, 1869-12-07

are TO p> :. lsccarding to tne terms Ct b7nda
,s<ue. -:slr' .xnJ deduction or abaseneut wnst-
ine Il stor ne cerousuou Il sas loan, r.
conme4d thAt D. literal commission %
slloEea 70 suhsc1tbsls and TINT tan.e WIG
boLdA IN which their subscriptions respectively
anan be made. further recommend, u eoanec-
@ III ta Re 'o*n taa, esn e1eon
pe required 70 suoautute bonds tina. may be tssaed
under the proposed ioao tor thosc no7 deposited
saeaid aay 6snt oe CIV. x.lltaz 70 accent tee nsw
condition. provision should be made fof the sur
render Of 1T charter, and authority g1seu for the
fsSs o' new banks 70 'nPes sae
An essential condition 10 The succtss OF she pro-
sso u r. sss II 4aS q
present holders OF nse1EentI bonds can be in-
tuced to trrretdef them xod 1eoetve bond upon
ces1ainiy iulolshed ~ lhe masnisude ot Tho ~
soEA EcEeuue that these bo1dl arg soon to be
redeemed VI must be prepared 70 o1er them
e. elssl & e4s:'las Il s % esssa' P: a9e
i; sss ,nasSt ns1aa g. 1s Sss' or osts 5sSsse
tte revenues can be reduced materially, and yet
SUFFICIENT aotns be raised to meet tho o.linar1 ex-
1t .ns to p,y sse On
a.e0o, 900 Of the priCcipa annually. Should oar
6utce<s IN uegolatlnE the loan Be eqr2l TO ny ex-
na,ea .Ss iaet m: ts 81 =,
TO pay tee public debt zfe sufficient to Justify a. IN
sk1unlpE th1t the bends Of the Unlked States will
con1mand the hisheat rates in tho ma.ke.s Of tho
world. we shat! then b IN : coalition TO enter
Cpon the wctk OF reducing taxation at the CON-
Eencement Of the next sesston Of Congress.
o. ;s r. 9t 1a9 s "a 81 qs
te1est notes. convertible into per cent certlncstes
WIS 7i,tot.s2o. On the Goth Of June, 1soa, tho
,saueon q = IL a d
ue4a. On the 1t OF December, 1863, the amount
outstanding vas still further reduced to $4a,;1e-
Eoa,as M e ot IS ss IL "a. tbs per cent 1t csssis.es
a5e \ anbautuie. to coosdersote extaus, for
United S1atea bonds. betug largely held By the
recuJ, though not % thelr tnu nominal yalue they
kNen The volume ot the currency. recommend
Inst prostnon te made for she redemption Of the
PER cent ceruncates within q reasonable tiue,
| ana ~ 4 conpenssitug measure for the reduction
| IN aMouDs OF the cnsfe1cy which 1o1ld thus b.
caused. that authority be given 70 grant caarsera
il less than the Ahare u which ihey would .
entitled to an anonns not e1ceed!ug rs e00, ,o0o
| to the aggregate. TIE redemption Of Per cent
| certificates and the sddIitoa 70 oank1nR caplta1
/ might be 10 arranged as rot TO produce sef1ou'
dittnstAree ID The dranees Or bus1neaa Of toe
county, Wills additional banking capital would
be supplied 70 the seetiona noE 10 nsea o. o. H. ana
Tntre a1e tFo evils IN The present banking syf;
TEN which require remedy By prompt and efficient
| OF banks OF allowing interest on deposits. Ths
eject Of The practice Is that moaeIs IN hauds O.
1notvtduas, which otherwise might be loaned fo
regular meiczntEe acd o1 her business purposes
sxe diverted Into the custody Of banks, npou tbs
IDEA inst i thc security Is not better paymen: ca,
ob18tn 1t momept3 no:tce, Country bac1 sat
haSfng 7eeei5ed money on deposit for which the,
pay inteIesr, are anxious 70 trautter such fund
10 other banks from which they Will rcceiEe a
u' q t. ee,; re y sqn y TIE
| their iutds where they can be at all tin'ca CON
Ioanced. Thus lunueneed, large suus are places
y W. W. os sa5s' vcs Il f. 81 s @ oe5
The Ordinary couIse ot trade the currency OF tn
sss tn as se5dsney &c e sfds. as
But The Vi dces not end With Tie ,upoyedshmel
Of the country, a. the banks In the cities may ;
tep npsa ar aens e %.fe
!sR:s.sPsS sasa es S. ass
assns ss1enm.st ss 1an, eoas .as' az fe%s ass,
ceasa.ions @ pis5eed ~ colIs:el1 zeonri,5. 1e
| chan.e, generally, viii not bonow none5 In lsra
u. That moneys thus accumulated IN CITY bank
arc loaned to persons engaged IN speculative M
suits. The extent ot this esll !. seen y the a
foee1 tas oe sHa esrs npea e sea ~
paper, and fes 06o 0ea upon demand, win plcdt
: q colateTals; aad IN 0etooeI: 1sss. tss 9eo. .
!, were npcu commercial papeIs anQ uood upf
| demand. In the former Jeas, Il Per cent, ami
the latter year, 81 per cent Of the loans made
tnc New ToYk banks, were upon demand. 4 ~
+ tntr refult Is seen In the fact that part
. p4rer ior legitimate commercial puEroak
paI from to ftr eent additional interest ?
snnum aa compared WITH PERSONS who oo'To
; money for speculative rcfrod.A ], Therefore, !
| spectfuIiJ recommend taat l.W BE- passed pt
/ niot,tng, absolutely, the payment pf interest,"
! fbe banks upon dtpoatts, tnd limiting. aaso, III
. trS3 a q n1nH Nn}IH1fYHt3 fO &U0u0E UOk &XC&e
iDR 10 per cent Of their capital am eat,sde
] xlso, thar The practice Of ceftdJip2 checks. es
| when funds ara In the bank. to the credit Of +
It ought to be entirely prohibited. The follow
( | statement EXHIBITS fhe receipts anil e1pendltut
: 3or the nsral rear ending June 80. sf39: