New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1853-02-10
Free Banking No. Q.

nt,1l
uosu'aS OF the uays" heh II was ueeiuo' -
tne operations 81 commerce shouia DC
''on' anu .nat 'ue ave y. 'i@N, ~ ~, -
"isooni VI les''!''o'S, "' =, -. ,ta
10 ehahse tue cnalao'ei VI - 4, 49,, -. -.
sehefa' i8"sV, H"'",' o. -, .,t I, 4; ,r
ol the present Us - -. .t - - az,
iu''le 70 enue"'0i y es go :.
operations Oh col'il'iee
conformity 70 .ne ~ ' p
resulting In ,
luz vs. .,. - ~ - - a, - -. !, nv
Si'ei7 " '' s.1 - -, %
Pio''0t'oN - ~ 80, nv 4 =,
49, - ~, NJ.
s. =, 49,. =. - 49, ~, 81, = ,,i.,.
-. go,
,,,.,,. ~, - - - .,
D''' ''' ~ s
80 49,, 49, ,.,.o,- al ~,
- I. - -, t., !. ,,s,..,. !,
- -, - - - r. ~, 60, ~,
S - -. ~ - -, -. -
-. -, =. ~ - 49,. =. -. ~ y
-. - as;. - ,,,,.t .
r.. "a, =, w., b 49, -
- 80, -, M. tn, ~, ,it,1
A., r,,t,, 81 ~, raosjtisocb cr;s,
49, s,1,o,r.. ~, -,,.,s..t, r, -,,o;o ,,,,,a,,.
49,, .tat s,,,ro,,s,o, Ja. ,oti,,,a, ,,tii ,, -,r,i
;n,,stn,, os t, oa,t s,rc;et ~ li,,ni,t, th
a,,,;,. ,,aia,as - 81, ~ .,o,,,t ~ ne.i tho,
,r,i, !, Z ,,,oosa ~ MT \, hotl 4; r.+ 1 ~
to be measured by legal enactment but it Is to be deter
mined by the general operating trade Expe-
renee may have taught the amount Of specie which it
prudent should be held in rest but this only
f rat law o.ts+ir, ,,,,lor ,,,r.,,Isr cjr,u-,s.,r
ce and is not applicable to the same law when applied to
the extended and changing commerce al country
when the productive industry o eopurv il lar, and
axcnes s c,rsur,ntion and tba demand FIR II Is ol
to the production tho resulting balances Of trade will he
in vor of that country and fine sxcb7pgeal measure
Of values which is sqecie instead of flowing from the
country will dow into H. IL therefore Banks are left free
to be governed by the laws Of trade they can safely
under such circumstances extend themselves to meet the
wants of trade On the other hand if the productive in
dustry of the country is not sufficient 10 meet the CON
sumption the resulting balances bring against the coun
try the Banks from having their eychangeable values
drawn upon will have to accommodates their operations
to the diminished wants Of commerce-and thus no e,
pansion or contraction Of the currency can take Mace
except that which dependent on the expansion or
traction Of the commerce OF the country If these pro-
positions be true it follows that if Banks are left free To
the operation OF the laws Of trade that the note holder
will find in the binding force Of these laws much greater
security than in any legal enactments which the wisdom
of legislators can devise
But in my previous article held that it was not only
the prerogative but the duty Of 10 so ,r and
protect the Currency as to insure its speedy and certain
conyertiby into specie at all times and under ali cir
cumstances That il was is duty to protse. not d rsrt
but the whole Of the circulation A. it Is of the utmost
Importance that the Currency which is the exehanb
value Of the productive industry OF country should be
fixed and stable in its character that unit OF Currency
to-day should be the same as unit of Currency tomorrow
II is the duty Of legislation to see that the urrecv az
country should be readily reducible to sne,e ma oy
known and fixed standard Of values And his ca, only a
done by the State requiring full and nnpe security for ali
the Currency that may be emitcdby the State in
becoming the trustee for the community No rovgr
should be given to either individuals or cornorors IN
issue any circulation beyond the security actually demos
tied and that the community may be assured Of this
every note emitted should be countersgned by ONE proper
State officer. circulation thus guarded if il. rests unon
securities which readily convertible into specie and
~eh are the true representatives Of that specie ars
70 me n''e houe. 'he h'S's' guat1r'ees aN'y'= oa
theSe SECURITIES the note hoder lee assured thar what
ever may DC the management Of the Ban, pal hoU 7a
we're niy DC 'As cohlutfc'l crlals ne is amply protected
ID tne currency when be holds and experiences none Of
that anxiety which prompts desire 20 seek is conversion
ho spee'' Ihs eelng OF security would a.d much 10
maintaining uniform amount ct circulation Blu This
leeng Oh commence lncst spnng from TIE uA4uataabe
character OF the securities IL Is o vital Importance that
'he legislature shoua maturey consider and wisely de-
teFhe the character q the securities that should form
pass o. currency
IN the Jays Oh prosperity When the ploWman5 joyous
ffaFBf