, 1841-04-03

y. WITHOUT lie AID of chartered Banks. I'm
all countries IN which paper money Banking
or paper money of any kind, has been intro.
duced. 1t has done much evil. Austria, Rus.
sIa. Sweden, FIance. Denmark, Portugal,
Brhzli. and Buenos Avres. all bear witness Ia
this truth as wei! as England and the United
States. To these countries we NAV add
China. III which paper money was tried be.
lore the commencement of our era. and on
experience of It's IL effects, abandoned.
"1he U0ri0us erils that are mentioned as
.Fowi"g from Banking. proceed, in fact, from
abuses of a.. Banking On proper princiDles
is productive of greed he~eGa~
We willingly admit thai Banking on proper
principles would he productive of great ben.
efts; but we denv that Banking with paper
money. or by corporations possessing pecu-
liar privileges, is Banking on proper princi-
pies.
"P0per IS more Convenient in large pan.
ments."
Deduct from The total of large payments.
all those that are made on account uf accom-
modatIons at Bank. and all those made on
account of the wild speculations introduced
by b mixing. and il will he found that 81 few
large PAYMENTS would remain to be made.
that we should he able TO get I through them
NIL without difficulty. To count out n sum
in ten or twenty dollar gold pieces. would
he rs easy as to count II Out in ten or twenty
dollar Bank notes. Before the establish
ment of a Bank 10 Montreal. GU meas were
done up IN rouleauS. and such WAS the cor
ti.Ience The merchants had in one another.
mat tn paper envelopes of the guineas were
SaiIln hrnEan w. u,optI,n III. n,arol,,
Ia show that the etirciinc OF large payments
with metallic money. would not be Il work
OF So much difficulty as some imagine. In
cases weerr great despatch was required. the
the silver Oh gold money might be weighed.
rs was done by the bank of England IN
1925. when the demands .or gold were so
urgent. that the icller> had not iine 10 count
the snvereirns they paid out.
If we with T." effect ilrre payments with
the least possible Inconvenience, we must
e>tahliSh Il single office of drpoSire and trans
fer IN each large town. THIS would save
tIr time winch Is now lost in running from
Bank 10 Bank
"P0peJ' S0r0S the Tedr ami tear of cOiR.'
The >avinr Is inn insignificant In be taken
INTO Il national account. IN Il subject of so
much Importance rs the s%uundneSs of the
Mr. Ga'iarin svS that 1.-THE an
nnaI amount wanted Ia repair the loss occa-
stoned by friction in gold and silver com.
cannot exceed, taking the highest computa-
ZION. seventy thousand dollars a wear in a
Of forty millions, and is probably
much less" This estimate has been formed
by Mr.. L., from various opinions dedu-
ced from actual exreriments."
DIR. Moore. the Director Of the United
States MINT IN n report mode 10 The PrcSI.
dent IN 1895. cnmpnt"s The loss on gold COINS
N two per cent. in fifty wears. and on silver
CONS ~ envy one per cent.
A''"rdInr Ia the report made 10 the SEN !
hv - C"furi'ire of which Mr.. Sanford
" : CON unr. h'if-l"ilars and half eagles
Will circulate fnr one hundred wears. and dol
and ea-lcS for 'wo hundred wears. without
ieIng so much worn or defaced as not la
serve TIE Irru"SeS Of 4 circulating medium.
"Bahks cfori tie public Il safe place to
their faRis."
Mt always. One hundred and sixty OF!
'rc>e safe Repositories, nave broken in the
twenty years. and Que hundred and SIX
/, more NAV break in the twenty years next
"a ONE.
AIdill. i'll lNpSt NbOutIhpSltcu ilDIltN III the
Banks in the early part of 1914. received back
,lieir deposits in money Of inferior value
What has happened once, may happen more
han once.
The probability is, that ten Tins as much
AS been lost by depositing money in Banks.
Is would have been lost j, people had kept
heir money in their own houses.
Every man ought h be allomed TO use
lis oIrD crcAit.'
Exactly so: and therefore we ought not
10 have Incorporated Banks. which give cred
I to some, by taking it from others. These
institutions owe their credit to acts of As
If their charters were taken from
hem, not even their own stockholders would
rust them. Every man ought to be allowed
10 use his own credit: but he ought to get
hat credit fairly, and use it properly.
sF there uere no Banks. ii wouM be easy
% borroD money on bond or mortgage. for
'onr periods. but 1t ,rouh mol be possible to
discount of merchants business paper,
has Int a fe,c months 10 rum"
Not so: If the corporate Banks of Phila-
were abolished. many private Banks
would spring up in their place. The owners