Baton-Rouge gazette. [volume] (Baton-Rouge, La.) 1819-1856, 1852-07-03

II WsA N1s 00WA kVVAVDt
i The journals ofNsw York and tho Ems.
terri cities begin to complain Of the f,Ietic.
| ra Of gold deposited In the banks Of those
4 cities, aud the question il being discussed
Us to what hse this oyerpIas coin csn bc
put, and save the interes. or advantage Of
the use Of innk notes, 81
I This question ID one Of much moment
to tbs people Of the Uaited States, who
have been 80 often, and ars 30 frequently
ruined or swindIed by the depreciation Of
bank bills, or the total failure Of the banks
II is probable that the removal Of ton mil.
lion dollars from the vaults or these banks.
would be grsat relief---while 1t Is quite
certain that the withdrawal from circulu.
ton Of the same amonnt Of their small
notes, and the substitution Of the gold in
their place, as Is suggested BY the N. O.
Picsynnc OF the 25th. would be equally
beneficial to oil parties. This plan could
Il
be adopted and followed up stiIl further to
the great benefit Of the public a. we'll as
to The f,enks themselves. A curious state
Of things 10 presented just nov, especially
IN monetary affairs--vix great scarcity
Of coin and small change m the county.
and great surplus Of tho same in the
vaults Of the Eastern Banks. Some plan
might be devised to reverse this curiou.
state Of things. and sincs it Is principally
IN the country where this Is the case.
substitution of gold and specie for bank
rags wond at once remove the difficulty.
The idea Of shipping this gold to Europe,
TO be used in buying back our bonds and
State stock. and make the accumulation
Of interest In this country. as suggested by
some writer. should find no favor. Il car
easily be shown that ten. twenty. yes fifty
millions Of specie may be added to the
general circulation of the United States.
supplying tie place Of small notes, and
the want Of change, with no other than
healthy and beneficial effect upon the busi.
ness Of the county. And why should
not WE have this gold and silver as well
as Enropcans7 Why should Americans
be the ONLY people compelled 10 make use
ot the miserable shinplhstcr 80 abundant,
often TO their serious loss, and always to-
their annoyance If they travel beyond si,s
limits Of the State wherein the bank js
lccatedl This IL mentioned, because orr
whole banking system is soon to be recon.
structed aud fixed upon an entire new ba.
- Let Us approach it with a full know.
ledge of nV It's tarings and effects upon
the general veal. Want Of coin for spe.
Gle basic, for bank circulation In this cour.
try, cannot now, as formerly, bs plead in
behalf Of mixed currency; while the
waits Of the people, the rapid spread OF
our population over an extended country.
cah be argued in support Of such d system
~ viii srctfs more general circuIation
Of the National coin.
The new Constitution about being form.
ed, will doubtless contain some clause re.
lative to free banking, but it should also
contain some principle ON which 10 frame
. law restraining banks from issuing small
notes. This would lrave most benefi.
cial effect npon our Whole system Of Il.
nance, and dispcl the dcrlns and fears Of
20 many Of most worthy citizens, who al.
ready see in the new fundamental law, a
floodgate through which Is 10 be pou,ed
upon Our State an immence tide of shin.
plasters. by which we are to have repe.
lltion Of the checks and disasters which
lwept over the country 50 fesrfnlly in fs.
36 anhj'37.
As whlg. and firm believer in the
good old whig doctrine Of "a sound Ma
'icnal and Stsie currency would say
Q our wing friends IN the Convsn.ior,
row - the time ind opportunity to Prove
'ur professions by ohr deeds. Let our
,ew nlagnacharta cofaain a monetary
'ystem free rs possible from all the obiec.
ions and imrerfections Of all the old ones
y this and other States, and leave no pom.
by which the disasters and
min attendant upon bank failures may be
epeated again in Louisiana.
MARQUIS.