, 1869-12-06
On tho Btstst R1d 8ra tsodered and nae far
ekeE uaioos T. sn11ttEus ground for the i1tef3s5-
eLce Of the law.

On no ssrest aud sza tsodered and use n
ste< ulati1o. i.snn'easns ground 70, the iatersez
Isr1KEsr, TAXES, AND rRoyr.
a nahk taAs 1aa III capital inve.:ed ia toter-<t
btarnR eecurlstse, mon dcpoait af which II Oh
NE 70 be used IN ss bsnkfrF operss,ous ~ mone1
-cao scoru to lend lis moCey ss loser rates u
ntessst skan hsnk taAt tsaues no notes Tor ctea.
tanefs. Tne bsle 11;a cttcal4on de,,se. 70 ~ eo1.
t:on Of IT. pfo1s fr'm the lc erect Oh ia s~cps-
1t,;; I'd 70 !, poruna ffoa - customers.
AIllts pzonr f1o1 IT. custo1er.. rhu deiegaion b.
The sove1nCen' 10 bunting as.oS.xtlons Of the
power 10 ts.ue notes to circulate rs none: 1herr.
loEe has tendency to 10 .er tne raj. III tnter-.t
arc 70 70 fu1n.aa caesp moneJ 70 the haslneN
That tnt1 Is ae:ral1y tie case VII sppear upon
| Investigation. The iLc,fp,ra:eJ b.aI. dS,e:.
hutttess and teFutne c'icuas.oa urdec he
sae i ,se es, sni ! Re-
~ sesnmno,snen s9s @ y ~ oas's-s< eonuu-nJ.
1ne p psisste r. han1tf. deoead ng oooo sne ac:,1e
ulcs hishtr rate Ct t2tet..t 10 ft size lie csEe
TelattEc ploeI kuppostaz. 0; coa1-e, slat tna d.
no:rst g. = e. e. Two ia,tl!u toEt are eqasl a bank
e~r ceLI interest nc0a Which it has receIsr1
| fsp,olo IN ctscuA:ior. can lsnd taa. ktinou At
ptf eent, md .et rtalxe pru1t Of $3.50 op III
c.ni!al Tnr private banker. lend X uls cap,tI
q tltc.heo dfrcly, must charge hi4 cu.tonrrs is
per cent TO Scti!:e tat El1.e pr,a. ~ tn- IranE
me mtfchsnt and the tsaaes1saa kno~ rai., and
exF ct to ray s}0uI tas silaereuc4 for the use OF
notty rneD hclr cccs.sttt,es coupel them 70 re-
! soIt to pr. ate banEels o. hsokrrs -
baun upon ite business paolic, py euasl,re il to
barrow noneJ Rf Ds>ierate rates Of interest," than
= gerefAl realtzet u ad Fitted. II Al the b1aKs
we're deprived OF their eiFcalau u da.tcs tho
Cnu year, bJ ac. of 4onare.s, the rate. n. 4h
Houe5 could re botfo"ed 10 sEn,t secrt,p. Of the
eoutt7. would oe i'rasis ioua!ea rh- a.*um otou
~ the government OF the ~ 20 4er l4Aoe ctr
4ufAtnR botes would ID NJ wt,e lurnHh relief Tue
Col'ta s'a;es can Get ia notes ITO circu.suon
mt at q i's debts Not or,os ii. to do do basf-
!tR oual.cst, however. It cannus lend taen al q
tabk ctp, bit Housd have 10 tay tttn ont to
cone Tito ihe Eabhs Of ca,,.s:sts, xho would
le1d tfen to the people as high saseH Of ttteresr
la1ltR Tue co1ntfJ As u *hp!e, cavern menf AMI
u7eIt On the issue VI il oAn rp;es-or. to ase IN
-Ipres+l0n ID counen use, t1e auunat aayei bJ
lie n1A or its own n'es A. loan without interest
-~tuld not coHrAnsate for the additional tax
utoa the fut1uets OF the country, caused oy the
ad'a IL the rates Of 1u,e1eat which would be
ffEsls 70 1olo" snef1 change u the ctfcalae!oo.
TIC buflnts% Interests u 4ne country. Will average
at'0nt $40 o<a,ft"'; AID lot evefJ aldion Of pr
c.I to tar rate Of instrest, ,&I III not less 1tAn
ts.tT,tN Rouio he IL posed on fke hus1cea3 OF
the cout'ry. An trc1eA&e OF 3 per c~nt to the
,5te ut t'lest.t ~.utl make The tax hot less tasn
ss;oH,uo ~ @ lhts sosM hs The actual noars tAx.
eurcen,. "h!lc It Hou!d be q ! ytsJ teIi-
,ns ,ss ORA. :H,s,s s,sk to ,, the efosisi!;yy Il
.r11Ioatcd 10 uoaeJ Asa genera. thing, National
It3tls setd Ho1es 10 their customers af}4.out the
r. !, g.. re-; 1Lousa' o; cors:e, there aIe esce!
EeAty tsxatcn, a.so, Is tatrslen ou the bus:.
Eett OF 'he c1utiI!: and, like eseEy other item
that eaters into ths exi,en*e Of co-duet.nz uuy
customer, or consumer, Tne t4x upon gas coz.
tat1cs, Tor I. ssascs Is anied to ths uou,hly n.I
o. eSery consumer; and re TAX upon banks IA
p. ts!! tho atnlt.op OF tosnesh.ug 10 the 14te ol
iLtefess. Within certain ilui: the tax Ia ptnper
and L g!t.nase. Escry buEit' IS anouA bar lts
s III 4ssp aod .sg ssts' as
X. made. But in many sections tnr locaI Ia ration
Eto"tog eG' OF the r.,:r, u of TIE var Is asn,
s:,.. WV .sse, a;sa t. .ssor,, C 'as cpsa isia
ftppeFt;on Of The profits OF tho banks,
i1'td rJ iaW 10 The iegh rate Of :stere:t, the
cotfi ut With neaQre d:Si,tehis. Sv:lc t.a143 Ia
tLi- pftsiIcameSt have sct1slIy taken :he r-ses-
sarE Steps 10 cse Up thetr sI4trs, Utsers, pruaa.
to The Eat'tg lo.nt.
i'aLAinK s1Astus hal hean Ia operation for
var, that .snth e:!eu,artcu 1.aseI nroa lrt,, It
Gf State or En,fGt states hosns; assh there was
70 imitation tu tn- iun4her Of s.ca hauSa, or 10
the auLount 0f Calculation Eht5 MIxat issue The
cerosl, ot Cu;tes Sisiss bouts rclatr i q. se1,r
y ttr sht Circulation Ut M ions. .nks Ia no:a,g
ic'; etih'r % ihe"rs or prlctHe. The 'ac' that
gnu. Hnica Echs y a. sod hy The 'uauAs II p,s-
minu. e'ahae.l ;he.1 IL male larger nso1t4 1oau
teFr scrnso ontd 10 he rsnisze.I t.y STAT. hanks
Gun stances, Atd the a,1i:ional ta.t
that The auourt Of circulation taAt c,4.,! he IL
tuesi d Sa:atal EaIls sas l!te.i to S.ht,hs',E3
EOp"r-npetRsed 10 p5ocuce III tulrre a!01 Il the
Pnsd'c ntna that Satls,nht BANKS we're mine. of
Eea.th. seAltzlnR to their stoethoI.t+rs 1asuo1s
u1Fldendt. Soue OF the earlier banks, %ttca soft
their geld ihtercst at FROM l 10 $50 per cs1t pre-
msnn, an'i wn!ct so!d osctwensy bocds for the
8ptnts Of The goreran ent to the amount Of mill
Jlu&. nfOtaAtIF ajtn Ftx1a1A LntI
that Gay has pss-eL
TIE aSeraEe ei,tterds u.sic hy the baako dur
cent upon the,1 capital, after drdoc.ns taxes snt
expenses. Aud ~ The ptcm!nn on cold shall
diminish, and tic Satoaa. u4na,ng u5s.eu ana1l
emp with tbs coEf tons, the aEesa1e proos viii
cnnfotm to ire law which eorerns al t1s.ncss.
IL VIII &c fair lsng pronI and no more.
spCEp CURRENCY.
The cufFercy cuLsti.ufcs q yery Important mart
Of the r1a1clal system Of anT country. WITHOUT
s'ucd cazssccy, heattay nnaacla condition u
currency; conyertbil!sy and eA*tlc.sY and tl,her
Ct the tso insolses the other. The prtseat cur.
rrncy Of the Cntted Stated POSSESSES Dettaes Of
aoT III sa' as i s;ana: nas
aeont As It did this time last yearst3e, ono
Issued hy the Fostnu en-: aud 33Se, ,uo tssued
Into anythtpc more valuable, ana therefore NOT
susceptible OF reduction hy apy ordinary process:
escn sssue. the f1l limit alo ~ed by law, viii
TO power Of expansion. The whole amo1nt must
he employed. whether II Is wanted or Ios aud the
limit cannnt be exceeded, 10 matter how
Iuu u,er mohihs. hen thc1eta reat Ia alUo., ali
branches Of trade, tho whole clsca!al:on Was ln
msfAef EeettrG tnplC5ment; and Gov that au. !
