New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1846-03-31
eTinkerins the Currency

Our Legislature has for the twentieth time be
fore it sundry propositions 10 Equaize the Currency
of our Stale by making all the Bank Notes issued
under its authority really worth the dollars they
specify on their face One Of the bills proposes 10
make all the Banks in the State keep their notes al
par in this city another requires each Bank in the
State receive the notes Of all other Banks in good
standing in payment of notes due them. or these
two, we decidedly prefer the former; it is juster,
because il places the burthen OF Equezng the Cur
rency where il fairly belongs. A City Bank Note
is no,c worth so many silver dollars as it specifies in
any part Of the State, but Country Bank note is
not unless il be note of one OF the Banks which
keeps its bills par in this City in which case it is
Now somebody must pay he expense OF sending
home and exchanging the notes of Country Banks
which constantly tend to this city and here form a
deprecated Currency. and yet the prevailing Cur
rency of Labor, Retail Trade and the Markets.
man pays ordinary purchases and bills in one sort
Of Currency, but if he owes Rent or note in
Bank or buys goods al Auction. he must pay in a
different aud more expensive Currency This dis
parity is very vexatious and often oppressive. A
man who has worked hard a week for FIVE six
dollars ought TO be paid the genuine dollars or their
honest and full equivalent not something which he
only turn into rentpaying currency, by walking
to brokers' shop and submitting 10 shave, even
though small one. The inequalities and uncertain
ties of our currency have tempted TO great abuses
many employers actually selling their good money
and buying at discount, uncurrent with which 10
pay their workmen. who are thus taxed probably
five dollars in the aggregate and an ininity OF time
and trouble, in order that the employer may unfairly
pocket three dollars Ii is such Judaism this
which has poisoned the Laboring Glasses Of our City
80 generally with deadly hatred 10 Paper Money
which does not prevail in Boston, where the cur
rency is thoroughly equalized by the Suffolk sys
tenn of making all the New England Banks keep
their notes at par in State.street A like system
here, energeticay pursued, would prove general
blessing
The CourerlS Enquire of Saturday opposes this
view and the measures propounded, reasoning thus:
The maker of every note in commerce is bound to
redeem Il there only where ii purports be payable
and the analogy of tho 10 entirely applicable to the
maker OF bank notes Is principle, indeed renders il
even more applicable Ia bank netes than TO ordinary
promissory notes because the former being payable on
demand may be presented any moment and any amount
(whin the whole issue and therefore, the parties is
sning them should always be in readiness to redeem
them. But II such payment may be called for in two
places it is obvious that double or at least largely
creased means must be held ready and hence the pro-
priey and justice, and really public interest In limiting
the right OF the holder of bank to claim its pay
ment in coin TO the place Gifts Issues 1t is therefore
wrong. both 10 the individual bank and to the commu
nifty TO seek compel the redemption OF bank
elsewhere than at the counters whence they issued
With Difference, we submit that the cases here
cited arc not at all parallel, and the analogy not
tirely applicable The maker of business note
reaps no incidental advantage from The circulation
of that note bat the issuer of Bank note does He
is enriched, the vulgar saying is by the amo uni
Of his debts. Ifthe community keep on an average
600 of his bills in circulation, he is profted
thereby nearly $1,000 year. Well, who is njur
ed by it? Do you envy him? is asked Surely
not We believe no one is injured but the commu
nifty benefited, provided the public is amply secured
agains, insolvency and the notes kept at par IN
that emporium TO ohich they naturally te nd, as
TO be worth their full face all over the area through
which they generally circulate. In 80 far as they
short of this they lose the character Of Money
and acquire that Of Shinplasiers.-The wrong
which the Courier denounces has been perpetrated
throughout New. England for the last twenty years
and all honest parties appear 10 have acquesced in
its justice and beneEcence however hostile a, first
So we trust, it will Yet be in our State.