New-York tribune. [volume] (New-York [N.Y.]) 1841-1842, 1842-02-24

aly be reo-iaet above par by any holder WI 70 III.
.,sn5 arr o. eoerciaI cener r. itt,tanes
merchant Cincinnati wishes TO remit j Gin
factnrer!n Conaecticlit bf drawn by tps ~ New
ci,a, depo>ite made, on ie snecje 70
York, world hcNHoriha half per ce''. nv
ihs a[ree will nee, all the ext
gences The markets. il not nhlL ,rntnci,
et ~ ~ w for manufactured goods. domestic or!i-
ported: ,r Ney-York 10 He-orieaiis o' cottoi;
well informed merchant in those several sections
10. ~ mo st,te Of markets NewOr!eails IlleVch,
remit 70 Ohio He deposits , @ 70 a.
hi. own bill OF exchange for Loo payable 10 uie VI IN. "
Ohio correspondent, and transmits II
evHl b. above par the Ohio market pecau7c IL - d 300
remittance Tor New.Yo rk where bills Ncw-or!eaas
command premium j. Is bought BY an I'm"
who RENTS it 10 NewYork in ynen Tor soods; ana RON
Upon lis arrvait presented 70 the areicv "ltTe
accepted and the specie ready IL redemption Tie
holder willing To be burdened with The se'
cie will generally prefer the specie notes @, The agency
Thus t. 81 O0 in specie after paving small premium al
the agency, viii have paid Than IL amount in two re-
make safe and convenient currency OF Slta'i
INTO the channels Of commerce. and SILL al rest sustaining
thus amount Of circulation.
The bI OF exchange will be superseded by the
specie nos OF M Exchequer The former have always been
Banks when l"r paper sund credit had every adva-
ta@e winch this viii OF being made such substitute
THIS proof rom conclusive One ground al pre-
leee w1lca ciS always been appreciate. mere ana N ro
rope IS shat bills Schange;r safe thar bank notes
as hey otter .oi"ntatOn ,orobberE or emezzenci ana
as several NAY sent Of Tire same tenor ana GATE ny diier
snt conveancnS in which loss viii hr sustained
diis IT. ~, lrp0>>Jliy The perfect character Of tts
bis OF exchange from their undoubtcd credit. VIII generally
gre Rem preference ever orrS They VIII :er be pro
od iof WAntoi funds any Office "ere thy are poydp!
10 can result from Tire necessity OF transmit
ting speci from Office Office The occasions are very rare
hi1 ms Hs" sr- 10 operation they would DC sun more
rarc) III which specie needs be removed for almost
every PURPOSE good paper preferred The paper OF one
once would generally be good As sp:clel nos; Others II
adepoSle made in NevYorl draft the
ohceIn NesOrl-ns, this latter Office would prefer Tho
Eew}crk paper 10 coin in the common state of exchanges
|i nave found IL proper places OF reposs and movements
De entertained that the retirement Of specie into the agen
Sits would enbarras the banks, il will be dsspated BY
e,,scton upon the Operations already descrben-
those officers bound deliver the time OF depcste
an amount IN equal 10 the amount received IN specie
'i ana the same portion OF II will be deposited by ler-
chants and others who keep their in banking in
uitons a. OF the specie for which il is substitute As II
VIII b"a light and convenient, circulation II VIII mln@lc
more with The paper OF banks OF sound credit IN common
commercial operations and consequently frequently
ued III making payments upon discounted notes and other
Indebtedness 10 moneyed institutions, than specie is
Men possessed By bank ii has all the value OF specie
WI" DE received Of bank for that purpose readily as
specie Should gold and silver be wanted for exportaon
Or any other extraordinary demand the bank which pos,
lhiS paper has the certain rneai's OF converting II AT
pleasure INTO the article required Every bill OF exchange
PAYABLE a, these Offices viii atts maturity, restore TO cir
Iuiauo eher III specie or TINS sound paper lhe amount
deposited far It's procurement Indeed Is Difficult, 20 io,
Ter doubt that in regard TO the means Of redeening
' own EMISSIONS the banks VIII possess more ample re-
sources an AT present II is true that the channels ni com
lnerce viii be partially filled with medium OF sound and
PersnaDe credit which vii! stand the shock OF every Io'
sbie vcssnde except The subvcrsion OF the Government
Blu This will promote the strength the banking in,u-
lios no less than the stability of the currency From the
establishment OF national corporation with large specie
cnplia, the banks apprehensvc al sustaining injury
by the great and Sudden wihdrawmcnt OF the precious
tails from their possession But the agencies produce
such embarrassment; for their progress viii be grad
ua to cause convnlson and the immediate restoration
10 The market Ola medium Of equal ansint and value with
that which Withdrawn will enable those institutions a,