tninI tas come with It's hounteors hi Tes:s, when
The fatusr seeks 10 teaEze ID Eoney the reward |
Of his fAher ard The fnterest Of hts canta for tie
mole 3ear, *hen eo1dseds OF millions mast be |
alsttFhHte'! fhro7Ek01t the ercth ani breadth 0:
the taasl, We eaye The same urra.y.ng aMo1nt OF |
Tnere nre Two kinds Q, currency In use; oae
issned directly hy the government: the other /
l~tued by The hanks. ore Kind would feesn to I've
eEorRh. The test sb0uia he rreserEet a1I rcr- |
fected: the tfhef Withdrawn. |
.App.:pE the fesf frst to the government Issues,
It s noted ns once that 10 provision haA heen
made 1ot inst purpose. The very nO1nt ut tneJ
are nade rrt,tenaale, they wall erase to aus~er
the Purrese Of cur.encs: for, after they are re- |
DEEMED. fheE a1e In TIE Tfea-ury AID csanot |
seen be pax, ou', except uson appropriations |
t:onnl pros>ioo and coase 17nntls canGas ~ ain ne
hut IL circulation, except aa disbursements NAV |
n; Necessary 10 isy eSptrses and 'lea;s 81 me |
eonsersshe. and therefore i rot e:astc, and can
ton 1dies of The e1aanSs aD,;s, II 1,,e tns orSsnT
which t: shnud l.e converted ,1to q ,ug- banking |
Institution celebrated IN receive deposits. maze
loans, e11 oiner~lse Perform the functions Of a /
The notes lseucl ty National BsnSs are nom.- |
nally redremaolc: and, IT the lega sender notes |
Ntie I'LL nE kHF way. #01In n 8rtE illf 20, AMI,
e+ifR ifsuei ny Institutions In sympathy Etsh t
trate, Woald ceuitscs aod expand In ooe,1ierce
10 the law OF supply AID Jeu1An! so that ihey
would also potseBs the clement Of elasticity.
a. 10 the comparative trcrtA Of the .Go k.uts
u currency. m Impartial consideration would |
probably decide in layos OF trsnk tlrcul a:ion.
pilnc'psuE because II would po.se,s the p0 0<er Of
afapfinR iteelf 10 The exikt1ctea Of tTAte. II |
government ntuek cOutt be made 10 p0s%eas the |
same po&ef OF adaptation, tee verdict would te
10 taef iaEof- a cAhdit tuyestIga1!On however,
cauhtt lAu to deyelop the fact tnat lh.re IL 40
!. sue ano care of tuch currency ns the country
fegulreA The Treasury system Il 50 arottrary IN
IL COLLECTIONS and disbursements, 10 little In har-
n neg VIII the buslncss Interests al ihe contuu-
niff. fbAt II frequently hh7orus large amounts OF |
currency At most lro7rortune eeasoos, and dis
bur1e4 them With INST - lit re:arl 70 the xaois
Of Trade II the Treasury were redeem1n9 Its |
1k4ues, large aMcuuts ~uuld be presented Tor taE-
Meqt ben money wns plenty; but. as the return
OF tnls money to The cnauntis Of eraie wo1:d &C. |
PEND oron tie d!$eurseEenu Of the government
tGefe could oe no certainty eh8s !: Eoa.d lad tt1 |
y ~ back again when needed. In fnct the cur.
rent operations Of the Treasury Of the Ln,,ed |
States are r-earted By business ne1 as coastI. |
tuftbR powerful. and. At the sane Tine vers |
unf ft&in element, dn}cult - estimate, but which
thetr business lausacilonA lss hut j1stte, how
tEer. to ssy tnss the inconTenieuccs aud defects |
Inherent IN the present bJsteu have been oby1- |
ated a. far ~ Possible by the present hdTtn.s.ra-
t'on OF the depart meht~ AMI where the, coarl not
re oostated enusti5. tae5 haze been reIacei to
50 lopc, therefore, ~ the collection Of the rev
Fnu-4 1s laole TO Be FtUce1a Of contraction, and
Their disbursement process Of 1ot1s10u, tie
Agencies ii rough Whtca collections aud d!.bur.e- |
s1eoetea fur furnishing sound currency 10 the
ptpp!eL |