, 1873-03-13

1
shown, by tho bank reports published yesterday.
to 10 materially improved. The deposits Of tho
banks upon which their power to lend money
principally depends, have Increased 83,0 ,849
since tho 9th Of Dccembor; and, accord
| ing}y, we find that their loana havo Increased
s1,360,000. All this has been brought about
without the addition OF dollar to tile volume of
tho currency and tlis fact itself shows how utter
" idle it ia to clamor for more groonbacks to ease
the money market. Tho lato financial stringoncy,
| which waa perhaps tho soyorcst known since
| tho crash Of 1857, commenced about tho middle
Of October last. The bank deposits which arc
an infalliblo index of tho condition of tho money
| market, representing as they do, circulating
property, or, in othor words, tho atato Of trado,
amounted, on tho Sd Of October, to s27, 1888, ,0o5.
On the 9Th Of December they had fallon to
s29, ,0s9,9 932. They have now rison again to
s2o, .775, having reached very nearly tho nor
NAL condition. Thoro ls every reason to beioye
TINT tho improvement Will continue uttcr tho
opening Of lake navigation, and that tho finan-
cial nightmare Of tho past five months will
wholly dsappoar, unlooa thu Treasury Depart
ment should put it's oar In, by issuing new
lot Of greenbaoks.
Last fall. tho Secretary OF tho Treasury issued
nbout tlvo mi1liona Of dollars Of greenbacks in
excosa Of the provioualy-existing amount. The
whole amount originally authorized by law was
four hundred millions, but rs long ago aB 1866
it WAS reduced to 9356,000,000, Mt which point
Congress directed that the contraction should
stop. There has been no legal authority for any
reissue Of the withdrawn currency. Tho aotion
Of the Secretary WAS taken upon tho nakcd u.s.
sumption OF authority to iBsuo tho whole or any
part OF the retired 9l4,0oo,000 at his discretion.
Tho Finance Committee Of the Benate inyosti-
gated this matter, and reported that tho October
Issue Of u portion OF this once retired
currency was not authorized by Inv. While they
acquitted tho Secretary Of any improper motive
in his action, thoy held that tho exercise Of a
doubtful authority by IN executive officer,
even for crolitablo purpose, was improper in
itBolt, and should not bo repoated. Tho Com
nittee was strong in it's judgment that there
was no law authorizing tile Secretary under
any circumstancoa to issuo any part Of that 944,-
100000. We have now the announcement that
the socrotary Intends to issue s3,000000 Of these
groenbacks. Tho asRuranco which is given that
this is dono solely for tho convenience Of the
Treasury, with no designs upon tho money
market, and no intention Of making any porma-
mont initiation, will not satisfy those who romonl-
Der that Secretary Boutwell, Inns mover ronouncod
Lis assumed right to issue tho whole rosoryo at
will II ho can issue part Of the lcgal-tonder
reserve now, ho can issue tho whole whonovor llo
may think it advisable. That is to aay, Whenever
ho thinks 1t advisable to disturb tho business Of
the country, to altor tho pricos Of commodities,
to make Mr. rich mud Mr.. b poor, and to pincl,
those who work for wagea, ho will do sol III
this view OF tho oaBo, it III no other, Mr. bout
woll's election to the Senate from Massachusetts
will bo viewed with satisfaction. Anything
which shall talso from Ills banda tho ponlorous
battering-ram with Which lie claims the right to
boat down the commerce OF the country must 10
looked upon aa public blessing.