, 1870-01-12
MONETARY AND COMMERCIAL,
MONETARY.

MONETARY AND COMMERCIAL.
! MONETARY.
1UEapA1 EVENING. Jap. IL
The Constitutional Convention In session ut
! springfield nave n length got hnld Of TIC in.
poFatt qutston Of correcting Lhn preaent Abusea
| In the management OF tho railroads OF tno STATE;
tue aoutea IN charges for transportation OF freight
no paEsepgelA Which discriminate In favor Of
one section against another; the abuse by the
ofnetrs aEd Directors Of the property Of the
stoeAholden, in managing. The roads 20 thss the
largest Amount Of ready funds may be de1tved
from the revenues OF the rpads to be Kept IN their
hands and u1ed In specuAuoua for their prsvate
beneft, instead OF 20 managing thst the stock
eha pay To III holdeFa with regularity the htIhear
dlv'dends compatible with tho pablie H.
tresf, and. 1nally, the ah1sa Of
the power delegated to these corporations
by the State, which results IN tho railway CON-
panles draining ont Of the State the ready funds,
which, under = Legitimate management Of The
roads. would repaln heb aralable for 1Ie IN
business, ard thus promote the general prosperity
OF tho State. This question OF railroad reform Is
destined to ASSUME greater importance IS dis
cuss,on shall develop ali its bearings The rail-
way companies viii doubtless ind Splenty OF hair.
splitting attorneys Who vii doarkn the iechnt-
calltlea Of The law In ther behalf against reform,
and talk about their "ye3ted rights, by virtue Of
thet chausrf, bat the real question "a, Shalt the
state have power to create pirate corporations
which exercise = controlling incucucs;oyer the
business interesa Of the people Of the State, and
get over hfch corporations tho Ss2.c ttaelf ah21l
have hut little control.
Mary persons 1ttu Lay great etrese upon the 1e-
distribution OF the National Bank circulation, as
means OF furnishing the West With more
nburdart eupply Of currency, aud tie tenor Of
much OF the argument In favor OF such a measure
Ehows thAt those who edyocate IT with that view,
do not cndetstand the subject they dlscuss. The
currency on Its present baais OF uon.Fedempton
will now to Whatever section bag the most need
Of It as Medium OF exchange, regardless OF
who iafued It. No banker eTer looka 1t Nattona
Bank bill to zee whether 1t was iaaued tn Manner
or In Missouri, the only question Ia. "Ia It
geDuina7" There ls Just a. much National
Bank currency IN circulation In the
West now, as the whole $500, 900 IN exist
euce were Asaed BY hanks IN the 6tata OF Illinois.
The only real question Al tssue In tho matter OF
redistribution. u one between oankers, as to which
ehall abeo1a the largest share Of government pat
runBge, and get the most Of the pEons on the llm-
lied amount OF circulation. a legal limit TO the
privilege Of circulation Is wrong in pnncple, be-
cause, It Is right for one TO have that privilege.
1t shou1d be right for every other one who gave
The sarac eecurty for the redemoston Of his no.ea.
u tae nAasa ~ 'ue present oaaA t=9o-s !! 10 uo"
iecafe taas csnno. sateiS oe taaas ffee 10 al,
ttat l. only stronger asgun en-. gains: aIoFtpg
its contlnusnce a. monopoly. The trae
way 10 settle the question Eof "redlssr1ha-
uoa, ~ Meu - euoss =. cou.l4caon OF s1paus,oo,
W. a." y. ~" 1an@a eus4ens! We 1ee" " " n's'
t4uas .us ~. 49, ooao.ss " Huo teuey W 20.
