, 1877-09-05

THE CURRENCY C0NTRACTtON.-.S1EVE
We printed few days sago a report Of
s,n,r rnt,,nrks hy tr.Seuntor DuotirrkE. of
xr,..n,,.,;,, -, IT,. s,,,,,,.t ~ t,,o o,-r,rcv
W. '"e '""'~~'
lA0t gentleman, commenting ulo" @uc u"
pceted resumption OF srneis payments i'll
Innuary. 1870. tukca tho 1ro,,ul: |, That 1,p
., - .,r, ,.,r l., .,c:.
~ "f~~'s f"'
ht'hf" "ht4 thero u Il" aslo''hs "a e"''.
III the country at least ctptAt 10 tie amount
Of rarer money. It IL not necessarily to bc
=, tl,n to,tu md tj,o rrraoau-v t,ut ,,,ust hc
T., a;ra,,,.,;n, ON, .n,o.s;,, +, H.. ,.nn,,trv
n .r,,a. .,,o., ,.s;.r ar- NV, mn, ~ ,,,,or
..<,,.,. ,.,r l., a;r,,,,o,;,.,, .m, +,;t, nm mn,
~ '>;., .1 49,, ~, a.,,.,,;,, ,,'o ,,,,,,,', ~
a.. 49,, IT,. .n,n,. ,I,o.,, ,,,,,., l,n . "a.
~ s.,.o c,u, '.n ~ ,,, ,,.,.. 49,, -,
:.'"~s - s,,, H., ~. s,., .an,.,,,., ,.mv,,,,,
. to,, nm M ~ a.t, ,,,. aroo,,,,.,,1. ,,,;,,
- e,,.,,, =. ~. ~ - ~,. =, a. q 70 Nh, ,,u ,,,ntl
'.1 nsa,. .,;,',,, ,4' ~, tsr r,., ~ ra;. ,ia
@ .o.n ] mn nv e,as,,''., 49,, :, ,rhat ,hn cnr.
-",I.0,s ] -: ~ ...,.', H. ill.,, +, ~.
ss,oy ~ ~ eo.as1' ""'' ,, ~. ~ ~ ",,.,, ~ H.
,oa S,.s Nv. ,".... T. ",,onort ,,cn ~ ~.
ternriss @ nrc para1yxea: uauT wuo .till .tard arc
weakening: lAcy feel themselves beginning to
sta4ser. II drawing nut "ne'scscnsh rast o. the
o'ou. :" tae s5s.em ~ Mu ssasn - 'ns ~ j.,
m. .c,- ,n,,rc tI,n lid If al that i, 1rft In
tie syslc,n, There il hut one answer. The patient
will .lie in the operation. rwo-thlrd" Of all tho
business men stl'' sanlsa: WI 90 10 'ne wa!.. ~.
'a.:nt .y xo,"a v,'' ch.,," h,u,s III, f"rr"d md
sudden an9e h, thu t.,san,ns snd increase III tnr
valuc Of tho doi'ar viii bring upon tho country
n,"se ''e'tsaetson OF fortunes anu 'alues shan
e'''' "@' .u,,...
49, ."o 4"." -ss .,,s.,:e' ~ w ~" e".'.. 1se
- ~ .,, .,...:. H. ....,s. -
', .s.',,.!-i''.1, t sn.s o,,,,
,n, n,..;. .t' a'.'s.,;s ,,.s a.,s... ~ t.,
-. a,".., nm mn ,rI.'. =,
o''''"' "'' ~ ~
Nationn! Bank notca outstanding juno ~,
,s7I. wns a3lo.Yol.l89. Tho Natinnnl
Bauk noto circulation, however, reached its
max;num IN Janunry. 1876. wien tho Inv
was enacted eunbliug tla banks to redrco
,ne', ,aes NOV "'o .ns .,sa ao
----
Iota' paper currency jan o..s'3i' so4:+4
oaos. Luz ~" " congress ~ 'n' .'Ss s'''o
.ne oanks "efe "..o"eo " so''so 'nsie ci.oa'
.Hsion, NJ no uah1, however, W n"Fe 1css .han
7fe'oe"' s'e' o"''A,"B @' 'Aoo e"'ao'is''e"'
"ue' III "f4o' A''1 :" n"so "'1 4'.4'"@'on " luz
currency, ii WaY provided that when now banks
| "eio 'a"'o'""o4 ''s ".''o"a'' W 6'eon''o"n
equal to ~ lfer cent OF tue currency faaucd
10 now banks #Elo's'' 10 retired. ThiH al.
lowed 9loo OF additional hank papor for every
ESQ Of graonbacxs retired, but' as the bnnka
had to Keep ssscrse of ~ per cont the nc
t"al amount OF currency III circulation w"a
expected to ron'a'n ABOUT tue samo. Ihero
has, however, been changa produced ny
the practical operations Of tue law The
cl'anges winch have taken place s'nco then
aro thus shown:
Sas,"ns, ''anK o'Gs y, u,r :nca s ~ NJ,
sane tu Aug. a5........ ............ 1..:4s. III
| r.to, ,.,uc y, ncv uo,,, ", M :1s5
Amount oat.tAnd,n: January, 1876. 3al. .bul.I30
roto, ,,.ue. p,d sod new. 4:,y1. @15 vi;
TANK mute. srtsfed 10
sam,s 10 aua I'd. iH7i. :s,,' .;7- ga. 5;c mi
| .a...--- -.
oa,s'" ~" .t.s "",..;,, 49, " ~ ~. -, sto -oo' ~.
x,,, H.. ,roon,,a.E. ,,o., ,,aan so,;a.,, .,s.,'
' .,'a .."sa,,t 49, ,,t,,a.,1"e g.. ,s-1 49,. :,
s".a n,,, ,r'c .r,'a o,'.s.s,',;, - 49, 49,. -
;".' :. ,'o,.. '' f"''''' '1'''
., 1..,,, ',.a,,s .o,.. .......... e,.a Mn nv
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