Year: 1861

NEUTRALITY-SUSPICIOUS. FE1T1NE.


Ono Of The worst evils inseparable, in I
all past experience, to bank-issues, is tie |
spirit Of speculation they foster and the In
fation in prices they produce, followed by t
sudden contraction in the volume Of the I
currency, and consequent bankruptcy and |
Iuin. So long as tWo hundred millions Of t
promises to pay" are under the control
Of bank directors, whose rule Of action is
to make the most they can out Of their
OWE debts, these financial revulsions are
sure to come at least once in every genera
ton. Such has been the experience of the
past, and if the present system is continu-
ed, such, inevitably, will be the result in
the future But if by the means indicated
in our last article, or by any o.her, Treas
u1y Notes are gradually made to take the
place Of ordinary bank bills, We can see
no element IN the ordinary business Of the
country that could cause financial crash
similar to those Of 1637-'57. Those notes
would simply represent SO much coin.
They would pass from hand to hand in
the ordinary transaction Of business; they
would be received in payment Of all dues,
and the amount in circulation would be
regulated By the ordinary transactions Of
the Government. No junta in bank
pa11or could expand OF contract their
values at pleasure BY an a1bitra1y change
in the amount Of currency in circulation.
Business done in these notes or in coin
would move along steadily and smoothly
in well defined CHANNELS, and those who,
By lite Of industry, had saved something
for old age, would no longer be in danger
Of having it swept away by causes over
which they had not the least possible con
troll


Another important consideration is
that the use Of Treasury Notes would
greatly lessen the danger of loss to the
people from counterfeiters, With 8 thou
eand banks all issuing bills Of different
denominations, it Is utterly impossible for
men IN ordinary business to remember
them 80 as to escape loss from counterfeit
bills. The aggregate loss annually sus-
tanned by the people from this source is
enoEmoua Tie ability 10 do this is strong
temptation to and fruitful source of crime,
There is scarcely prison in the country
that does not contain from one TO score
OF victims.


Now, if Treasury Notes become the cir.
culsting medium, by seeing them SO con:
-..stantly this whole people would becom
experts, snd it would become next 10 in
= possible for q counterfeit bill TO obtain an,
circulation Hundreds and thousands c
eha1p eyes would be upon it, all Of whor
by constantly seeing the genuine would b
able at once to detect the bogus. Instead {
having d perfect medley Of cur ency the1
would be in circulation five, ten, twenty
ffy, and hundred dollar bills, and, as the
are and should be engraved in the be:


style, all the people would become {


familiar with these five different bills th


imposition would be about impossibl
!: To remember and to know good money
the currency now is, is as difficult as


would be to name each man Of ten tho


sand in q crowd BY passing through the


rapidly once year; while to distingui


the Treasury Notes would become Ill


RAINING the half dozen men with Tho
one ID il mcst intimate daily iutcrcour.


Con too would become more p1eni


ard for the reasons above given, the da


ger Of imposition from counterfeits Wou


become propo1tionably less. The coli
size, weight and ring Of the true meta


wcnld become so familiar to every eye a


c.. th.: The detection Ct the bogus wot