Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1852-01-31
NATIONAL INTELLIGENCER.
MONEY, BANK ISSUES, Sc.

We are indebted to gentleman of this city for
permission to publish the following extract of let
ter from gentleman distinguished for his intimate
acquaintance with the moneyed concerns and opera
tons Of the country
New YORK, JANUARY p, 1852.
The January returns, when in from all the States,
will show, | think the Bank issues at one hundred
and sixty Millions or over, with about forty millions
of specie What an expansion In 1913 they were
ffty-eight millions and while | believe that the
paper money should only equal the specie in the
Banks and Subtreasury-m merely render available
the dead weight-certain it is it should never be
more than double. Now it is four times nearly.
The truth is, five would have steady and permanent
prosperity there should be paper money less than
ten dollars. We never shall be in permanent con-
diton of currency till all issues under tiers are abol
ished. Strike out all under that denomination,
and our paper medium would now only be about
eighty millions Notwithstanding the Government
are now furnishing good supply of small gold coin
age the Banks of New England set their faces
against it, and in travelling through all the Eastern
States scarcely see gold coin-nothing but Ones
twos, and threes of the Banks. Could not the Sub
treasury at Boston, by withholding coin over five
dollars, force The dollar, and quarter and half
eagles into circulation? In this wise much can be
done to avert the coming evil That policy would
compel curtailment of the immoderate small issues
of all the New England States of which Massachu-
sets and Vermont are the greatest sinners. The
circulation of the New England States, expect is
nearly thrty-fve millions, with little if any more
than three millions of specie. This is awful.
The dollar gold coin seems generally thought
too small and wish our beautiful system of deci-
mails was better carried out by free coinage of
tUe cents and too dollars, leaving the twenty-five
cents and two dollar and half tonnage to disappear
There would then be fractions of decmals, except
in the FIVE cent and FIVE dollar pieces-both being
necessary as fractions. We shall soon have reaction
in the value of silver and the mint will be able to
go into large coinage of double dimes, which would
be permanent. They would remain in the country,
or never 90 abroad to be melted but wherever they
did Co. would be emblems of our National Republic,
as well as specimens of beautiful system Of deci
mails.
Nothing but the high credit of our stocks in Eu-
rope prevented general bank explosion in June,
July, and August last. But England is getting
shy of our showers of Railroad Bonds, and Mr..
Walker will probably have to return he went, so
far as selling his railroad bonds is concerned. The
interest alone on the three hundred millions of Anne
rcan stocks has now become serious matter, to say
nothing of the mortgage plaster of the three hundred
millions, which will become fifty or hundred mil
lions larger SO long the debts of our cities and
States are deemed such good security through all
Europe. The United States stocks will centre there
of course.
In view of these facts, who can doubt the tempest
and whirlwind that must come next summer and
certainly, If we find market for our breadstufs,
after the cotton crop is at market feel that want
ed all done that be done to avert the terrible
distress that must ensue. The more the Banks
are compelled to take in sail, the less will be the
general disaster, and the smaller the number of
Banks of the feet that viii be dismased and ship
wrecked.