, 1870-01-05

rsHH1vn% s@0
MUNEIhh1.

TCksDAy EVENING Jan. J.
II ls unfortunate, as vel, as hei2g errsa:o3s,
tlat 60 lilly OF .yea rroTiCent wrtera on rte
nat!uEAi nnarcla. should h1yc ndopted thr no;ua
Of ceterMlLtng whether the currency Ii re1ua.
dunt CT not, II showing bow much VIC nN1h. to
hare. TEeit cuSc!ustpns IL Tits Respect might be
cC.rect. and st.l 60: be susceptible ol satisfactory
lgool, bccatlse the evidence upon which the:t con-
ciustons are founded Is not lndtspusabe. A lne,ry
OF the amount Of paper money per capita 1ee.led
10 ttansacI Lusucss nay be perfectly correct as
applied TO one Country, nna entirely erroneous
II the same rule Of proportion be applied to auo:h-
eE country. As society bec1mea settled a1d the
orplisuccs for business, slch Al banks All bl3l-
ness nIms, became nrnly established. i6L:rllual
Credit founded on Confidence, takes tic p1.ce Ut
money or Of any general piper c1g-tucy wafca
purroIis to rcptasea: money. The papsr currency
In the shape Of Lanl notes CT TEe1sarj notes Is
pushed further out iI0m the establtaitd centres,
to sections where there is less confidence AID coa-
sequentlF less lndtyld1al credit On tae oat-
sk,ta Of civilization, the conuIen &c In even q
Sound paper currency, Is always so much less than
In nore denscly populated districts that nothing
bnt gold end s!ye. wil1 circulate. BY taxing
one extreme or tile os1eE as the complete pIe1-
tses npOl which 10 theorize, the contra ctlo1ist
and lnnat1oost msy 9een. each IL Their turn, to
have the advantage II the crsuuent, and In this
Way The d3cESsDu OF Eh.tiltE We ha-E TOO .nuch
currency or no: would be endlesa. Tl5re Is but
on lnta!lh!e criterion for the amount OF PAPER
~. .u...Ass H..IH3 ~. tue "p ~ Aa1.' a01
.n. ., - .As 49,. ~ ~ ~. 80
WIN We3't ~ cno,e WIZ sli ussea " f:aeeU II
~ nlE1 eo'eue, u'.S "sns e"ys .n
eus "su 80. uuoe" , .e,oS ~ stss, =.
held aga!nht It as reserve. ID. as this would not
be pIontahle 1t Ia 6uppoaabe only In case OF sOu1e
".'ltats .1=us =. 90 saas y, .ac kos ~
ueutt - Hn'ea Lax iHo'.s " tae N'ts4'@''oA "u4u
" uts'esausu' ''a' - w "aoe ,o'utao " p.i1.
encuiou ~eie issusu ~ nauAa w Nefe uo.lsen
~ eecuie lne uo.e'no'ee aRatust Fo1s'o1HIs VI
iors1 ~ W.: "elosn u sceui's't a"o ~ .' sa.Ae
t"ue 10 !caetu u u" spee'e on prosecution, 1ne
aola Nolllne " pAlei cat!euey "oula olis w
"1aa coolA VI AeI' ~ c'teo'a'lon tnos' ltoutaey
10 Inc oanks lssulhs II VIZ, WIZ tne smaAest
percentage OF go.a reserve tnat "oal0 na'nta!h
coLtleLcsin lis prompt redemption. Tha way,
therefore. TO settle NOS maca cufreacy VIC need
IS 10 1raI psoFldc 10e Us soununess hud pr0mp1
redemption, and 10 permit Its unlimited lssnc on
these terms by tnuse who eeck pfoat In putting
1t III circulation.
