The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-12-22


The of circulation is Ell 55s in four weeks,
while the bullion in the Bank of England has decreased
f6l. 900.
This is certainly great and sudden addition to the
paper currency; addition reaching nearly eight mil
lions of dollars There must be invisible for
this fuctuaon The official return for September shows
decrease in the circulation of and an increase
in the bullion of eat O00 since the report from August
From September to October the circulation enlarged
81 $3.50, while the amount ofbulon declined fl64OOo
From October to November the increase Of circulation
was FL $685. and the decrease in bullion Eel 900;
making the total circulation the date Of the last state
ment $685. equal to 100000 larger than was
September 10TH about sixty days before During the
Rod of this increase the bullion has been gradually falling
off, until the amount November II, was f225,O0O, or
81 100000 less than September 10th. This expansion
in the paper circulation within limited PERIOD is not
the direct of regular increasing trade because the
extenton is too abrupt This additional amount has been
drawn into speculation to certain.exten Undoubtedly
the of those engaged in Legitimate business have
been unusually pressing lately but the immense amount
put in circulation could not have all been absorbed by
trade that gradually increases when confined to the
proper channels.
The London Circular to Bankers goes into lengthy
dissertation the issuing of paper currency by the
of the United States and Russia 1t argues
that the object this important is to render these
respective countries independent possible Of the
money power of England and also to promote the pros
perity Of the people blythe same means as that which
contributed much to make England what she is.
This is very true far it goes We are not aware
that the this country have determined to
issue immense amount Of paper currency and neither
would the effect of such act be prophcied by the
circular The people in this country compose the govern
ment and they look to their advancement safe,
rency to become independent of the money power Of
England We have power here superior to that OF
money The prosperity of the people will be rapidly
promoted by economy energy and industry, with cur
rency a specie basis in the hands of the peo-
pe and beyond the control Of any legislative body The
of Russia being in the hands Of an individu.
al who is absolute the issues of paper currency depend
his will and WISH The policy of the United States
takes different than that laid down in the Bank
ers Circular The fact of there being government trea-
sury circulation rise to this assertion in the
London journal that immense amount paper was to be
put aoa The expansion Of the paper currency of this
country would place body and SOUL in the power oil
European capitalists instead of making Independent of
foreign power The vast initiation of prices that invari
ably follow bank issues induces large importaons,
and brings us debt the nations of Europe who
tail credits their pleasure and compel immediate pay
men currency just sufficient to supply the immediate
and actual demands Of trade the only independent and
safe policy for people like to adopt and adhere to-
The message of Governor Fitzpatrick, of Alabama,
gives brief account Of the finances Of that State He
says that amid all difficulties the interest the public
debt has been paid punctuay and there ample
in the banks to pay the interest which will be due the
ensuing year. Beyond that time provisions are made
and the Governor recommends that sufficient fund be
raised by taxation, to provide permanently for the pay
ment of the interest the State debt The President
and Directors in presence Of the Governor and Secretary
of State have destroyed by burning bills Of the different
branches Of the State Bank amounting to S5o36697 and
blank impressions amounting to S7Ol3,42s. The State
Bank has, in like manner destroyed 1902 4l6 in bills Of
that institution The currency of the State is fast i'm
proving and Alabama will have in short time sound
and safe circulating medium any other State in the
Union The gradual winding up of the State Banks and
the destruction Of their issues have been universally
approved, and the people, by having mere valuable
currency will be better able to submit to demands in the
way of taxation The present mode of assessing tax
land without classification, is not popular throughout
the State. A fair and equal tax property would be
cheerlIy paid to sustain the credit Of the State in all s
just and legal engagements.