70
II Itcte1,e OF toe istter 1oud, 10 1c,lsy. en.et
contraction, becacEc the ircIe4sc OF Satsoal
Hanks would nqu'te ihe practical withdrawal
IRON eaeuiAston Of ntcerbacka 70 tue auoaut Of
a5 per ctnt legal 1eeer'e. n-sost toe ce~ SAt,oo-
al ralk ct1rutattop. II 1pcseAte1 National hank
dc;o.l;s. To bttc Of these Il mar he aosIesed
that. with the correction Vi one radical teiec: ID
the SatioEal CnrrtncJ act, there could be DO OBJ.
NcEop, uLdeF either Of lnssc hcadR, 10 The re nnT
al CT all legs. ia It's 10 Tho NAtlonai tauk clscnla
1,or thuA alloNir0 The dcusnds Of trade to dete1-
.n:1e . ne1hef the present ro'u ne OF c2rEeccy u
TOO a7ge tot THIS tss+c: is In Sec.tou IS oi
lhe Ssuoral Currency ac', v h'ch pr1r.dcs for the
security OF tce Ss'lo. a! Bnut n0te+ n folsoEs:
"WhtDevtr tae uarset .: casn value o; a1J
tonta deposited wltn the Treasurer Ut tbe Cn,rd
States, as siotssa,d. knall be rerucct nelo~ the
antnut ibe circulation 1s>ued for sne tane. th4
CoDrixp!ter Of tho Gnrre1 cy u hereby ao hot : d
to demsla d ata 1ecsn c lhe AMOUNT 0t s7ch atpre-
cauor 10 other United >ts.-s ooud't At asn vaise.
Sr ,Des1 ~ a. $3.50 saes M s
TIE mattet, or cash rAiue." specified shove,
uears, Of course, The market price 70. earency,
but 1t hiss been denonstIated BY experience that
the currency prce Of boncR may advance, Will.
stcir co:d yaat rcu1ars stationary. thus aho xlrg
tk-t tbe cunereJ nay defrcc1ase without \ COZ
rtkpounirR dtrfte.& IL the boncA. But It Il
alto esidcatly 1Ene. that the gold valns OF the
oords can Eos cec:uo without deprec sttno The
currency 10 greater psoporti3n. So tba: II auy-
thi.g Werc 10 eaute = decline Ia t1e
vA,rt Of the eonds,-sS. for instance,
ls;gc shipments OF bolds blcE to Ibis country
;rom Eciope, or 4pylh'uk ct:e SERIOUSLY Adtett
the atiot al credit, the deryec alton Of the eouds
would cnnse coucspocdlng deprec:st:o5 Of toe
cut,cEcy: IN o.nez wozt:, Ruld would a1.Ane.,
and all cotreEcy nriees-std amouy them sae
price Of bo1ds-wou.d adsatcs Ike wise, 10 tnAs
tic marie. pltcc In cusretcJ for the bonds c1uld
reyer tall he'ow The amount Of the circulation
issued for ,he1,. For its:a7ce, II tits s29 boads,
witch are row worth 81 csots in gold: Should,
from some G7th cause IS Indicated, fs'l 10 -
ret IS IN fnl gold Itself would ns quoted II xoout
eGd II Which pitces tbs nA1ket Fhlue Ia c1rrencT
OF tie hend4 wcuid be 100. It wti, therefore, he
pliln that DO such contingency as Is provided tor
Ii The AAcre requirement Of tbs National Cur.
rcrcy act could arue. The dtfect u that The pro.
v's,on hoes not specify the rsrset va'ue 10 gill.
II tbs tharce were na3e, Sationsl Bsnks that
tercsited eas, now Wofsn o. cents III gold. Woull
St1 - 100 n circulation for ereIY $l0 90 Of bonds
dtrosred, which Is ~ ntr crnt Of the god va1ne
| oi the hortf, CT 81 FER cent OF their
eut1sEcy PSF. By Ips-rl1ng The
| woga .'eoid. ,n,tead OF "msrtst," leaving Al.
tie o,te1 psuyl>iors the .:rc, the law wonid re-
qrvc ait Nattol n RankA 70 fcco 10 securities tot
tne!t circulation, which ahcu'd slxAss b. worth
II ser cent core IN goio than ltt rcn'Atlcu they
| we1e inter Ged 10 fecutr- Scw. II DnAt be plan
| to every oEe, sEss an5 h1nees wco has On ce7os:t
I with lhe Et,1cd ssa'es TreAtcrsr fecurtsts 1nst
Are wcrtn II per cent nore in gold than she psr
Of bis c,rcu,nltnK ruiea viii ue5er arox h5s cfcs-
iat'f sotts to Be pZosettsd for 1oz.paIment A2d
| ttcstfc1e pt.El his hopda to te s7!t 10 redeem
biz c:fer1ivo1 1t bis c:Tcotat1tg ne'e, aEe pre-
tt1ttd Ter REDEMPTION ard he has nos toe legal
1srt.fs, he wtl fYos:de The god; eur even II be
ctd cot std dis b1ot eacu!d tA'f. rae no'e-ns1der
| Aop'd ee leeesed beyend re.odventuIe, becscs.