The price o! Po'd mas "eaHeeeh again. a9u
6no"S o1tpos'l'on " coniiuue tne uosnWa'a
~Su'eo 1o -. .se.sa ~, ~
1He ottLne u sesle1uhy auo lsohas
crease CT rroposed sales by the Treasure for
Januarr as cnmnared with iih4 nast mon .o
shous t,a1 IN. dacre.,a Or tncrsosc oy 7T,..s,1rv
suo"s tnat tne "ectease VI lueieass " treasury
ta'ea has bat veFE ias2Edcaus ell-ct a 'on Its
nrjce IN the market. The circumstance Witch de-
ferrnines tts crc1,Ec ts the light exno,sat:ou and
cohsf atent aeeuil,u'alion ~ .ue eoanl's. out
New 1ofH uespatcnes 6noW tnat eAooris Ok RoM
from that sott are elIY ut the rae Of ahoat 1eo
,,,+.s so,o.,,,,..t,v,,v t,.t,rtn.n,, n,,ne nost
~. ~ - - cs,,c.t,.. 800 y, go E,t ~
~ 'he Nallls'1u.a 'teasa.e W. W -,e" 1otA ~,
less than f,x millions per tho 7.h, 8ui, lolE AZ
ibc nrrsc,,t ttt,crai exp,rts OF cotton aul other
r1oiucts continue. when will probably oo unt,l
foEc th1t ~ Inc sprung, luz M u'ai tta"sa';s o'
gold must bc down HAr''- II 10 he ho7sd that
i,efu1e ,hat time congress wtI have taEea sone
t's's s' .A1 ~ ~. ,,.,a,
E'teS " 'Le cntlthes 'e"0,us par eo tnat hAen
ttstl, the ro1 CT which IL deprecated carrsac; has
~ c-n., thr ro!t fro;, TIC cpuntry nav ,r. n s,re
t.ct,... ncdrlr,,.
We have received tee fo'lo".nc conina"'caf1na
which coGta:Hs some sensible views on the too
rurtrAc,,y, f,;rce upon tic currency OF so HIGH
A'e ~ A"'~ts'$ ." pa
4" the k'Hov c' 1he tn'ea9" f"'""f: ......
me plan q etedua! iesa!ht.:nn rre,cn'e1 y
IT,, f,ainr.s n 1,s.n q ~ ~. arosn,, ~ ,e ~
our business pora.a1iun as s1.i.factc;y Tarre IL.
however, one itutC.c connected with this ln2or-
1aIt tInjee: 'hat Seems 70 tEoo: hs5ond tne masS
e,,,, iNtH.s3 W ~ ,J,,s
nut IN clIyuiaiou 10 contract GurseScg ill.,: iiica
nve 1c1 contraction bcirg IN tue coastautls uc-
c1.tg interest, Wy ray 81 l9rse lntescst IEeic
n9s WHIT ~ y ,a es, y g.1 1a ~ 'e -, a.
ihc capital vas lot waited. II necc,s!:y re-
la.reo, however, thb per een.s wtui be a.
GoIA:I tHnnsht OH % ta"4 r. c"as Se:oa'li..
~. :. ~ ro,,t fsnm sals. ,;,.tr =, ,nrHrtt
an, y wlih.raRlrE tnenI completely lrom Us. t.-pt
l9lly a., nat tcFity, thiy caa pe lu;!1tl iato
ttr,,,t ;srnn.e n n,,,;.tv gh.r.aS 1T mr. cs1t
,tcv would not be al a.uaative. Tie object
should be to give saefe notes aa. lrasn 'n'eIss1
II. ~ AGer .s,i..Ir tru ,a..,suerv ~, ranI
" ere aEpwed, these noes coa i be EASILY tu.l:J
after two years into tue rsuchdts!gei na:loaal
~ PER cent !ou. ..iIe nont. Iae oano9. as u
,n,,. -, ~ +. ise wnrrrat,.rt IL c, 5r,,.1yars
ac.ne.ye to e,s:sni OF ecouomr ia mis- .:rectlcn
~ {ne PtOqe. Nnat VIC EAi spR [lttlGs ID e-u-