, 1879-02-28

1919 had paaaed away, no period Of our national
existence has hcen comparatively more ,pro'pero',s
than .e period following tho o'aanlxat!on q thla
rnay have suffered II Is certain tlst The lack Of
safe and uniform currency was not among taen'.
IL s e e IL $50
and r. disastrous Termination n the great panic
19 s' Ao. . xs w s X ssaaas Ut
| ness Of Il thunher-c1ap from n clear sky
Andtaw .inek.on announced his hostility to the re-
year.. ctoro the cxntrailon oi ths existing chaeeF
Th. p':,'dent had. in 1sE,, issued y petea,utoty
| United States link nnd distribute them among
ntfnoes of state banks selected fur tie burmese.
On fnY. !, 1Hit thu Government deposits held In
state hanks ha1 accumulated 10 aver ~ Do0, 900.
Speculation was greatly sflsnn'ated l'y this large
| ycFimen.s in ni kind, of Wild achcDes wcre in
auiRed n by tho lanks q @ yell ~ hy ttelr bofraw-
as ana % 81 p". ~ a
$50, 00D 600 stnndng To its credit. in less than
year aflcr thu destruction Of Tho TINTED States
paY its or5tnary e1penses. 1'fcsdent YIN Barcn
waa con,ncled 10 call aa c1t5a ac.son Of Cong.c.s
greatly embarrassed md tho pcopte were fearfnY
distressed, for The sta.e banks paId neither circu
latin4 notes nor their deposits.
! The sum Ut the whole snattcr IL his,-tIat dur.
Ing tho entire history q tho swo old United States
nake soyefias period 81 fotty ",s, yeaf' nsithe,
ne bv a1f III any Sser IT,
circulation, or by thetr ta!luru 10 repay
either their notca Of depo!ts; The same cannot
hank ssscs. nor Of dcposits placed ln stasc or ri.
raae SanKs; Ks, fotp,o ot 1877 II, ,ho h,,,k,nc or, NJ
tho War Of the Rebellion Wo had uniform paper
currency nor nmfer 'ss9m e. kng such
@ sow a a T.
them pcs esnt oeeae x4.s N nn, .as hena" u q
nearly slo. 01o 600. shlIe . mneh lareer los was
sustained by depos'ors. and thu Injury to business
Estimated.
~,. ,,. - -. n,,, ,rnr,,,o.
Wien tho recent war broke put tho country VA.
| again found without any reliable and Uniform
II yso t. sP unon fn
secretary Of the T1easrr to nnalyzc tho Situation
s a rasar.s nSu IN ii. javment be.t to Se aaopic
ee ss' 80. Ds b. rs '1sS2
Ss TIe S"tI"ns Bank ' Iii WI. prepared in seeor.
vi" as .; r II, s'sfsa,, x
@" M ac c>.n u sny S
ssy Ct IL 'es ns1 VI. ss.es a 49,
for mn issue Of $50 GUu. QUO Dt Unit ell States notes.
fSr ct5cnlattui until SlUU OUD QUO oI the ,otca f
thc bank corporusiona cuald b. put Into rlrcula.
tiun. Aud when il was found thc Bank bill could
not pass nj oil, this section hsr.eRru o1 from
tic iiank bill, introduced anil passed al The IL.
hncks wero dist iesuci. -
| A wear later after $500, COO 600 OF greonbacks
Ind hcci, ifsucd. Mr.. Cbaec III Ills Ecconu niInuA
r"nnrt. JcccinOcr lBtt1, renewed i!s fecommcnun.
lion Of Tic Nastoual. Bank scheme an III every way
nTricraIv to fnrtner issues of preenbacks, IND
xii.
| - ct-crtsa1ou fr,,,a,,nd hv thc flovarrn,cr+
, ia,nI H., honkin" ns.nel,;1ns @ o,r,uist.i "iar
w. irsn - - Sn,rans IL tn Ia rraf.r. =.
genera ~ .,,n. no... W ~ s,at. aat !"
Elmer smrh c'rcnn,in unifo., +,
s,ai ms ~ eh.roct"ri.,tcs md nt,niy srcrri ~. ~
mt cn,vrt,hIitv hx natinnai hnmtfs tlcnnst.1
IN IN ths Treasury. wuu,I upitu lnuru elau,u,,ts vi
soundncss and atiIity than call bc eonblnes in any
| otter." .. ......