The New York Herald Newspaper, January 13, 1869, Page 4

4 NEW YORK HERALD, WEDNESDAY, JANUARY 13, 1869.-TRIPLE SHEET. | the dollar, yet after the rebellion was or beeat -prod ital | of the value of all the rty in the | I assume that the change will at once bring thislaw- | Currency in our country when uyon a gold basis, | cents on fe THE FINANCIAL QUESTION. while poeaed oat hatha fe oe country, exoepting only thas nal by the creaitor Ree ee Lai een nate | mare Tet ee te ee fu, “und ‘havo remained ‘guile stationay ‘ever class, a that tuish, tirely prevent, mani pare robabie, DBY, and silver were used im its stead or Such confiscation might be extend ers count. operaitons of the Gold Koom and the nefarious pur- | possible fuctuations in value of the currency here wines. But x 1 re oe ues Ste Nene Wasted ee locked up as a basis for its redemption they would | erable period of time—say two years and shalt | auils of the gold gamblers, Gold and sliver will then ‘ot logisiative Interference with | #2 Germany asin Mngiand for the purpose of Invest be so much tdie and dead capital doing duty as cur- so that we might meanwhile be preparing ourselves | take place a3 commodities to be exchanged abroad fluctuations of our own currency when on 8 spe- sued investment a supply of bonds in ex- ent, i M: for tt; in other words, the government ought to de- | according to their value im weight as merchandise, | cle basis, or the changes in the value of money in ceas of the demand for as dor. A Bill Creating an American Monetary | rency only, and the nation so using tt would suffer | prive the majority of the middling and labor- | Indeed, @ moment’srefection will convince any man | England, whore the bullionista must look for tne han tac tatlousl” soturitter bearing the tees the loss of interest on so much wasted capital. It is class of people of twelve cent annually | that this has always been case when gold 1s used | Most perfect exemplar er that system of convertible relation to. ita people a8 the consols to the E d ster their values until one-third of fica are absorbed in kind for the it debis. Paper back to the which it causes they after Sy stem. apparent that paper, being but the sign or token of man th More sought ‘on the Cont 3 ° for the beueilt of the small minority, who are own- | One princl| Srgument in favor of 8 currency Would fain force their country, and I Lyrae for investment, and therefore are higher in price, value, yields no loas of interest upon itself ascapl- | ers of capital loaned at interest. I will not in- | based ons) has ‘that our currency ought to | the country would be content, to bide 4 compari. | for in for investment pik nanannnnmece tal while used as currency. While, therefore, in | sult the intelligence of the House by any | be of the same value as the currenoy of the — | son. If objection ts t sapinst, currency | oniy the holders ae nok care ta change thats lnvesr is ob argument upon the feasibility or practica- | 83 the phrase is—in order that we may be ableto | her proposed, either that it will on of the difference in Ido Speech of General Butler in tho | ree Pies oe een ae cap | bility’ of those schemes. Tho” deter Pway to | Day our forelgn debts tn our own coin. Hat, im faqs, | SBecniation or’ being. disaster someone! aes tt there were ao, more of our to Speeca o) ” enough, yet there 18 another sense in which that fest, them 18 to call attention to one or two ou 0 is payor maed shroad st the value wo have Rarinese, oF that ta cate of ove for 4 be procured at any price abroad that those House of Representatives on pin SPREAD ONG. AB RAH. as aoe pasa 20 gigantic an nok tS 46 peoposed! to ecg cot. isaivayy Feduood co te valus of 9 tay ganose of comparison wit paper money always ‘convertible share would imei rely appreciate 40 Par if not is wi resume resul ” ) cel ess and exported a3 n, & argument my own a the Debi and Currency. wholly fails to satlaty, and which it will be necessary | pose the anduid say to the eIck wen, “rho | conveulent and safe form of merchandise ageltst in epi. bu ‘ill produce ineontrovertible autvority | Pl, and demand ” would regulate the price, to examine hereafter. I refer to the enormous price | Way not well,” might not the | which CY ony Oe drawn, ‘that no Dallioniss dere dispais, ‘The suspension of | *VOrS. ot 2 small amount of Massachusetts gold ~ —_ m Ito get well?” So, a | value fu very mat y in different coun- | the Bank of 1847 caused a solemn Parlia- bed.for at which money or capital is now furnished to the Ww years ‘one may remember the way pro- ‘As an example, take Jai ‘where the | Mentary inv ‘of the workings of the finan- bearing five per cent hopds. was aabeoet - ‘ i ; | consumer or user, posed to Richmond was | standard of value 1s ailvor. in’ 1487 Gur Consul at | <IAl aystem of paper convertible into gold at pleasure, | ® angle house, oe Lonmin MS hia ey Impolicy of Resuming Specie | © stavitity of currency is, perhaps, the most import- | "On to Taay not be - | Simoda, Mr. Townsend Harris, informs us that gold | Which was most elaborately. impartially and intelll- | Poni of of husetts,” Duk Test of the ered as Ba ll Jn plans a is only as one to three and a half in silver, w gently conducted; and I point to the conclusions of y, ant of all its attributes, It may be well enough : the: " United States behind them, at si cent, were Payments at Present. found ties in carrying out that with us i holds by law, s# a part of our specie Of the committee to the House of Lords @8 | seiing gt saventy-f0 usetts bonds deflned as a quality of currency when used as @ | tion, which that it was to be | standard, the rate of about fifteen and a half: a of the effect upon business and the were all taken fora single investment, and the sup- aces | standard and measure of value which. renders it un- | ROvSG dogmatize u; drovaieg {Pott noy rl pe Rates rbile ia Atotien It wertibte inte Spee Hear the rnateneny stats facts | PIY aid not exceed the doma ig another c] oul ¢ meu orale Snait n m caae an | Sane RUE MRL Bt | athe ott ae oe eta | re wg arte tat oe . 5 ¢ o we mu 5 Ww, can gol u who that the 7 Areenbacks Stable and Valua- | messwe of value shou! Rschanae Hin, | einen mea malaga 6 Soeroe we "mach | one? Oo tia cree wna can i es sndfivit, sun. A (Peahy'act rayung fiurbant Yo, ken | 20805 fo Day lt DODGE wit One a Dae ° oe, is that we pass 8 law that ents | country which absorbs large amounts of our specie to redeem her bills), would a reour- British consols is that they ble Enough. It should be at all times one and the same, When be resumed of tne ist day of July next our we | 1c stood depreciated tn comparison with aller at our | T8020 of orcles of greliament and depression. the | The very theory of the co contrast between the years 1845 and 1447 must produce griev- | are never to be , and nobody dreams that the; all the property of & pecplemnnnne ailbeated.te.mech ‘are not told how the law is to be executed if . Pst p geicriny optim ered ous disappoints Rt: ever will be. The United States has once paid {yt eagiioe. Aas easni ralge it comparati: was said mi ears that w! an dard reial those that the aot would check Yj oe es tak measure may be, ae oa = ent Wan onaiporentyot Ce Be dh ected i eho smaprovidont weno The dkapuotatasent eannot be ee ft Holdera for ar ine meetont whootwe ald it ot par it “Khe People Do Not Desire | Wena a4 ouis annie santty aetwousd De |. (6 Seay See ee eae os ieee? the siaietnent of the rote ot