, 1872-12-04

wealth as the United States. The greater area
over which the population and business Of the
United States are- extended requires somewhat
greater ratio Of circulating money to wealth
than in Great Britian, and without our system
of banks and clearinghouse would re-
quire more than the business of France. But,
as compared with France, the economizing effect
OF our banks and clearinghouse system moro
than ofsetta the greater ares OF the country, and
we really have legitimate use for . smaller pro-
portion of circulating money to- wealth than
France,
There can. Of course, be no uniform standard
ofcircnlating money to population. The amount
Of circulating money per capita which 9 nation
should have must OF course be governed by the
amount Of the wealth, or capital, they own, cir
culatiug money being only the form which a Ger
tain proportion of the wealth must take for the
convenience of trade.
TEE coNpTBo11ER's REpoRr
Is, On The whole, the ablest document that has
been issued from that branch Of the Treasury
Department. The statistics are very full and ir-
telhgently compiled, SO rs to give q clear con-
ce:>tion Of the subjects Of " hlch they treat and
the recommendations for the better manage
ment Of the banks are in the main excellent.
The statistics and suggestions Of the report
will afford matterfor much thought and Discus
sion. but will undoubtedly be the means Of
bsnefting the banking system, both of Nation
al Ind savings banks.
THE AuTocRAT OF THE TREASURY.
In his report, published this morning, Mr..
Boutwell, advocates a doctrine which no other
public officer has Of late years dared to advocate
publicly, viz: the Capitalization Of power. In
this instance, he claims the sole right to regu-
bankers and merchants generally should bs dis
trusted. Ar. Boutwell, propoBes to do the think
ing for the whole commercial public; to say
when the crops shall be moved; when and how
the currency shall be increased, and when di-
ninished; how much profit ehall be made in
mr. fraHa a},rrt IN & y71Y,t
whole machine" The logical result of carrying
ont his theory of Government regulation Of
finance and trade would be despotism.
A[r. Boutwell, believes in that system of pater-
nal government. which in France, after steadily
progressing from tGo time Of Louis XIV,
illuminated IN the polce-eapionage system Of
Iouis Napoleon, and the natural reaction from
which Was the Commune. The progress Of this
protective paternal spirits elaborately described
by gqck3s ~ in his ass,o,y 9f Ctrl!tzaion: = 3a
common centre: Everything that is done must
De done ct headquarters. The Government is
believed to see everything, know everything,
and provide everything. The whole business Of
10 man either knows his own interest, or
is fit to take care Of himself. With this
view the people, even. in their ordinary
amuEements. are watched and carefully
superintended. In their fairs, at their theatres at
their concerts, there are always soldiers present
tosee that no mischief is done. Even the educa-
tion of children is brought under the control Of
the State. As the French, while men, are never
let aone so while children they are never left
alone. In short. without multiplying instances,
It is enough to say that in France, as in every
other country where the protective principle is
nctive, the Government has established q
monopoly of the worst kind. The consequence
of all this has been that the French, though a
great and splendid people; people full Of met
1.e and abounding IN knowledge, have always
been found unfit to exercise political power"
Ire foregoing views Of Buckle, as to the dwarf
ing effect on the public mind of the paterna1
protective theory of government have been sus-
tained by the events Of the last few years in
France. The spirit OF protection, of Govern
n1ent super1 i3ion, and surveillance, once set to
work. never can be stopped short Of despotism
and the consequent necessity Of revolution.
This is the Characteristic tendency of all Mr.
Boutwels ideas Of managing Government and
finances.
ELEVATORS AND INSURANCE.
An cid and Wel1-knoMn insurance man sends
uE tie following, touching the Ftn1ora1 hazard F."
in the insurance Of grain elevators in the present
lemoralized condition OF the warehouse system:
80 tie Editor Of The Chicago Tribune:
In Instructions to agents, all careful and sa-
gacious underwriters always insist on the I'M
Eortance Of the moral hazar1s involved, in writ
iES policies of insurance. The agent is to know
ing, worthy to be trusted With the interests Of
the company represented, and the safety per-
haps of an entire community. # the applicant
is unkuown,-n he is 4 migratory merchant, or
in bad credit, or CT dissolute habits or associa-
tions-he is to be avoided. The company can
IouEh;p. And not only is hs to be Summed, but
the agent is to avoid the neighborhood as well.
I: will not do to insure him, or
ANY interest exposed by his contiguity. The
locality becomes suspected and tabooel, ana
hor1st and civil people are thus made to F!zffer
by causes Oyer which they have very Lille or no
control at all.
But the principal controlling in this case il
essential to al legitimate underwriting: end
sion cot only, but for the preservation Of COM
merclal integrity as well. # Togues may avail
themselves OF public institutions in this TaY,
the institutions are but pests which the body
polite had better be lid Of by the shortest cut.
ment to this city, and the honest men doing
business here. Chicago has the largest eleva-
tors. and handles more grain than any other city
of the entire world: Operations Of such stu
pendous magnitude should be divested
good Pf all Of tan tns city sasR' 'oF aes
of human nature. To admit that dishonesty
and crime can be- tolerated, or winked at, on
scale so vast, is to endanger the entire founda-
tions Of commerce and social life, and to 1nt1o-
question in which the undcr.acriter and his hon
est graln-dealing patron, has the highest posi-
BILE interest. It is, in fact, o question Of con-
:tinued existence, with the latter. He ia often
extended far beyond his individual means, and
if he cannot get insurance on his vast ventures,
his credit is gone, and he must quit the bust
ness.
But if gamblers and cheats-desperate men
who do not hesitate to panel their grain bins
for purposes Of deception, nor to issue grain re-
reipts representing no grain as long as they
can sell them;-are copartners in these common
denoeits of the cereal wealth Of the cot1utry
what are the underwriters to do, when
asked to Issue policies thereon
while cautioning their agents to avoid Chatham
or Wells streets, as the resorts Of petty larceny
yascals. Shall they disregard Ill warning ladica~