, 1875-01-18
alton contemplated is IN Itself 80 t,csnt1v ,,n,e,

N III @ldclk BuEiCI6Ntly BIND
Tue managers Of . nav hank would, upon do.
pohiting bonds at tho Treasury, receive National
L'ank nosos, and tho bnlh would DO used
ny tue Trcaanry to Withdraw Troasury
tho now notes isaaod. But though Tho opcr-
htion would. as wa ray, 10 uirnpln, it wo,1i,
clearly have ITO other et1cct than that OF aug-
montine a currency arosdy redundant, and tho
nniy teAsstlriliH oircumstance connected with 1t
,s the reflection that 1t could mot 10 carried ont
very extensively. The greonback Issue In mot at
prohent very largely IN oxoess Of 5000, o,0o10e0
aud ia amount would soon he re.lucol to that
.uls', but thoro Is q" lins given to wllat would
become OF FREQ banking when this limit ia
touched. an cztousion OF tho amount Of
rarar-monoy IN circulation IL but sorry way
Or o. pa1,insing hack apeGie-p9ymonts, but wo must
tlco OF foEomberlng that thay do not look
upon th{a pnrt OF siIoir bill ~ tito moans OF
accomplishing tho reauit they DESIRE Neither ID
to provsion M tat tho fractional erropcy h to
whatever that qualification may imply, any,
thing moro than al Accidental addition to tiler
hlll. tho result OF %hnch; IT adopted, would ill.,
sss of .e .sA sns, but svss t' a''ppsas ssSs
Oh 1t was coined. The notions of tho
Senate upon financial science tayo not ths de-
Ereo Of ptoesion,,. although tLo precision would
vory transccndonta ve~s on tho 10 opc,atiou uu Of
currency. The late Mr.. Thadtlous BtaYoue used
10 protest in tho touso Of Representatives
that resumption Of spcrie-payments was o1-
for tho 1eniriatnro tn ma. atot,,, IscGsaaty
tat spccio paYueptsaro rs,,meI' md raa,,n,n
lion would At o,lce beconls q faot. hir. Horace
droeloy enforced tho Hano thoory, which be
was to rna,,no ria goraia arn Wy ',as resne
convinced OF tho truth Of these positions us to
dcnlnre AL Immediate resumption Of specie my
]ieYe that py tLo hnoo fact nf t,air aorooir-
res1mption fonr ven,u harrc thnv .o,. .aaa.b
plish the miraculous feut ~ rs'catohlisI'-
ing oouilibri,lm Iotwoon nnror md rnid A.
auY ratio, II tho enecitfn failu tno einhsrross.
,mcnt Of failure viii bo lott to bo 1nalt
with by Democratic sopators and ncnTosontas
tiyee. It las nl,ynya aston.hn.l ua III I0on or-
Ions as bascless O. tloso We have doscr;hatE s htl.
BY experiment. Gayo obtai,,eti INV cir.
culat5n amoDr n nracticai ,,oons iiGo ~ ~, ~"
habitants OF tic United states. II 1n,cj,t havo
been thought that, even II Tim i;1,nWiodoo
Of everyday life was insufficient to dissipato
authority within the Union vboso conIlomns.
tioo Of tlom would ba nceontcI 40
final. Thoro arc, doubtless. ind,yi,,uais
as elsewhere, capable Of porsusdipe t3omso;,ea
Of anything about tie currency but tlsir viii
conclusions mover gel headway. because nf thS
tloy iumedintely moct from tho
LADDERS Of commerce aud finalaee. In tho unitsI
sons Of recognized authority. and the IorjsIsmro
itself may 10 swaycd by the prontats of ia1Iacies
that ought to be exposed ID soon ss tl,ay rnnEa
their appearance. For a parallel to tho prossnt
We must 20 bank to Tx daus
whom Mr. Vansittart was our Cbsncoiinr
Of tho Exchoquar, and tie Houno of |
Commons resolved. on Lin nation. thst tka
note WINS and always had bean nj thu
exact value Of tho coin it representod. slthonrh
at thas very time thoro wns In thn market a nEc-
MUM Of something like 20 par cent m anld
Though political ECONOMY was then IN ita 3nfnn.
~, it was not without some strong resistance
hat this atsurdly faIao resolution Vas carrioI
hut II would seem that tia iInitcd gtata. Hanata'