New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1851-06-04

an extended district.
"The office OF circulation Is but poorly COM
pretended when Its most important agency IS de-
fined to be to supply the wants Of travellers on the
road. or traders and money changers who have
money to pay at the commercial centers. 1t Is
no wonder that newspaper Editors and proprie-
tors should think that the chief virtue OF bank
bill lies in the nearnesS of Its approach to specie
at their subscription desk. But We beg leave TO
demur altogether to the soundness of this dehn-
ton. Uniformity of value Is good thing and
convenient thing in bank bill. But if the effect
OF this uniformity is to drain the channels Of pa
per circulation until not so much money Is ahoat
as there would be if purely metallic circulation
was substituted for the paper, then it becomes a
nuisance
50 An abundant circulation is what is wanted
If this can be had with uniformity of value, very
well But if there must be a sacrifice of either
the one OF the other, either its uniformity or its
abundance, then, inasmuch as everything depends
on its abundance, such the livelineSS OF trade,
the vigor of enterprise, the activity OF industry
and as but little depends on its uniformity, such
as the convenience Of remittance for newspaper
owners, traders and money changers, then, we
say, let the abundance be maintained, and let the
uniformity go.
"Our idea is to realize as far as - possible the
theoretic views of the leading thinkers of the
present day, and indeed of past times, ever since
paper money was invented The idea of Proud
hon at one extreme, and Alison at the other at
the present day, is to enlarge the circulating M;
dun This is, in their opinion, the one thing
needful in the industrial world or, if not The
thing, then one of the things. Mr.. Alison, III
deed, makes il the all in all. He regards the
money circulation the hfe-blood of a nation,
and Just in proportion as it is abundant or def
cient, throbs the great public pulse OF prosperity
in strong and healthful pulsasionS, or feebly III
termits in tremulous beats.
But without concurrlng at all in Mr. Alisons
notions of paper currency, or being able to see
the wisdom of Proudhon's grand scheme of
Bank of the People probably because we are
too short-sighted,) we, nevertheless, recognize
the leading idea they would each realize in prac-
tice They are both after the same thing-that
is, an abundant currency; though ther would not
have it as we would, dependent on the supply Of
the precious metals. They both earnestly desire
emancipation from the stubborn rule of Gold and
Silver They hate the bullionists and don't be-
lieve in a specie currency.
"Our aim is, as theirs is, to remove the restric-
tiOn upon the paper currency, that it may become
more abundant But they propose to do it by de-
posing the authority of gold and silver They aim
at establishing a currency Independent of spe-
Gle basis. We are less radical and more modest,
We are loyaAto the existing standard. We be-
live in coin, ld specie paying banks and would
not have anyWther. We oppose the Suffolk sy5-
ten, not only because it restricts the paper circu.
laton, but because at the same time it nanows
the specie basis.
"What we advance, therefore, is so far as It
goes, in accordance with the progressive spirit Of
the age. We aim to practically realize in some
degree the objects of distinguished thinkers. We
see great benefits in full circulating medium.
Everybody, except the pure specie currency men,
whose brains are as metallic as they would have
the currency, sees and acknowledges these bene-
fits. The advantages of plentifulness of money
to a community, and especially to a community of
Yankees, is too plainly manifest to require eluci-
dation. We think we said enough in our first az
tcle to show that the Suffolk system is the thing
that stands directly in the way Of such plentiful
ness in New England, and we are therefore in
favor Of overthrowng it.
"In all this it may be- as The Tribune alleges,
that the trouble is more radical than his [myl
diagnosis recognizes am not so vain as to
suppose that there may not be more about the
subject than know of neither am | so ambi-
tiOus in my reforming temper as to desire to get
up an entire new edition OF banks and banking
systems | offer only few emendations to the
existing work content myself with objections
and criticisms. do not aim to explore the low
est foundations of the whole structure, or even
to reconstruct any part Of it from the bottom.
The most propose Is to tear down some unslghtly
additions, and leave the edifce in its original
proportions, with perhaps some new corner
stones added
We have not at hand any recent state
ment of the condition of the New England
Banks, distinguishing those out of Boston
from those in that city, and accordingly can
not exhibit the facts respecting them with
perfect exactness. But it is possible to j.
lustrate the working of the Suffolk system
sufficiently well by leaving out of the &C
count all the Banks Of Massachusetts, and
taking those of the other five States, all of
which, with few exceptions, are compelled
to redeem their notes at par in Boston
On or near the LIST of January last the
Banks of Maine, New Hampshire, Vernon,
Rhode Island and Connecticut had a circu-
lation of s22, 2l2 ,O95, based on Sl,673,4 62
snecie. and S4.336.112 funds in the hands of