New-York tribune., 1841-12-24

III D
i. no, proposed to enter fully into tins SUBJECT al
,,re..r,. hui a. it mas already IN other coun-
-. N II NUT necessarily ere long IN tbs.
.,-r,,and The most serious attention OF Goyetn-
meni.
|, Is hoped that the measure now proposed to
Congress will have some cfccr, at least, IN count
eracting the tendency 20 excess in bank issues.
While it may not accomplish all that Is - Be de-
sired it l. believed 1t wiil effect something To
the ex,ent OF its means employed is operations
will be calculated restrain issues and 20 correct
excuses because, in the fist place. every accession
OF good currency the general mas tends eitner
to render the bad worthless, that in time 1t shall
ali give way 10 a better, or 10 compel those VINO
issue SUCH bad currency 10 raise is value BY pre-
paring for It's redemption. If good currency couia
be put into circulation in such quantity 20 meet
the uses OF tue country, 1t must OF course eXpe tie
bad, or bTng about change OF Its character: a.
though ills equally true that. while Tie great mass
i bad, and wiIie il yet crculates not having be-
come entirely worthless, il Is difficult ior small
currency 70 snare in tue general circulation, since
il is liable TO be selected from the mass for pur-
poses which that mass Will not answer. Aud, in
the second plscc, the ExcheqGer viii lc- seneti-
cally in this respect, by holding all State banks
with which il may bave dealings 70 punctual per
iOrUlNCt Ol tI!f II oDli1-D4S anu Hi4ii-4t tiit-'
to an immediate settlement for such oi their bills
as may ind their way into ii, or into any OF It's
~ ncies
1t i rot intended TO say that the proposed
measure will Of Itself be able to arrest tue progress,
s the great evil Of excessive Bank issues, Jh1l
Government may not be obliged hereafter, to adopt
other measures. On the contrary, already >Us-
se,cd il Is apprehend-d that these evils many yet
mpcretyely call for other remedies. Butt IS be-
loved that ii will have 4 considerable effect should
lis operations be as Successful is anticipated, in
checking and limiting wha. il may not BE- able en-
Jircly to suppress.
But there l. another very important consideration
connected with III. part OF the subject. Oae grca;
object Of the whole measure j. TO furnish sound
Currency, in the form OF Treasury Notes, re-
dccmablc OH demand in specie. These notes can
get into circulation, and be kept in it, only in two
ways: first, by paymcn; in such notes OF debts and
demands the Treasury; and, second, by buying
Domestic Exchange. And it is the last Of iheSr
modes which is most contideaily looked to a. fur
nishing an active and continual circulation OF this
paper when issued in Government payments, al
distant points, the general tendency of tie notes
viii be from thOsc points to the great Atlantic
cities, according to the course OF trade; thus
leaving the place of their first issue without Tie
5encts Of their circulation. Blu, it is evident that
il the agencies at those distant points shall be
authorized to purchase Bills Of Exchange, new
source for the issue Of sound circulating paper will
be opened, and the Exchange thus bought would
be RENTED, wherever the demands OF trade should
call for it,
In "A country Of such varied productions Is the
United States, some parts being highly commercial.
others manufacturing. and others yielding vast
amounts in raw material, the curreAt and course
Of Exchange has periodical changes 1t tl1ws one
way the other, or IN the same way with more
or less force, according to the seasons. Nor Is
this course always direct bat on the contrary,
often crcuitous, winding itself through several
distant markets. Commodities in many parts ul
the West seek sal in the South, not expecting
oayrnent IN Southern products, bu- in means avail
able in the North and East This happy diversity
It products, and these useful ramiicaions Of iHier
nal trade, demand :mpcraiivey not only a currency
satisfactory all, but Tie means also of easy cheap
and safe dealing in Exchange. And these two OBJ
lccts assist each other. good currency enables
him who needs Exchange 10 buy it, and he who
mas Exchange TO sell, 10 sell it, Good CurrSncy
and safe Exchange being thus mutually convertible
md acting together, all under proper limits ana
'ccurties, form the most perfect system OF paper
.;~-..l~.:-- IL I.~.uar ia Ioal =. Fv..l,""ea
-cems essential, indeed, TO any considerable circu-
aloh OF Treasury Notes in the South and West.
And il may be added that, no hug would tend more
20 counterfeit tue concentration Of moncycd affair,
Il ouc few points, than the ability OF buying
Domestic EXchaasc with good paper. rcdeemablc
It the place of purchase. Commercial transactions
md the consunmaiioa Of pecuniary engagements.
aau.llly cencestrate themselves in places where
,he Currency is good. There i, no remedy gains,
this concentration 80 sovereign as the supplying OF
good Currency somewhere.
\ sale system OF exchange though no more ex-
,ensive than is contemplated by the bill, will be OF
treat TO the commerce OF the country in other
respects. besides furnishing the means OF keeping
, good currency in circulation. The moro direct
,dyantages flowing from il are not ncon-idcrablc
Although lis object, be not To supply capital
crciii for purposes of trade, TO make advances
,lihough the whole system i limited To exchanges.
strictly vet it can OF fail to aii1rd very important
abilities, and to be productive of n.uch general
benefit.
The power or faculty of reaching to fund, al
ready accumulated distant part Of the country,
4ud OF bringing them home immediately and with
out loss, Is power or faculty of no mean import
.ncc, in the hands OF those whose bcsincs- leads
hem to for commercial connections in such dis
tant parts. ihis power or faculty the measure
under consideration proposes TO confer Impair
iially on all to the extent OF IT'S means. And
is capacity for good, in this respect, is confidently
left to the judgement OF those whose practical eN-
Perience has rendered them most competent to de-
eide.
As 10 any dangerous consequence from outward
Influences in buying selling exchanges, 1t is to
ne again observed that the Exchequer can lend
money to nobody; it can furnish capital 10 no one
begin. carry out, or uphold his business it only
seeks 10 enable any place his funds where
he needs them; and this, as will be seen, Is 20
be under such restrictions that all idea Of ac-
commodation and therefore all idea of partirlily