, 1875-10-01

results, that tho Mayor hns nominated, and
the Common Council confirmed, supcrin-
tendont of Police whosp sympathies, aims,
and nets aro in bohnlf OF tho protection Of
life and property and the restoration Of law
md order.
CURRENCY AND 1.-THE WANTS OF TRADE
One Of the striking points in the speech Of
Mr.. acnunz at Cincinnati has been repeatedly
presented in these columns, but its impor-,
tanco in the consideration Of the currency
question jnstifies it's reproduction.
The complaint OF the dilutiouists Is two.
fold: First, that there has been contraction
Of tho currency mud, second, that the re-
verses TINT overlook tho country in 1873 wero
result Of TINT contraction! It is claimed
tlat the times are hard; that business is Ian
gushing, labor unemployed, industries de-
pressed, the poor growing poorer, the coun-
try full Of distress, AMI TINT something must
bs dono to furnish relief. Tho relief they
propose is to increase the currency, to re-
place the void caused BY tho contraction y
and to issue more money SO rs 10 cause the
same to bo both plenty aud cheap.
traction III tie currency before tho collapse OF
1871 seeu disproved over and over again.
An otIiciM statement shows that in Septem-
Der, 1873, when the crash took placc, there
were in grconbnckB md bank notes and
nntional currency in circulation nine millions
more than in 1872. twenty-nino millions
more than in 1871, tifty-two millions more
than in 1870, afty-eiEht millions moro than
in 1868, flfty-si1 millions more than 1868, and
forty.six millions moro than in 1867. The
years included in this period have teen con-
sdered years Of universal prosperity. This
disposca OF the question Of fact whether
there had been contraction or not.
After tho pnnic Ind struck, there wns IN
Increased issue Of sec, 100000 in the green.
backs, thereby adding that much to tho pre-
existing excess Of currency over former years.
Tic cla1nor, however, was for more. It was
commended that the National Banks were ur-
evenly distributed; that tile Eastern States
had more money than the Western md
Southern States, and there was loul de.
mand for more banks in those localities.
Congress then repealed all restrictions upon
the number Of National Banks and tho
amount Of their circulation, and only re-
quirea them to keep sman reserve on hand,
thus giving the utmost liberty "to 1nako and
keep the volume OF tho currency equal to the
wants Of trade Under this law there is lib.
erty given to any man, or combination of
men, to organize bank aud isauo currency.
The privilege is confined to no section, and
tho amount to DO issued is unlimited. A
hundred banks, zach with million Of cirou-
lAtion, may bo started, wherever md whom
over any persons having the means choose to
do So Hero was an admirable opportunity
for the "wants Of trado " to call forth more
currency, especially as it Is represented that
tho Government "pays" the National Banks
n largo bonus annually for Issuing their notes.
Here was tho occasion where people suf-
fering for the want of money" might 60 on
aud make 1t to an unlimited amount, but tho
'' business wants Of tue people did not de-
sire 1t. Tho banks already in existence had
moro grcenbacks and bank notes than they
could lend. Tho offer Of moro currency was,
as S1r. Souunz aptly said, proposal to tro.Ai
IN over-loadcd stomach like case of star ya,
ton. 30 greatly was tho volume OF c,,rz ouoy
in excess Of the ''wants OF trade" tAtt b,.
tween Juno 20, 1874, and September, 1875,
the banks voluntarily surrendered Sjos,0a0.-
ooo OF their circulation. Since tho date o.
the Free Banking law, there haye :beon a fe,
now banks organized, with circulation O
S2,s7a, $50, and additional circulation tssr ,at
to OLD banks amounting to 10, 9ol ,076, II ,ak
tiny ", ssG, l2a In all. Tho way tho w mt,
OF tTaeo have ayuilod themselves Of tn j., m
pot'unlty to oxpand the currency may bt, thu.
comparatively stated:
| n ns.acn e,tealaioa surrendered, xes 9eo nt
""" ~sSA''oa a*usd' '.................... v.s3e,la
Aet circulation aussandesud, IA .01a o1s
VI tho Whole n1lo,nt surrendered, Ai3.,
sio,ooo wefo urE.ndorcd by The Ivett6,7
% s,,ate' anu s''l23,ooo by Southern gntes.
"n'1o u 1ae new circulation the West ha.
taAen only $3ot,ooo and the South bu,
s4oo'ooo. Tue Western States have In round
n8usea voluntarily surrendered S13. non mr.
OF cur foncy as useless, because In urceaa n.
the "wants Of trade" Here is the hcst md
r.ost direct answer 10 the allegation Tint ths
J. West is suffering from any scarcity Of nonov
Ths West has had such plethora Of Gu =
rency that even the baaks which are s,,n
posed to be paid largely in gold for tasuin,
papes-money have retired $4,000, 900, whicl
was found to ba an Improbable surplus, no
having g market. Nor has this yolunt.r
surrender Of currency stopped. Il continue
from day to day in the proportion Of th.s
dollars surrendered to the one dollar apple
for by new banks. The "wa.ts Of trade,
to eu1,p1y which more currency IL demandst