The republic., 1851-02-22
Par Currency.

II has been already stated that the city of New
York. following the excellent example OF Boston, is
about to make the new Bank of the Metropolis"
the agent through the insrumentality OF which the
country bank notes which circulate i'll that city
shall be raised to and kept at par. This is most
important measure for all interests and, looking to
what has been accomplished in Boston, we enter
tain no doubt of its complete success. In reference
to deprecated currency Baltimore is, relatively,
in the same prcdicament as New York, and our
readers, therefore, will peruse with interest the an
nexed article from Wednesdays journal Of Com
,nerce.-Balfimore Amnican.
THE BANK or THE MErRoroLIs.-The enterprise
which the founders Of this new corporation arc
about to commence, is which cannot fail to at
tract the attention of all who have any conncxion
with financial operations. Indeed there can hardly
be an intelligent adult in the whole community
that has not an interest in the purposed result! for
every person who receives or passes dollar Dill
in the course of a year, has occasion to know the
causes which are likely to determine Its value.
1t has already been announced that the sPeclai
object of the corporators Of the Bank OF the Metrop
ola ia to require all banks, whose notes are part of
the ordinary "crculating medium" OF this city, to
redeem those notes in this CITY, IN specie, trhoaI
par currency here. The whole population OF this
city (with the exception, perhaps, OF few ex-
change brokers, and two or three dozen agents or
owners of country banks) would rejoice In the
achievement of a purpose manifestly desirable.
But the proposition will excite In somo minds
disbelief doubt Of its feasibility, and in all Gu
riosity to the mode Of proceeding IN the enter.
prise. II has been already stated, in general
crms that the Bank OF the Metropolis will do busi-
ness in New York on the plan of the Suffolk Bank
in Boston. That bank was founded many years
ago, under charter from the Legislature OF MAS
sachusctts, with no peculiar powers or privileges,
nor differing in any particular from the ordinary
banks of that city and State in it's constitution and
design, in its original business and plan OF ope
Al. ncd no
poe uliar function which il has since performed
in the financial and monetary system Of boston
and all New England. Its capital then was
S5O0,00o, with the right, by it's charter, to
increase the amount TO Sl,0oo,oo0 without
seeking any new corporate powers or iegisia'
| tive action in any form, and aided only ~
| good understanding with all the Boston banks,
and the approval OF the wno,S 01i'"y, i,h n,,r,
| rency largely composed OF deprecated country
bank notes } il proceeded to carry out system OF
! measures 10 induce every bank in New England TO
| redeem Hek notes IN Boston at par VI course, X
| required some time and pains to make this thing
propcry understood by all the managers Of the nu-
| mcrous banks of New England; but little cxpc-
ricnce resulted in the universal con.iction OF the
| necessity Of submitting to the regulation, and ol
the great advantage Of the system = all particsto
| the managers and stockholders Of the country
banks, even much as to those accustomed TO use
| their notes money in the city of Boston. There
are three hundred and sixteen banks in New Eng
land besides the Suffolk bank; and all these with
the single exception Of small bank in an obscure
village in Vermont, whose notes arc consequently
uncurrcnt in Boston) have long been working IN
happy and prosperous afiiation 10 the parental or
guardian institution OF the metropolis of New Eng
| land There is not Of them whose directors or
officers would entertain the thought OF reoeiing
against the arrangement, or would not REGARD as q
| Calamity A refusal of the Suffolk bank to retain
their de posts, and continue its agency for them
| Those who wish to inform themselves further as
to tho power of such institution to establish and
| e. .,a Ol
operation by looking into tho daily details Of the
b,,sinefs OF the Suffolk bank, and by II review ol
ts history For the satisactien of the public, il il
enough that it has been Perfectly sucessyai, and