New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1849-01-06

uuuuurn.nunnnnsnnpznssnan
only which ruaks. the deposit, IL wholly irsteousie
Il d. more than to- Banks under The ID safety una
.ystrn gaii o General Furt. lntir charters a.
twenty ~srs - rgn Ih-y pad al % PEI cent r
.-luin ussIng 'l al DO pr crtt DO .sy tAti on a
sr deposited security .1r tie rtatu fiion 81 ten'
Rrrtnsy be- sa.s tha, tbs .hsI constitute common
fund 'rr The cit upuon oi re bs ci The i1so.Tfnt
t4us. 0uig Then - many Nlirh Are solvent VII
not rl1t j. there all Dr. enough o. fc1ftr 81 tlc bir
10 th se which sLal. prove llsu4felt lLs = doubted
Tbs fund .nsisai NJ being Sufficient % redeem me
no.es Of s nsolseni banks. would PROBABLY Tor time
1--we MT credit enough % ile fraudulent associate
shi-h would b. formed o. enable them % get Their
rots. 10 c.rc alton. aud thrn y VifhtraSinE tneir
CAPITA The more e-ectgsly cetrsud the Community -
q 3. believed % be wholly Inadequate icr nc otect
me- Controller believes that the safest va % make
!. und paper currency j. to have a al times ample
security Tor is redemption IN The possession u re
state h order 90 make th.s security SIMPLE % should
be- Dot only sucen; n amount but should be- o such
nature hat Il may be- Tes1ly converted i1io cssa
without oss 4 not enough Tat the security be uu
ms...v good 0r co1ecist.e delay Or reieemins ne
r1srn causes q On deprec lse, and = most AZ iata
o. The poor man Who cannot 4" ar ss l.Ii'te lAsei-
vercv he bec0ms 81 once the vicrm ~ the broker.
A bond sui mortgage msy be good tis' i, the Who.e
amount secured ~ t1ern may Be co'iectsoe bui the
bIlhoiier csuno, wait for TINS They must be con
v-ri0is into cash BY sac anl u Tor any Asoh 'l4'
be promptly done. they are not tla' snl OF 8
Guilty which should be required. AT the experience
mi. Department shows tnsi 1ouds and m gases are
not tie best security for ibis purpose snd While better
security can be had t Is deeply % be regretted mat
thrv were ever received The apprehension itst there
NAV he defect of tile that the lands mo-tgs.cd may
hsve been appraised too high or that there may De
some legal defense - sut Of foreclosure Al conspie
70 feprsciste their value n the estmion % purcnss
srs when o1ered for sale Il auction on the lauIe Of
bank
Capitalist. are cautious about purchasing. and the
consequence i that they have sometimes sold Tor ess
than twenty per cent On the smOunt secured By tne
sni the average amount for which al have been sold,
tor to- last ten years only siyscreH and scrtY9re
iuaf~.1fts per cent while the average amount ilr
which the i've per cent stocks Of this state have sold
= ninety two eshtysiX one hundredihs per cent or
So -Gl1O for every hundred dollars o. stock ms
SLOWS that SIX per cent stock, such AZ : now re-
CURED would doubtless have sold ~ par snt the 1I-
holder would have received dollar for dollar Tor toe
/ circulation.
should the country remain a. peace ii csnno, be
doubted that the stocks of the United states VI. -
safe and adequate security The Controller would
therefore recommend that the law be 40 changed IS 70
exclude bonds and mortgages from al Tree Banks
which shall hereafter commence business, and 10 pre-
vent the taking Of any from those now IN opera
ton an % require that I'D per cent per annum OF
those now he'd security be- Withdrawn. aud their
pisces supplied hy stocks OF this state. or Of the
nited states ID this recommendation be adopted, AZ
the end OF ten years the whole security VIII De- tqua
% per stock of this state. or 90 the United
states which tis presumed viii De- ample security Tor
The redemption Of 81 bills In circulation.
Could this system ol banking De generally adopted IN
the several states il hardly be doubted that u
would prove highly beneficial. To would create de
lnaud Tor their state stocks The Interest paid
upon them would be- psid % their own citizens Every
man who held Bank note, secured BY such stock
would heve direct interest 10 msints ming inviolstc
the credit Oi tee state. The blasting cry OF rfpnddoH
would never sgsn be- heard aud the p .hted faith "
the state would be a. sacred a. National honor and
la.ty u would give them sound aud uniform currency
lf then 10 addition 10 this. Congress would author1e
such notes a. were secured by stocks OF the United
states 20 De received tor public dues O. the Natona
Treasury. this would give % sucn notes A universal
credit curNtcnsre with the n.-Cd states aud leave
nothing farther 90 De- desired in tee shape OF national
| pspcr currency This would avoid ai % ecuons 20
National Bank by obva,ng all necessity for one Tor me
purpose 81 furnishing national currency Inc IA
t0nai Government might be made amply secure. lhe
NV might provide tnnt al bills secured by tniied
states stock should be- registered and counter-gned m
the Treasury Department AZ the notes circulated ~
the BANKS in this state are now registered and counter
signed 10 this office. This would enable the Collector
Postmaster other receiver OF public moneys to know
that they were receivable for public dues.
The stock of The ltei States by which their re-
demption scared might he so transferred 10 the
state officer holding the same that 70 could not be- sod
or transferred b. MIN without toe assent OF the Score
ary Of the Treasury and In case Of the failure OF the
bank To- deem rs pots 10 might be optional with ne
Secretary o ht Treasury % exchange the notes ned
by the Government for an equA amount Of the Jntd
states .tock held for their redemption Or let De sold
and receive the Governments share OF the dividends
10 this way the national Government would always BE-
e. cure ssalnst loss.
Butths suggestion foreign from the chief object %
this report; and merely thrown out 70 invite stten
ZION o. the subject But conclusion, the Controller
has no hesitation IN recommending that tie free bsnk
system be modified IN the particulars above suggested
and that be- then adopted IN preference % the safety
fund system the banking system OF this state.
Il cannot b. supposed that banking under THE sys
tenn vii De IS profitable as it hss been under the
sat "a fund sy.tein 10 l. therefore desirable that
every facility should be given 10 capitalists who en-
gage n H. be- granted consistent WIKI the e.
curty of the public. aud that no uureason - IN
jus system Of taxation should be adopted Sb3cn d.
criminstes inyiiously against them out persons en-
gaged in banking should be taxed Ike al other citizens