Richmond daily times. [volume] (Richmond [Va.]) 1850-1853, 1852-01-31
MONEY. BANK ISSUES. &c.

We are lndsbted to a gentleman of this city for per-
mission to publish the following extract Of letter
from a gentleman distinguished for his intimate ac.
quar- with the oneyed concerns and operations
OF the country NAT. Int
NEW YORK, Jan. q, 1852.
The J.nuary returns, when in from all the States
Will SHOW, think, the Bank issues az one hundred
and sixty Rilons, OF over, with about fortl millions
II spc lie. What an exia sion In 1913 they were
fiy-eight millions; and while believe that the a.
per money shou'd oay equal the specie in the Banks
aud Subreasury-merey render available the dead
weightceraln is it should never be more than dou-
biz. Now 1t Is tour times nearly. The truth IS -.
would Rave steady and peroane prosperity the,e
should he no paper money less than iep dollars W..
never shall be in psrminent coGd ion oil currel CIV
I'll all Issues under tens are abolished Strike out ali
under that denomination, and our paper Medium
would now only be about SO 000 $50 Notwlthstanii
thu Government ere w furnishing good sup3iv ri
small gold coinage, the Banks OF New England set
their faces against It, and In travelling through all tie
Eastern States scarcely gold coo--nothing but
onss, twos, and threcs Of the Banks. Could moi the
Snhireasnty at Boston, by withholding coin over five
dollars, force the doar and arerand ha!feagtcs
mo circulation In this wise much can be done 10
avert the coming evil. That policy would compel
NV Ensand States, of which Massachusetts and
Vermont are the greatest sinners, The circulation tf
the New England States, expect, is nearly thirty
Ave millions, with little if any more than three nil
lous OF specie. This is awful.
The dollar gold coin seems generally thought AGO
small an ] wish our beautiful system Of deci,nas
was Dctfef carr Gu out by iree coinage OF flcSTtY
cents and t,ro doars leaving the twenty-five cents and
two dollar and half coinage disappear. There
would the be fractions oil dec'mas except in the
five cert aud FIVE dollar pieces5o,h being necessary
fractions. We shall have reac;ien in The
ya'us of silver, and The mint will be able to 90 into
q large coinage OF double dimes, VIII ch would be per-
manent They would remain in the country, or never
go abroad TO be melted but VIII they did 60,
would be embems OF eur National Republic as well
specimens Of our beautiful system OF decimss
Nothing but The high credit OF stocks in Eur
rooe prevented general bank explosion i'll June,
July and August last But England is getting shy
OF ous showers of Railroad Bonds, and Mr. Walker
will probably have TO return as he went, so far sell!
ling bis railroad bonds ia concerned. The interest
alone the three hundred millions of American stocks
has row become serious mater, TO say nothing Of
the mortgage plaster OF the three hundred millions
which viii become City hundred millions larger so
long the debts oil our cities and States are deemed
such good security through all Europe. The United
States stocks will c. ntre there OF course.
In view oil these facts, who doubt The tempest
and whiTlWnd that must come next summer? and
certainly. if we find market for our breadstuffi
alter the cotton crop is at market | feel that want
ed all dore that be done to aver, the terrible
distress that must snsue. The more the Banks are
compelled take in sail the less will be the general
psaste, ard the smaller the number of Ranks OF the
fleet that will be dsmase and shipwrecksd