qunus t.,a oanAs ~ usposs. Doaas q. laelt so'u
ta!ue ~ security 10 sRe no1e-noider against ulti'
lass Ilas. saa .nea 70 graooany remove tae means
or nominal redemption Afforded BY the green
faefs On this basis banks Will iRsuc 1nst as may
oiis aa 1neF can make It pro1eso'e 70 Keep In cts-
caaIoh auu ~ mose, sao .nas "oa'a DC me
p.upe' @ n1eaaata ~ LIE @oAo"h' " currency We
~, r,,
49, ss., ~. .'"n' 100 Ios4soueeo ~ .oI-
s.ess ~ ~ ea.'oia's p,n tol nee paaAsog' Walca
rtos'ues 'aeI ueN oaaAs muss ouy ozo oond'' end
se treu Wall 1ue seeleta9} ol tae Ifeaaary
'ul ne" lool 1e1 ceut 49T5eaI ooads 70 90 netu as
eeen1itS 1or ~ PCT cent OF ca1culahsn
lfsaed 1of then1. Iais Wohld be Charging
.ne uen p1ohs ~ per csnt Fef aunnm
~, ~, ,ne pimHsss =, caeaaaoo. tee RUE comu
~ .pr ,ls; us., sas nI|4,asa Aom w aepoA
=, 49, t .s oua. oaaA9. WV tauy uoao
s.sI.ss =. sapu =. eus k'1s' uusut eouio ou"es 'ae
no.oe'sM ~ ~ A.A psl esns pooas' ReoelaDy 10
eAeual ~ tueu LUZ 'ous per ceut oeaes. ihe
new Nauonal banks, ahdes sncn an arrangement, |
~ou1d, Hnere1ofe, be placed at disadvantage al |
compared with tne.pFesent ones. But, aside from |
tn!p 'te 'onf per ccnt oonds Tonld not De so good
atecu1sy 10 tne plll-noiaef AZ INC el3 per ceat
ne*. - 49,, ~, Aass toai psa
,,rtoa ~ ~. ~ rss ~. 'sS 'ao.o
,h.t ~. N ~ ~ ~. 49,, as paoe. " -
.".s w. A~s' Nv pet osns uoaos @e NV "tisn ~
u-ue" ao o0s ELI per cenls. ali' fasWet "oulo
enoeAsof 70 cseate special demand Tor these
rev btEcs o. uaglag. .tneh applicable 10 tne ne
cesEiuss or neE National Banks. THIS
epectal detnaDd' however, would be 80
nuneu comparison 70 tne geaefa
.,. ai ~ ~. 'ue o.ust oouos thst Woua uo' Na's
sae sass, W "'sasase we pi.eeW she pseposea
- eeu. ".lo. ~ .uo soue.at toatAe' aoote "nAt
tnes Honto nA'utally seu 'of as eoMpasea 10
Pe1 cent oona. as security 10 INC o!ll'lodef the
Fer cent bonos Woula lot b9.ao good as the
per cent bondA Without referring to:ang other
objections, It ecens "a thon8t this one would be
fatal to AE. Palmcrs scheme.
There is poN IN the Sn5-TreasurJ IN New York
city .16s OF gold, and ia The banks OF that
city saa.6ds.saot making tots1 Of slio,9z2,19,
LEE conssdefaolV ABOVE .ue average anoont IN
me Eeme keeping during 1857. lbAso far above
tae average OF tne past loaf yeafa. a tate pub
n5hed hy the FiHaHeidf Chr6aick la5tsyesT ahow3
that the average amount held BY the oanks and
soe. Sr--1.3ee- ~ -
s2s; do1lng 1851 IL was s'9l'',@'7' during 1s66n
~as Tas rs asns9a ;cr money cont,one, u,os ,nonro
the banks hnre very little surplus money to meet
auy yncrease Q, apn!,ca:tons. Tne general rrno,t
AZ hoit tanters a1d rnerchan,.t "a tn.r hn.neas is
s.n .taas ~ ~ .'I'',o .H.t ~
dou Molcy sefma 10 ne eazT Simply bccauAe
those who could get It Il they wanted IL DO not
ca, ,ba ornsnact NJ n nront ~ ,nrth,r, tnov c,,,c
eee tue ptofpeee " p1out ~ aaisnns .ncy couss
invest 10 1os 'enpofasf speculation. fnces ol
grain, Is well NJ or stccEs and securities, have
been sustained IN great measure BY the upwari
tendency OF gold which To-day has fallen on, aud
leaves DINER pEicee IN STATE OF uncertainty WHICH
lnaAea pe'pse aaHIHuB ~ oa5. iue pauAa aic
aee9n!aousu1 an " taeta iesu'sl sat.ous4S "no
NC eA.A'so '" so'o.n' ~ AZ o!s1 esa7 Wv booA
maIy soiio"esFa WIZ Aa's aa1 ~ Wueu .as Lucy
ofe entitled 10, and nlso aome others, who have no
regular park facilities ure still bono Wing In the
,n.r :, a,r,t ot ~ nov cant nov y,on,h
"let u ~ ~ Az ~ - ps1 esus W A lnonu' .
., rro ,-oTn.,r, to- r,l.. t,,nrs,, h,,k. ava .ar