New-York tribune., 1842-03-22

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srescieucv in circulation Gquidate existing
l,eb,s contracted under more expanded curren-
- and a; the same ,irae trarssc; the ordinary
! business OF the country. disbursements aad
bankruptcies nave been aud the i-evitaale cor
sequences As long therefore. a. bank notes coz
s,l.ute on, curraDcv. and ::ieeenote, are payable
In metallic MONEY and the amount OF oar imports
exceeds exports, the balance VIII be drawn
from the banks p.ce and the issues 0. notes
VIII De checked, Of managed by intelligent and
honest directors. nntii their notes withdraw:
from circulation. IL anount under ordiaarv cir
cun.staaces equal TO. AZ least, three ;racs suca
balance.
The Committee Viii next consider Tie fleet Of
a, increased or diminished circulating med5Qr,
on he razue Of property.
The circulating r4ediun, of his county. con-
-is;ing as has been remarked. Chiefly of Of
banks, is employed to measure yalucs in all rs.
gota,ions. ard Of all property. illustrate this
part OF the resolution, wi! suppose con.rEu-
nty isolated from al others. with given amount
os raoHev performing the duties circulating me-
dunn and sapp1sing ore half Of the whole were de-
,,royed in hight, the remaining half would repre-
sent The value ot the property and II a.! we're 10
! agree. the next day, ina: one half Of ta!iar
/ should bry and pas much a. dollar had before,
no material injury would be wrought; but if they
did 4ot agree, the debtor portion OF this cemmu.
nifty would be obliged 10 pay double value 70 the
creditor portion; for the contracts are for whole
! dollars, not half dollars SOME Of the debtors
would BE compelled TO sell. man; Of them being,
through mortgages and other pledges. directly in
the power Of their creditors. 4 few ric! men,
and there always such IL every community
having q large proportion OF this circulating me-
dunn in their posscs>on uEdor their control,
y ! !
ton, ;ls they ocncla.lydo. would pruc;l>c proper,,
al their own price. Il the Individuals %, this
community were i t!ie way OF extensive ne:otia-
tons credit, &c, it i easy the perfect con
fusion that must cnsue-the breaking W OF con-
idencc and credit Labor, already performed,
not obtaining rs wages. would have loss motive
for farther performance; q few might find EMPLOY
al low wages, but, 10 great extent, there would
be a suspensions bankruptcies would become pop
ular among those who detescd them before and in
prisonmen for Debt, n the opinion ofthoSc exposed
toit, would be barbari,y barbarzcd The circulating
medium might in this supposed case, Sc so far re-
duccd that the whole amour, of money or circula-
ting medium would not pay the sums due 10 a few
capitalists. (J) lfthis Community were Immediate
" discharge those bankruptcd. that they, with
others nigh, be employed in productive labor,
and coald open trade with a country that would
supply them with money and put industry in general
action and give confidence TO credit a large pro-
portion might weather ,hcr difficulties. ana save to
themselves competency. Bat if like the people
OF the United States, they foolish when
they had it in their power to enforce Il profitable
exchange To agree that for every dollars value they
bought, to pay one hundred cents, but FOR every
dollar value they sold. they should receive only
fifty cents, tine other iycents 10 be called dstv,)
for the privileged trading with them: and if. in
summing up ihe account OF trade at the end of the
wear, they should tnd less poEcy il Their con.rnu-
+ nifty than before, would not every body CRY shame
on The ncgo,ators az so foois!l=a bargain
Would i, ne. be the tine course for such COM
munity TO make /; firm stand acal.; all cxactions
on its productions b. ether countries, or balance
Them BY equally cNorbitant counter charges on
their productions then multiply b. industry the
articles which could kc sold abroad as much as
possible; buy only accessories; and at the end Of
the year woud got this community find more on
hdence and money. property TIC advance in
lue, less want. and general increased comfort and
prosperity
And we're this same community il, our situation,
with a paper currency, would not phe additional
supply Of metallic money, b. which nations adjust
balances, enable their banks to triple the amount
of money for all the purposes of produciio. by the
stimulus it would give te industry. by Increased
confidence, and enlarged means The value Of
property mis hnot advance in the precise per
proportion. with the increase of circulating me-
dunn, but the tendency woul.. be continued ad-
vance towards it.
The Committee have before them the return of
the Bank Commissioners of this STATE, from 1886
to l34l, both wears included The circulation of
all the Banks in 1886 amounted to SCI ,l27, 927,
and in 1912 to STA $50, 335. being a reduction OF
.hpuf Ia nor no Il ot nrp-
perry of the whole State has been probably quite
equal to 81 Is per cent. and, from table pre-
pared with much care, It appears that the specie
in al! the Banks Of the United States was as fol.
lows In 1889, $45, 1872 ,637 $40, s33, lO5, l55;
showing reduction OF over twenty-five Per ceut.
in oac sea ard from the same table it appears
that the circulation Of the Banks of the country
was. in 1887, about one hundred and tcrty-nirue
millions OF dollars, ard in 1910 short of one hun
dred and seven millions Of dollars. Muci! of the
real estate bought for purposes OF speculation, Ii
nov subjected 10 forced sale, would not bring
two years interest on the prices AT wh!chit was
sold. Agricultural produce of some descriptions
has fallen from5O TO 60, aua=cvcn IS per cent.
Stocks OF almost every description have decliaed,
ard same hove dcprccatet! FROM par TO nothing.
The products of large manufacturers. operated by
machinery have probably suffered generally speak
ng less than any other property. In many part.
of the country particularly the non-spccie paying
ard the repudia,;ag sections, where the vita! prn-
oiplc Of credit has received shock, much
greater depreciation will be found Ii the depre-
citation of the property Of the whole coirltry IS put
at 33 l3 per cent. since cnlbarrassmcntS COM
msneed, the Committee think it short o! the reality
! The Committee deriving their conclusion. IF N
the established effects of the Compromise Las
during the eight years previous TO the 3lst OF De
cember last in increasing impor.ations and there