, 1873-11-19

Bien9 tA1 1uHnenL u1nEeF QL our pr63Clt financial
mood not fomind you tint sa; thIs; ,.to ,orr.blo
what las gone botorc aud thas slar crlsoa viii con.
tinuo 70 occ'1r, moro frcqacnt perhaps, aud certainly
nnr more hses0 70 long a. wo continue ia present
faction ia applied or tho knot ID cut by bankruptcy
on IL slo ono lianl. Or population on the other.
psay sss ffSfog fsr III gyoasa Ss
law yet could hardly layo anticipated such PROMPT
anu terrible setrbntion. Wo may at eaat hope, how
1a tGe people, and quicken tho langud ouorsy Of our
You vii hare sesn, " the ,pzopo.it,on which la.
do not ask, or ozpeet oong1oss to adopt my parcu-
lar scheme as renedy though entirely believe ia
'nand tho appointment Of commission, to fnvcatl-
gate tho subject ind tho situation, aud to devae
II has been evident to mo for Soma tlo past TINT
direct consrauAon or tho withdrawal Of grcenlacks by
Tho Government, IL no longer roa4iblo. The banka
and tho people can barely meet thoir abilt,!es any
withdrawal OF currency from circulation would merely
preclpitatg insolvency. -
manufacturers arc In perfectly sound financial posi-
hon. but suppose That cur bank loans havo become
moro and more connected with htock operations, a
may depend for thcr aolyoncy upon lis Continual in
fulton Of our currency.
- In order yery general bankruptcy time must
changed. for this mass Of liabilities 10 bo contracted
within reasonable lins and for tlese inflated yaluoe
oy Hs be x o ~
talists themselves that IT, first, Of tbs banks and
sscondly Of those who hold bank deposits o. other
words, those who havc a ciaim for ready money,
whetlor on the banks or on the people.
II this caes Of capitalists bo Induced gradually
70 cal IN her funds 80 tint there may be margin
now oxists the FIRST great stop towards resumption
will have been taken. .
Il was, you AWARE to bring nbout this state OF
tttuQ8 that eElIemh L1AVHHtl. hxnharr.
ing every existing greenbsck, far possible for
ssolnotlIng sl which, within fow months. Or years at
This would Induce overy bank, mud every holder Of
ready money, to invest at least some portion Of their
voluntary, could not 10 complained Of BY tic people
or interferet with by Congress; while tue steadily
cu1nula4ng bank reserves aud bank deposits would
short Of currency.
This whole process, howovcr, you arc aware, must
g. on yer, + might pr4uea s. distress Or
mako the sst instament Of legal teudors rclecnable
only after two years least mud then only ut tic rate
years. to como back to with spece. Had this plan
been adopted before the late reduction OF revenue from
inports. its Hucccsa would bclieve, have boon co
But tho great dlminution, not only Of rercnue but
Of reserves IN ne Treasury has promoted inaation
nm nov disposal to think aafsr to init o redsmp @
5000 o5o per month, still postponng ita commanco-
Even before lie iats financial troubles occurred,
have had strong impression that tha present Con-
g,uss sr.ia 'ne es enanes u so1'ns LILLE ITO
0f on,,rla ,s 9so,, IL ,.,.,e. ~ 1, .h
- ~ coutas LIE aSsgnuK ~ nov in'enasuea' enu ING
~ @ ~ sno1a caray out NC pan u ~ @ s
faa H. gsr m
rnat aanger 10 eaeapea tao ns1t ta,nx VIII ne q
atnp III aa " o >a H. ~ premium On go'
@ ue.e nom tsuuEea ~ LIN" sne Sose'nene nay ven.
W ~ sesao speclo a'nos. ,.
ont ~ IT.. ro,a IT, SsG o ootn
r}uto - assavor ,as - tn rnat esnorc,t W ~
mrromcr ~ n1 ra'ah mnn g j.. .i.nn - ;o9 ~