, 1870-11-23

- 7er srs-.1snrnt has ou--frrrfA OF The
an:'ari # IT. c.sca;aaon IN natd money, with
ph:ri IN t<r.n the EoKk OF rcdetnpuon.7
II not tzs.e that The government hss
est -:,u1:h Of the amount Of its circulation
il. lla.'i money. with which to begin the
work Of redemption. On the lst of No.
verzl.er it owned sea, 464, ,573 of coin, and
c,rd for interest then due on bends,
something over 53'. moi, 900, leaving in the
I,oss---ion OF the government less than
Ss5.'sAt MH, With which to commence the
redemption Of St40,000,0 coo of notes.
T!.o government is, therefore, but half 81
well r,suared tu resume Rs the TINES al-
'cce@. Nor is it true that, to p1ace the
l,arSs on a specie basis there should be
.,e-:l:i-J of their circulation held in coin.
Tn. S..a York State banks, on which the
S.,n,.:.. links are modelled, held less, on
IL rs. .vc-. than 90 per cent The Ohio
nn,9 II ;'sna hanks rarely averaged so much
cooper e;ns- Banks, whose notes nre SO
s:..:,'y secured 1,y pledges OF Federal
i.,:.ss Is are the Nationals, do not require
".': apr cent of coin as a working re-
..,r ..arir securities and collntera1s
=. sr ,...su AA'sniantly able to project
H.. -. '!a,i.n- Sixty 10 seventy millions
:: ..r: !; an su,p!e fnnd for the National
Is:.:.~ commence resumption With, If
=. :; as wrre ont Of the way.
h., H.. eass is wholly different with the
.,.+e:r,:-c1,t When ii notifies the public
Il A :: j. ...4ly to 7cslre:, its notes, it mast
! ,t:rt j t. redeem tue entire issue Of
80 i'"*.*sst-inclnliug fraetionals~ It
So! .,:.s or co1latera's to fall back on,
l.: ,=.-.. :; r::a> eb"rt Of coin, whereas the
i.,at-: ~. ,::::s4'l.M0, ,bV0 Of ',-.c and 1910
s..vr:n..,~.t bonds 10 sell, and au the Sc
cu-i:':- "t their customers, amounting to
<, r..-e' tun''red millions more. If the
AK e..t.l.ncuced resumption on 90 per
cert tf coin. they would lie thus situated to
E,aet nm:
!! -s'o'a" pa:s!c for potea. ON, ,oo0
H",s.1ia:a ,!+s: .'.:. .eoaoso, md worth eoee'o'
u rl,: III '1tn. S00, 0,o00oes
. a;v'4' AMI rn:rus nos Invested In
f"ii'i- .'...--..-.-.-- HAs"AttoV
Tat:: rs. -.-.-...xs6o, ,oto COS
Att..r redremine every note there would
:.ms;n S:G,,. ,.tsx'.,as0. There would also
:,r.si,, 77,.t.,:.'sel the notes and collateral.
IF t.. II rut'emers to whom they loaned
III. -:~"'.ssp.' 200 # bank notes. Dy merely
ca1:n. i, theae 1c..as the hanks would be
s.s,,. :n r'~1"eul rrcrr nnte of their Own
I'll, la, flag without molestsng their coin rc-
SERVES. shcir t'onds. their surplus, or thnt
1,a.t II :hts: capital not invested in bonds
II. s.,,u rp II: whole matter. Tho banks
v.n.Ll h.re Ss.;n. mo-. 0on of means at their
c,,s:.r,a.l with which 10 redeem S3a0, 010,-
oss,t nnits. Thus public confidence in
their solysnry would be assured aud sa-
care: beyond all question, aud, conse-
s;1,c.:iv, there would be no run On them
, f"Y rs,in.
I.c, MS nrxt czanaiue the cash and availa-
~. ,rean% ii the poEsession of the Federal
Grca<ur, for the redemption Of lis out
standing notes
First: ..
1a.;nc., @s5S, 900 ooo
Thr'-.. s.'r CENTS 400 600
tT1r';''ta:f. .'........-.--*..--.--.. $oSpo'.Vea
....a' 1crnaad nntes. Oon.0 ~
9"ar' m n~-h t'oul'....-.--'-'------* eaossN
Fan''s NJ ~'a'"s s.-....--.--.------....-- Sone-
t,r..,- o! a''ser soveEnIneuts--:-:-- None.
.-.-...s >renr!urs Of inalr1dna1a.-- None
Oth"r v-.is means. Enne
q.
- 49, ~
~; !; .tssa.ooa;oe,
! W.,s.. u syetk after the government no
t;i..d :ue public Of its readiness to relecm
A. .:-t dollar in the Treasury wonsd b.
,. .,a rasnans;on vou1d. ueces
s,.:.v ,,A,,,,. nn,e.s nuthority were given I,
.,s T-.~.nrar IL, ,,fscr in the market No,
i,,,5. .i,}, th.. nracee5s of which to II
.i,,, :, ,.,4f,.},a,t. and This would mere,
H., .,,.1 farm of funding them. Their
..; .,,o4 ~. r,ovar,,,o,t 10,
: x',..s -, 80 -,,,s, ,r;,h N. 10 or a, bond
=. ,r- - c.,ncrass "a directs. In. tba
.sao..;r, :, r,;,
7r' ,.,,s.,a,,.1 .,r,,r ~ ,ha TIM. ;
.nJ assr,,,,e tba, tba reu1
Sc 1,nt CONSISTING, r,
,s.. - .hn 1ns;rns1 r,n1,,3r n
N"t''''' ~ r.~ .n~..;n -.ta ~ :,
=. .arsae-ae rono of thoea at.1
''' :. :. o-o,,- a,,;+
''.''- " - s,osa--a 1.w and on5t
so A 'a. - .1a snhS;s+a m tont. ,ev;e
A-',''' w.. - 1,;.s ,o.;o,a1 no1;,
,t.o ''''s..' 60, -. ,,o,,r+ s,;arbad and n,
-. 49,. .,rsa T. on1v incn,
80, - n.- ,na ~ ,saca II co
80. ~. o-.5t,,, ,,,.-,,,e er
~, .,..,,ts and ,ta avn snnport.
r-4,o,, t>art;nc and cu
.~..., ,nre:mu. ,ne ncnr and proper thin
for H.. government to do would be to fun
~ ,... ,n1;,u r,ta. 3,+o IN IN 1a,a l.
~, n,,,.;. - N "a.
;,..x,, .s'..o.;,c,1 t,,e re,n;s;,, soe,r;'