The Massachusetts spy, and Worcester County advertiser. [volume] ([Worcester, Mass.]) 1825-1831, 1828-11-26
WORCESTER:
WEDNESDAY, NOV. 90, 1928.

TRADE OF BosroN. A new spirit has recent
iy been infused into portion Of the population
of Boston, who seem determined on taking en-
ergetc measures for the construction of rail-
roads from that city to Providence and the inte-
rior. We are glad to see the citizens of our
metropolis awake to their interests, for with
their interests are, in great measure, identified
the interests of the whole State. But those who
rely on the construction Of improved facilities
of communication, alone, to produce any inpor
tant effect on the trade with the interior, will
probably find themselves mistaken So long as
the system is persisted in, Of compelling the
country banks to redeem their bills in Boston, or
ofwaging an interminable warfare against them,
If they refuse to do, all the railroads that
can be constructed by the wealth of Boston, or
of the State, will neither restore to that place
the trade it has already lost, or even retain all
of that which it still enjoys Every additional
year will diminish the circle which supplies it,
self from that place, and add to the number of
customers which are withdrawn and supplied
from other marts.
The farmers in the country realize the money
from the surplus of their crops but once in a
year, till which time, they expect a credit on
whatever it is necessary for them to purchase
In order to accommodate them with such a
credit. the traders are, almost universally oblig-
ed to resort to the banks for loans Of money to
pay for their goods. But, under existing cir.
camstances, no bank, which has any regard to
its own interest, will loan its bills to he carried
TO Boston. 1t is but day or two since we hap
uened in at store, where an officer of bank in
another town was convcrsing on the subject Of
bank transactions. He said, it is idle to think
of the country banks loaning money to those
who have payments to make in Boston. Then
cannot do 1t. tits not hostility to Boston which
induces them to refuse such accommodations
but sclf-preservation eOmpefS them to do it
Those who trade at New York can be accom-
modated. IL our bills go there, wo can safely
calculate on at least twenty days TO prepare to
redeem them in; but if they go to Boston, the
funds for their redemption must be placed there
in anticipation, or we must despatch an express
To be there in season. So that, TO loan bills tc
be carried to Boston, is worse than to loan oul
specie, because it has the same effect on our re-
sources, and subjects us to tho extra expense o.
placing the amount there to redeem them with
and Of getting the bills back again" The ep
tire truth and justice of these remarks must be
apparent to any one the least conversant with
bank transactions.
But other evils of most serious and alarming
nature grow out of the selfish and mistaken
policy Of the allied Boston Banks. 1t reduces
the bills in circulation TO about one half tn,
amount which might be kept out 'oih entir,
safety, both to the hanks and the public, if tn,
old and only legitimate system of banking wa
restored-thut of requiring of every institution
TO redeem its bills at its own counter only