1hc tcros. u eeld, Ho-la rtifeu the ro;es IN
4. ard !tsre large margin Tor the expense Of
cc'rg It Win the esarEr, Therefore. of tbs
cLe wc1d IN the S1tHrat Currency tct, there
could b. r5 OBJ -crco 10 .he reIoEal Of af Limits
to Sateral Earl c-:cu.at:cp, provided 'hete Was
ae1a.nA.std ssc.dJ contraction oi the Gsten.
Facts. II TIE currency Eas thus placed up-a
tootd hl.ts tie question Of veethet there = too
nj ca or too Nlle 1ou'd sca1 rrEu.a:e Itself. II
1stre ,. roo II. {, there would ee losrd p,eusy Of
rrsast c1p,,sl 10 70 icfo Na'toasl Racklng aud
tu,teh II to tie public 1ttae1e is 100 rouca, the
1c1e. OF the NAto: 81 eanks would he pc ssented at
,.et1 counters Ios 1tocn plion acI o-ckess would
nll II 1pp,co;sne 10 t1y 10 Keep It nrt. Cootr1cs
ron ard tx1ausfoa woa!d te trSGi1ted BY the
rtee.*:ues It trade, ana not by Allst1asJ neas
n.ee
the 4weriean Ra,lrrod .Joprn1l Of Dec. =:
+,ln rty,twre The h'sso1y Of ont naaank devil
ortltnt drl,rg the 3tar Io* dr1Flng 10 close
! 10 Gle eaertnt OF cur AteE!al p.ogye<s Is NOR:
1c,1cesb,e ssau the tsrd, e1se. ton Of Our tsu
rnsa sy.ttm tarcughf ut u! pats Of soe coat IT
. Artte b< 31nnttH oI 1872 there we're ~ fsa nile:
OF rausoad IN op* rAsion u the Cs,,ed stsie* and
II sne erettnt usue thee Ale At least 5c,tA
mics tri. bed, CT IN m sasaneed sage OF con
. :: eitncrson- In evcr1 si1te Ala Territory - nne
lbe rscfle lrsi,} Il caGed In the 1mpo1tant FHf
| tcme OF 1ccA4 And others Of tsslansl Importance
1he run het IT fhese eltcturises nov 11dsr stl
t. zot lar from 500 Each S ate In the Eoton has
oa IN 2rt1aEe, fesen or eight teo1fa'e .aitoA,:l
i Nv .rcs tnue. 4: vernon, 6; NsssAchna-tr
: i: Se. Jtrry, !: Psnus,lva:,a. 81; p=ia@Ge
Solio!. Id rrceso!, otoers: 0e,a, i; lai,.n
II. l,li1tnf, II; AlcoIeao, II; Wisconsin, 5; MIG
!, | rt.osA :; 1G&A u: Missouri. II; Sehea'ts, ;
{ "a. sas> 3; A1k,r,As, s; Texsst; l-uis ana, !
As.'A'' p! ;; Alas.@s: and y r.. The s;atn tn
;. u Esfas wR.ss arc reroEsed Ia yt1ioe
> b:8gta of r!cfretR-tone II ely n7fef12ken A
: 9TH {. IN Nss ara t..Ie Of eoDPeuao. Masy =
i PEE eh'y tesrIe aad ttshctto nadeselopec arr
d cCl bla! ol4trlc+s. and GA A1uR vlthtu tae oas
cree Of tie wtfsda ac.sFaes and tndu+'rlea ses
J. rons trlose inaccessible, ttas = 70 dteaLt o.
= v1li sao misty niiiots anl ca.lJ 70 ne nase7,
wssllh cf ih~ n.ton+ a terJ moderate esuna.
o | gives sc AFssssate krctn Of Tho fuada nos
trr r1t u 1t o. 1t ~ h.n 400 ne< The GteA't
ts.t OF wfsch viii Be octd to o1slness <itain 70
> Altar 10 coutAa holiday bpS1ess ppens dul