, 1873-11-25
Mills OF Troy, Employing 5000
Men, Resume Work.
a $51i,000 1rrogularisy In The Pitts
bursh Water Commission.
Tho Union Trust Company, Of New
York, Probably Resumes
Monday Next.
Silver Resumption Reduced to
Fractions of Dollar.

THE CURRENCY.
ANNUAL REPORT or THE COMPTROLLER OF TIE
tunnENok-u1s VIEWS ON TIE QUESTION or
IHkx DANCING.
WASHINGTON, D. O., Nov 24.-Tho Comptroll-
sr Of the Currency, in his forthcoming report,
gives the history Of tho working OF tho FREQ
banking syetem In the country previous to tho
sstsbliphmont Of tho National Banks, and goes
On to say that tho amount Of National Bank cur
tency now authorized to be issued is 4954, ,000,-
300, and the amount Of 1egal-tondor notes $780,
D00,OOo, 80 TINT tho proportion Of logatstonder
In which National Bank notes arc now
In excess. II tho National Banking law was
amonded 10 aB to require tho redemption of
National Bank notes in legal-tonaor notes at e
of per cent discount, aa In the New York State
tional Currency act, and tho National Banks OF
Tho whole country would agroe to snoh proyis-
ion Of the law, tho prompt redemption Of Ma
tional Bank notes would be insured but tho re-
denptiou OF this vast amount OF circulating
notes, il redeomcd but once year, would ro-
nult in
GREAT LOSS 70 THE pEoPLE
Of tho United States. 4 syHtom OF redemption
Of this kind would also at onco increase the rato
NOW existing at most periods OF tho year be-
tween tho different oitieB Of tho Union, to from
u cent to par cent, thua restoring to conBid-
erable degrec the condition Of e1chango at tho
time OF tho Inauguration OF tho National Bank
ing system, and insu1ing . loss to the people an
nually Of millions Of dollars Such
system would, however, undoubtedly result IN
tha return Of notoa Of National Banks at certain
SEASONS Of the year whom they arc not needed to
the vaults of the country banks, to DO paid out
when the domand for currency Increased. Such
systom would also givc, what is exceedingly
desirahla at proaent,
In nfIAr tn fnh1irG tho Dr0mDt rB1GnDtiCU OF
National Eank noes the amount isaued must be
80 much increased tint tho notea will be- Say, at
i Of per cent discount, and thta would probably
10 the present circulation Of S100000,00o The
aame result would follow from a reduction Of
the volume Of lcgal-tondor notoB simultaneously
with tho increase Of Issues OF bnuk notes but
Congress has 80 frequently refused to diminish
the amount Of 1ogal-tondcr notes that the Comp
trollor is Of the opinion that any general aystom
Of free banking, accompanied with redemption,
MUST DE POSTPONED
until the resumption Of Bpocio payments The
Comptroller, in order to avoid my misapprehen-
sion Of Aa views on this subject, desires to state
TINT he ia not an advocate Of any permanent
system Of currency usually known as irredoema-
people Of this country ought not, and will not,
submit to tic high ratcs Of exchange prevailing
previous to the war, md that IN amendment to
The National Currency oct which shall result In
restoring the high rates Of exchange will also
which, It ia believed, will yot become the most
satisfactory Of any syatbm evor established.
During the past year NJ for ea4te observation
has extended National Bunk noseh1laye been
RARELY At ANY pERCErTmLE DISCOUNT
for legAl-tendcr notes. and during the late pnnio
no distinction WAS made by the people between
legnl-tonder notes OF the United States aud
National Bank notes. Doth were boarded alilo
aa the thing most desirable Of nl others to hold,
and 1t is probable that when specie Payment
shall be- resumed that tho faith OF tho
people wi]l be 80 established In
the safety OF tue currency Of the banka that no
such general system Of redemption will be ro-
quired as was required Of tho unsafe currency
issued By the different Statos previous to the
War. II the circulation should become reduu-
6ant, aY is sometimoB the caso with silver coiu-
ago, it will only bo necessary to present the sur
plus to tho agencies in tho City OF New York,
where moro than tWo-thrds OF the circulation is
now redeemable, in order to
RESTORE THE EQUILIBRIUM,
for It Is to DO hoped that previous to the return
to specie payment eome system will DO adopted
which will give abundant elasticity to tho cur
renoy without mourning the expense and burden
Of general redemption, and without loss result-
ing from the high rates Of exchange which hare
always prevailed under auch system.