The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1873-12-12

10 llolu what We have aud apnr.,ia,
currency "a that standard i ~. MI
deserving of the most serious cbn.
ton OF Congress.
The experience of the present n.,,i
proven that the currency of m. ca",
based as II Is upon the credit OF Tho
try, Is the best that has ever been nm
Usually, In times of such trials. eur,
has become worthless or 80 mu,l, n
ciatcd I'm value as TO initiate tbn vala j
all the neccssaries OF life. A. cn,.,
with the currency, every one hollE
has been anxious 10 dispose OF n nm
terms: now we witness The rrvrr..-
ers of currency hoard IL a. They dN /.
in former experiences of a like lanlro
Ii Is patent To the most casual ob.'
that much more currency or n,one,
quircd To transact the legitimate IN,
the country during the fail and d \
months, when the vast crop. arr b,.h ]
moved. than during the balance n
year. With the present system. theam.
IA the country remains the same fhro
out the year. resulting i'm the arcinnDt
OF all the surplus capital of th, cam,
when not employed In the moy,
crops. Tempted then 10y offer. ~ IN.
ble loans this surplus capital uu. 4
the interest paid. with profit. nd
subject To call it can be- loaned onll
part at best To the merchant or mnlI
turer for a fixed term. Hence. no IN
how much currency there might bem
country, it would be- absorbed. prize, l.
ing pace with the volume and panic. (,
gcncy and disasters would ever bpo e'
ring. The needed elasticity In our mo'
system Is the object To be obtained n
and next. rs far as possible
prevention OF the use of m,,
in stock and other species of Snautf1
To prevent the latter. il seems 10 m. l
one great step would Ice taken hy ~
iting the national banks from pavtnr'
tercst on deposits. by requiring ihpri
hold their reserves in their own vault.
by forcing them into resumption. thoa
would be only i'm legal tender NOTES.
this purpose | would suggest ihcc,iaii
ment of clearing houses for Your con.I
alton. To secure the former many M
have been suggested. most Of wlirll
To me like imitation on one hand on q,
polling the Government on the o,hr
pay interest. without corresponding D.
Its. upon the surplus funds Of thecom
during the seasons when Otherwise uu
ploycd. ! submit for your consider,
whether this difficulty might nor De- o.,
come by authorizing the Secretary Of
Treasury To issue AT any time national Il.
notes of sufficient amount below Ii
percentage of their issue. say forty
cent. upon the banks depo~iliug With
Treasurer of the United States an laa
of government bonds equal go the an0
OF notes demanded. the bank, 10 loH
the Government say four per cent. on
interest accruing on the bonds pel
during the time they remain Wiihihr N
ury. a. security for the incrca-p 0i clnr
ton: the bonds so pledged 10 be ns.a
able by the banks Al their plea-rn. 4.
in whole or in part. by returning lh,r,
bills for cancellation 10 an amount cons
the face OF the bonds Withdrawn lWo
further suggest for your consideration
propricty of authorizing National Ru
10 diminish their standing issue 10 nlta.
by returning for cancellation their e
bills and Withdrawing 80 MANY lH.
States bonds a. are pledged therefor
In view Of the great actual contrast
that has taken place IN the clrrgE
the comparative contraction constantly
ing on. due To the increase 81 -peealf
increase Of manufacture, AMI ail tllt in0
tries. I do not believe there Is TOO initial
it now. for the dullesi period Of ihe 8
Indeed. ii clearing HOUSES should b. a..
llshed. thus forcing redemption, y
question for consideration whether
ing should not be made free. rtMun-
safeguards now required % sccirrh'iIh
crs. IN any modification Of present j
regulating national banks. ana II . iur.
step towards the resumption 81 -iylc
ment. invite your attention t0iht q
sIdpration OF the propriciy of eNacng =
them the retention as part ithrirre.
either the whole or part Of The goldIn'r
accruing Upon the bond- plcdgcda,
III for their issue
have not reflected enough on the 3
inc this might have IN producing ,car
Of coin with which 10 pay dulic- 90
ports to give il my positive rccommo
lion. but your attention Is invited %
subject.
During the last four wears The curr
has been contracted directly BY tlr N
drawal Of three per cent. rrtliicat,s. z
pound interest notes and 10Ntr.
bonds outstanding. on the itl ui Na
1859. all of which took the place oithrt
tenders in the bank reserve, io
extent Of SG3. OVO.OuO. During ihe
period there has been a much a
comparative contraction - the cur
The population of the country Ia, X
increased: more than twenty-five 4
and miles of railroad have been h0
curing the active use of capital % ol
Them millions of acres Of land have
opened 10 cultivation. rcqulrrig cAi
move the products. maniacloilr.
multiplied beyond all prcccdcnl %
same period of time. requiring
weekly for the payment Of wage. y
the purchase of material. ana prdlaD
largest of all j. the comparative g.
iition arising from the organizing =,
Labor IN the South. Now every
there receives his WAGES. and iof W.
savings banks the grcatcr part II
wages 4 carried in the pocket. or NJ
till required for use. These sug-
are thrown out for Your CONSTR
without any recommendation lht
shall be- adopted literally. but
that the best method may be arrNcl
secure such mn elasticity Of the cllfr'