New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1855-08-09
Canal peH
~ a. 80 Of ~ v y Trlaae |.

SIR: Permit me- rs one interested -pon the subject
of Bank Of Mutual RedempuOns" or " Office of Ex-
change for the New York State Banks, through the
columns of your paper TO make { few remarks. In
the agitation Of The subject it mey be supposed by
many that the sole object Of the officers Of the New
York State banks in causing 10 be put into action the
mutual system Of exchange between banks entirely
for the purpose Of ec,nonizng. But it II not wholly
So 1t ia not my alone that has had the effect Of
arousiDg the ambition Of the officers of the New-York
State banks, that being merely one OF the objects IN
view 10 be attained There various other objects
which have urged the officers Of banks onward toward
REFORM Ii is not the exOrbitaut charge of eighth
of one per cent, the Spanish shilling for couBtng
over and srsppng up of every $780, that has had the
influence in getting up reform move nent. IL might
be cOns,deed almost unnecessary to repeat for II is
Already known that the New York State banks stand
second no banks IN the Uoon IN credit the basis
upon which they are esabi-bed is equal If not supe
nor to that of any State Their ready, available
sources at all times will exhibit sum largely more
than ample 10 meet their immediate liabilities If
therefore the differs OF the NewYork State banks
have ascertaned that their banking arrangements
imuerfect that reform in the redemption branch OF
thoiI business is Necessary that an independent sys
TEN can be established, and when put into operation
will rot only and aid largely TO their profits but
will be the of enabling them 10 reader increased
f1c TO the public &C., where is the power but the
one Whose interests will be by II affected that Will
quail and quibblingly misrepresent and oppose
muchd, sired reiormi Why should the officers of
tiOso would. bereg ulang- machines feel disturbed
il the movements of the Country Banks If they have
not, from H. management and control OF this parhcu-
lar branch of business, accumulated large prof In
pose ssion of the proper statistics and by close OBJ
servai ion of the financial movements OF the State
Banks, am able 10 make calculations with precision,
al Judge with considerable accuracy that this business
a. now conducted renders large profits at our expense
al il slould 10 longer be intrus'ed In the hands OF
disiI teresttd parties, who have no regard for the
standing aud dit of the Newfork State Banks, but
on the contrary would seek 10 dishonor them for the
purpose of eulargne their line of profits, could they
have ihe power 10 rule and make them subject TO nm
iron will. We favor the reform movement for various
In the first place, because the system about
TO be put IN motion VIII be an Impartial one me ad-
yBntsges 10 he derived thert from by the Banks form
ing the combination viii be Just and equal TO all. In
the management of the office of exchange there can
be getting of better terms ont of ths Bank than
out of that Bank; each will enjoy the benefits OF
regular stated honest system, such has been
nor is now enjoy ed under the present state Of redemp
ton arrangements. In the second place, the Office of
Exchange will be under the control Of the NewYork
State Banks. Each State Bank will have voice IN
its management and the entire business will be con-
Quoted in manner assuring all the certainty OF enjoy
ing stated privileges In the third place the Banks VIII
be able thus TO defy dctaiiOn AMI oppression, manage
their busiIess with entire independence be pa ocd far
beyond the reach of the lance of Metropolitan aud
other like insti utions In the fourth place. IL will be
Observed at such office that proper regard be paid in
tIt TtttNuEs HtLutiiEf ohu putting Hppi Vui Nht1'
atirg notes and that the wear, tear abuse and dis
orderly manner in which they are now handled and
sealed up may not then ON each week redemption
be equal TO the and tear Of sixty days active
circulation These few reasons, aside of the many
that might be given, deem amply sufficient for
countenanciug the reform in contemplation, and
reasons well why the Banks Of this State should move,
as they WILL for better stale of things. But mark
the reform will not be confined TO Banks only in this
State the Banks of other States viii llog the exam
pie set and the time is not far distant when snail
be able 10 see the Bankers of every State In the
Union regulating their issues of bank pOtes sys
tematically and independently 81 certain of
change. those rates 10 be permanently fixed by the
Bsni Themselves and they will not, when thus con
tTollod be subject 10 those violent fluctuations IN rates
of exchange which have been customary in seasons Of
fin arcial pr sure in MONEY affairs Then, and not
until then, shall we be able 10 the good effects
arising from the movement of the Banks OF the sew
ers United States not only establishing 10 themselves
a reputation in credit on their issues OF paper cur
M cy but saving the public from large Losses 10y way
of discount, 10 which they usually subjected under
the present imperfect system. REFORM.