New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1855-09-25

evidence t1at gDcl scouAHy ue' w" eA|e'SN
and given by some competent public function
s,y that there shall be no default IN such pay
ment. .heu that piece of paper is practically
money-nOfe convenient and available than
would be TIE specified amount in cola, sld
eyfrv WAY entitled to acceptance and trust.
But ifit be merely jones' or Smiths promise 90
pay. unsecured save by ,hs presumption that
aid Jones OF smith Is honest and able to re-
.uond. thea il i. not truly money, bat Onlys
probability of obtaining morey, suojec: to all
the coDtinaf nci5s of the promiser's sagacity
and good luck, in addition 70 the chances that
be msy turn up Swarswous o: Schuyler jqst
whes II becomes especially important tina. he
should prove himself both honest and solvent.
We do rot propose here to discus: the rels-
tive merits of the Chartered and Free Banking
systems. Zach mss proved Itself competent 10
securs certain benefits 20 those int rested.
The small banks OF Rhode bland and Massachu'
setts. under the safeguards aid restrictions in
posed BIZ the Banking Systems of those States,
have greatly aided the Development and extern
sion Of their industry and have very seldom
proved unfsi.hfal or unworthy. So long as
their circulation is confined within narrow
radius and checked by the Suffolk system Of
rapid daily exchanges and settlements, the ma.
chnery works smoothly and proftably. But
whenever Bank notes are carried beyond the
district in v hich "a cir officers and stockholders
ere personsily Known, it seems manifest TIA.
thew should bear soma impartial and command.
ing certificate that the means for their redemp.
tion are provided aud lodged where no misf,;-
tune or rascality on the part Of the bankers can
deprive them of their vitality or divert them
from their legitimate function.
A very animated contest appears to be going
on in the West with regard TO the currency
afoa. throughout the Chicago region purporting
to be issued spd payable by certain Banks 40 nj
nally located in Georgia. AS ususl, there is
much crinination and recrimination between
the bell gereuts, the assailants being accused of
warning upon the prescribed currency with the
view of esnipg scope by its fOr:ed withdrawal
for paper, no better secured, of their own. In all
this the public has little interest; nor is 1t ne
cessary to weigh nicely the evidence presented
as to the sovency and integrity Of the utterers
of such dubious promises. These utterers may
to-day be perfectly good, but the system on
which they operate is palpaby bad, and their
ample ability to pay is only an additional reason
why they should not resort to trick or dodge TO
render the enforcement of redemption in any
case difficult if not impossible. Any man has
natural right TO engrave and print his own notes
Of hand, and to put them into circulation as
money ifthe laws do not forbid and the people
are willing to take them; bu. let him issue not
his own proper notes but those of some corpo-
ration which he has invented or bought, re-
deemabe not where issued, but st some point
having little or no dealing with the former and
a thousand miles away, he virtually adyertises on
their face that they ought not to be confded in.
We advise the Western producers of wealth to re-
ject and repel this hind of slippery, scko lantern
paper, which is issued in ostentatious defiance of
all the laws of legitimate banking; and then
should the leaders in the crusade against it under
take to Ell its place Gas it is alleged they wil,)
with any unsecured, unreliable trash Of their own
take care TO serve that in the same way.