Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1874-07-02
States, so that the people of the localities

States, so that the people of the localities
having less than their equitable proportion,
according to the ratio of population and
wealth, may secure an increase of bank capi-
tai, proportional reduction being made at
the same time in the States having an excess
This is fair as far as it goes, but the system
of national banking remains monopoly nev-
ertheless. And whatever favoritism to capi-
talists who obtained bank charters existed in
the law heretofore is still retained. Banking
should be as free to any citizen who desires to
engage in it as manufacturing, mining, mer-
chandizing, or farming. Exclusive privileges
should be granted to none; but we do not
deem it wise to increase the volume of bank
notes without diminishing Treasury notes u.s.
ed as currency, or providing some mode for
redemption in coin or its equivalent. This
was found to be impracticable at the session
Of Congress just closed. Hence we think it
was wise to pass the bill to equalize the loca-
ton of the bank circulation. Fixing the
maximum amount of greenbacks at 1882 2,O00,-
900, and releasing the reserves, as it was
called, will amount to little There was no
probability of an issue above that amount by
ton, and he cannot permanently redeem and
retire any part of it without an increase of
the revenue, which is not probable under ex-
isting laws. The reserves have always been
under the old law subject to the checks of de-
positors; and for their own safety all the we'll
conducted banks have constantly kept lar
ger reserve than the per cent. named in the
law. Changing the law in this respect will
not diminish the liability of banks to be
drawn on by sight.checks by their depositors,
and consequently they will still be compelled
to retain in their vaults the same amount of
reserve as heretofore.
The Currency Act.
- Notwithstanding the unfavorable COM
ments of New York papers on the Presidents
action in signing the new currency bill, its be-
coming law seems to have had a wholesome
effect financially. The New York cores
pondent of the Philadelphia Ledger says the
signing of the bill has produced favorable
effect upon the business circles. The long.
prevailing feeling Of depression has given way
to confidence that we have reached the pointfor
a new departure, which will lift the material
interests of the country out of the slough of
despond in which they have been foundering
ever since the panic of September. The FIX
ing of the legal tender circulation at an invar-
liable point, will enable the merchant to say
what his goods will be worth month or six
weeks hence, and with the removal of that
heretofore great element of uncertainty, a
freer and more confident movement must fol-
low. At any rate, the correspondent says,
that is the view that is generally entertained
among the leading merchants, not less than
in Wall and Broad streets, and the buoyancy
in the stock market, is accepted as but the
foreshadowing of like improved feeling in
regular trade which will soon be manifest.
The New York Bulletin, an able CONNER
cial paper, speaking of the effects of the cur
rency act, says:
"The immediate effect of the announcement
that the Currency bill had become law was
to cause revolution in Wall street from de-.
preston to buoyancy, and in business or mer.
camille circles to confirm the encouraging
views in regard to revival of industry and
trade. Business men will be able to proceed
with confidence now that the legal tender
measures have at last been defined, so far as
Congress and the President can define them.
The good effects of this definition cannot be
seen at once. For years business interests have
been unsettled by unexpected variations ofthe
amount of legal tenders issued, and while a
few have undoubtedly pro6ted by it-chieAy
speculators- the many have lost Of course
defining the legal tender circulation s not all
that is needed but the foundation now exists
for the confidence which is so essential in
business, or in any operation involving the
use of money. If we have good harvests,
which are now promised, there is every chance
in favor of a good fall trade and return to
prosperity"