The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1873-09-26

operations. A. resumption OF specie pay
ment, however, If we understand the
matter correctly, would not add apprccia-
bly, to the currency of the country. When
we say currency. we mean, of course,
money. or that which circulates as
money. II we are wrong, we trust some
of our financial friends will correct us.
Gold never did circulate to any consdcra-
Bile extent. and when used for currency,
the same amount of paper money was
placed In bank in its stead.
One great want has been developed in
New York, and elsewhere, during these
trying days the want of currency. Henry
Clews & Co. had securities representing
money far in excess of their liabilities
with which to meet all demands upon them
but they could not obtain currency therefor
An offer of interest at the rate of seven
hundred and thirty per cent. per annum
could not raise the currency. The bank
presidents and executive committee Of the
''clearing house" base their refusal to ''let
money go out of the city" upon the want
of currency. There is not now in New
York sufficient currency to meet their i'm
mediate wants, and the same is true OF other
parts of the country. Many have been the
times when Rutland could not furnish suf-
ficcnt currency to meet the wants of the
occt sion. our National banks issue bills to
circulate a. money. hut are restricted in
the amount of their issues. our whole
currency consists of their bills and of Uni
ted States treasury notes, both of which
are limited in amount. In October last
there were nineteen hundred and forty -four
natonol banks the only institutions hay
ing authority to issue bills TO circulate as
money with circulation of ~333. 405. 900,
which is very near the lmi, to which they
are authorized to issue currency. Wehavc
not time to consider the provisions OF the
national banking law, and ii is only ncccs-
sary for our purpose to say that the amount
| OF money which they can issue is limited,
and that this is apportioncd throughout the
country, upon pro rata basis. Does not
| the present want of currency suggest the
| idea that the close corporation principle of
| the national bank system should he abro-
| gated, and in the place thereof a provision
be substituted allowing all. who can fur
| nish the securities at present required.to cs-
| tablSh national banks II does not seem
| to lis that it would cause an initiation Of the
| currency. or the establishing of an undue
number of banks. There Is no reason why
if Rutland county needs another bank with
the currency and accommodation thereby
afforded, it should not have il vet Vermont
to say nothing about Rutland or Rutland
| county. has all the banks and currency to
which she is entitled. A free banking sys-
TEN, upon the same basis, would remedy
this. The law of supply and demand
would prevent individuals or companies
undertaking to locate banks in unsuitable
places, and would provide in cases of
emergency, proper supply of currency.
Special privileges, granted only to limited
number. are abhorent to our institutions,
| and the doors for banking should be thrown
| open to all. The currency would be good
beyond all contingency, and the exigencies
of business would decide upon the location
| of banks, their capital and circulation We
have not space, this morning. to further
consider the matter, and therefore conclude
with the hope that our financiers
and Legislators. Mil consider this
| ------'~- i" All It's peaii"So o""' ~ PIE
pared to recommend and act at the next
| session of Congress.