New-York tribune., 1879-01-03
YORK DAILY TRIBUNE FRIDAY, JANUARY 3, 1870

lures OF the Government should be increased by large
upon Congress so az 10 produce a dehcit 10
the revenues rather than levy ehdltlonai az "a
Congress will be- tempted 10 Issue more greenlehs NM
carry expansion to point which RESUMPTION VIII Dieak
down. Rigorous economy and perss,eht nl and
for the sinking fund will be our safeguard IN tniS uec
ton. .,...-.. ,,..,,,,
The dangerous. indirect assault upon & kesunp N.Y.
ton is the attempt to abolish the National Danks ana
substitute additional HreenDaehs III ,e pIo ,bo sonmnnt
notes This effort Will call TO lts support the behho
which, to some extent prevails against money gu JY "
ations Should the attempt succeed, II VIII IN
eyIably result in the suspension OF specie pay ynents
Tue National banking system ~ tlat part Of our hnau
may increase diminish In obedience 10 the laws GI
trade. II the olume becomes eAee7Spe ,naj .nel
again when increasing busi requires them. The
abolition of the National banks mean he DESTRUCTION
rcncy system. Surely, Intelligent men do not SUPPOSE
we can get without banking system OF some klhd
The bank ia the chief Instrument OF modern exchange
1t Is as necessary to trade as the railroad
is to transportation. II brings the borrower yer
uses Of industry, the loandble capital OF the cOmmu
nty Ninety cent of all our trade Is carried on Nv
means OF the cradits in the form OF drafts checks
and bills and only ten percent Dy the artua
of money. which has become the small change OF
commerce The Of deposits and bank credits
subjected to searching National inspection If
the issue notes be 'aken from the banks hey VIII
have nducement To remain under such scrutiny We
snail g back 10 the wrctched system Of state banks and
private broker shops, and create twenty million more Oi
paper currency, which Will escape all taxation. On
every principle of pubic policy the attempt should be
resisted II ought not to succeed and DO not believe
il can succeed.
O make reEunptiO snre, should insist that our
present currency and coinage laws shall remain for the
present unchanged. Whether we can safely allow tho
Coyernmcnt 10 Keen $40 100000 OF currency III crcu-
alton, aud 20 that tie Treasury bank OF
ISSUE remains to be tested by cNpcricnte fOI nfsel,
doubt It's wisdom pi rmcncnt policy. But lct tBe
experiment be fairly tred
Latrr on, some modification may be needed IN our
coinage law. II 9TH, nations persist IN their refusal 10
restore SILVER its old place Of honor as
part Of the worlds coinage, II the prhcipe 0i
b-rnetallic currency should lie practically aban-
doned other nations VINO have long
maintained Il, we may by and by, encounter serious
difficulties ~ coinage of silver lncreass do not
that people Ill allow cltnef mcal 10 drive
the other OF circulation In some wIso ana just way
tbcy viii meet aud avert the danger when 1t comes
sSrcossfI resumption Ill greatly and III bringing into
the murky sly politics. what tnc Signal Service
people call clearing weahef.' PROSPERITY, ,
which has long been waIling Is ready 10 come II
We do not rudcy repuse her she Will soon revisit our
people, aud viii stay until another periodical cfdZo
shall drive her away.
Tho speech frequently and heartily applauded
Upon ifs conclusion. the following resolutions were
unanimously adopted:
RcSoired, That thanks are hereby rendered TO
the Hon. James \. Garfield for the able cX-
posItion OF the sound tuancal views To which
We have lust listened and we hope that sucu
rract cal and enlightened statesEIahsnip may
be extended until the cuurc people o.
the Republic are educated IN questions of puficat
economy until false ana deiuslye theories are ban
Isncd from our midst.
Resoired, By the citizens of Chicago here as
semDIcd on behalf OF tie great Northwest. that
| we con. Tatulate the Hon. john sherman,
Secretary ut Treasury, on the successful
return 10 specie payments in the accom- pllsm, Mt Of
whcn great work he has borne 50 distinguished part