ike af | as worth one hundred. and twenty in the market. é We have two measurés of weight, the pound troy | an equally insuperable dimouity in com by | value bas been. tried to #small extent at an early | Cine? witnesses, thee Mepeouallons were vever carried. a | Those investing fa our securities feur this may ap- Resumption. and the pound avoirdupois. We find no special in- acto = the payment at par of werent ia Gay ie Sols conmey, Hom acer the Kevodnsion yorte fitch, aa enoraous Sea sae Tate Dahecnaen 3 Fcigecint ny convenience in theiruse, a8 the classea of objects | Tien “there are pee ce Tents due on dean | her upheatinedced tsneamatiase ) te at ug. | OU® BONDS I RUROFR NOT TO BR. AFFROTED BY aN 28 z g 5 2 £ 3 2 iasued, If'the act wore relied om as a be mine violer ADJUSTMENT OF THE CURRENCY, tuations in the value of money, the anes , in State notes, receivable in meut of taxes. Of fosters 3 ne value. of. raved hr the fact tht while tap I therefore, that adjustment of one a rate nt w: mete- submitted to thelr measure have remained un- | lars capable being used fol any ferent ween curren: r our own cortvenience will not Nae ips a Fially affect tho worth of r that purpose. In the House of Representatives yesterday Mr, | changed for many years and are bought andsold with | Avother learned, aple ‘and intelligent gentieman, | course she could not make thei legal tender. Al & whom regard, | though her annual were P deme» . Terjamin F, Butler, of Massachusetts, introduced | regard to the difference between thom, which also | nr Yum, We All entertain the highest regard. } Crete ne nd dollars these. motes at, once. took laras po and reoqesteens per eon Oe dibceaee Ie tae | [hase bow eeamedae Nene aed. netonal te lollowing bill to authorize the issue of a national | 18 1variable, So as to | It is entirely unim- bill emboavin @ plan forthe fener of our tuanctal | thelr place at par value and became, in practice, | rose to atx and three-quarters. faich to our creditors, to prevent every one of our currency, to insure its stability and el ity, 1 2 portant whether we had adopted at first the imperial dificulities, cb, would he perfect were it not im- | convertible into gold, although no man could de- Lig ft was contemplated that the number and the extent of | nonds going abroad and to bring all back that have tne inserést om tne publigdebt aud reduce the rate | of length, provided we malarain it washangale ie | Posuble. Stripped of the halo thrown around it by | mand gold for them. ‘Thoy thus remained until they | commercial fallures would Rare been lesacied the devlorable | gone, au 1 view the deplorable fact of the. absorption ue x 4 4 8 gradui ir expor' of inverest:— the seuse In which we have detned. seatiiity our Letty thn died Ripert HG a eAUtMOLtZod, and, the bills of une State Danks | of emet-throe houren, comparatl Ghd as ete See te ee trap oe oe women Be is enacte™, de, Thatithe Secretary of the Trea | from the fuck iaat ihren Of pense an east’ | hourding gold enough with which to do it. Granted; | took their place. ” ee eens ‘esconclusive | ‘Hngiand carries her debt with ease and. wich, pros: sury is hereby authorized and ulrected, after the | Momthe fact that tnstend of ponecsily ticesared en er dg alc a a A eg ge yy a ag ay rai ite omer cose suattivelar tpecomomaionne act t | fe ys a nahon becuse eis emote wholly due to ‘ : ; mo 140 bo fromoved ft Bod HE Of TNS RENE 'O giksUe, on the faith | by another standard—to wit—gold, wich is iteclt | Bila ge usiyon seg ity Moet ta ver thar | circulating uedintn will eros eke bone eaaceam | 184 i eannet be sata deat tats importa 3 ect tas been at. | Her own citizens and all income derived from it re- 2 and credit of the United States, $350,000,000, and | variable. Further, our currenc’ mains at home, while we, by sending our debt ol | As arose a 4 sy is still more fluctu- 4 tained, aince it a in evidence 1] io }, in addition value of te Treasury of the United States, not bear: | 2a'tinlatration, on the oue hand to increase its value | discount, Whatever deficit ot gold to carry. out this | say thut each ladividual plegn of paper would be re. | {coment paid, raining the charge, to, tan, twenty o her lands withdrawing all thelr incomes from her J it nearer to gold, or on the other by deemed, but tual ing interest, and of such ing scheme cannot be obtained by this process is to be jeeied, but an equal amount, There is an objection it “ 1 to the etpediant ot nak leon Shen cae dotted coce eat pee sneted brokers and bankers renee OF | borrowed on the government motes for tinrty years, | to them gs compared with the present greenback, count Gna hoes betters Shak spatpooneae bape. bint a currency’ I sean sec mit have the tens shall be receivable in payment of all taxes, duties, | Gud unjust gain, “7 he Purposes of speculation fold atsnch rate of digcount as foreign bankers may | and, that ls, the goverament would haveto procure | havo 1 offended.” ¥ Henoy to Keep our bonds at home or to. Bring home ts le 0086 Now, specie ni ference C urpose against the United States of any kind | targely cunaneh cl to the ernment for cur- io our legal tenders is yet, more | our public debt, with its high rates of interest, equal | Fetlect a moment that the gold now paid for customs | Having given fg epee oes Me On ee aeerne ete Acacuy what ope whatever, except where the law creating | that they shall Mot be wunctved for the ditiee tapos od | £2.Dr, if not at a premium in gold. | ‘The fault In the Se is obtatned by the merchant borrowing it upon | Be ofthe House long upon the details of its exe- | may be done. Let no man say that I desire to es- such claim or demand requires that the | by the government on imports, which annually plan seems to be that we are not told how many e governinent’s note at thirty-fve per cent pre- | cation, To prevent shock to business in making the | tablish or perpetuate @ depreciated currency. [' me shall i greenbacks we must sell at thirty-five per cent le: imium, and it is very clear thatthe difference between ‘gold’ be lawful TaOAEs Eade tender} a ae ofall Bots goon menue Seal gold, on their face aud how many bonds we must meantiagt the Loy, ge? certificate of value er greenback hee: ENG RTO ope She frst day Sai tee ah pthc of scotia enanle oe 8 ter public and private aebts, except as aforesaid, within | therefore, causes our lawful money to be used in fact | St 4 like rate of discount on thirty years, to place | and gold would in the future be much less. | {have | of Say next, to return to the public depositories all | than pola, every dollar of which, I doubt not, will soon the United Si recei = ourselves in condition to pay both greenbacks andthe | also endeavored to find a compensation for this ap- a 4 & ‘s inent for tll loans made t0 the United States Bald | 22,88 article of imerohandise or commodity to be | nonds, which we thus sell at par. DiTerential caleu- | parent loss to te government, as will hereafter bo | yne eke! ender notes received by them in previous | shan te Mate elval le Bolt: Pt edeomable in, gold certificates of value shall be in the similitude of | Gain qeseG,or sold, which, for thi pope ecatrary: | 1S Blight work out the problem, butplaimarithmetic | #een. It may further bo objected that making these | cortittsates of volte os roposed, in payment of | and silver, so that any man, because he a dollar arene notes bentonite beget except that they ay lean posses rhe boc et Tecet peotvable