Holly Springs gazette., 1844-03-23
From The Tribune.
From he Tribune.
BANK PAPER. OR THE ClRCULA-
TING MEDIUM.

! the UnItt States, and of what dues II con
sisl
| assume that IT consists of INK paper
and of nothing else; aud 70, the simple rea
son that there is no o.her MEDIUM thai cir
| culaies.
! Coin or money. is in no sense medium
| of exchange but when paid. the actual CIV
ing ui real property for consideration.
Waen half eagle is given for barrel
of -four no medium Is made use of buI one
d, scfiprIon OF property, IS ~ the transaction
given for another Ii is just as much a
matter of hater of exchange. as giving a
brrel Of f ,ur for ton OF coal is A me-
dium Implies something midway between,
In the Transaction.
A person who purchases ION of coal.
and YES bis check on he Bank Tor the a
mount makes use OLA medium in payment
the check IS tie mfdtum by which the
transfer o. money TO The amount specified. is
madt By the purchaser to the seller of The
aiiicle
A bill of exchange is the meainm by
which an individual living in New York,
max. $ Transfer OF property In London or at
some other fortign place,
a d.td is The medium by which house
and lot is conveyed TO the purchaser
A TRANSFER on he books OF an incorpora,
tion. is tie medium hy which The capitol
stock ofthe Institution passes from one IN
tI,idnal to another
The Potash Inspectors bill of Inspec.
ton, Is the M ediam by which the barrels of
ashes Sp,cIii IN 1t, are transferred from
oat individual 10 another. without remov-
ing Them IN the warehouse But none of
thtse mrdinms circulate, becaus. they do
not possess The necessaf REQUISITES
Bunk bills are tie medium bv which the
specie, spfc,ii in them, is transferred fIom
one individual 10 another. and BY which It
NAV pass u thousand individuals counting
and without being oncc Withdrawn t. ON
the Bank
A thousand dollar note NAV pass through
one hund e hands during the dav. and
each holder Of ii b. as actually in po4s, s~nn
ofthe money on d poSit. as il in his own
house
Without such f:ciliries the thousand dol |
lars mu necessarily be counted AT each
transit r, ly the receiver. and were this In
all CASES done, there are moi cl.rks |
enough IN Wall street 10 make and receive
lhe pay men'S OF some day. Transactions of
Gust m Hnusn.
Banks are drsct ption of warehouse for |
he storage OF specie, The deposit of notes. |
tochs and other securities and are unif fprln- |
iv Us q n the United States and " h. n IL |
1iciohsiy managed are the saf,-st deposito-
les lof this description of property and af /
ofds iaeiihies, Indispensable TO a well-or-
ganized state OF civil society, aud are Labor
SAVING 10 an extent
L he TACT III II t1av tho 4 |
money and The lenders of it. bangs tht
whole community. in tn ir immediate
leighbouI hood. IA con.act with them; thus
: ndrring them unif rmily known. and the
omnnnlly ffonl the nalure ofihesr :nusae
ions bestow on the b tnlls their conf lenre:
or this reason, Bank paper passes tom
land to hand aux beng uniformly knowa.
om a medium of transit, (Which ch ck
5 oni,) II becomes IA naedium aohich ci~cn-
at,s. ani Is for this reason called TIE CIR
ULArtNG MEDIUM" taking lis name from
he office il perfnfIns.
By the use of B ruk paper the qnantitv OF
peeie tor the Transaction o. business i
iuch rednced aud the wear ofcoins whIch
considerably. avoided Losses 10 the
Ia transportation. aud by 6re
re 10 great extent y evenlei: the loss of
- - '''eS' al y uiilliSt the lU0iVllfl Il
oSsessef OF II 10 the amount; but the spe
II specified in he bill ren,ains safe in The
lsiiuion by which 1t was issued.
The question has frequently been asked
Ithln ne last few years, how Bank car
s'ir that issues three hund.ed ihons,rd
oiiars of ills, when she has but one hun
red thousand dollars of bills. when she has
ut one hundred THOUSAND dollars OF specie
hei wants AMI as often affirmed. tha. If
II bills were all presented al once she mus
Ieviiabiy fail This is unuheStiooabIv
ur But IS there the least prnbabiiitv or
7sslblny Of such an ev,nr? A certain a
ouni oil sptcIz f,r every dav's transaeri,n
r'qnhed by every Bank; aud this a
ounl Is known with as much cerlainty a.
II quantity of Creton water r.ouIred far
e q 'Iiy (. n>unpilon oflhe CITY is known: :
ID thtIe Is the same danger of the Resrr. :
ia failing IN The one case as the other !
he water runs into The Reservoir ON ona
j. and runs out AT the other. as the ,non.y y
AID IN bv one set Of men at the Ban, and
III out 10 anntter. Banking and ex. .bange
{ governed by iaws-as fixed AMI re,,ain +
those thei govern the lid. 5. or as he I,,Ys =
gfavitaiion they may 5e imprdrd in
Elf operation by the acls of con,D.ni,i,s a.
by iaglslative enactinen.s-so may The
foton Water-woI ks f al IN sua,,I,, -,