New-York tribune., 1842-02-24


Under ie PROPOSE: SYSTEM here is 10 be no s"sroi d
f0u't shNp haever. That be etl To the loca
in'us;o'. 10 fheit more appropriately belongs Those
iln loD> would lec The >autar GCencS o: The opera
toes OF TIE E1cheQuer the frequent settlement OF bal
ances ana TIE consequent upon and eI
cS'e cigruiao IL, tendency would be 10 conhne ihei.
discounts 10 business instead Accommodation paperthe
only safe rule IN fact Tor banking opers,oS Under such
raie, would be danger community their
coriractlous am eXcausoTs
Iheywould be regulated controlled by the busiaess
ot ae country and expand ARD contract with Their cir
Ga!aHon "ou; be Increased al that The wo
tie podoets OF Industry gong forward market. and
"ou. FURNISH The OF getting i, ,here; and X would
and he has been consumnatsd This would be
>oGnd aE aealS acton banking system, and would
Dc much promoted by the practca operations E1chS
qcsr
currency : meant ,ha, The Gen~rai Gvernrep:
shah undertake 10 furnish curren1v adequate
10 the "ho.e COUNTY, tie committee. answer
no. neither ;he power the ability to 10 20 No
measure which Congress can adopt whether il be The
shape NatoDa Baah Otherwise. can supply hun
drr1 millions currsHcv 20 meet the existing
Increasing wants OF The community crs asng by the
rapid population aud The consequent angaeuia
the pro,uct> domestic industry From The aiop-
Constitution pre>ens TINE, the Saies have
furnished BY the greater oIon OF TIN, CURRENCY and
be superseded by acton III. thus Government
\, that Congress do 20 iaitSe into the great mass o;
The circulating medium the country acurrcucy s>ued un
der auihory, such uDHoubted Credit ibai with
the oea currency The whe restored TO sound
condition. small Together TORN Uniform currency sooGSG-
country.
,rh. OF 3e local paying banks in sound
Sphere oil lis Circulation. any currency when this Gov
ernuieul But such cscai.tion extend
beyond that sphere, aud Gnian e. alongside OF such
currency Is proposed 20 be issued on Tue part OF The Gov
erGrnt The experience apd Observation vi every one
demonstrate that local currency. however sound, anLoi
nave that universal credit which would attach
cy OF Tie General Government founded specie bass
anoi CARRYING with IL The responsibility OF the Government
tor the safe custody OF The specie winch II represents Ne!
Their would local currency though founded on similar
basis possess that universal credit And perhaps The most
Concise when We given that local and
The other general To the General Government the people
OF the whole country ookso the Stale Government The
peopcoi the State look The crtdi; OF the one 50 Tar as
currency : concerned Is universal the credit o. The Other
- local.
The currency the New York banks and the currency
o. the Kentucky banks. when paying specie, good tor
all practical purposes. within their respective spheres oc
culaon. rs GovernSieut currency. The Saae may be
said any other distant soptS All that wanting, then
TO make Uniform currency over the whole Cnon once
sue unouh;ed credit and universally known that il
will be good II New York III Kentucky, ard as good
Maine IN Arkansas currency which, Tor travel and
remittance will sna,e 10 90 OF these
spheres local Circulation another. This the proposed
Government would AID II would require but
moderate amount, compared with the whole circulation
OF the country This would be furnished, I. BY
the disbursement 81 hS pubic revenues IN specie notes IN
payn,cn; 10 the pubic creditor and which would be pre-
icte, by hi CON; By issue such notes, on the
eosteSoi specie by individuals, for the purpose 0! enter
my into general circulation The greater amount OF these
specie would he issued the agencies the great
commercial emporiums OF the country, and would have
disbursement twenty-five millions pubic revenue
nuay. would keep active circulation OF an amount
ad,oilat. m the disbursement, OF so large, sum- and which
with that which would be issued private depos
lies. and IN conneN!on with The selling and collecting OF Ell
change, would be fully adequate with sound local circu-
ation. furnish throughout the country.
There wOuldbe difficulty III keeping sufficient amount
in circulation answer all the purposes for which they
intended Although twothrd> rc~titbs OF the revenue
from customs is collected The city OF NewEork, a there
bat comparatively small portion OF it discussed there.