in Day” yes gtsee Ma Gancare cate eaiee atben may be below tae par offgola woud ip taut exit pei ge-orn lhe the government, : ‘would aca ke cal Segre oa celled to tise tox shail bear only on their face the denomination or | ment of all public dues, whether internal or external, “ require a@ like returns of all the bank notes.col- | be paid htm, and the currency cans ex- value for which they afe money, together with ap- | and the amount issued fixed by lawhad remained | hundred millions of specie currency in circulation in | reduce the percentage of the tart. This, if an evil, | jected? for taxes, and they. should continue | tant: ont with his currency he must buy bis, gold. as! propriate vignettes to prevent counterfeiting, and all the nations where our bonds have been or will be | Would soon cure itself. Any considerable increasé | to he re as the | he does his wheat where it can be hi auch signatures, checks and numbers or other refer- pertain a a tes ye ventine ks Of | taken as an investment, or, indeed, in the civilized | of importation by calling "for tore currency €0 pay it dayor Jiuuary next Mole tae cra? recipe | market, In other words, the value of the currency ald to ences as may be best to prevent over-issue or for- world, if we should succeed in locking up three | the duties would enhance the price of that cur- | for al : tl of this try, its volume, its ty, the values of xeries, and on the back thereof shall be printed the | Quang is volume. It would theo have become | nundred and fifty million doliars of that, or twenty | rency, and therefore bring it quite up to gold, Be- taxes cease. And upon all country, stability, amounts of bank notes so returned five per cent in- | all property of the couutry shall no longer be at the. aero hg levy under whlch they are issued. | | propérty of the country would have asalmllated it. | We not make what iu techaical prirase 9 KAOW As ites a the oct s to £0 Bio operation at future Yorest shall be charged to the, banks by the, govern. | mercy of the panics, the caprice, the speculations or nal —a standard be changed sa' “ ~ = + pon be an: ro | me he eds: bankers jurope traders of, national banks shall ceage to be bunks of issue and | whicuchianseine one Sena eae Raveamipie | “commer”? on the rest of mankind, in co:nparison | clable difference between the value of the certiicate | Honus by which che batts Be poured oda cney are | Asia. But I hear the bullionists exclaim, “Our mo. e with which the late performance in that line of the | and gold, then tmportations would be held uw} 7) ond inahail bet ipa inipet suomconieerae eee! revious notice, As its value asa standard would, | gre Railroad and New York bankers would sink | until that tue, when the sudden tadux wouln Fagecmes by. sae panks incor Rinonien Of yoine ete | ay cananthnte’s atierent aranaged of value from! er ay clved in payment ef a teDr or tax | i2,tat case, have depended on the amouat or valué | into merited insignificance? materially enhatice the valu of the currency to pay | the act ot aason & teat aen en Y Jaly 8; 1808, | other nations.” 1 would as soon or sooner have our; dup to the WEES stecee Oat oat urrctotare Seasen Tata aa the at ebomeeniolean aatesiee Te suppose hy this ingenious and novel process | duties. ext proposition 1s to take from the when liquot. groperien of such securities | government, our laws, our institutions the asmo a by any national bank-to return the same oa the ret | Dusht not as unchan; Fyodor iz ¢ | of borrowing we were to return to a ‘state of sol- | national banks all power to issue notes to circulate | gnait eget ox ‘eo om ye th ay institutions of the ‘rest of the world. We have day of each succeeding month, until the lat day of | measure of the value of all property as the Yard and | vency’—to use the phrase of those who inalst that our | as money, leaving them as they are now, banks of | {yell De, returned to the banka redeeming them. | fhe institutions of the rest of the world. We Lave January in the year 1870, when such bills shall be no | Stances—are made invariable by legal enactment. | _Jeealtenders are depreciated, failed paper, “because | depositloaus and ints, but not of iasue—ot | Garrenoy should charge tothe take tee Der eons, | Dolsins, every atsribute of the monarchies and every ionger recelvaiie, to the Comptrotier of tue Cur. | “The torm elasticity, as appl arrency, Twili | BO# Paid on demand—t. ¢., rerarn to speciepayments; | course to be relieved ait taxes on olrculation. | interest on all the bills heretofore lasued toner nox | vestige of ‘the siaveries of the Old World save onoy| rency, to be cancelled and destroyed in his presence | act apie ity, a8 applied. to c nating its | tO se state of currency before the war, could | It is evident that the hundred and nifty million | reqeemed in the manner before @ to a and that is the all-controlling and baorbing; and in the presence of the of the ee mated wd-tohnd fa ‘Tule, mest the | {Rat condition be maintained? It will be remem. | dollars of “certificates propaeee option of the bank, furnish fastoad thereat” ie wer by which masses of the people of all nations: Thited States aud the Register of the ‘Treasury, of | nome accorsing to seme known rule, to meet the | bered that before the war the government received | circulating as money would not be a suficiont | tihostes of wane Boscd ee oe tnreor the cer. | Power by witch masses of the money. which ‘destruction = “nem fam containing ‘the | noc ities of its use in business, arising pont ite 4¢- | ail its dues and paid ail its expenditures in gold and | amount of currency for the business purposes of the redemption, the iawful bed ged iN po od A HIT AT THE BULLIONISTS, x amount of the bills, their num! and the name of reat we ome a ies nahi ity silver only, amounting to from sixty to seventy | country; therefore I propose to throw open the | ifthe national banes should it choose to recely More than three thousand years ago the despots of the bank issuing them shall be made in a book kept | tight sdecs opposed to dhe detugion of stability in, the country, as ie catimated, some two hundred | present | Privilege’ waich the ‘banks have of |’ money in lieu of their notes, then upon tneir return | the world, as the most potent method to enrioti for that purpose, and signed by the officers afore- | which we have just given, but careful consideration sing any Se gg eld out, ai ng 7 oo government to the Treasury the bonds lodged with the Gomp- themselves and their favorites ana perpetuate insi| to said; and such collector or other officer shall be ‘anol . - | OF two hundred and fifty millions of specie, excla- | every man or association of men who can | trolier of the Currency to secure them hit uj the device Credited in his mccount with the amount 80 re- | Tritamor Caatetcs, neo ega Mery, 82 An OC | lve of what was hoarded, although in 1sdo there | furnish precisely the same security “that the | furnea” Beye hee sheers (ee ee ee oe | ee ae One oe ot ar eOe te Were but ity-seven million dollars in the banks. | banks now do for the money so received from the “ ren ap — — — i apo hath wee oe of value, = a pie ere bes ee It cannot = eon forgotten that such use by the | government. Or, in other ‘words, that every owner ton (eoRed po we tae ies te ane at tunsica sry seta ral Or the moat bean eantifal, ut the moe J Lov ‘shall patents when arate Teturned to 5 Stability is the at e he etyee oF | government of specie to