New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1848-02-25
Bank Reform.

To ne Editor Of The Tribune;
The subject of Banks being again under discus
sion will you allow to offer few remarks upon me
question through The TRIBUNE.
The laws of New York upon banking contain ne germs
OF better system than aHy before developed In ibis cour
ny but these laws require alterations ard additions BE-
fore The banks will become as and beneficial the
public have night 70 demand.
In the first place the security the bills % many Of
tie Banks is not 50 perfect rs is desirable
In the second place the expense TO the people Of con-
ring The bills q most Of the County Banks Into specie
It's equvaent,s oserOus and oppressive amouniif Z
per um probably not less then f-em fifty 10 one
hundred thousand dollars Is 10 just that this enormous
sum should be extracted from pockets Of The pubic Tor
he benefit. in many cases, OF the Banks themselves
Can these objections, Or difficulties be Ovefc me and n
what the best 20 adopt % accomplish TIE enc
The provisions OF the oil presented 10 the Legislature
by Sir Cook will assist Va dong sNay with tue nfsi Oh
lection. That bill limits think. this ssues o. the Free
Banks 10 80 per per state stocks 81 per
per cent per cent stocks ana 100 per cent ON per
ceot. Stocks.
The Controller should. in addition ihs. De euthor
zed and drec TO require the Banks - keep their circu-
auon at least cent below TIE open market value OF
the Stocks his hands, for iness Stocks represent le,
and therefore great shOu be taken that the ecu
ton Of the Banks should be Kept below the specie value
Of The Sock oherwse confidence IN. TIE security Of
their bills viii Invariably aad unavoid.by be shaken
All the Free Bans whose circulation u not secured by
space Of years 20 witharaD their present 'ecurs
aud substitute their place state and Inlieo states
stocks less than 80 per cent 10 be Of the iofer de-
scr ption
These amendments. think, viii overcome the first
ebogeststsd objection And no" DO" shall we e4t me
second,
It's csrainy hardship for any Bank to be required to
redeem circulation auy other place beside ls on
counter 10 hardship the Banks TO be require
20 receive par the bill Of g Banks IN geod snd-
ing2 II would seem not. The New-Eogand Banks Go
This without being legally compelled 70 do so Indeed II
the Ranks will take each others ssuss they should not
as< the Pc pie 20 receive their bills
No Bank should be- allowed 10 90 into operation OF r.
main operation, Whose bs not good io cues ana
demands aud the counter ot ever Other bsns
ths efnption should. therefore Pc Dought
about in this way. When the above-sogz~ssd amend
Inen,s 10 limitation Of upon State stocks are IN
corporaed nfo the II they shosc BE- st $50
be- enacted that the bills Of the Bat rs - r-d or Nch
may thereafter be secured so long ~ said Il A are 10
good standing and pay spece shall be rsceNabe ~ pay
y all the Banks throughout the State IN payment ior a.
dues and demands.
IL should sso be enacted that al the Safety Fund Bsn'
shall receive each others bills az long as shd banks
good standing ard pay specie for tn are mutually
losses, should, Therefore, bear some
portion fihe when IL dos well a. tie public
II thee suggestions could be incorporated IN our Bank
ing laws the Banks could hardly be injured leXcepung
those which shave their money through agent,
the bills Of al the safety Fund Banks and the Banks
whose circulation is secured by N-wYork state STOCKS
would Immediately be at par from Montauk Point TO Lake
Erie and the issues Of the remaining Banks would also
he 81 par they had changed their securities az
above mentioned, which would occur within two years al
f4rhest The benefit these TO the people,
for whose and behOof the Banks ought 70 be in
ofporated, would be almost nealcuable. w