The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-04-05

AT Bottom the Merchants Bank refuses to receive Span
sh and Mexcan1tacona pieces except the rates esta-
oished by the banks in New York.
s highly amusing to observe the tenacity with which
people in favor of the credit SYSTEM in other WORDS
eternal Indebtedness cling to every description OF depre-
ciated currency. When the circulation was composed
exclusively of bank paper they urged the banks to sus
pend In order that their issues might dprecae to the lie
velof those the broken banks OF the south When the
banks resumed they opposed the bill to compel the coun
try banks to keep money circulation par because
the discount afforded lucrative shaves Now that the cir
culson is becoming metallic large proportion Of
being OF light coin, which accumulaes rapidly because
passes here for more than its value the banks end the
Post Office following sound rules finance have refused
to take the foreign coins for than their value True
to their principles of fraud the advocates Of deprecated
paper now contend for deprecated silver circulation
What insanity is it that constantly urges to in
debt and continually impels them toderaud creditors by
some juggle The state Of the silver circulation loudly
demanded remedy. which has been simply applied by
the banks exercising their undoubted right of receiving
the coin only at it's real value. The Express
herent philippe against the banks for presumng do
they please, remsrking as follows
w the Banks do net wish to these COIN let them
refuse in the same manner as Individuals would They
have completely in their power regulate their
business in such that they will lose nothing bv
simply refusing receive them The power alter
current rate OF value to any coin in the community ia
either statute law Of the land the law of merchants
and traders In the absence of the first the latter class
would be the proper tribunal But for the Banks and
Post once in this city, to assume the power step
calculated to throw every thing into confusion. No
lose"
The last line contains the key the whole. vexa
tious when individual is rumaging in pocket among
antidated memorandum checks ready for operation he
overtakes as much small coin as he thinks will pay the
postage OF letter. and then be told that his coin is Light
and will be taken like his checks only their value.
We say this is vexatious and calculated to make ones
blood boil with indignant patriotism the enormty of
those who will not take deprecated paper and light coin
in discharge Of claims But the Express goes say
"a person to pay postage Of twelve and half cents if
ne pays IN fDo srpences has to put OiM 1t three cents
The divisions made by the Banks very unjust Four
slxteenths at five cents make but twenty cents two
eighths at eleven cents make but twenty cents and
thus there is vexatous loss in every trAng transsc-
ton.
That the Spanish coin in circulation is worn down,
and that its intrinsic value is not the was
when came from the MINT is very true but the
is the case with our COIN Dimes and half dimes are
mint"
The last remark is audacious mis.statement The
mass OF the American coin is not perceptibly depreca
ted But he says, the divisions made 6y the banks are
unjust-4lehs at five cents make 90 cents" 4otks Of
what The weight Of Spanish dollar worth one hum
Now the pieces in circulation according to the United
States mint experiments large quantities taken from
circulation, weigh but 81 grains 476 less than lleh
and about rGoth its real value at which the banks
If the asute editor were to buy half pipe Of rum whe
Their smugged otherwise and should be reduced by
wassage to quarter pipe it would be pretty difficult to
him that he had got his moneys worth although
it still should be contained in the halfpipe c.sk.
This state of the currency is illustrative of the faa.
cies which for years have the country in relation
to the duties of Congress regard it. The Constitution
provides as follows:-
Congress shall have power to coin money regulate
the value thereof of foreign cein aad fix the standard
OF weights and measures"
"No State shall coin money, emit bills of credit; make
debts" wv ' '''N ''''' ''A o ''N''' III paSmen Oh
The bills of credit have frequently been decided TO be
paper money the meaning of the constitution being to
put end to the various State emissions the evils
which then felt in their full force The only
rency recognised in the constitution is that of the
cous metals The States forbid interfere with it in
any way; but gradually they in violation of spirit
the constitution authorised banks to do that for which
they Themselves had right viz to issue bills of credit
to circulate money. After the public became familiar
with this contraventon Of the constitution and the nc
tons of the constitutional currency entirely supplaned
by the bills of credit emitted by the States but autho
rsed by them is suddenly discovered that these paper
bills are the currency the value of which Congress is
to regulate Now, the only value which the bills
shutting this currency possess is the ability Of the issu
to do that which they promise the
the only CIRCULATION" Of which they susceptible u.s.
for Congress to pay the debts of the weak banks To
every unpreudced observer is very cesr that the
constitution contemplated any such currency nor
gave Congress any power in regard to it, The "regua-
ton"whch the constitution did contemplate remedy
the existing evil in relation to the small silver coin It
undoubtedly the duty of Congress- under the constitution
to call all and recon it, in the way that period.
ca publications Of the English currency have repeatedly
taken place. later than last in relation to the
light soveregns Instead of INDUCING chimerical ideas
about regulating" the paper emissions of thousand
rival issuers, this matter of specie is that which de-
mands their attention.
Sales at the stock Exchange.