New-York tribune., 1874-08-18

The above figures show a steady increase,
and leave no doubt that the nuisance of
worn-0ut bank bills would have been abated
by the banks themselves without any legis-
lative action Mr.. Merriam's little invention
was put in motion at a time OF the year when,
if ever, it ought to work, and it has turned
ont to be no more successful than any other
fying-machine. AS regulator of the volume
of the currency, its effect IL absolutely moth
ing, while as a means of getting new money
for old it is sCarccly-perhaps not at all
more efficient than the imperfect machinery
formerly in use. Seventeen million dollars
have been collected from the banks and
anchored in the Treasury, and thus far the
result OF the experiment Is that TINS sew
enteen million dollars performs the stupen-
dous task of "redecmi1g" about three hund-
red thousand dollars day! Bat IL Is said,
the machinery is not yet III good working
order. 1t never will be. No hylng-mlchine
ever was What possible object can the banks
have to iunict express charges on each other
TO no other purpose than receiving one
for another just as good! 1t will not take
the banks long to find out that giving the in
tcrest on seventeen million dollars, to say
nothing of express charges is paying pretty
dear for this whistle.
The degree of ignorance and contempt of all
sound principles Of monetary science displayed
by Mr.. Merriam in his speech of March p,
1874 places him with the topmcst of his breth-
ren Logan, ierrimOn, Kelley or Bogy has
seldom it ever surpassed the New-1ork MEM
ber We have room for only few short ex-
tracts from this rich mine of inhatiOnist el0-
quence:
Resumption with the balance Of trade much against
us as 1t is now is an mpossiby. unless all experience
ana history are falsc.-tRssord. March % p 81.
Taere not gold in the world to transact the
business of modern cOmmerce.-tIbii, y. &C.
have words adequate to express my admiration OF
the Ingenuity OF our paper system. which. when per.
fectej by this BILL q. the Maynard initiOn bIlJ VIII
measure and supply at all times all ana no more cur
rency than will be required by vast commerce to
compass the aims Of people to grander CIVILIZATION
and progress than ever brfOre.-[ibtd, p. a.
We have done things in regarl to the currency
that we should done w have restricted the
amount too long, We going to correct 1t, and make
you all happy.-(Ibid.p p. 25.
But there is class OF American citizens who did n'
come before the Banking aud Currency Committee, that
vast army OF hardhsted argchearted aborers OF our
country who the real sufferers from cOntraction-l
Will further along consult that telltae OF nations
every one of finds for and handles more cur
rency in year than any one OF those memOrlailsts
representing $500 OOO" whose petition for rcsump
tion my colleague from York (Mr Potter presented
with so much modcsy a few days since. Merchants
importers, and bankers IN large cities settle every
Transaction with bank checks, even the payment OF
market bills, pew rent, carriage hire. and clothing
hare plyself transactsd many millions Of business IN
siage yeor, and in fics!cs months as much
actual currency as (armer ia my county fndS nee
essqry 10 use M he same time Men whose business Is
with foreign countries Will memorable for resumption
because the law OF sefslness governs mankind-Ibtd
p. %.
In this bill we remove all restrictions of limit to cir
culaon and call ii free banking; freedom for all
TO enter the banking business who pledge United States
bonds as security for circulation aud comply with all
the requirements of the National Banking law.-I6id
p. 81.
1t is still possible that the voters of'
the Herkimer, Jefferson and Lewis Dis
trct will not be compelled to make choice
at the polls between Mr.. Merriam and n
Democrat, but if they are we shall look
for Democratic gains. The vote of JEFF
ferson and Lewis for State Senator last
year may be consulted with advantage by
those who are chosen to the nominating con-
vention. Our readers i'll the district who have
not McPherson's Manual, or cannot get The
Record of March 49, 1874, containing Mr.. Mer
RAMS speech, will do well to cut out this
article and save it for future reference.