Vicksburg weekly herald. (Vicksburg, Miss.) 1868-1883, 1870-01-01

Aluhg ~ they may need. The pack
ers are carried on by the banks
now but will be forced to sell at
last to meet demands.
Regarding finances we extract
from the u. ). Economist:
A to specie resumption II says:
The present greenback circula-
ton offers q practical basis for a
sound currency. The people do not
wish the greenbacks to be changed.
All that is necessary il to render
them convertibe into gold az the
option Of the holders. Let the gov
eminent furnish these notes to any
amount 10 any banks, new or old.
that furnishes the proper security
for their redemption in coin. In
other words, extend the principle of
the old banking system Of;his State
to tic National banks throughout
The country. Then make the banks
maintain rcdecming agencies in the
leading commercial centres, and we
shall have the best and ,oundest
currency IN the world
! The comptroller OF the currency,
says:
Resumption is only possible
through the agency Of national
banks and upon the adoption of a
policy which will gradually but
surely lead 10 a resumption Of spe-
Gle payments, by the increase Of
bank notes ana ABSORPTION Of the
legal tenders. As q lawful money
became scarce, its value would be
enhanced, and would gradually ap.
proximate 10 par with gold. Thus
specie payments may be reached
through the agency Of the national
banks, and by the operation ofnat.
ural causes.
Says the Y. Y. Herald
"If a depression Of twenty.One
per cent. in 1865 shook business
senslbly-and q year OF failures
like 1866 has not occurred since the
great 1857 crisis-it 10 apparent
enough that a depression of thirty
per cent. this month will occasion
a larger number Of suspensions
than 10 compatible with the COM
mercial interests Of the country.
On the other hand, there Is no
excess of goods in the market, as
there was In 1866, 1867 and 1868,
and hence the declension Of gold
need not afIect values either 80 sud.
denly or so rapidly. Inevitably
the fall in prices viii be fully equal
to the fall in gold but there are no
causes at work, II commercial men
keep cool, to cause II TO exceed the
fall in gold, and business men may,
with prudent management, succeed
in navigating the financial rapids
obviously so near at hand without
serious damage"
Speaking Of Boutwell's policy,
the Chicago Tribune wants to know
why, in the face Of his recommen-
dalton that taxes shall not be re-
diced Tor another year, he persists
In boarding up, as so mueh capital
Withdrawn from productive enl-
ployment and wing stone dead, be-
tween eighty aud ninety millions
vi gold coin. by his own show
ing says that journal, ,"hR can LEI
go every dollar OF gold now in the
treasury, and at the end of a year
have SjS,000,000 Of accumulated
surplus, and still have S44,0O0,O0C
OF other surplus revenue TO apply
In further reduction Of the debt
The NATIONAL CuRRENcY.-ThC
following statistics about the cur
rency, which we have compiled
will be Of interest:
The amount OF greenbacss in cir
culatiOn now is set down at $500
$4,000.
The amount OF National Bank
notes now in circulation is $500,
7T7,543.
The total value OF currency al
present is therefore about 5000,
100000.
In 1860 there were In circulation
of bank notes, SO, OOj, T61, with
reserve in specie OF SS1 ,6Ii,j0I
equal to 81 per cent.
or the amount Of greenbaks in
circulation on the lst inst. about
SSI,O00,000 are held by the Nation
al banks, aud about $l0,0OO,0O0 o.
their own currency are held by
them, and the treasury held abOuI
$T,O0O,O00, so that in all about $lOl
100000 wa hot in circulation o
the total volume OF currency.
This leaves in actual circulation
only about $3.50, 100000.
Against this the treasury an'
the national banks hold about Sill
1900 IN gold and gold certificate
or more than % per cent enougl
10 resume specie payment Amer