, 1870-01-21

Lean or othefwiAet TO mako tta p0teS fEau ps!r~t |
shocEs 1nag be devised. sas obligation On IT,
goye1Ement 10 pfetn-he NaudsEs Into speoala
non - 70 ~nattns qusnny of ~ ose1;asne, LIZ ~
ooodlioD Of tho countr, tndnstrieS aqd Il, ANN
sri re,A1,ons 10 0thet conn1iea" He 1875 u
oowp. indeed. that me aeMy ot 81 sae coua s.t ors @
1be subject. The fs1lscy oi tn,s Il 20 Transparent
:hat I. " wonderful no" egen t ~ uaeoasas9o 20
AVOID shocks in fetarrtug to specie p2Jmeots Msy
ba to let improved credit aud tncteated ae@aao
Ior currency ana osnef , aato9si mnaSqons IT, she
Unitt safes, bent on making ~ ptomi7ez ~
eood 90 gold. tecd rot Wais for thss fetalk
hgss S9otte T. oaa en e. prous, % sucens
10 secu1e the conve1t1h'ilt, OF tho no -
Opis q paIt uonld need 70 b called tn. All set.
meal To paJ. Tia total issue u Ess,oeo 900. Ind
ve7J a1go put Of ths q. 2, Probably tns eseassr
NUT aasea iot .ne noe fqaon e az o.
ter Is HI. Boutweu:a Theory - 70 tha Goaditioas
neeessary TO resuu ptlon tn the way no tnd!ossea
thts-thtt aQid vii pe at premium snd reaunp- |
tt IL possthle, 80 long as Ameftcan iaporrs e1-
ceed TIE exports otaer than specie, noo A0etlea
cauetpa demand TOR colr 10 bt sent Ar1paa- Thu
latter result il 10 bo preveltad y lmpfoseo ctedS
causln1 American tecotftsea 70 % moTr takeu uP
co7efJ oi nattre 1ntus1tlea sao - aeonN9uhns
socnnulat1on Of the movable products q indos.
1y 10 such ~ e1tent tnss ouf ennnss =. 80
puzt1" It u the last proposition wlEa vs. Nlsa
10 speak of, though the shsurdltJ Of taGsttnx 70
Ecn on re pos.ln1J o. Ameeaa ,e onnrs si, en3
rent Gets 10 much the other way, = tety n2arans
WHAT "a apparent 10 this talk Of exports and 10
%g{ me u fhe aeon q tie
snce OF trade" ard dre4ds the e1ceaa Of lmpata
tor The drain Of gold It produces THO G@pae5
tonWplp9 in an American. II re hsd been askeo
10 ZANE countrr, tn which By 1ts cfrcnms anea
the I" bAl4Hte-oI-tr1de 1huacy could nos eA4A.s
In runu1es which DO not produce Eotd taese msI
be suo1iety to the conuon Eand IN ne aottou
sss ns Msa bs no
that gid Is produc: OF the oaaonal Industry. lass
20 aIl.c1e a. any cher TO par Tor foreign Imports
Bns MT. BoutEEl, u an American Who does no.
~ sv2ysd 3 saf ad &
~dy tha hs!ance Of rzsde theory should Do 20 -.
suId IL IN Auencan A country WITH may
seue1.p,,ou, -isn ssst qaanttt4es Of yEstn
u cot on, AmeIlca Ia necessarily attractive 70
cap.tsl 3: veil a. 10 labor. u Is people sre 70
mubS be Borrowers ohroad. Iu other words, .
corsont excesa of imports into America ought to
b tne porms eondisoa q thlg1 Brs " Bout
that thus would argue a real fatnx on 10 the rs
1fpfle6r II ,Ft' ze,hailts s601t 1p5l1S-iaTan9
a4e q s9sns 'De ca e.
| Boutuel-without aao s!pg ho1. oJ the way
because the t5e'sh,a We earn IN help PAT fo.
OF his tna9lcat1on that he reasors It ont IN detail.