any time command the specie which they require As
believed
the expenses OF conducting" the business Of the EXchcqner
and rs agencies will hc betrayed from that scarce, and pro-
badly much larger may he realized The losses OF
The currency by tire, spwreck, and other casualties,
shown in the tx ererce OF banks would 0l be AZ, con
siderable item OF gain small premium, hafor quar-
Ter oi one per cent might reasonably he ryaC.ed OF deposit
tors hereafter ,e,ne3 necessary, po, uocs ssnpd in y
cndnge Tor specie he this viii furnish the dcr
ed means for The collecting. sr-kccping an,buseleno
the pubic cvcnue and al requisite facilities for cxchan
between different
ate round and convenient currency, is exempt from the
o9et onaoe features OF other modes occctin in part
IN Whole. the objects, heretofore presented for cOnsi
Grafton IL authorzcs hunks other corporations,
discounts no lending credit in any form whatever
expansion OF The currency by public drafts Otherwise
paper money resting he credit of the Governments aud
depending on accruns revenues for redemption. 1t
tiers no extent OF Executive patronage influence Ma Of
cer be either appointed removed by the President
without the OF the Senate, and only certain
which par1lalites may a INDUCED in behalf OF personal
political avorle Whoever presents hi. specie notes
ais OF exchanea at maturity entitled to his specie and
he I4shts ' Ge IS ehslsm To The paper ws
law, and his transactions agency are OF the simplest
character The laws ofrade and any experimenting
board orpublc agent decide amount Of depocs bills
of exciange, paper currency Tile wants and means
of individuals composing the community will hest regulate
the proportions of paper and pec:e in the absence of all az
tiicla restraint aud supervision OF the Governments
Another irput,at confederation which the committee.
Sou! add 10 these views 49, that whilst TIE operations OF
the Exccue would tend 10 promote the real Interests Of
the sound banks, II would al the time tend 10 drive
INTO liquidation the nsound ones Banking capital wcl
las enormously Increased within few year, past would
be reduced Ticrewoull eventually, only enough. remain
the commercial and other be,inesS the
country The large surplus Of capital which sou"hI
nb banks for the cNOrbtan profits OF those Institutions
under inflated and unnatural OF the would
retire. and pcflorin the more legitimate Office prrau6nt
loans Oh bond am, mortgage, to the agricultural interest
the community. One great evil which the country has .y
erlencc has been from the wtra wal ocapial from The
farming interest 10 nveSli. II banking operations rha.
interest, from The Ner OF their business ought .r,,
10 be driven % Lark accommodations, They should
Int 70 ,"'i"ir permanent i'leai OF temporary loans.
Any syslen therefore which should aid the
tho surpius banking capita! would greatly bene, the sub
stantlal producing classes OF ih,. country.
From Wli1' has bee sad, will be t,at The tycle-
quer w iurhaa uniform currency ana -ircuay equal
,c exchange 1t has discounng lower like that oi the
late Bank OF the United Statcs-a power which was The
principal source Of all the difficulties and the subsequent
disasters of that ustlGtan. lnorder 10 make dividends
was necessary 10 ampoy enormous capital in the shape
OF discounts Ihegca, portion OF those discounts no,
loans s'oeA onns accommodation loans, permanent loans
oho one reason or thus was that within The sphere the
business paper TO employ capital There was therefore
KIND onecrssi'y OF enpoyng il otherwise tina, ~;
parent necessity. IN the Otherwise disastrous stat, OF the
Times, has led u It's final overthrow.
The EXcllequer will posses ali the benefit. y; Ralt o
the United States whou, It's attendant evils Il is POWER
u 10 do good. but poweress to do harm, The immediate
ELL. OF adoption Of the measure will be-
restore The confidence of the country. rlat confidence
every where impaired II i.impareti IL individuals; it Is
impaired in banks il is impaired 10 STATE Governments
and shaken in the General Government. The People
require actipuon the part OF Congress which shall
store IL rl,r can ouy be done by the adoption a sys
TEN like the ono proposeda system which in leading
ton OF public broad and deep that cannol
be shaken, That confidence, restored. will extend IL
self throughout the country and peace aud plenty viii fol-
low in is tram
But, II suppose this system will not accomplish all
that lis friends anticipate. i, will ceIaiUy accomplishments
aud nasnucii Is can do nothing else, and we Know there
rs no posslh. angc. IN IL WHY shonll We hCslln.