, 1873-11-23
fore In tho particular Of furnishing moro moucy In
proportion 10 tho biHneEa, Tho Ec1lcr,n iH
AN UTTI.E FtffttrH

proportion 10 tho biHneEa, Tho Ecllcn,n III
AN uTrl.E FAttunE.
And It is project which can,nt o undertaken With
ont sorous evils, a,N therefore, in sny ornlon u,l4t
W. 10 be nneratsn Ut II: aatd ihs, ii ~, a,ii-
fa,nc. We hnso before ua, In tlo experience through
wh1eh Germany u iiow pana!ngt evidence upon this
from England, and. to tomc extent, from tho United
Statcs, tloHsa'll million Of aollers Of coin or
H. Y ,, m @ ~ m Indignantly This M esutss
hui Of II aB business fi,mncal operation wns an
;ina.';r"i r. onS sat Is to any there worn M turnl
MI amount Of coit could hnvo been drawn from ihcso
countries and accumulated III Germany.
49,, TIE cokhlQuENot 70 uEllaiANY
has been m tucrcaBc III Tho prices Of iocrty an lk-
" eIisiisiSo specnat!uns, to to followed by thy
eo aud bu.nes e ssi Ssosss
1mnie iii eer,nany, thr fu!l ioteo Ut which wo esot
adcncc, prophecy. THAT 10 tho effcet ofa
auDDEN AND uEsAruEaL 1iol,1.ssE
increase IN tie volume Of paper III Country would not
deal With o procosaesho fact ihat for many yrara tic
Of Now York during tho slilnnor months when Il ia
not used elsewhere. You havo also obacryel thu
81 Properly W which ' aro 'I a aapect of II
hayo acquired or for limo laborcd Under tho de-
each year that condition If things has Iocn soowci
~ o of theae
md lossca BY sneeuators and In some cascs 1nr-
lug ths present ysar, by bankruptcy Wat happens
year under this process, in tho City Of New Yors,
would hnrpcn generally over tho country, II tho
volume Of currency worc proporonuscy Increased for
tho whole country.
Thoae arc tho OWLS, and they arc eyils Of such
magnitude that wo ought not 10 accept policy which
fact, i tlc argument ta1 svo submitted to YOU 10
sound, TINT iii tho cn, for tho purpoacs OF business,
r ~ aSnsg0 ,E 5 Stogss sa 1. sans
sd dSr1sas e than anzs tGs es esn ~' assy ay
tween paper and eol,,. And atlough, With tha Wow
1t scetns 10 unnecessary to consider tho vnrons
P1o9r'ttona for ~ ns.ease ye g somo ef te
call your attention to two Of them.
FIsEE BANNING.
Ono Is what Is known the system Of FREQ bouling,
Tha, Of col,ryc, meaB all lncreaao IN The volume ii
he oss q ho bas 10 e 'is reeoma5e IL % Unitsi
increase Of prices and speculation. Therefore, upon
at simple statement, wo rhoud rcach thu concasfon
tst free banking a 1gs nGt to % m m The
statement witch undoubtedly is true, that tho bl1a Of
National Banks, Issued upon deposit Of United States
OF sha thero could be no doubt. Tho hill.holders
would not suffer. But the Incident OWLS Of which
aase oon srs precisely hs when
aelvca 10 redeemed, whether thore is Roo hhznrd
upon That point. Tho effect upon tho business Of the
country is precisely tho same IN ono casa aa in the
other.
Dut an additional issue Of Naonal Bank notes i'm
piles necessity for additional Issue Of United
States notea. You may llavc observed the difficulty
with which tho banks have matntainod what ia
Is made for tic abolition or ' aenament eat
Of tho law requiring them 70 maintain rcsorvo Thas
is tho difficulty Of accommodating FROM tho volume Of
amount III the sovoral banking institutions Of the
country to moet tho aggregate required By law Now,
you nereaas re tne vonao o. Naopal M m nank n0a ne
now is, and you will Immediately bo called upon 10
meet pressing demand for m additional issue Of
NIT to you in this connection Il the country should
reach tho conclusion that It would DO wise to Increase
The yos Of circulation You'd then b propar
ss sssss Of f't ''sfssssas saas8 tas sae Ra1s'
remark, thu. tho Nstional bsnk note circulation is
expensive 10 tho country than the circulation
TIC o s pey a % uoo
cent by authorizing banks to issue notcs il met mot
that banks individually, aud tho banking systcm
wholc furnish 10 tho business OF tho country an
commodation and means Of doing business to such
o1tent that tho revenues Of the country ind-
roctly oher~1ae Increased to tho extent Of tho appa
rent loss incurred by allowing the banks to fir-
usA tuo clfcAAl0u. 4nefelole, tAe1o Do no neces-
slty 1or increasing tho nnmeer Of banks in
the country, ano YOU 1nu that thoro
IL necessity 11r increasing tho circulation
o. me Country WY % more economical 70 increano
oy arect issne from the treasury nut the evils
70 business W uiIcct increase rom tho Tseasury
Wou eo prec1sey the aano as th0 Owls Ao#an9 from
An incrcaao through tho National Dnnka.
A CONVERTIBLE CURRENCY.
~, Anohsr prop1si!o wleh aa been submitted to
the ana Il supported py names aud esrcngth
saenoo 20 a eonsns11n s 9.a tne pan 70 snow any
resson Wno nuau o9!tso n.aes notss 70 nfcsent
saa M ~ no ~ sus uco sta'es, ot ~ tno
niAce ol n Asslslaht treasurer, Aao 9ece1Ve Tor
sne!u punas @ usa.tnR MsIess ~ ~ q per cent
nsE annnn. "ath !ns aat!oA gslsi'g9 that "heneyer
!ne aolaer o. suGn M 3ohaa May oeo tne noisa aeoin
~ May psessat W snu tScesu tIe notes H1ta
tne asSuAuta.ea M iM1escss nuoea, aaa 10 tnonCnt
.na tna ssstem VII tUIn1bh Mnat Y calico ~ elastic
sur1eneyi nut peR you 70 neaE Wn9 ~ "hsIa lay
ooloIe you ~ ao!a thn pTocesass OF tnb operation,
aaa laen aH2 you 70 coasloos "netaor II saie CHG
OF ,it1s nos oun,,,t,.' =, H.. o. -, ,, v.., >,
fMs Gap.iast' say o. D. 1ne uiy OF NOW YORK, de-
pgats pn WI t.o nsss.ant ! aIeaauIel M VI tMae cy
mit1on oi ontea nta'ea notea III tno month or July:
Me focoVes aor taose hotes pona nearing interest at
tne Ialo ot ~ P9e cent. Mhen sno tfansaes1on -
80 Iar accoM Wha. i6 INC condion o. tnnRs
fst tne volume q the hanea Of inc people
~ ~ u!naulsneu u Ao e1eHt oi nnuton o. doRra.
1T inaeoaess ~ u tAe untea a15es M bearing inter-
es. ~ 9 ~ @ tns extent 81 eoppoao
no ue wotu aay quay tae tTansecon y 20 STOP there
-tpHL Ing GoPeIH1neut lB 10 A0d taat 1ou dollars or