The New York herald., 1873-10-22
-~u.. ps vno estsb,snes is

yuea mat No Wno e6topnenee
nopeS. Banks are sssabiisned % resist the conse-
quences that arise from the actions OF specu-
business; and national banKs and the banking
business as whole should be ~ stable and nrm ss
sas Know sss ywessa ss snsd Ss
fSoos aosirns @ or ,Ss, n "s On
inasion Of his books, 20 know what he is % 6e
called on 10 pay. stii the maturity OF the paper
ments, ana banks ought 70 resist pfacIees Of that
Kind Lnsersl what y me elect on ne ,s.l easi.
country town In New YorK. He mas m bant 500
or $500 that he thinks ne may want Al some
20 a national bank. deposit the money and receive
interest for the Time II II lett there, and cat lof "
chsn c IN hs sha %ss ss o s.ss ssy ss %
when ne time expires. ne eonailien o me bank
10 a business nan bscsuse 4 docs not know when
u would be called or so ne dsp.slf re 9on.y
posted IN some national bsnk d comes 70 ths
ciiy, What y ne eonei.isn q ne & ssnk lathe - NE
CIV % ns .ans ses.s aSs, 20 :, e.per y Ssi s.1s sss
that means better Than 40 N lsos know
ssii; ssh ssI' ssI ,sss d's NOS sss sss.s % .ss@
such loans were made ~ rcspond. because
See nov uninss iaas ! % al tss beslssss msn q
the country. me money couid not be used ~
sssd1. wssn sss essss eas, ~ psS s sis
ducc 20 speculate IA stocks - that you see this
Prasllcs d whieh save lasi sposss : an ssil .
All a. tSs treasury could have mrnlshed, there
would have been enough money isr legiumaie
Ss o. SSne, SSs y ns sans ana R ne SvS SsSsa
o. interest tor ~ Anothe! arcumstance
SSss ws ssss sss rss.n ~ rssr % -
state bans system icrmesy in Operation nler-
chants loaned sher Inoaes ~ sooc secnnu. nat
aud get what he can. / rope that I've financial
diienltics that have been isiely troubilrg ~ are
hSSssg s,. = sss ses .ssS s.srs q
to the country. VIA regaFd 10 the expansion
and conuaetIon q ne coIrsnss ! ensefiesn 10
the government % Issue any part N the
s44,ooo.oco: Power 4 lodged y zoe Treasury y.
i not 70 be issued ior increasing Permanently the
volume Of currency IN tne country. hnt lor reiiev
OF The Ooo was iss1ed II i easI1r lcf the gov
ernment 20 expand than 20 contract the currency.
Having overcome contraction q the extent my
currency without KNOWING the poslsion Iaey cc-
would have an the relief we sought. and supposc
that those who favor such system wouid like 10
do banking business with the bonds OF the United
States. National banks should endeayor 10 furnish
facilities for the purposes o. business whenever
Il should be deemed Necessary . Increase
TO increase ID, il is more economscal u
increase the issue BY the circulation q
be the means OF furnishing circulation only 80 lar
as necessary and not for the mere purpose OF sop
that What has been offered nom the plat orI does
not furnish an immediate solution Of tue existing
difficulty. admit that the dIticulties are the re-
suit Of an expensive aud exhaustive war. The
country must be first restored 10 natural con-
dition, and by natural condition o. anance
mean condition by which our exports shall De
equal to our imports, In ordinary years, n the bal
ance OF trade against us be removed. We eau then
resume specie payments without fear; but II, IN
der the pressure OF any developments IN Tie
country, an attempt be made 70 resume specie
payments, fear that the results would be dlsas.
trous and ruinous TO us. / have this to say, that
the development OF the business OF the country.
by which laborers are employed, by which
the means OF paying its obligations ana existing
interest, some part OF the pubic deot, y conssd
Grafton more vital to the country than the question
or 1876 II we adopt and maintain wise and com
prehensiye policy In reference to the business ara
tainly come. But II we fail 10 adopt such policy
in regard to the business and labor OF the country
ana power venture on the resumption OF specie
payments, the result would be disastrous to busl-
nation. The dinicaity through which we are pass.
ing is but temporary. II viii, doubtless, affect
disastrously the careers and fortunes OF many
persons They deserve our most hearty sympathy,
the sympathy OF the public, but the misfortnnes OF
single individual can never be sufficient
n
whole, In an uncertain course in its public policy.
II Is then that men responsible In public affairs
Should adhere to well settled doctrines OF pnblic
strong. / believe that the merchants doing
business in the country and IN the cities are
generally in good condition, and time,
which cures many Ills viii not only re-
lieve those who are In apparent distress az
the present moment, but viii open q
way, clear and sure Tor the future OF the country
There is no occasion for dismay. There Is no rea-
son Tor doubt. We have gained every year since
the close OF the war In our finances and in the de-
yelopment OF our industry. II In construction OF
railroads we have done more tnan II was wise 10
do at times and places not yet entirely suit
able, still the country, as q wnole win
not suffer by the undertaking. Rail-
roads aid In the development OF the
country. The track OF the railroads win be fol-
lowed by the settler. The hum or industry will be
heard in their traffic, and from those rich lands
viii come products hereafter TO be sent to our sea-
board and thence over the world, bringing back
large returns In money; and what is better than
money, the luxurles, the comforts and the necessa-
rfes OF life. When one has paid his debts, what Is
money compared to the comforts OF lifef When
the demand Is in excess Of the production then
1t viii be imperative on US to resume specie pay
ments.
After apolog1zing to the audience for the unin.
teresttng nature Of the subject Mr.. Boutwell, con-
cuded by observing that, In country like this
the matter he had discussed could never cease To
be OF public Importance.
After lew words from Mr.. Perrepont the pro.
ceedings wore brought to close.