The large disbursements OF the Government made Ill
the West. Tor ndautreae Indian annues. for the army,
Tor military roads, Notifications and OrtS tor the improve
mrnt OF lakes, harSfs, and the channels OF RIVERS tor The
gr 1T variety OF expenses Tor public buildings internal mn
provemen and the civil administration OF the Territories,
with thousands oohcr disbursements which caano. De emu
merattd ~ these would undoubtedly he PAD IN tue sPe-
notes OF the ESccqucr And although they are recev
able tor public dues. and The natural tendency would De 70
follow the OF trad. the Atlantic cities still there
would be counteracing causes 10 retain them there
large would be retained for ana-ohcr money
and the smaller denominations, having entered INTO circ
atou amongst the People. would be- retained IN circulation
by OF convenience and un'oubed crrdlti ana
even The amount which should find its way the Atlantic
cities payment public Dues would AT be thrown
back upon tie West in payment oil the pubic creditors
The est would also receive very large amount OF THIS
circulation from the ,gt,ns New Eng land, NewYork,
Virginia and other Atlantic States we'll a. nom The vast
ntux OF foreigner, from the Europe. All would
eposi,e their specie the Atlantic agencies. and lake. IN
lieu il, the specie OF the EXceIuer On their arr-
instead benz. subjected the expense and risk OF car.
yng specie any local currency on which they ngnt DC
compelled pay nrge discount TO procure specie They
the purchase OF stock and. for the Improvement OF their
farms Again The Eastern merchsns would send these spe
II seems The committee that the West would have an
neSon With The benefits which il would derive from ex
changes ,at its interests would be peculiarly promoled by
the establishment OF this system.
paper GFen. .,.. ",""lnng
The u n S have heretofore shown that il ought not 10
add But has many advantages over specie Among
these advantages the following
1t Will BIZ the means OF drawing forth from its hiding
place, specie tina; been boarded the estimated amount
CT several nlons and which, III It's present condition. is oil
.inc. individuals repositories, which
caused this retirement OF specie WI yield nj once TO the UNI
founded confidence inspired by tie ENchequer, where spe
NOT D~l, safe
,ody the deposit guaranc by the Government for the
redemption OF the NOTES.
which paper affords specie and 10 which may be added
the high crcd, OF tbs paper II Will npart great activity
and consequent effectiveness the circulating Medium.
s. The local bnnks be induced, TO great exteDt to
substitute his paper Tor their
i viii prevent the depreciation OF specie by ABRASION
II VIII prevent it, total loss to The country and to the
World by hipwreck and other casualties
g. 1t will Afford The convenient, safe and valuable
currency TOR travel
end the uuon the other for the payment OF news
pal ers and periodicals, and other things requiring sma
without the possibility OF loss Dy depreciation 10 those
who receive 1t.
g. It wItrnd 10 regulate thu banks, and, by frequent
erlDy Of balances, 10 bring iei up 10 souhl c!rcn'
= 1t will do much toward regulating exchanges by
OF It's favorable the local currency.
In the which, the toHu.Ilce have thus lar taken o.
tne plan Fiscal Agent submitted by the SECRETARY OIL the
ury, they have ,uge.tetl certain important panch,
on; and ID order 10 give the senate more concise aa
connected the they propose to modify H.
,icy submit the following plan
ISet.. Plan extracted in our las-Ed. Tr.
The committee then propose system tree from az rish'
md perfect safety system 10 which there aot inc
possibility OF hazard 10 the community ami non. IN tr Gov
crr,ent except the keeping 0 the public money ibis
risk which aIy>n, be incurred on the paft Of the 20
Ii nseParahle from any system wioh en-. ne
opposed adopted. !! II be- sEppo et az IL hds oeen ny
many that the pubic money would be SAFER IN hanh OF
jqe ned States, or uG"rf '' state bnnt eoae aSr'
rconlnuec aireay shown that both ihosr MODES OF
seepng utterly out o. the question hey therefore
or At the lrincial AGENCIES only isIt, namely,
eistod OF appoird or the express purpose
y the Governments nth ample sureiIc, and unoer snch
penalties a, lie Jaw !, capable OF iiovldHg
Thi. system !, designed III. co-cton safe keeping
aud disbursement, OF pubic ami, through us
operations furnish uniform currency and 70 equaiHe
rachasrst-