Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1875-10-08

! ;r9 lwho mad uuuEnf govern mPnt sc
/ entities 81 At1i.3 SIX = cents cG the
! dollar IA CURRENCY tine gov rrrfe1t
I big u - dla~ n .J7 promises 10 pay,
/ and dla actna'iy contract them - tile
! cEteut ot one Thousand millions ami
/ more, leaving peep . who Lsd bought
/ property and Transacted business on
! lie basis Of tbe origina! Issue to hold
| e bag and pay the difference canstd
/ by the shrinkaGe IL Yaiuas. AccoT ding
/ 30 the Report of the Comptr"iier Of
! tbe Currency Gn the Finance ReroEt
fo~ 1864, PIP. l4S i4Y HE amount If
! currency outstanding on November 1t,
| 1874. was $5778, 942, IT6. to which wcre
! to be addCd-temporary loans S7S, 500,
certificates OF iudcht edncss 81, 600,
compound mt rest notes sft5. 2iO. and
thirty notes SOS 45O making
%I27. 220. and aggrcgating a. the total
pHprr currency Oh" sum If 81 8. .663, 1896.
Dut of tlis sum -SlGi, 528. COB is re
Gui,cd t. he held in .egn! t"rders lis
reserves III the National B uks, viii II
leaves only Sub, III. 3O3 as the present
ava liable circulation in the country
as Il contra + to the 81, 963 GIT ia i'll
circulation o;1 the 3lst August, 1866
aid proves that the currency has been
contracted To the extent of 81 .i84 COS,
0l8 since the latter date.
No cUGnLTy on earth could stand up
under such contraction Of the circu-
lat!pg medium a. this, and the result
is visible III every huusch ia in the
land. Bat, notwithstanding this, The
last Congress being largely ttadicaI,
January providing for q return
70 r L.,
nary, 1879 By this act the Secfe-
t1rY of the IreasuryiF ordered TO com
Inence ut one 80 retire the irgHl-ten-
der notes, aud 10 continue II uptiI the
whole aGouat ia reGuoed to $500 0lO,
600; and it direc's him, on and after
that date, 70 retire and cancel tila re-
nalnt~r Of tie $500, O}G. coo IN OK
de- - accomplish tins. the seer, taty
- authorized to i5SIl" > Eer CEN Ia
tojcst bearing b,nds This Will in-
crease tue atluU,! Interest un the pub
tic tiobc 4nole than So eco .OJD. willie
Il li,,Ss N4t.ouui = Tx Noes rre is
1usd to supply the deiic c,eucy- It viii,
uf course, coutract the cnrreIcy TO the
eAt-1t above nantd. d. the people
Val:5 - see tLc NatiOua, Banks &UtAur-
z 4 ! :Sa,ie enough add;tioUas cur
rauey t" make NJ tile deficit? ? think
not. Or the contrary, popular sfnti-
lneut IS against the Natio3al Bank sys-
TEN IN tnf1
Tie mass 8 Of tho people wouli Ike
TO see tie National Bank notes retired,
and legal terdt" notes pat ID their place
to uu eEtelt. sU.t lent 10 met the wants
Of trad, 4l.0 If pr-viS:ou was u..de
TO- th@ conYcr-IJD oi i2lgse ,lct@a INTO
:,,.NsrGnlept GCuta bearing ) J5-10J
pr G4Lt- interest, Sic oo->i> t. be ie-
convertible int green,}-cE5 - tbs o:3-
ton Of tne no.ter, !, ~Out., In tbs
opinion Of some very abo Eaeu, be an
additional advautag".
\ great 3eal IS SAD by lie c04trac
tion!sts about 'reputiLtion, "hou">t
money" ''-.:;s.Onti honor etc, a}:J
endless li.nunciation IS hctp4.! ;pon
the noads Of 5lee ''iniistiouIst, As the
Uppor cuts o. contraction arc called.
[ prop ~ III alntnrr communication,
to consider brj, fly he history OF our
present rag money" aud IT'S counec-
tlol witn our '<natIuNal honor, as well
ss.tAc history Of TIE 80 bonds, II: d
Ike inattrrs about which the Southern
people. having titt3e d.tcc interest
have not taken the trouble to iIfulm
themse. We. ! shall be brief, and en-
14..vor u mako myself iut1iISibie to
81 your readers w.tbo'ls any preteoce
# spccia. kno.Ti<- i.zv ,;H the subject.
N@ry lsPsp"actfnly.
A. NJ " ,DDELL.