do its business, say one dollar | of # government bond paying six per cent interest | the people. vt & now te co Sera scarce and diMcult of attainment by the masses of the Tressary, a =H beri ney gpl ge aed Of four, caused great financial cinerea bln ely A ‘a on in ae 2 any public depository in the | countries wherein it {s made of motal | the people, thus arbitrarily making @ measure of; Src. 3, That whenever the bills of any national | volume determined the Decessities for te | eee ao ao ee ee Tee | icone eelcnes oe ke rere 3 Security, snail | so to debase it im comparison with the | value and cquivatent for wach the property of their Piccoli Le y of the Treasury, insomuch that the Secretary of the a ohana foe are tee United cases aan vee renteomen te one comp: | Skene Hoe Mette ene te oe ytoUs | ‘Treasury, on midre than one occasion, was implored | to the amount of ninety per cent of the par thereof, | hoarded, exporved or used in thoes t Weuld ge | bilities of Deing so converted into frnie crhan of troller of the Treas hall charge on the amount Gimstaution of vaine of the currency at Bow tame S ed fan areeante to ee the nd Bee prt boring to kt bre vedonigngtd ao nye into ry bond at pase, therefore, for convenience of handling, That power the so-called precious metals were thereof three hundred ani -five hundredths per | compared with another. The former is the ‘change | U" mea DOnGS 85 Wiixty-FE0 Der cont PEORIES, “1 Sng thirty days, he paying to the Trea- tio} ould be Xx) fol mal currency, instead of paper, sl ht after by all men in such degree that they which was done to avert dnancial crisis. The | sury for the money he ves at the rate of ward: came eemed special intrins: peep me Sane an fomieat pusatie es | eae ee tier ee nar aa learned gentleman upon whose scheme I am com- three and sixty-fve one hundredths per cent - Sone ron meh Be hey wo} cet ra erat. poem vtech Saale ye of momen United States to sald bank on the bonis | foe | mane at tabi; pay tg voy se on saan menting, if 1 understand him, proposes that there | interest per annum tn coin thereon until he returns re used, made of silver alloyed with some of the | stamped upon them. In the earliest rept ‘yauel the security of said billg until an equal amount of | Aveurnsaule ie least: MT ot elasticity | Shall be introduced into the country for circulation | a lke amount of certificates to the Treasury, when | metals to such extent as to prevent hoarding or ex- | governments were established by the people for them- certificates of value or of three per cent certifica A currency to meet this requirement of slasticity 1 somo three hundred and fifty million doulsrs, which | he shall receive back his bond. Assuming | Nwrimtien ny tac te acer oe eet noataing OF ex- “a 7 OF thee retals were iasead to puremenen of the out ef mand 16, 1408 aan fan io ae ee or ine ““ntornal | We may believe to be a large estimate, exclusive of | $1,750,000,000 of six per cent bonds to be issued in redemption of the fractional currency ized as attributes of despotism. stamped the act of July 2, 1863, shall be paid Into the Treasury | facinea: anu’ ccue. pore ng trys ana | te. ainount hoarded, which, for obvious feasons, is | outstanding, and every one should be pre- | now In use, which paper fractional currency, after More common and equally usefal: of the United States by each bank, whereupon a pro | at the camm nrtinie) sack: “ tractabili lend and will for # long time be greater than | sented to the Treasury and currency demanded, | the ist day of January next, should not be received distributed among the people, to be Fusion said Woods sal be eturad to woh | $a "taut ta tng" inte at greaan” ar | BY Ma gly, SR th Gane | atl re si oN.0m, be nay per cent | except ath Rravay for exchange for ho tokens | Riedy thet a instruments of exthunge a der an! c 5 C . - SHC. 4, That afer the sotn day of December next | Boenunese‘or stability OF waives This qualigot the | SAF, threo Mundred and “dfty milion doliars, | sued. rhe Arst objection striking the mind is that |.ment should. ve. prepared to aus money'ta ex. | valuable ofthe, People's posse swan impressed no national bank bill shall received by any | currency is the element of its highest usefulness | O° & sum q eae 0 SN Kee Bon ae amount woul ¢ the currency by far too re- | change for bonds as before 2 set forth, and to allow | upon pieces of brass or iron, intrinsically of little! Ofiicer of the United States in payment of any public | and ia | by, this plan to dundant. | Would or could the business of the coun- | the money so exchan: into | value, but thus made the equivalent of Compara debt or tax; but each of the Hational banks thay at | Sur prescht ewe ee ee aa, WH noting at | We War the use by the government of oue | try need so much? It can eafely be admitted that #0 | the same’ bonds at the. pleasure of the, Loli | tively considermbie wealth, So Kome, for more than any time return to the Comptroller of the Currency | fixed by law which it cannot go, however dollar in four, while it left the ot! aoe ang much currency would not be needed, and in practice | One, and @ not ‘nconsiderable advantage of | five centuries, used the effigy of the sheep, pecus, im- an amount issued to such bank and then outstan great the exigencies of the business of the country | Parposcs, unsettied the business . r “a bonne no — sums Would or could be taken. A eae por- | thia gradual but entire change in the currency oe upon copper for currency, eget pring, ing and unredeemed in his books, and receive a pro | may be; it contains within itself no power of con- | What must be the effect of the use fe govern- | tion of these bonds are held abroad and w not | of the country certainly enough to psy pao he name pecunia, by wach money and wealth were raia amount of the bonds lodged’ as security there- ve 4 then | ment ander this plan of every dollar o! ‘specie in cir- return until more vainable here than there. Another | expense rT the detection extin- | afterward designated rhout the world, It is for; and from the 30th of said June said ational | pee apy HE Nr py profit | culation, leaving nothing for commercial purposcs, | large Ome held for purposes of investment would ment of all the’to ies of bank Motes and | now admitted by all political economists that finer Dank shall be cuarged 305-100 per cent interest, 1n | in speculation and adventure forced by the selash- | ! We have a currency based on specie ? not tempted to be taken therefrom with. ional currency now in circulation. It is well | engraved printing upon paper, fixing its value, coin, on the amount of ail bills outstanding and un- | ness of bankers and capitalists. WE MUST WAIT AND GROW TO A RESUMPTION oF | OUt a very a difference between tne rate | known there is now, ically, no redemption of | the best of all possible gubstitutes for coin redeemed, in the manner before provided, to be de- | Again, not being capable of expansion the un- SPECIE PAYMENTS. of commercial interest and the rate at which | national bank bills. y are rarely or never re- | money for circulation, and roa a ducted from the iuterest payable on said bonds, s0 | princtoled and adventurous capitalist can calculate Time wil! not permit to me further examination of | It was obtained from the government; the | turned to the bank that issued them for redemption, gurrenoy for ® people than itself. If Jong as said bills shall remain outstanding and un- j exactly how mach currency