The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-10-30
lcHANGE BANK OF VIRGINIA.

The liabilities of this institution in proportion 10 It's
specie are large when compared with the present cond
ton of banks in other States 10 act the banks of Ten
nessee and Virginia. haveuDdegone far less contraction
than those in any OF the other States OF the Union
Much discussion has lately taken place in relation
the issue Of Treasury notes be- airing low rate of interest
to supply the wants of the treasury We have hereto
fore too long and too perseverngy opposed the issue of
paper money, either by State National Banks TO incur
the charge OF IN any degree avorng that
OF all paper issues, government money. This is sub
ject however entirely distinct from the movement of the
Secretary, how his Treasury notes may ap
proach to the character of paper money Commencing
in 1897 the government has fer six years been in the
habit of supplying it's wants by Treasury notes. which
were to all intents and purposes paper money in as
much the government paid its debts with the notes and
received them back in payment Of debts due it, These
notes BORE for the most part interest OF per cent
but Mr. Woodbury. ct one time favored by the the
Market reduced the interest to two per cent and under
but at that low rate of interest the notes re-
tanned by individuals but circulated from hand to hand
and rapidly found their way back into the Treasury as
money discharge debts due to 1t. Subsequently the
market rate of interest rose and the fate overlook
the five per cent notes. Again, the of interest has
oen very low and the Secretary reduces the rate Of the
notes 10 one mill cent which is lower than ever be
fore but he also makes them redeemabe for specie in
New YORK Hence to oil inents end purposes they
New Yoik funds The issue of the notes ma we'll nc tho
necessity for their ISSUE evils the first magnitude
but they in no degree attributable TO tina nrese,,
executive officers Congress deprived the government Of
its land revenues The infamous committee of wavs IN.
means session, refused TO modify the prohibye duties
on articles that otherwise would yield revenue or N
impose revenue duty tea and coffee Fer partisan
and selfish motives, they lett the government without
revenue except what could be obtained from these notes
in question. Wehavo said that the government is de-
prived Of It's land he distribution bill was
indeed repealed, but not until large quantity of land in
each State was given up, and Ia now as in the case of
Illinois above mentioned or sale in competition with the
government
One of the great evils, which attend the issue Of
paper money the effect which has upon the external
commerce OF the country. In relation 10 the inerna
trade IS oil hut little consequences what the currency
consists so that II is uniform; because the prices OF ali
articles each other as represented Inv
the common meiium OF circulation II one dollar renre
SCENTS the produce of days labor of the farmer IL will
also represent the produce Of day labor of the artizan
AMI the exchange equal If the volume of the curren.
cy increases and $40 represents the labor of the farmer
the equivalent for that the artisan has risen in the same
proportion, and the EXCHANGES still equal. Not 80 how
ever when those products brought into contact with
those oil foreign countries because the currcncies are po
UNIFORM and the inequality Of the currencies becomes
destructive TO the Commerce Of that country where mo-