The Leavenworth weekly times. [volume] (Leavenworth, Kan.) 1870-1880, 1873-12-04

our xports, exclusive of gold, pay for on
im,-r,.. The interest due abroad and othe
specui.;ioos are 20 heavy - to leave an Ap
probable accunuhtion Of those metals in th
coantry from. ff-EfzT-7
Il 3 PaopUcm o. Our MIxEs.
, The developmsot Of mines Of precious met
ais during the pet year, and the prospect
i've dsvslopment Of them for the year 4
come, are gratifying in the extreme. II bu
one half the gold extracted from the mine
Be rseained u hone, our, advance :oward'
Ispeh Paynea1s would bssraPid. sufhcien
cunsaey i se4,ire1 70 kssp 20 the indus
tsi0 efshs cosoafy soP'Oysd; without this,
individual bankruptcy must ensue. Under
ind alton, On the other hand, while it might
give temporary relief, would only lead q
initiation Of prices. The impoeibility of com
peting 10 our own markets for the product,
fof homes kiaf asd lhbor, and the sppeated
rsoewals ofexperieacs asd elasticity to COS
PeculssinK medium therefoss, and jurt
esou(h of \ to iransaet the Legitimate busi.
So Seabs esaneRy sd to ksrp oil Industries
employed, il what 10 mort desired The
exact medium il specie, the medium of ex-
change the world over; that obtained We
shall show currency of in an exact degree
Of elasticity. Ifthere be too much Of it for
the lasitinats Parpsss Of
aa4DEAND COMMERCE,
It viii AoWoss Of he country, iftoo little
the reverse, will result. To hold what We
have and appreciate our currency, that STAN
dsrd problem is deserving of the most serious
consideration BY Congrea-. The experience
offhe pseaek hes proven that the currency
ofthe country, based q Il 10 upon the credit
Of the country, i. the best that has ever been
devised, usually In times of such TRADES,
currency has become worthless or no much
deprecated in value, - to inf ste the value
Of all necessaries of life, rs compared with
the currency, every one holding it has bern
anxious To dispoee Of il, on soy terms
Nov ve vitne-s rsseraes, bOlders of cur
reDcy hoard it o. they did gold in former
experiences of like nature. Ii il patent to
the most casual observer that much more
currency or
to transact the legitimate trade Of the coun-
Try during the fall and winter months. when
the vast crops are being removed, than .du
ring the balance Of the year. With the pre-
sent syslem, the amount in the country re-
maiss The same throughout the year, result
ing in the accumulation of all the surplus
capital Of the country. when not:employsd in
the moving Of crops. Tenpted thereby by
offers of loans being paid. this surplus cspi-
tai must earn this interest paid, with q profit
before 1t can be deemed in any rart advan-
,aaeous to the merchant or manufacturer for
8 fixed term. No matter how much curren-
cy there might be in the country it would be
absorbed, prices keeping pace with the
volume of panics, stringency and disaster
would even be occurring. There is the OBJ
iect 70 b obtained fnt, end next, q far a.
possible, prevention Of the % Of money in
stock and other species Of speculation, TO !
prevent the latter. 1t seems to me that one
great step would be taken BY prohibiting the
NATIONAL BANKS
from paying interests on depo-ite by requir-
ing them to hold their reserves in their own |
vaults and BY forcing them into resumption,
though it would be only in legal tender
notes, for this, suppose, would suggest
the establishment Of Clearing Houses for |
your confederation, to secure the former.
Many plans have been suggested, mot of
which Look to me like imitation on one hand,
or compelling the government on the other
benefits upon the surplus funds of the coun-
try during the seasons when otherwise I'M
employed. submit for your confederation
whether this difficulty might not be over
come BY authorizing the Secretary of the
Treasury to issue, at any time, to nominal
banks Of issue, any amount of their notes
below the fixed percentage of their issue, say
forty per cent. upon the banks depositing
with the Treasury of the United States an
amount of government bonds equal to the
amount of notes demanded, the banks to
forfeit to the government, say four per cent.
m the interest accr,iiDg on the bonds pledged
during the time they remain with the
TREASURY As SECURITY
for the increased circulation. The bonds 60
pledged to be redeemsble by the hanks at
their pleasure, either in whole or in part,
BY returning their own bills for cancellation
to an amount equal to the face of the bonds
would further suggest for your
the propriety of authorizing
national banks to diminish their standing
i4ue at pleasure, by retu ming for concella.
lion their own bills and Withdrawing 30
many United States bonds AZ are pledged for
The bills returned. In view of the great ac-
lual contraction that has taken place in the
and the comparative contraction
going on, due to the increase Of
speculation, the increase Of manufactures
and all the industries, | don't believe that
there ia too much of it now for the dullest
period Of the year. Indeed, il clearing
houses should he established, thus forcing
it is question for confederation
whether banking should not be made free,
.rsv |
cure bill holders, in any modification of the
present laws regulating national banks, and a
further step towards paving the way for the
RESUMPTION OF SPECIE L.
payment. invite your attention TO the con-
sideration Of the propriety of exacting from
them the retention Of their reserve, either
the whole or part Of the gold interest &C.
cruiug upon the bonds, pl dgsl - security
for their issue. ! have not reflected enough
on the bearing it might have in producing
scarcity Of coin with which to pay duties on
imports to give it my positive recommsnda-
ZION, bat your attention y invited to the sub.
jet. During the lsa four yean the currency
has bsen contracted directly by the with.
drawal ofthree per cent certificates, compound
interest notes and government bonds out
standing on the 4,h Of March, 1869, all OF
which took the place Of legal tenders in the
bank reserves, to the extent of $63, O0O, 900.
During the same period there has been .
much larger comparative contraction of the
currency.
PoPULA ION OF THE COUNTRY
has largely increased. More than Is, 900
miles Of railroads have been built, requiring
the active use Of capital to operate them;
millions Of acres Of lands nave been opened
to cultivation, requiring capital to move the
products; manufactures have multiplied
beyond all prsosdens in the ame period of
time, requiring capital weekly for the pay.
neat Of waga and for The purchase of ma.
terial, and probably the largest Of all con-
ssaaioos arising from the Organizing
Of free labor in the South; now every h.
borer there reesives his wages, and for want
of savings banks the greater part Of such
Wages u carried in the pocket OF boarded till
required for use. Thee suggestions are
thrown out for your coasiderati0p. without
any Recommendation that they shall be adopt
ed literally, bot hoping
TIE BEST METHOD
nay BE- deyised y spch elasticity Of the cur
rency - will keep all the industries Of the
90 - 4