4 thopEsn1 barrels Of nout. 81 NeR YORK, costing
ncs s[ + snsa oosla o
rand dollsTs' wcfta of goods Is she iattes port;
thoassad doa4s 1oad oay nay s4 tnousaad eus
he''4 he ssys "saov. tic importance oi E
] the oesan:-' AZ tnis u asayely pus fofta ID "A
Al er1can srate paper. But so1eiy syen AZ Amer
q Sooss e51R5s s 4
F'orr is tufelY a good ming . bny WITH y
capital m ea.ning inc freight could bs thoxn to
| be ote prrnsaala tnan tbs investment IL internal
ne acT ass sna sseana
| tcan tpdnsfrJ from otnel calln3s ehich may be
reduce the e1porla The substitution OF appeas-
auce for reahty IN the observation at economical
eSSa %a eSs nHs o Ress q s e Il s vea
b. Possible pott'eai' lmpottsaee OF Slipping Q
l
from AEe11csu politicians SONS real couatdesa-
| ton Of the quearlo7 whether = commercial rnvy
cas- q reMsltse!s % o,uEde.ing i Tie PROPOSAL 70
pEohi ;: banks from pasirR interest on dspoAts,
and In It the1r loans upon securities to an amount
and people u husirert, es!a Mr. Boutwell,, CANNOT
get noIey. The money ts deposited in banks.
aEd 1t fo*s from all parta Of thv country to the
| isr2e!J lent On cal 10 specu!ators, who pledge
government bonds as col ateral security. THIS
" pefnic1ons " practice Of mone5ed people and
Csuld anri3sua h tno1e absurdf ! what strikes
as nrst Il the ah'olu,e l@practcabillty Of tne
got pey ond tne bo!lon that q Law can % anything
- cardinal error IN rolss,c II economy which s.
sKns vs!J na1rnE UNITS a 70 !egslaase in,gsisE'
tnat way, the nstozai process By which ban - con
fposn 6riosenaad lore tast a. !p saca rrgu.oss ike *
usury iasH prohibiting more Khan certain rate Of
interest. wou,o iriail,ols be defeated. 1nss:t1'
co's 10 eyade The Law on 8reas scale, tho .ah
they Would ceratly try to CO bat EheI inability
p.pes er rs9
Of The Teasona 1t Is tsltncur to lmaR,ne what Mr.
| tralvIdpels H. Mopess, (which might otherwise
be osred for regular mercsnl aon other oa slnasa
Il nanss upon IL ldta thas s5e @ Security nj oos
better, alMens can be aecured a. moment I
/ notice" Bpt why should nor people ptea8e t0enn-
seives7 Surely. Nhatever opinion outsiders may
general welfare, It is no suall si1pi1s to industry
inst this particular mode Of employing their sAv-
| irpe, which theF Ike, eh1l1 be open to them II
| tho community loses In one Way It xAtus In an
ofher. or con1ae, It 10 more than question: aie
| whether II trdly1dun]8 prefer banks To mercantile
/ undertakings, they haTs not good reason fer their
choice; but whether this Is 80, and 1t would he q
| pure evil to force money into a b1A1ueB1 which
ope aybd It IL certain that legislative tnitEtc-
t!on on ihe Legitimate enplo,mert Of money, eren
The propose d prohibit ION 10 lend money On secur.
IT ii especially absusd. It simplF means tnat the
! ran VINO has property IL to be prevented from
| geturg advances OF noEeY that tnu uau Rno
! haa no prapettJ may obtain them. l. grosssr
! and worse perSefslo1 Of 1ha na1ur8l rule tn Iced.
lrg Il would be lnpossfoae 10 conceive. ThGre are
aeundent istakes efsides, sacn a. the suggestion
TO psoslo,t certified checks." which a1e IS great
facility to buslnese, especially IN country like
America wfete credit Il less developed than 1t Il
| here. But thnae We hare mentioned are sufficient
for our purpose. Ahy success n finance, due u
| looked for IN admln1ttratcrn VINO ooeHan such
| ideaA Their lgnofance OF the Implements the,
| haL die. Aod tho sbbfect-fEa' ter on which rue1
| NoEx could basuly be exceeded. Moderate 8Qc
| cefA IL possible because the opportunity Is &c
great that 1s difficult to spoil 1t Altogether. TIE
! reop under tsxn1ep, right pull through TIT
! uu pnsni1y o1mtst MY 11Aoctal administration
r.tlch Is otlr deterntned 70 % honest. But great
! ef sktl1. We feBf Hil be Etcfk6ary to ootatu fol
Nr. Boutwell, ats the aaccess which he anticipates,
Especially any SUCCESS dependent upon torelzl
| credit abroau.
The SoveretELs Of Europe.
| The "Go ha AsnaL sc'' for the rear 1870, be,ns
the 10Th year Of It's existence 18 bulky 1lste vol