The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-02-24

We have omitted the last few sections which refer
matters of detail only The primary organization Of the
two 1t will be seen different. The preference is de-
cidedly in favor Of the Senate but omit comments
that part intend only to remark on the rracti
cal financial operation which fntrinsicaly sound will
eectually prevent any political malversations The
general object Of the bill processes to be to furnish
sound and uniform currency equal value throughout
the Union, and to facilitate exchanges, not toreguats
them For this purpose government paper is to be Is
sued public creditors and individual depositors
dollar issued to be represented By specie dollar on
hand This being the ground work OF q currency sup
posed to be sound quantity Of that currency should
be regulated entirely the demands Of that trade for the
benefit of which it is issued Nothing apparently clear.
than this position. And yet the committee having
created currency which they suppose to be sound
as il losing confidence their creation, restrict 1t
by palpaby useless provisions the first of which
is that the amount of that sound currency shall be
$4,000 900 and the seconds, that individual
depositors through whose agency is to be issued, are
required to pay per cent for the OF it. The first
provision absurd it would be to fix by law the
Of specie there shall be in country at any given
time or the quantity Of wheat other produce that
shall be raised If the currency created by the fiscal
agent sound the actual demand Of trade alone should
regulate the amount issued If unsound it should not
be issued all This clear and the policy Of re
drawn that inserted only through the agency Of
bank influence who fearful of having their rotten
circulation supplanted w
The second restriction requiring dspositors to pay for
their certificates calculated to defeat the whole plan
If an individual for instance in New York, has $4,000
to deposite he has his choice Of the agent
or say the Bank Of New York. The former charges
him per cent, and the latter charges him nothing.
With whom will he place his meney 2 Clearly there
~
will receive gold and emit bills On the contrary,
ifhey receive deposes at par they will obtain all those
funds by individuals who ask facilities
of the banks Through them the government would OBJ
tain large Giro ulation the and tear and desruc
of which would amply compensate for the trouble
and expense of keeping the deposes No possible util
ty is discovered in either of these restrictions and is
to be hoped they will be allowed to clog other
wise able plan.
The fifteenth section offers excrescence the fair
body ofthe BILL which should be simply struck out In
IL hinges Wall .trAet Is clearly observable. Its
provisions are that the board may make use Of specie
paying bank establish agency at anypoin they may
think proper The bank not to receive deposites, sell
bills or accept drason of the exchequer other
wse to act as place of depose for the public money
and disbursng agent. Under this provision bank in
Wall street would continue to keep and the public
funds adlbitu, and the government would Immediately
reduced the level Of the issues of that bank
The government issues paper dollar for specie dollar
on hand. Where is that dollar on hand In the 60
vernment agency. What,is that agent 2 bank in
Wall street. The issues would then become bank issues
countersgned the Board Of Exchequer precisely
the currency ofthe general banking law Of the State of
New York are bank issues counersgned by the Comp
troler. This is throwing the dosr wide open to the
abuses and the propriey of annulng that
ton, We trust will be made m anifest.
We have here entered into the most garing defects Of
the BILL which, If persisted in, would deract in great
degree from plan which in other respects promises to
be eminently usefxl grand restorative to the dis
ointed financial affairs Of the union. We will to
row, proceed with some remarks pointing oxt the ad
vanages of the bill, illustrated with facts drawn from
the late returns in relation to the productions
and the movements of commerce in New England
distant section.