he must lock up this and cognate plans for the resumption of specie | controling limitation in practice on the tasue | so that no test can be applied as to genuineness, | may, therefore, be safely assumed that had the redeemed. at the time ring enta, If aretarn to specie values is the only | Of this currency would be the rate of interest paid to | Large amounts ot them having been issued on the | arts and education been sufficiently advanced in the ‘Sac. 5. After the 30th of June next each collector | about fang A ee — a — Femod for our tinanclal evila, then there i but one | the government for it. The owners of this species | same dies and vignettes, counterfeiting has been | Grecian and Roman republics the money of the peo- and disbursing odicer, except the Treasurer and the | involve in ruin the unsuspecting and honest | plan, in my judgment, by which it can be accom- | Of capital will never pledge it to the government or greatly factlitated. is this true of the frac- | ple Would have been such paper, of the pon/ Assistant Treasurers of the United States, having in | merchant and dealer, who is made the vic- | plished—we must wait and grow to it. By the industry | auybodyelse for money at three and maxty Ove one- | tional currency of United States, which never | derous and inconvenient metals. Not antil the peo- his hands any legal tender notes belonging tothe | tin of unlawful combination which he can | aud economy of our people; by the development of hundredths per cent on poy eee its value | comes back to the Treasury tm any considerable | ple of these free commonwealths became deterio- treasury of New York, shall forthwith return the | neither foresee nor control. A deplorable exampie | our resources; by the enterprise of our pusiness: by | Unless tlmt money could be safely and profitably in- | quantities. But the exchange herein proposed | rated by vices and luxury, yielding their liberties to sane to the nearest Assistant Treasury of the United | of this as a practical fact has taken place withina | the extension of our commerce; by the produc- | Vested as productive —— or, in other words, | would at once entirely extinguish the counterfeits apse elther by choice or usurpation, did gold and States, and receive therefor an equal amount of cer- | few weeks under our eyes, by which the managers | tion of the prectous metals: by reducing importa- | wuless the business the country actaally | now in circulation and render all the preparations, iver, the every ready adjuncts of despotic power in tificates of value of convenient denominations for | of an insolvent raliroad. in'connection with certain | tions, the only method by which we can keep specie | Fequiredit for its profitable and successtul prose- | plates and vignettes of the forgers useless and val- | all its forms and degrees, obtain place and scope to payment and circulation of credit on his account as | banks, who should have been regulators instead of | at home; by retrenchment of the expeuses of govern- | cution. In that case, and for that purpose, it is | ueless, do their appropriate and never-failing work, the ¢ may select, and on the first day of each monsh | regratera of the cui ‘thereafter every such officer shall make a hke return of legal tender notes as may come into bis possession , contrived to sequester | ment, both State and national: by the uish. | dificult to why’ the currency should not be WHY OUR BONDS DO NOT COMMAND PAR APROAD. | enslavement of the labor of the masses. It will be me thirty raillions and’ thus to bring about a | ment of all hazardous and doubtful enterprises, we | €Xtended so as to mect the necessitics of the people It has been assumed that the reason our securities | remembered when the victorious Gaul threw hia ‘ingency in the money market and @ consequent | mnst accumulate sufficient wealth to bring back the | When dtly restrained by the rate of intereat paid | abroad do mot command par is because we have not | sheathed sword into the scale as the counterpo! and receive a hke payment and credit therefor, and | depression in the public securities of some five per | six hundred million dollars of our na- | and the of required for the iasue of | resumed specie payments here. In one sense that | of Rome’s degradation the beam was not bal: } afer the 80th of June no disbursing oficer of the oon in asingle ay, out of which the oampienlors tional bonds held abroad, to which may | government ‘Money. rhe e of interest would act | may be trae; for if we resume specie payments and Lh money, but by the ornaments and trinkets United States shail pay out or disburse other | might realize large pronta. This process of robbing | be added an eqnal like amount of State | as aceriain reulstor or governor of the amount | were capable of continuing that resumption our the richer of her -citizens, for she had money save certificates of valne, except when he | the community may now be repeated at pleasure. A | and railroad bonds also hela there, and thus the | of the crculating medium. bonds would command par, because they would at | neither gold nor silver coins for more than.a century. may be ordered by te Secretary of the Treasury to | system of currency which permits its guardians— | annual drain of more than seventy millions of bul- TH# BENEFITS THAT WOULD ACCROR PROM fr. once be sent home for sale, commanding a higher | Twelve centuries afterward, when the feudal Pay or disburse coin. the banks which issue it—to thus sport with the pub- | lion now sent abroad year by year to meet interest As acurrency it would be secured to the holder rice here than abroad. But it seems to me that the m dividing Europe, just then emerging yo] nd. 6. After the 30th day of Jane next any per- | lic credit and oppresa the merchant, de) the pub- | alone. When this is done we may with wisdom return | by the pledge of all the taxes, customs, weaith, re- fect of the reasoning which makes our bonds e dark ages, into many small inci son or association, whether banking or other, own- | lic funds and thsettie the onsinens of wu country to specie values and specte paynents without serious | Source) and Lyd 3 of the country. As capital | abroad leas than par becanse our currency here is at | Powers, had given Leg A princes, du + rons and ing any bond of the United States of $100, or any | is clearly defective, and it is the dnty of Congress at | financial disaster and commercial ruin, But this time | loanedit would be secured to the government by its | » discount, is that it mistakes the effect for the | bishops control of the liberties of th erished multiple thereof, payable w bearer, bearing six per | once to provide the remedy for that defect. We see, | will come only when gold and silver from the plen- | Own binds at ten per cent below their value and two | cause, ‘whereas the truth is that our currency is at a people, each claimed as his rogative the right to cent interest in com, with the coupon for accrued | therefore, that our currency is uniform, cheap, and | ttude of its production will have depreciated | and fify-tive one hundredths per cent interest on the | discount, because our bonds are selling at seventy- | MX his value to pieces of gold and silver, and the interest attached, may present the same to the Trea- | sound enough, but that it lacks stability from fluctu- | to our values, not we appreciate them to the present | differ@ce. How could it difer fn value, except being | four in London