Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1852-12-16

U-MKssRs. EDrroRs. observe you are an opponent
OF "Wld Cat" money. So am l. Yet think You la
Dor under mistake in supposnq all bank.b;lls of the
States Of Michigan and Indiana classed under
this head
consider all bills, wherever issued Of banks which
havs deposited with the proper Government officer se
curities equal Virginia per cent stocks equal in
every respect to the bills Of our own State which are
secured by New York and United States stock, and
far better than those our on State which are .epr
ed in whole or in part by Bonds and Mortgages Those
secured by such stocks as mentioned above, will il
wound up, pay hundred o the dollar I he
latter have often paid much less and should be termed
"WId Cat" whether located in New York Michi-
gan.
The Metropolitan Bank has done much towards &C.
ducng the discount hich formerly existed counIry
money The course pursued by that institution has
caused many of the Banks Of circulation, without any
liked abode (Wall Street concerns) to close up yet
has reduced the circulating medium without supplying
substitute. certain amount Of bank bills being
qGired for circulation, the and
ence OF the community, this supply being reduced by
the withdrawal of those Banks which have closed ard
are closing up their business, the of other
States have filled the vacuum. The people Of this
State prefer paper money, if s0siI secured, gold,
because OF ITS convenience in the transactions Of busi
ness.
II article OF necessity and convenience be restrict
ed, or becomes from any cause, is natural foe
an individual community supply its place, proyi-
ded It can be done without injury injustice others
Ii this be SO, what objection exist allowing the
vacuum created by the Withdrawal of a portion OF our
circulating medium, from being supplied by currency
which is safe, and easily converted (at a lThe
higher cost,) into gold, that remains. II II
well known that notes, wherever issued secured by
Virginia per cent. stock, must he good Ii the stock
fails, the bill holder may be compelled to wait, he
would do in our State; yet he would get ono bun-
dred cents 10 the dollar without doubt. Such bills you
will admit well secured those of our own
State.
If understand the discussion now going on in yonr
paper in regard TO this subject, respectable Wall
cfrp Rauk MA he - .lo
receive all Western Bank Bills which well Sc
cured and which their customers may wish depOsir9
with them. and to take these bills the lowest
! which will pay for the trouble and expense.
Our merchants dispose of their goods all sections
OF our widespread country, and payments made in
New York funds its equivalent. 1t is well known
that exchange New York is always be had, in
which the country merchant brings with him the
best currency he procure. This IS all be do
and our city merchants take this money, sometimes
par at others at the discount at which they can get
rid of IT, La either shave is submitted by
Or both parties convert this currency bankable
money. II plan be devised by which a curren-
ey secured equal 10 own although issued thou
sand miles away, be converted into gold
in city small discount, is il not wOith a
trall
The Western money is now circulating ia our State
and city Il will probably increase; If secured proper
y it will pass current; il secured, it will be
keep company with the "Wid CATS OF Washington
city, which you did such good against in your val
liable paper What we need is, currency which
the least possible loss Let these bills be redeemed
here and make the loss small possible Is it best
to chose the least or the greater evill
Yours, respectfully,
AMINIDAB.
The question is whether the circulation of the
thirty five banks alluded to- above IS secured SO
that by presenting the the in Illinois
the holder might be of the coin but whether IL is
advisable TO encourage currency, redeemable such
distance from the point where it is issued When the
bills OF these banks in circulation, il depends
entirely the Wall street owners, whether they shall
be redeemed 1" at small discount, !" not. If they
charge per cent, the holder has redress but
seek by himself his agent the Of the insu
ton, located 1000 miles away II this is in Indiana,
tho bank has by the law thirty days in which pay
and is generally understood withou; incurrng any
expense of interest The bills net intended,
correspondent intimates 10 circulate the West and
/ be sent remttances here; they viii their
journey from this point and the very object Of the dis.
tant location is, to avoid the possibility Of par
demption No should touch sank note,
which is not convertible into eoin at its par value
without any expense himself; and this
lion are rapidly Fastening Jour. Of Com.