The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1869-12-06
8g Telteraph.
WASHINGTON ITEMS.
JBy Telegraph to the Register
WASHINGTON. December 4.
no THE RRGisrsR-.


A large number of persons, including
several Senators and Representatives,
had interviews with the President to-
day. Among those who had converse
tions with General Grant were Horace
Greeley, Senator Lewis, of Virginia,
Messrs. Drake and Cameron, and several
Senators from the Southern States,
Representatives Logan, Van Horn and
many others. A delegation of soldiers
from New York were received by the
President.
safety Of the Dictates. g.
The apprehension existing concernisg
the safety of the iron-clad Dictator will
be quieted by the announcement that
the Sd announce that the Dictator left
Tybee Sound on the 22d on her way to
Key West. = f. ~ ! 80 IL .l-.l
Annual Report Of the csmpirslier of
The Currency.
The annual report of the Comptroller
of the Currency shows 1920 banks in
active operation. Their condition is
more gratifying than formerly. The
opportunity afforded to spectators to
manipulate the money market is almost
entirely done away with, and banks
here have more complete control of
their affairs. The Comptroller recon-
mends the passage Of an act requiring
all banks that go into liquidation to
deposit legal tender notes for eutstand-
ing circulation, and take up their bonds
deposited with the Treasury of the
United States as security for such circu.
lation, within sixty days of the vote of
stockholders to wind up. he also
recommends that al taxes on banks be
made returnable and payable to the
Treasurer Of the United States, includ-
ing the special tax and dividend tax
now payable to district collectors; that
the compensation of bank examiners be
increased, and provision be made for it's
assessment upon banks examined, and
an increase to fair compensation of
persons employed under him in the Cur
rency Bureau. The recommendation
looking to the establishment of a central
redeeming agency in New York in the
lastIannual report is renewed.
The Comptroller says the legal prohi-
bition to banks to hire deposits is not
sufficiently explicit or positive to pre-
vent it, and hints at legislation to that
end. The Comptroller argues in favor
of the national banking system as the
cause of the ease in the money market,
and lower rates of interest than would
otherwise be obtained. He thinks the
Government circulation, which is not
convertible and therefore not elastic,
should be withdrawn and substituted
by national bank notes, which are
nominally redeemable and are certainly
amenable to the laws of trade. No
check to limitation should be imposed
on this latter other than the law Of
supply and demand. A self adjusting
currency is the only one that is adapted
to the exigencies of trade and to the
wants of the country; and it is a vital
question, at this time, whether this re-
suit can be reached before the return of
specie payments. If possible at all, it is
only through the agency of the nation
oil banks. The machinery of the Gov
eminent is not adapted to such ends,
and if possible, it is SO only upon the
adoption of a policy which will tend
gradually but surely to the resumption
of specie payments. 1t must be grad
nal development of O process which
shall absorb legal tenders and put in the
place a paper currency which shall at
all times and under all circumstances
be exchangable for coin, either of paper
legal tenders or of gold-a paper cur
rency which shall gradually Increase
while the legal tenders for its redemp-
ton shall gradually decrease in such
ratio as healthy demand for banking
facilities may determine. While free
banking may thus be established with
safety anterior to specie payments con-
ditioned only on the withdrawal and
cancellation of legal tender dollar for
every dollar of bank currency issued,
free banking upon specie basis may
also be permitted with equal safety and
without delay. With details properly
adjusted banks may be established with
authority to issue and put in circula-
ton gold notes, limiting the amount
only by the ability of the banks to COM
ply with the necessary conditions, and
redeem their issues by the establish
ment of banks on q specie basis. The
resumption Of specie payments is only
anticipated, and familiarity with gold
values will do much TO relieve the sub
ject and mystery with which it is asso-
ciated in the miads of many looking
forward to the day when uniform values
shall again prevail. 1t may be that by
wise legislation now a banking system
can be established truly national in its
character and scope, which will furnish
q sound currency of uniform value in
every State of the Union.