to seventy-cight m Frankfort. The | same to change and debase at his will, by which his surer or any Assistant Treasurer of the United | ation and elasticity to accommodate itself to the | value of gold and silver. But while we wait the ef- | better from the bills of the national banks? It has e of the bonds abroad controls our currency here | serfs must measure their possessions and pay tribute States or other puviic depositary to be designated | changes in the demands of business, Our financial | fect of our increase of wealth in bringing us back to cy ultimate security, because all customs duties | in its relation to gold, not our currency here controls | to him of all they had, Cotned gold and silver have by the Secretary of the jury for that purpose, | system has another great and overshadowing defect, | specie values what shall be done to remedy the finan- i for its redemption in addition tothe | the price of our bonds abroad, The mistake isin | ever been the handmaid of despotism; the prop of and who shall have lodged in the Treasury of the | controlling the prosperity and development of co] cial evils from which we suffer so much that even | tnterjal taxes. It would have—what the bank cur- | supposing that the worth of two billion dol- | monarchical power; the supporter of thrones; the United States suficient security and shall | industry and resources of the country. Now acammercial panic is upon us? The questions | Tenc{ has not—elasticity. Whenever it‘were wanted | lars of our interest pearing debt is ma- | upholder of pobilities and riesthoods; the engine receive therefor ninety per cent of the par on its | THE CAUSES OF OUR MONRY BRING ENORMOUSLY DzaR. | still return to us, What meanwhile shall be the cur- | aud jhe rate of interest rose, it would be taken from | trolled by the price of three hundred a | by which bapa ng and pretensions of aristo- face in certificates of value, in such denominations When called into use as @ representative of | rency of the country? What can we do by jon | the ury aud the interest would accrue to | fifty million dollars of non-interest bearing | crate have always been sustained in trampling as be may choose, paying. on that amount at the rate | capital our money is enormously dear. Three | to insure its stability and give It elasticity? how | the government; whonever tt was not profitable for | notes. That the premium on gold is wholly con- | down the rights, devo the substance and ab of three hundred and sixty-five hundredths per cent | hundred and fifty-six millions of it, not now | can we reduce the rate of interest on the public | use) the holder, the rate of interest falling to | trotied by the of our bonds abroad was conciu- | sorbing the unrequited labors of the masses, er annum interest in coin for thirty days, and until | taki into account the fractional currency | debt, and thereby lessen commercial interest, so that | thr@ and sixty-five one-hundredths pet cent in gold, | sively demot at the breaking out of the war | Through all time the possession of money has given e shall return an equal amount of said certificates | issued by the government. was at once fund- | we can cheapen our productions to compete with | he would retnrn his money and receive | between Prussia and Austria. Our bonds fell in | power to the few to enslave the labor of the to the Treasury of the United States, and said bond | able into gold-! bonds at six per cent. | those of other nations of the world? ap his) bond and the government would have | Europe ten percent. Mr. McCulloch, paopting the | meny for the benefit of princes and nobis or bonds shall remain im the Treasury as security | .cntaxabie by State and municipal authorities, and | the magnitude of these topics, soars i! nothing by the transaction, but the | theory that the preminm on gold could be kept down | and its use has been the of servitude of all for the certificates so delivered and the interest | as is iately claimed, but without warrant of law, un- | of the diMculties that briatie rvening interest. Assuming that over and | by increasing the supply of gold in the market here, | peoples to some king or nt. To deny this at thereon, which shall be deducted from the interest to | taxable oe the government itself, so that whoever | adjustment of such question with absve the three hundred and fi ion Py, sold | one time was treason. hen the chief priests be paid by the United States on such bonds at. tt uses itin bis basiness must pay an equivalent of | diMdence as to the full comprehension the | laf which tt is provided the government shall issue | some thirty millions of gold in the vain endeavor to | would fain have taken hold of tho words of our after thirty days. The owner of any bond ao ten or eleven per cent for ite use. The remainder, | details to be cared for, with entire deference to the be} its own purposes that an average of five hundred ete Tige in the [remain on gene. cemmenpend ne Lordy “‘that so they might deliver Him unto the ma le 8 loss in the Treasury of the United States may return three hundred militon dollars, ia issued to the | matured opinions of others, and after careful dollars found neceasary to be used fall_of our power and authority of the governor,” they ask certuficates of value equal to ninety per cent of banks by the government, which pays someeighteen | thought fig | ER Ihave | # inoney, then the iment would save eighteen | some three millions to the , batin vain, The | “is it lawful for us to give tribute unto the vaine thereof and receive his bond | miliions to them for the privilege of furnishing and | ventured to offer in the bill I have submitted to the | million two hundred and fifty thousand dollars in | premium on gold went up until it came in exact | no? But he perceived their craftiness and said, and coupons picdget. before lees the in- | yp ve obtained by the consumet | House several pro; which I w interest ee eke in other words, be | equilibriam with the price of our bonds and then | Why tempt ye me? Show me a penny. Whose terest; and said ruifieates the amount thereof | from the short of nine to ten per cent inter- | adopted will mi the evils of our present finan- but two and fifty-five one-hundredths per opped, wholly irrespective of the saies of the Secre- image and hath it? answered, patd to him, and the Treasurer Assistant Tre: exchange and commissions that he | cial syste, and which, | humbl may have it on five hundred miilion dollars of its six | tary. He might as well have attempted to raise the | Cwsar's, He said unto them, Render, there- surer where said bond ts sda, during who uses it must pay. Out of the great ctties, and | at least merit enougn to evoke #0 that cent ind 5 added to the water in the hose of @ teaKettle above that in: te fore, unto Cesar the things that are Cwesar's, and time of its deposit, pay owner away from the seaboard, the average rate | the wisdom of Congress may mature some | Pighteen million dollars now paid to the | Kettle itseif, by pouring water into the nose, as to | unto God the things that are God’s, And they mar- accrued interest thereon that on sald | of interest ts at least twetve per cent. In | legisiation to meet the wants of the country, amd to ‘as interest om the bonds they have deposited | have sold hts goki for the he did, in, | velled at his answer.” certificates once in every mx months. many sections of the Southern States, on whose | assure if not to heighten that