Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-08-11

ton Of a sound currency. Our private correspondent
tells that this scaeme has been agreed TO by the
cabinet. We forbear comment today Read and
! ponder.
| Plan A UNITED STATES EXCHANGE OFFICE.
The government having the power of conse-
quenee charged with the duy Of furnishing and
sualing the currency. The state banks from the
pressure OF the times were forced TO suspend spscie
payments. 1t is now desirable 10 restore sound
currency to aid the baakstO resume specie payraents,
and to enable the merchants TO make exchange sand
colectlcHs from state 70 state To attain these OBJ
Jec.s, we propose that Congress shall by law authe-
rise the secretary Of the treasury 10 bay or build in
every state two exchange Offices to be called
"United States Exchange Offices" and to appoint
for their mana ement president wee PRESIDENT and
cashier; the president TO be considered under
cretary OF The treasury all oresde az the city Of New
York. These officers would take charge Of the New
York office, and the president as head of the Office
would control and appoint cashier for each of the
other offices. The head officerat each Office would
appoint the clerks Of his Office. Accounts would be
kept at the Offices, and weekly returns made to the
president at New York, and he to- make a semi
monthly, or monthly return to the secretary Of the
treasury.
To furnisha currency it is proposed that bills be is
sued, to be called and capt United States's Ex-
change bills" in twentes, thiriies aud on, rising
by tens TO loo, and the be hundredstoa 1900. The
United States ought by their tenor to pay at the Uni
ted States Exchange Office in New York the sums
indicated TO the bearer and they to be signed by
the secretary Of the treasury and by the president
vice president, and cashier at New York Congress
to fix The time Of resuming specie payments when
this currency would be Reasonable at New York in
gold and silver. They would be receivable for all CO.
vernment dues, customs, lands, DC.
1t proposed that under the orders Of the Secreta
ry the president Of the exchange office should pay,to
every stae, all government disbursements in the
above currency, with the fractional sums in specie, as
formerly done by the U. s. Bank. all sums coeoted
for the United States any state will be deposited
in the nearest u S. exchange office Thus these
Offices will receive and pay all ha,debss and dues of
the government
Collections and exchanges will be thus performed.
merchant or any person may deposlte notes and
bills of exchange for collection. in any ofhca and
when collected, the money in the above currency to
be payable either the place Of deposlte OF collec
ton. SHy merchant or,staae bank deposes-in the
New Work Office notes, or bills ON ST. Louis for col
lection, when collected he can be paid at New York
or st. louis he may elect If the depes.Or elects
Office. The charge for collection to be tha.
by the late Bank of the United States, and less if the
Secretary shall order These Offices in this way could
perform all collections and exchanges precisely
they were done by the United States RAnk and its
branches.
The currency by this scheme would be uniform, ali
the bills being payable At New York, the commercial
centre 1t wnald be preferable to THAI furnished by
the late United States Bank, its baanch bills
payable at tae branches, and they were at small
discount. Again, the bills of the exchange Offices
would be Of higher credit, as they would pledge the
United States for their redemption IN gold and silver.
As to the regulation of the currency, important
duty Of the late bank to check over issues and
with good management it might have done So and
thereby have kept the currency steady. The over
issues Of that bank in 1885, shsw that upon adequate
inducement duty was forgotten for the sake of inter-
est. The exchange offices cannot fail upon plan
perform this duty. The laws relating to receiving
public monies ought to be changed, that these Of
fees might receive their own bills, gold and silver
and the bills of specie paying banks Of good credit in
their respective states. In Illinois, for example, Ex
change bill, specie and the Illinois bank bills only
h.. L. La. sl.TT -,
ted State Exchange Office. The exchange office, on
receiving Illinois bank bills ought by the law, 10 be
obliged to send them home Immediately for redcmp-
ton and 10 receive only exchange bills, or specie for
the State bank notes So in every other state the
government collections exceed the payments, steady
and wholesome check would thus be always operating
to prevent over issues Of the state banks.
This plan renders any attempt to induce the States
to expe small bills Of little consequence though it is
probable that public opinion will induce the States
gradually to expel bills of less denomination than
five dollars.
The States may be safely left to do as they please
in relation to state banks, when the above plan is
adopted. BY II asound and well regulated currency
would be firmly based upon specie, and the immova-
bic credit of the Union. Exchanges and collections
would be advanageously arranged, and commerce
resume its rail road march in prosperity. There
could be no danger of Any sudden panic with such a
| currency under the proposed system credit could
not be easily pushed beyond due limits. The state
banks could not over issue nor oyertradng and specu-
Il
fdence The incredible dstenson Of credits which in
evitaby produced the late panic just a sutry July
| day does thunder stsrm could not recur, and the
| march of our country would at once be onward.
ANNUAL ComaEscEMESr BALL AT PRrScEToN Cot
LEGR.-Y estcrday morning received the following
note Of invitation, beautifully engraved in Anglo
Saxon characters, by the mail from Princeton, New
| Jersey.
NASSAU HALL.
/
/ JAMES GORDON BENNETT, Esas
/ Company is requested,
/
/ Annual Commencement Ball,
/ TO ne HELD AT
/ THE MANSION HOUSE,
/ PRINCETON, n.
On the evening IL the 27h OF September, A. ID. 1887
Edmund Lang, Henry A. Cram,
=. Humes Porter, Charles j Biddle,
H. Means Judge j. McIlhany kilgour.
| Princeton college! Venerable "alma mater OF
New Jersey! The magma parens' OF poets, philoso-
pliers, statesmen and divnes. To thy invitation we
shall certainly respond for learn that all the beau
ty and talent Of Philadelphia Trenton and Princeton
will there be eongregated together. Mr.. Bidde, that
fascinating monster from Philadelphia will probably
be there too for Princeton, If not mistaken is
the great intellectual mother of the Bddle race-a race
Of natural fnancisrs Ii will be great affair
Apropos Yale commencement takes place next