Dodge City times. [volume] (Dodge City, Kan.) 1876-1892, 1891-09-11

Der, 1861,
The committee of Ways and Mems
consisted of Thaddeus Stevens ichair-
man), Justin s. Morrill,, of VT, John
S. Phelps, Of No., E. G. Spaulding, of
n. Y, v b. Horton, of o., Erastus
Corning, Of n. T., Samuel Hooper, of
Mass. Horace Maynard, of Tenn,
John L. N. Stratton. Of n. j.
A subcommittee was appointed con-
Sitting OF three OF the above named
persons, to-wit: Aessrs. Spaulding,
Hooper aud Corning, whose duty it was
to prepare measures for national cur
repcy, making Of loans, issring Of trea.
ury notes End bonds, providing means
for carrying on she Wsr.
The following is portion Of 6scre-
tsry Chsss's report submitted to Con
ars.s, Dsosmter 10. 1861. We os..
espec;s, st.pt;ou Of Or readers to the
9Th psrs ;rsph, concerning 80 power
Of Congress to regu ate the value OF
ooiu and the credit circulation of the
government.
To enable the government to obtsin
the necessary means for proseout g
the war to . suooessiu, issrs, without
unnecessary sest, i. p-o''sm wkich
mus engage the most careful attention
Of tas leg stature. The secretary has
given to this problem the best consider
alton a hi. power, aud nov begs leave
to sutr'it 80 Coac-ess the result OF hi.
reflections.
/ The circulation Of the banks of the
United States 90 me LIST day of Jauu-
airy, 1861, was computed TO be szl2,
0Oo,767. OF this circulation, Sl5G,
t90,C5U IL round numbers, Mao u tie
stat,s TOW loysl, including Western
Virgins. aud ! !, C. 10 the RS
belIious States. The whole u this cir
oristiou constitutes l0su without III
tersss from the people to she bsres,
oossirs them nothing except tho e1
peuse Of issue sud redemption and she
Interest on ms specie kept on hand for
the latter purpose; and it deserves con
.idsratiou whether so"nd p0foy does
not scuirs that the advantages OF th's
losa BE- trsnsfsrrsd, ia part, 81 lsas' !:
Pom the ka rsr-esss only tbs
interests Of he stockholders, 10 the
government, represent y the sgyrs2sss
Interests Of the whole people.
Il has been veil questioned BY he
most eminent statesmen whether cur
rency of bank notes, issued by local in
stitutions under state laws, is not, il
fact, prohibited by national const;tu
ton. Such emissions certs'rly fall
within the spirit, if not within the let
ter, of tho constitutional prchibitif q
the emissien Of "bills Of credit" BY -h'
: states, end Of the masking BY them o.
auything except gold aud silver ccin i
legel tender n payment Of debts.
However this may be, it is too c'ea
to be reasonably disputed that Con
gress, under its constitutional power 81
lay taxes, 10 regulate commerce. orC
> to regUias. see lue of coin, possesse
ample au.hority to control she credi
circulation "h CD cutters SO lsrgeiv mt,
: the Tx psaotions OK commerce., end ef
fects in 80 u Dy ways the value Of coin
. In he JUDI meuS Of the secret y, M
time las arrived when Congress- sborl'
exercise this authority The vslua o
'he existing bank note circulation de
peuds On the laws of th'rty-fo'r states
sud the Oh -aoter Of some sixteen hrn
6rsd private corporations. 1t Is usaf
ly fur SIZED 10 g,ss'e.s p-opol ions b,
: Institutions Of least sstu pi' ;; cir
spl' iop, ooTmsrly, re We - =
, .ic g sslvsesy. Wsl-fosndsa s'itu
ems, Of lr-ys ssd soIid ssrit'l, raw
, n general, Comparatively lie'ls s''sSls
siou; While weak corporations s,HOs
iaysriahly seek to sustain sAswsslvsl
b obtsin'ng from the people the larg
est possible credit in this form. Under
such system, or rather lack Of system,
great infictlous and heavy losses in dis
counts and excha ges ere inevitable
and not unfrequen'ly. through failrre'
Of the issuing institutions, considerable
portions of he circulation become sud
denly wort less in the bends of fhe peo.
pie. The recent experience of sever
states in the valley OF the Mississippi
painful illustrates the justice OF these
observations; and enforoes, by the most
cogsnt practical arguments, the duty OF
protecting commerce and induEt
against the recurrence Of such disasters.
The secretary thinks it possible to
combine with this protection a provis-
ion for circulation, safe to the commun-
ity and convenient for the government.
Two plans of etfecting this object arc
suggested. The FIRST contemplates the
gradual withdrawal from circulation OF
the notes Of private corporations, aud
for the issues, in their stead. Of United
I States notes DrvsbIs Ia coin on demand