degree of prosperity thelr circulation, say three hundred million dol- | when the war suddenly ended, and the price of our Our fathers, founding 9 government tof Suc, 7. The Secretary of the Treasury is euthorized | productions of the stapies, cotton and tobacco, | in business which the people have enjoyed since the and six cent on the one hundred million | bonds went up in Kurope, the premium on goid fell | themseives on this Continent, ly eliminated and directed to cause to be coined of vaine | as our chief exports to meet the balance of trade of the Legal Tender act of 1362, In t- | dollars now lying idle in the Treasury, the sa here in the precise ratio. ‘ from, ite framework, vert attribute of monarchy which shall be legal tenders gud lawful | which is we must depend, money cannot Eng tals I have avoided everything which shall give | Would be mp ty milton dollars in coin, It is uently, asked why are our six per cent | and aristocracy, the divine of money for any sum less than one dollar, ob at any price upon any security, and if | shock to our present finances or materially change | Of the loss by Present manner in which govern | bonds in at four and seventy-elgbt | patents of nobility, os of the nm at all the avei tes are twenty-four cent. | the values of or the reiation of debtor and bf my te Me If it be assumed | when the three per cent of Engiand are at | mogeniture, the law of at ton conta oF Cupwarda, in the tude | Yn view of this it will be seen the rate of Interest be- ite oF private, |) that, the go under the proposed system | sinety.two. “And the answer unually given by the | one man to another—every of the devicas of King of silver coin, of silver alloyed with per or | somes & matter of national importance as affecting PROPOSED BY THE SPRAKER. would have vo a margin between 1 bullionists ta, because of the doubt as to It of | craft and oppression with wh! other motal as to be fifty per cent lesa in value than | our commercial relations with the other countries thet the amount of lecal tender Boted | oie Poi ae ae ae Satine ard oe tear eas | She government or ls intenttos of ability to pay the | orned, by & class—all, save one; the denomination thereof, and ith to redeem | of the world. Cotton can be produced in Africa and by the ment—say three there surely in this saving would be found means to | national debt. I respectfully submit is not | whether or evil, the the fractional of the ited States when | India by the use of capital costing not more thaa | and fifty milifon Goliate--are very early equal the | make up the difference. If it be said that this cur- | the true answer. It would be more nearly correct | ed with the image as presented to the Treasurer or any Assistant Trea- | four or at most five per cent per annum, while the | amount of the taxes and duties to be col- | rency will fluctuate it is answered its only element of to nay because those who invest in our bonds are | to measure the property and Surer of the United States in sums of five dollars or caplann pend me prota our cotton costs twenty. | leeted by the government for a series of years to mett | Muctuation in value ts the fact it may be in- as Mm: the variation ‘upwards after the 30th of Jane next, and on the 13th pont g cent; day of December next such fractional r currency our Producer of twenty per cent, | material for my purpose-I pro) , Shall not be received by any officer the United | which of taelt &* to the foreigner | the present legal tenders witho Staves, except for redemption as before provitieds s faults signee or roft , <S. ~~ ier toe ness of ras in the Kegs that tbe ves of th fo im both r) ness, rate werest, which raises the | explained, vernment Mk represen! of the peop! jouses | doubt of the good faith ee niaeennawa, TenerTed to | Value of our productions and tue Axed limit toour cur: | equal to ts taxes—aay three hundred and. fy mil: | of Congress will unite with the Executive wantonly | wmect the Committee on Ways and Means. fe then | rency, which t¢ taken advantage of to produce fnan- | lions of dollars—of certificates of value,of convenient | and causelessiy in logisiation that shall unsettle the by day aa 8 con is medin the transporte: | war for liberty, during which they. shall 0G, ond the cupaty te Bet te sxceee of de- substi for that & direct discrimination e: itures—at least the creasd or decreased by act se eae tat | aeucunrar nay Sern wees | serees cr SA a € e count om me saw caer baie to be sufering very grave evila, Tt ts not to be assumed evel sorte ny them moved to reconsider the motion, and thereupon | cial panics and distreas, imperatively demands the | denominations, not iess than one dollar, whicl values and o' of the country. I am quite will- made a lengthy speech in support of the bill. ped peg dt dD It can be neither | be lawful money and tender for all ing to compare the Sa cone orthe | mand. Bearing on same topo, will gen- juelesa and useless because wi denied nor ako a or justice to our peo- | public and private, which, by the law creating Stability of this currency with the lity of @cur- | tlemen teil me Why the five-twenty bonds | redeemable in gold and silver only, w! Subsequently, on motion of Mr. Wasnburne, of | pie as individuals or to the country asa nation. Im- | are not made payable in’ coin, and shall be rency actually and exactly convertible into gold | should be 6, seventy four | im London | silver were impossible to be had. Tilinois, Mr. Butler's motion to reconsider was laid | pressed, as we are, with the necessity for some | abie for all taxes, duties and imposia of @ under the best circumstances in which such cur- | and at sev: in Frani ? In it not for the CAUSES OF CONTINENTAL upon the table. amendinent of our financial system to effect these | whatsoever, to be reissued at pieasare the | rency has ever been administered for @ highly | same reason in Bogiand their three per cent But the continental currency po rm objects, still we must ber that every great or | conditions hereafter set forth. or in payment of the | commercial and manufacturing people. 1 trust | consols are at ninety-two while our six per cont | which could give it value; issu Mr. Butler’s Remarks in Support of His Fi- | fy change in the Smances of the country has | debts of the United States, and rien ath fe Te one will complain compare cur- | bonds are at seventy-four? itis an axiom in poll- | or lomeration rather, of a8 nit been, as it Sort aes 0, ee ee ee ot ceived for all public loans made to the no if i cong! recy with the notes of the Bank of England. | tical econ that supply and demand always regu- | for existence, trying an ex: nancia) Bill, panic, depression of business, paralysis id which industry | It will be convenient here to ex the changes HISTORICAL REMINISCENCES, late price. Now, our and the English con- | ina new world ness Mr. Berner on rising said:—Mr. Sreannr—The | and disaster. This conside! ought to ciream- suggested in this certificate of value from the pree- By the act of 1944, known as Sir Robert Peel's act, | sols are not on by busi men for business | more than doubted w be a failure and end in currency of @ highly commercial, oxpanding, in- scribe our action within somewhat narrow limits, il tender note. | propose that the ¢ | the Bank of England was put upon an exact specie | purposes or as mediums of exchange, but for invest- | anarchy, without checks and guards against over~ oy 4 PROPOSED INJUDICIOUS REMEDIES. the government