Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1842-03-19

chequer. The former have always been
preferred, and were extensively used un-
der the two National Banks, when their pa
per, in sound credit, had every advantage
which this will possess of being made such
Il substitute. This proof from experience
is conclusive. One ground of preference.
winch has always been appreciated here
and in Europe, is, that bills Of exchange
are more safe than bank notes, rs they offer
no temptation to robbery or embczzement;
and as several may be sent of the same
tenor and date by different convevanccs,
Qn which case no loss will be sustained if
any one arrives in saietv,) the risk may ca
SLY be reduced almost to an impossibiIity.
The perfect character of these bills of ex-
change, from their undoubted credit, will
generally give them preference over 9th
ers. They will never be protested for
want Of funds at any Office where they arc
payable. No embarrassment can result
from the necessity of transmitting specie
from Office to office. The occasions are
very rare, (and if this system were in opc-
ration they would be still more rare) in
which specie needs to be removed; as, for
almost every purpose, good paper is pre-
lerred. This paper Of one office would
generally be as good as specie in most 9TH
ers. If depositos were made in New York
TO meet a draft on the office in New Or
leans, this latter Office would prefer the
New York paper TO coin in the common
state Of exchanges. When the system has
been some time in operation, specie will
have found its proper places of repose, and
movements Of it would seldom be required
Should an apprehension be entertained that
the retirement of specie into the agencies
wout1I em5arrass the banks, il will be dissi-
pated by little reflection upon the opera
tons already described. These oiliicors are
bound TO deliver, at the time Of dcposite,
an amount in paper equal TO the amount re.
ceiycd in specie. That paper will take the
place Of the specie which it represents, and
the same portion Of it will be deposited by
merchants and others who keep their ac-
counts in banking institutions as Of the spc-
Gle for which it is substitute. As it will
be light and convenient circulation, it
will minge mere with paper Of banks Of
sound credit in common commercial opera
tons and consequently be more frequently
used in making payments upon discounted
notes and other Indebtedness to moneyed
institutions, than specie now is. When
| possessed by bank, it has all the value of
specie. II means are wanted for dcpos-
tie IN an agency. this paper will be received
OF bank Tor that purpose as readily as
! specie. Should gold and silver be wanted
for expectation, or any other extraordinary
demand, the bank which possesses this paper
has the certain means of converting it at
pleasure into the article required. Every
bill of exchange payable at these offices
/ VIII, at its maturity, restore TO circulation
f either specie or this sound paper, the a
f mount deposited for its procurement. In.
deed, it is difficult to foster doubt that
III regard to the means of redeeming theil
own emissions, the banks will possess more
ample resources than at present. 1t is true
that the channels of commerce will be par
TALLY filled with a medium of sound and
! imperishable credit, which will stand the
shock Of every possible vicissitudc except
the subvcrSion of the Government. But
this will promote the strength Of the
banking institutions no less than the sta
bility Of the currency. From tie estab-
Iishment Of 4 national corporation with a
large specie capital, the banks were appre-
henslve Of sustaining injury by the great
and sudden witnIrawment of the precious
metals from then possession. But the a.
gencies can produce no sGch cmbarf2"s-
ment; for their progress will be too grad
ua to cause any CONFUSION. and the Imme-
| date restoration to the market of a mcdi-
! um OF equal amount and value with that
which is Withdrawn. vii. enable those in
stitutlons at any time 20 command the sPc-
, Gle which they require. As q Just price is
to be paid for exchanges, it is believed that
all the expenses Of conducting the business
Of the EXchcquer and its agencies, will be
betrayed from that source, and probably a
e much larger sum may be realized. The
G losses Of the currency by fire, shipwrCck
1 and other casualties, rs shown in the cXpc'
;, rience Of banks, would not be an inconsid
i cradle item Of gain. A small premium
;. say half OF quarter Of one per cent.
j might reasonably be cEacted OF dcp0stora
r if hereafter deemed necessary, upon note
Y issued in exchange for specie. While TIL
:. system will furnish the desired means fo
e tie collecting saiekeeping, and disbursc
o ment Of the public revenue, and all the re
quisite facilities for exchanges between dill
Il tcrcnt sections Of the country, as well q
II create sound and convenient currency
r it is exempt from the Objectionable feature
al Of other modes OF effecting, in part or i
C. whole, the same objects, heretofore prcser
4 ted for consideration. 1t authorizes n
n. banks or other corporations, no discount
SC no lending on credit in any form whateve
tc no expansion Of the currency by publ
ut drafts or otherwise, no paper money res
is ing on the credit Of the Government an
ID depending on accruing revenues FOR =,
IN demption. 1t confGrs no extent Of Exec,