, 1874-03-14
tint al 900 non Of Nntlonn- nnnl notes waa cnti

u'uo'pi W'!io 'hn amount o"ilB ny thcao banNH
to lAnka III tho othor rodemptfns-cLios averaged
from Ss29, ,0oo. .t00 to 5D31W,0U0 twill bo Hocn,
therefore, tint, II tho Latlks In other roslonD-
loli-ctios should llasc ordered their batancoa III
currency BY oxpresH. ct my ti1no, 1T would lIaye
withdrawn frotn lilo Now York Nntlonal Dauks
HunBrAST1Arry ALL
Of their leEal-tender nntes md Natfonal- Bank
notes. 1t IL we'll known TINT, In Heptombor, 1870
the Now York batlks wefo unable to respond to
sncli calls, mud wuro Obliged to suspend orrou-
cy.payment.
Saya tho Comptroller, In htH report: "one.
third Of tl,o bi|la receivable Of those bans ayo,
since tho war. consisted Of cailloauH to brokers,
!: ;. which transactions l,ayo a tontlot.cy 10
imneril anl unsottle, inatond Of facilitating. tho
legitimate blsiEoss lutoroAta Of tl,e coutltry."
Tito Comptroller Bays, on the next page Of tho
report: " II tho bnllkH aro disncliiol to unto
for tho pnrpose, Tho legislation required OF Con-
grosn will bo such as will Induce oygootations
outHldo OF the City Of Now York to rotnin in THAR
Vanltu such 1lltlua ~ arc not hooded at tho COM
mercial oontro FOR PURPOSES Of Legitimate buai-
It Is anch legislation as that contained In tho
thirty-Aecond sectiun Of tho National Bank act,
d'fuina money into New York, which haa mado
tint city tho commercial oentro. Mr.. Wards
bill proposes to repeal tint clause which leeis.
latea
IN FAVOR OF NEW YonK orTy,
and dlHctininases agalnst tho other great citIes
nMd bnsineuH.contreH Of tho country, Uulor Mr.
Wards bll Chicago eau koep bnlances III Dc.
III
plttsbNrgh and those cities may kcop balances
with Chlcago. nttl count II. their resorvee md
not bo compelled, as now, III order to mako those
balances available as reserves, to keep thom
! In order that tlcv nlay bo ready to mako gtato
lno''t showing the legal amount OF reserve Oh
lnnd.
Tho provisions Of Mr.. Warda bill would lareo-
" tncrcnae tho depoyits
IN OTHER CITIES,
and decreaao the amount IN Now York City
oy. aud racii:ate mutual arrangements
caao ' roeo so 1i BE- soaIg notq1
oxcllange IL kcp. down to tho cost Of shipping
currency BY oxprcsBt though notes bo all rg-
deemablo IN Nuw York, thoy would not 20 thoro,
but would remain in circulation, Or, II rcdund-
ant. would bc takon caro- of,-tho notes Of each
bank by its correspondents III tho respective
cities.
Mr. Wards second bill, whicl, viii bo COM
mentod upol, hereafter, looks to tho
LEoAL1zArloN OF THE sd, 200 RESERVE
it's return to tile Treasury aa soon Us tic condi-
Ilon OF the Treasury will permit, and its uAo in
future for tho prevention Of pnnice like TINT of
s'optembor, 1873, by giving s44, ,o00, 600 Of oas-
tlety to tAe currency; or, IL other worda, Civ
providing for tile 1elief of financial pressure
before financial explosionu occur:
nl1 to glyo ne1tbility to tho currency without In
1laion, to egalizo reserve Of s44 o0o ooo and to
u Il :naeted bH To Se',as and uouse qr Repreaen
aastnDed That the anonnt Of unlted s!ates eal
e'der notes, tasue Under this net any otAor sall
sEe Tat st4 ,' Of o o ieaai1snor notes of
tho United States ure hereby ducaTc reserve to bo
s,nn,s y III nasr ths act when thu ordinary
1e il lie rrsasury tho unsa ui fsssSxS sses,
# o qlaasary Il Zep III IL. rnSt s'y a @
@ e9n. and to roeeso tho cgal.tenor noo4 Of ne init
leraou aa hereinafter provided. '''>@ - "A'
ssS 8 Th,t %y sass Sas q q %apss
which the interest ia payable In Eol may ut any time
Designated Repositories IN Nov York, sa Frsno.seo
the Secretary Of tho Tressrry may les!Rnate untor
regulations to be made by tho Secretary Of tho Troap-
tcnder.noes equal to thu faco '" ot 'Isdt said
bens sG n apo
rorary lopos!tc! shall have the right to dsnn n,,l
receive his said boulK their equivalent In ktutl.
less tho Interest which may havo accrued upon tho
said bonds during the time TINT thoy were temporarily
Sy Z he SsessF9 BE FSd d
Treasury.
Views of an oney Man.
TEnnE HAuTE, Ind., March 10, 1874.
70 the Editor of The Chicago Tribune:
s1n: With the hope Of throwing some light
upon thu much-arguod question Of inllution OF
the currency, lot uH suppose tho caBc OF T. COM
1nnnity In which A Ia known by all to be a man
possessed Of large wealth nlso mau of
wealth much beyond his liabilitics,-part of lis
assets consisting of the notes Of A,-but not Of
auch woll-known responsibility as 4. Now, sup-
pose D to DO engaged in manufacturing, und
desirons Of purchasing supplies outside
tho circle Of Ills acquaintance, those having
ten, e%oh 4anppn,es ", being willing to part with
which tho latter IS willing to Eivo upon receiv-
ing from B as.eol'ateral security deposit of
notes previously: alluded to as owing by 4 to B.
Would any one ~, bo injured financially by such
case wonld be altered by tho Uuiod States be-
coming tho 1ndoraar of Bs notes (National Bank
bills, which surely may he safely Issued in any
quantity for which good security il hold by tho
Treasurer Of tho United ssatos, say, per cont
bondR, aud rcbattng interest except 3.G5 per
cent, and resorving the right to return tue
notes 30 Endorsed. aud receive therefor tho
bonds h0 originally held. or similar oneH7
1t seems almost incredible thnt all nations still
adloro to tho dclusi0n TINT metals OF any kind
to be used aH circulating medium arc necessary
III ctfccting the exchange OF commodities It ii
well-known fact by all who hayo examined tho
subject, that every so.calloa ".lo1lat's worth Of
gold aud silvor +" ever obtained by mining costs,
on all average. 90 or 50; I. O.. suppose the Az.
erage value OF o busllel Of wheat ii Chicago to
70 III gold 81, for every gold dollar brought
(or au equivalent In labor) have been wasted in
obtaining tue metal. And OF wl,at rao is It?
Sir John Lubbock gaye tho detailed history Of
. worry largo aggregata OF financial transactions
for glvon period Through tho Bank OF England,
il am not nistakon); from wlliclt appears that
VI per cont required not evon bnni-bi|[s over 5l6
por cent was in bauk-billa, and less than II OF |