shall be a “ce! ‘7 | basis, 1. ¢, no more notes could be issued than she | ment by those who desire to Pic @way a surety for | issues, coarsely ved, Cm ad ry, degraded dustrious and productive and free people, by which The only comprehensive remedy for the infelicities | with ppropriate vignettes, to prevent counterfeit. | had gold her vaults to pay, in addition to those | their fomilien, of as trustees of charities or assocta- | by counterfeits by enemies so that it was dim their values are measured and exchanged, should | of our currency and Aoancial condition that has | ing, in form like bank notes, stati val: notes which experience had shown in no case of tious, or in nity offices. Now, the debt of Eng- | cult to di ish LF from the false, tho be ani nd, cheap, stable and elastic. been proposed, so far as I know, is that we should | upon its face, with the provisions of law had or would come in for ee Fed land, al considerably exceeding ours, has | only wonder is that such a currency was ever capa iniform, sound, a resume specie payments at once or at some period | instead of as now a ote promising to pay & in fond that amount the bank was not to | been ee ee ble of the good service it did do in the war of inde- Uniformity ta that quality which gives the same | more or leas remote, or, in other words, we |. sam at the of the United States, w! by | issue a single note without a corresponding amount | not very large com emounts, and has been | pendence, An infant country without commerce or value in every part thereof to the money of a coun. | should return to the curre py ees the | law to be paid only in another like it, so tiat no | of gold in the vauite of her issue department, and | absorbed for the purposes of Investinent gradually | article of export, save almost only that which was ‘This quai possesses in | War with the substitution only of the nal for | stupid person herealter, in order to the | that amount of gold was to bo kept there by | until the supply not much exceed the demand | drawn from the sea, without Cero wy. quality our present currency the ‘State banks—4, ¢., that the tshould | currency and have an rtanity to it her rate of discount, which it waa | for investment. We all know the natural prefer. | every necessary, not to luxury, ufe suMictent degree of perfection. conduct its affairs by the receipt and payment; of | ‘failed paper,” aball present it for the | el would, aa it was or lowered, | ence an would have for the seouri- | to from abroad, save what came from Soundness may be defined a8 certainty that the,| specie and that the banks should have in their | Treasurer of the United states expecting ito be | contract or expana the business of the kti thes of bis country over @ security at adis- | soll, the founders of the republic might oi ey 18 60 red that it can fail of ex- vaults one-fourth of the amount of their circulation | redeemed in any other manner than ia by | In thirteen years and five months following | tance of which he knows bat little. We have W ves inte in gold, thus to be in condition to profess to pay | law and stated upon ite face. In prov! changeability for equal intrinsic values. specie for their bilis when demanded, which should | certificate to be tender | have avoided 1858, the bank altered her rate of fifty-six | vent im our Fastern cities fora of years, wi ing as their money the precious metals all No American permits himself te doubt bat that refore be equal to gold, Thin if it can be | taking, or legisiadive action here and now, to decide | times, bo By time she quintupled her rate of | by sending their money to the West they foan | the commercial Intercourse of the done, of course would pring every United Staves | the question whether the pri of a | interest, it from two to ten per cent on the | it at ten cent on equally substantial estate | earth was then carried on, and to bear with such our legal tenders and national bank notes, secured | pond’ at once te per in gold, as well aa all I of the public debt is payaple in ; | best sixty-day commercial bills. Between April, | there. will explain why the Englishman should | endurance as the: might the toss, disaster and rain by the pledge of pubiic faith, guaranteed by all the NY = im to specie per ment CA, ser a ot By] fone ro] i ali be re eee a 1858, ey Py se bank prose pe own securities to ap Sn oo eee which the mtoptton such, seeterd of vain, ot ern rea wu a0 tution o| measure instal Wi t jonn | rate occurred, er interest, as a matter veatment; bu once ent country: resources and power of the country, are to be made | FoPther "No one doubts that however 800D OF Incident to that very grave legal que ich | rate of interest whimed like the five | itdoes not oxplain why our bonds sould be at | observation tha : neatio! ercock, hardship was so great as to pro- goed to the extent of vaine printed on their face. | such a change,is effected it must cause the greatest | may hereafter have to be deci either this | times in five weeks, In addition she suspended Frankfort seventy-eight which are at only seventy- | duce a serious rneliion outbreak against the Our present currency, therefore, possesses the qua- | depreelation of values in every noe ey bar or in the courts or in the higher and m specie payments twice, te-wit:—Octoper 25, 1847, | fourim London. Why does not the iahman send | law in what was then, as now, the most cultivated, ndness for all purposes of internal bual- | ©XCeDt debte held against the government and indi. | potent tribunal of the judgment of the whole snd. November Fa) Tasy, and” tsaied Invonvertinis | his bonds to Frankiort and realize tno. diterence? 1 and law abiding portion of tho ‘countR: lity of sou: viduals, Every bond and note would be appreciated, most important and oniy other diferene Will | bank paper t of the governinent, to save all | In @ pertod of three years we threw twenty- | That evils Inauguration of ness and trade. say thi cent; all other property would be de- | be seen to be that this m is to be recetved the merch and five indred of oause our fathers to change Aa to cheapness, all financial writers agree that a | prect fame amount a4 compared with the | all taxes, whether collected from external and up a “4 resent rate of valnation, Such an unsettling | Or internal revenue. It is difficult to a the | had failed; in November, 1566, she re Veatments, wu: the marketa of the world, and al- | is n % Paper currency is the cheapest of ail possibile Le) values the world has never seen nor | go it ever should have establisned tw¢ 4 | fused all diacomnsa at any price, even } though conuttehy ‘wore largely affected when cot "notion of rovotationary mediams of circulation, whether as regards the | any nation endured. [t would be equivalent | of lawful money in which to do ita own tasiness, | upon government securities. 1 hall Rereatter trace | firat issued by the dow ‘our success in patting ‘rance in ng the aasignata and mandate aa ® cost of its supply or of Its wear and tear | to confiscation by legislatve act of gaetuird | and, stranger still, euavs ouly vue for ity atigvas, | a fow of the more umporiaut Muctuations gf the | down lie robellioa, so that tapy sold fur forty Wo diig | suapiutg @ud suver—e cusrenoy Whiet banks of the Kingdom from million dollars securities, | monetary: financial ruin, after many of them able at short dates, to be taken thelr nanela with its probabie conseq % c Cry surprise: rise for they had in amos