, 1873-11-23
THE CHICAGO 1n.nuNE: SUNDAY, NOVEMBER 49, 1873

THE CHICAGO DAr
IN tho yolumo Of tho currency IN Tho country
permanent increaso-1ct # bc by dc authority Of
Of whfci, ho foreHee, tho ofcct Of which ho
eorclscn according 10 Ills avn Judgment antl faoll
binnilona Of ncn TIM power 10 atcc. rnt tho blsnosa
md tllat!cos Of all tho people II measure whcl, VIC
| Ought nut to accept.
Ihorc ia alho thtrt p.opoftt tto'l which will deal
% a y9ry G wat h anox, ~ to roaerve Of
nsnt M yolno Of currency In tho country That 49,,
Q0o rosorvo has been ,.ae By the Department thus
j pea S 10 s sss ssss G %S %
"a Lodged ~ illo Secretary Of lilo Trcna',sy III con-
nSrlio with The reserve W i Is g1oat power which
powes of Whioh tho ' oore 20 oast s 10 70 very
Jeaoua Yns this il to DO rad Of u: thero hesc been
yenss, wcn oy tho forco Of eircunstanEes toro wns
~ o1eenoy III busnFs md In na1cinl utfatrb nn tho
Treasury Department as temporarily 10 tho relef
olto c0ury by m sse Of portion Ut tho $44 GEO. 400,
lroeoolng ai.erwardu, poogiblo to withdraw
II from circulation 1bslleve TINT II! each Of thuso
but do not purpose n,gue that point, bo.auuo IL IA
ng II my present .S ye S,o of hnas 'cstcrtD
tho currency Of thu country, flo Treasury would no
9F9r r. pSssss* Tho Of whish avs oke and
Withdrawn then, Of so,rrc ters viii b. no reasc to
complain of tho Department, if, in cxtgosy It ia not
exercised. II would bo necessary, however, II tho
from the Departnen for ths Department to accun.u
late protty large bance ont q tho $780, COO oco to
tho Department, On we'll on individuals, when f1nn1-
| caa crisis oyertakcs countries. Dccausc, wo
lMring tess two months. tho dslression Of u,sinsss
nrcaent year, On tho 18th Of gcptombes tho Treasury
pepa5Lment lad = currency baance think, Of thir.
for tho Department for tho business Of he autumn
In each yenr for many years. 1t has been The policy Of
The summer months, whrl, tho deinand. for money
encral1y waR tnacyc with thu idea Of daburstnU 1t
+ 5os pns ais'9 s o a p r.
autumn, wien tho denan for currency excessive.
Tlls year, when tic oriss overlook tho country, tho
ooo worth Of bonds aud added ut onee correspond
ing u,nount to tho circulation Of tho country. H.
tSa hu hight ssa a o oa5 for tic e' current ar
expenses of the Governen u hs hAs already used to
tho s1a ss nsess &c s r ns fgs 2a x.
III the ability Of tho Treasury to mcot tho current de-
mans upon it, and, therefore, you havo to considor
power. tho country must 1uoct ta liieuos with-
out rofercnco to tho Tscnsury Department; that tho
ns peDoeon 1hoS ob 1' Ssee Is srs2
ade for iu ,ng'se 10 Increase tho volume q
at Fsnfy y59on n ' d ff9g y sSss I there gentlemen" sav'
COME now to consider before YOU what think Is
laborinR. There would be- in the nature Of tic
eaae. demand for money during tho autumn for
onso tho property of tlo country BY tbs. to
say TINT when tho crops Of tho Vest aud South large
tho aennd i foF money to 10 used In moving them a
tim. It could produce no aerious oys and will try to
demonstrate tha. by laying betore you what, "a It
Assume. What ia not altogether true, but Is to soe
eatent that tc eanai for moving thu cropa a drawn
sns ags o. M E4s M II nS month q M
New York borrow money for thn purpoeg OF moving
he cropa, their objcct bolng galn.. Of course, Tho
oleont 10 DO taken into account .ao with reference
to tho profits.
There is also another class Of pcraoua in evory city
who borrow money. for tho purpose Of maintaining
thotr credit. Is law Of tho merchants suppose
e general nsage that be y not to allow bis paper 10
friends compromised In their bue,ntsB 10 long as o
t. t., sasaea that hts eapt. u afcio.t to meet 4.
50 far ID 4 bs nsf eies &C., Of NRw tSe
Eaat BY merchants, to enable them to moet obligations
already incurred they cannot retire from the coneat
with mon who desire to borrow money to bo used for
the p.rpeas Of gain. Therefore It laa boon, il The
sdczing, that merchants in the city Of Now York, d
seainst pczaons who rni8ht doairo to borrow money
for TUG purpose Of moving tho crops would in tho
end triumph, and Tho men engaged In moving tho
tcu days fortnight month, Until the dauand for
money de1ninishd and ths interest fell they would
90 again to tho bl'anoss IN which shoy wero enaused,
ious in lta effects even 70 tho producers In s Wez Of
merchants In tho Eaat.
1s1EEEsr ON CALL LOANS.
years, I'll influence at work to which attribute the
DISASTROUS result wo haTo cxperoncod It Of bsnkan
country Faying interest deposits payable at call.
As they dnre not loan monosn procured ,pon bi,si
Ss hey t
Tho bnnka III the Cty u Now York arc under the same
influences. Thsy do not laro to loan this money to
Tes so asT aud sa osn L % S; tSc
brokers' b1nkara and Bpcculatora who deal in htochs
inn.hon Of prices speculation, ultimate pressure
rn na 9ss % an 5 psty md
von and hs s4ss 1T su9ess
transactions Of ron can MIXTURE only by the passage
Of time aud It 4 not in Tho power of anybody to
cali Hatnros under ths influence Of greed, approheu-
sion, and four, and theso influences and approhcnsons
and undor ths ,nlucuco Of the same motives. '''
sot s ,s ss. tssn v es' t xsSs asrssatsa i
q which lsve loon speaking, fa an and ''siti 'witen
tue demand ea,no for ;, money 70 move ,tle
tnsttntions II which tile public had put confidence.
Tho pan1c followed aud the panic led to dansna i'm,
TOE a. ra pns nas a zen a9 e
natural places, md 10 this fact think may attrb-
nte tic n!enalty Of ia ovi and the widosprcad In
Il you consider this matter In pzincipal, think you
will object to tho OF bnRiness of which havs
apokcn. bnnk IL established upon the theory that
tle organizing It, to tho extent Of their cou-
tr1brttons 70 tho organlzation capalists. and that
they aru to loan money and not to borrow Thuy call
It receiving money On deposit they do not eay bor-
rowing money. Travelling lii Florida last spring,
Il met upon { steamboat colorcd woman, who had
Charge of Q portion Of the business upon the boat,
and Of great Intelligence, and, in conversation with
her about tho condition Of things in the Eouth Be
made striking remark that The reop!e those did not
admit that they wese whipped, but they wero only
oyerpowcred.
Now, the bauta do not admit that they borrnw
uoney,-they roccivo It on depoBit. hut, matter
Of fact, they borrow the money, they pay intereat
upon IT, and thoy agree to pay It when IT il called
for, and tho ev!la Of which hayo spoken balava
ere duo chiefly to this policy.
Now, Believe and appeal to you a. having poz-
t!on Of the power Of tho country, that 1t ID
THE DuTY OF ooN1EE 4s,
far the National banks are concerned. to pro-