New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-10-22

THE PURPOSE or TUE tH,00oS HfhA,'
We are called upon. or the GoVefn"e"' 70 '" 49,
20 issue what In called the N4"V'V"o' - :, ,h
no doubt OF the legality, or the legal au1ho's VI '
,u,.n,.., % issue any parts Of the N+COooV. IL V
go ,na, enc Finance Committee of the sopase' py
oor,, At the last session. made repor. oon's th
ing an as moi taken and think the country must
accept the opinion on when tso oh"se tboa the
many y9 dsea nv the Iawe in the Treasury DepaNnsDt
authorizing this issue But II 70 l9dgod snedt MN S,
reservations derived from the whole eourr o. ieEsa
ton from the practice OF the DepartntdS coo
Is ana not sd'' to be issued for the purpose
Of increasing permanently inc voimne y,
currency In the country. hut only occasionally ana 70
q limited amount for the purpose OF renewing Tue ,on
substantial business interests of the country Ana ~
power which, think ought 70 be eareIng a"o n"nf
100000 Of tho SI,OOcoCo reserve, aud l had
gathering up these 100000. and diminishing tho V"a
of currency in the country TO ma, Amount W 90
currency than IT Is to reduce i permSnch; f ~
the currency does postpone the day when inc value VI
commercially, win he equHfzed, and bavlns over
come the difficulties OF contraction, Nou,o o,rod
the benefits that havo flowed from tins poicy for one
am unwilling 10 enter upon different poicy. Ih ap
trade between tins ana other countries were
a Sd@ snecs SO "' go s"''e abroad
the volume OF paper might not then 30 neteasSG
first taken observation from actual TAGS Oy wnnb
determine what our position IN this matter ~.
I 6aa aGoat in The country that is. We
had system Of te banking, that we should nave reai
ing under the law Of 1871 upon gold az basis thefe
fore, assume that those who advocated system o.
s banking apo S SaDds Of tSe United states
10 may not have occurred TO you but TINS s the tn'
which used by the banks reserve heing eqnVa
L. = notes, and the issue Of 81 CURRENCY
through National banks did actually WORK Gopac
ton of the currency reason that the banks we're
obliged gather up greenbacSs IN place % the
OF three per cont certificates that had previously po
used az a reserve and although the volume oi cur
reucv IN the country WaS not '1nlnlsheu' Set W"
strngency was result OF the policy NOW then ~
you institute system Of free banking the hIst clee' II
h1t YOU Increase the volume Of paper money issued by
aud through the national banks; but the next effect
will be that the BANKERS Of The cOunty WIN demand az
reserve for the redemption OF the national Dahh
notes when you have authorized aud, there.
the '' currency by an addition TO the issnc
al the national banks, and second oddition TO me
M w or,ancIt s.,,t win he iacrsed II you resort
To tie national bank notes under Tree hannS
nave this further to say about extension OF INC
National Bank System. that it should hc OK
tended, II at all, not with reference 10 IN.
,rqaeiug The circulation of the counfrN-tEit
should he the instrmcut-but ~ should bt
extended with reference TO furnishing iaeihu Il,
Localities here banks do exist for the prpnses 81
busincss whenever IL may he deemed eXpedicnt 70
increase the circulation of the country, when wo h5
have reached point when we can say satisfactorily
mat there D. room for increasing the circulation
hut II the time That an increase ~ the cifcda
OF the country can be lust ned ana tnte tuoI'u m
at that time no necessity for INCREASING tho number OF
national banks. then il IL more economcal ior tn9
country 70 increase tho circulation by uiF'ci
issue Of United states notes from the Treasury
Department. saving the whole Interest to thr Govern
,nent instead of dividing it with the banks. That II 70
say tne banking system should be INC means oI inr
n,hng circulation only SO FAR ~ II - necessary 10
establish banks Ia promote the business OF thc COUNTY,
and tue purpose of supply ing circulation
TIE EQUALIZATION OF IxPoRIs AND IMPORTS.
You may say, gentlemen. and With propTiety, feel
that what las been offered fom the platform does not
furnish az Immediate solution Of existing dilicntes.
That admit The difficulties the resnlt Of an eN.
pensve exhaustive TIE country must first he rs
stored to natural condition; aud 10y
natural condition with reference to lbe hnaceS
/ mean q condition when our exports th1N
be equal 10 our imports, wheU th're shall 10 In 0rd
nary years no balance OF tlde as's' ~, yV o ~
then resume specie payments Wlt1Out ieari u't w
any process the development OF the resources 81 Tie
country attempt should 10 made 70 resume specie
payments, fear iha5 the result "osu DC ms
astrous 10 the business iuterest: OF the country
aud think that the preservation, the development %
the business Of The country by which the treasury o.
the Government rs supplied WIN ne necessary cant
for PaqG 6 hue P@PmG sfG OF se pu5e d5 Is
consideration more vital 10 the country Than me
M 1873 1874 OF 1915 HereWe have ana MAINTAIN wise
AID comprehensive public policy In reference 10 tbe
wise and comprehensive public policy 10 reference 70
the labor and Tie business OF the counry the result
revenues. and 10 the credit o. the country
THE PRESENT DIFFICULTY ONLY TEMPORARY.
This flcuty through which you passing is only
temporary II Will affect disastrously ana gnevousy
the fortunes Of msuv persons. They need the sym
pathy OF al in their misfortune; bat the
misfortmes Of Individuals on never he
reason or excuse for putting the country, ~ a
whole upon uncertain or dangerous career IN l's
public policy II IS then that those VINO arc lepogsbi"
for public affairs should adheTo ~ the wei HvIled do'
,rnes Of public policy, The agricultural interest OF the
country is strong believe that the merchants dong
business in the eouutry and M tue city aIe
generally in good condition; Dut timt, Which
cures many evils, will not only relieve lho.c
who IN apparent distress at the present moment bt
II Will open clear and fOr the tutnre ot the
country There IL no occasion Tor disnay There Is no
reason for doubt We nave gained ever! yeii.
S the development ; Of our industries. i, IL
the construction OF railroads sc nave done hore than
wise to do at the time ana the place where the
work was doue; yet still the country, as whole VIII
not suffer 10y these undertakings. iApDhuse.J Ia the
development Of u The s sS9n,y Ire track ns .c Of
All these tboroughfres, and from the>e rich
lands come ,d 81 H. ,v S RI, s' World
bringing largo returns 10 money aud in the
after all re better than money Tor "hen ono has paid
his debts money, compared with TIE ncccssarlcs and
and wl9ther the balance OF itlde bc leW
millions Tor us or Few lonS against NJ no harn can
CONE il from Of the West products snhi
Gent to meet the demand bat when The demand II ~
Of the product il will be impossible for prob
nblY to r0-la,e and inJlutaiN specie payments.
Ladies ana gentlemen. none can be better than
Of, self " the embarrassing nature OF me subject which
have lad tonight 10 consider, ui nevertheless, ~
Important did not COTE here win The e&pe, TALON
Of eplghieniug you upon fhs subject
general proposition, but only OF hringug
befors you those Thoughts which my led
to entertain as one contribution, however small 80
the Bt0c Of Information Possessed by yOu upon sub
ect which in a country IKE t6ls can never oear to be
one of Inblic importance lAppiausel
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