, 1875-10-01

results, that tho Mayor has nominated, and
tho Common Council confirmed, a superin-
tendont OF poIico wliosp gympnthies, aims,
and acts are in bohnlf Of tho protection Of
life and property and tho restoration Of law
mud order.
CURRENCY AND 1.-THE WANTS OF TRADE
Ouo OF tho striking points in the speech Of
Mr.. scnunz at Cincinnati has been repeatedly
presontel in thesa columns, but its impoE-*
tanco in tho consideration Of the currency
aucstion iustiiies its reproduction.
Tho complAint Of tho dilutionists is two
fula: First, TINT there hns been Il conjunction
Of tho currency; mud, second, that the re-
verses that overlook tile country in 1s13 wero
a result Of TINT contraction! 1t ia claimed
TINT the times are hard; that business is Ian
gushing. labor unemployed, industries de-
pressed, the poor growing poorer, tho coun-
try full of distress, anl TINT something must
be done to finnish relief. The relief they
propose is to increase tho currency, to se-
place the void caused By the contraction"
and to issue moro mcney 50 ms to Cause the
same to he lotl. plenty anl cheap.
The allegation TINT there l1e1 been Any con-
TRACTION III the currency before the collapse Of
1873 hns hecu disrroved over and over ngaiu.
IN oi{lcini statement shows TINT in Sep1em-
bcr 1878, When tho crash took place, there
were in greeubacks and hnnk notes and
national currency in circulation nine millions
moro than in 1872, twenty-nine millions
moro than in 1871, tifty-two millions more
than in 1870, tlfty-eiEht millions moro than
in 1868, fifty-six millions more than 1868, and
forty-six millions moro than In 1867. The
years included in this period have becn con-
sidered years Of universal prosperity. This
disposca of tho question Of fnct whether
there had been contraction or not,
After the panic Ind struck, there was IN
backa, thereby adding that much to tho pre-
| existing excess Of currency over former years.
| Tho clamor, however, was for moro. It WAS
| commended that the National Dnnks were un-
evenly distributed; that the Eastorn States
had moro money than the Western and
Southern States, and there was loud do.
monl for more banks in those localities.
| Congress then repealed Ill restrictions upon
the number of National nanls and tlt
amount Of their circulation, and only re
quired them to keep 8 small reserve On hand
thus giving tho utmost liberty to mako INT
keep tho volume Of the currency equal to th
wants of trade" Under this law there is Lib
y @ - a.osn;,. ,,o,L au5 ,sa,,o o,,ren,x,
.r,so .~;r;,sna "a soo,,,,ok, 4, m aoet;o,, ~,
.ha aoonnt ~ ho iaan.d ia nn1;m;tad
,..>,sa, ha,>,,a ea.. 1.;,1> r,,,,;av -, o;~.,,
,..;o- 49,. w. startod -,horovor or,1 1r,on
4"''o''' AA"5 W ~ ~. ~ 49,.
e''> "A' te'"S. .'e
DO SO. Horo was IN au1nlrablo opportunlt
''A Wv " ~
currency oSPechaiy ~ ~ - fu!1e6en,oa 'ua
fho uosoFnmehs pa5s the N"''o''m 'ahA
large bonus anhaai'y 'os 'Ssuins tnelf notea
Here WAS tho occasion %hefo peofae - sas
fering for tho want Of money" might so o
md mako " 10 an Nhahastea amount, oas III
!" business wants = Of tue people did not ds
siro 1t. The banks already Ii existence ha
moro greenbacks and bank notea than the
could lend. fha oaer OF moro currency wa1
Us Nr. SonuRz apt1y said, n proposal to t1o'y
IN overloaded stoluach like o caso Of atar VI
tion. So greatly was tho volume of curr ent
in c1coss Of the wants OF traao" thfh b
tween June %, 1874, md September, 1877
the banks voluntarily surrendered sG8, ,92G
QUO Of their circulation. Since tho date
3 the Free Banking law, there havo been to
+ new banks organized. with circulation
j. $4,000. md additional circnlation issr
i. to old ban1s amounting to 80, ,9G1, ,075, u {
10 ing ~, ,esS,aas in all. Tho way tho "wa.
u Of trade have availcd themselves Of tn, {
poFsnnity to expand the currency may b, Il,
, e'mpafauFely stated:
NJ e,enl:sa1 e,1saaIlGu
L. '''''''' - -.oe e.oe~.