New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1856-12-04

go ua,tiv csuluueed Of bHok NOES. has liability,
"a 20 NE ext ut e. ndet "a excess, against which
t.nnv.rtihillty rti gold ADD silver on demlnd IS n
crr;t,; nor is the cunfning di'c1unts tO mites an
,;Ts ieprcsebting real tf-n s-c,ions, security AL
Iovtr vii be willie thsie IL such aihiug ~ over trSaZ
"a over oucioU: anO for the same reason pure
a,alc cur, ncy would 30, c,nstr'u perfect s3;u-
Nv sc.iosi diminished or refuniaot supply. C"n
,,ni,bes uD6ef The icAuerce of vas o. ePpr.honded
60 ,tprrHl revOu'i0Cs aud stril.s; potcz a ar ne
ard unprecedented puiiic4l change oeictocy IN the
ornin cIops reqnidne large Ioportatlons ron o'ber
courtties the expl0r"n Of me'caofle spcca'at ms;
90 oout'I utd nuf4vorabe course of foreign trade
The esfabl. hmeuf Of aCe metallic currency you'll
,eorirc the uiihdfawal OF TIE corpT.te authority
r;y,D by state cbaners Ia 3JS banks 10 sue ant
circulste bank notes as money, ard the consequent
v.ii6rssai Of $I95 600 n0T circulated by them.
I,on.ress hoe DO power 10 act upon the charters
Granted nv the St4tes snd tbs States may be without
now.r during the continuance Of trs chare's nd Ger
t.i,l would not hsr.e Ia make a surrendsr OF the
now cr to Congress. Therefore pure metallic curren
nv NAV be down inp scticable uucer on C)nst
tton snd laws 10 cay nothing Of the sen'imentpt
our people. State aebt No. - gives rs expcted, an
i,cresse 10 the capita opoy-d "a them. Taty con-
stiiute commercial agencies with s3ii 900 OOO Of capt
tol Thew maiUtain a circulation OF nesrly
eco 900 900 of bank notes, and AFT rd such yalu able
facilities to all braDches Of industry az TO mage 1t
urdesirsbe nov Ia dispense ~ith them. Their clrcu-
atjon raw be 30 regulated 10 give il practical uni
formy ADD stability, by Withdrawing their sm ier de-
nominations q" DOtee and all wing the gold aud silver
coinage TO tske their p see. The bank reports do not
give The several determinations Of notes aud amount Of
e8ct ia circulation but leave it 10 etlmste oi those
OF IS and under sbch mag be set down az fourth
OF The whole, OF $50 900 0OO
In 1914 before The gold mineS OF California were
discovet6, the amount of gold aud silver in the cOuu
try VS. estimated at 500 OO,O0O The imports and
the ipts Of bullion at the Mut from our mines
after dt0ucing the exports mp tn the 10Th SEPTEMBER
1856 have ADDED at eas. 81 30 600 90 tO the amount
Of gold and silver ia the country, without aJng INTO
Consideration the amount brought in by emigrant and
returning travellers nor the amount carried out by
fK.u atdtn 1h1pta NJ tffp6 a
Uouse nor the amount used in our manufactnrcs or
en- poyed 10 the arts. The Superintendent Of 'he Mat
tsmates the gold aud silver remaining III tue c'antry
ut 500 000OO0 the data stated in bis 'n1lunic4-
tion accompanying this Report, and the Department
OF $3.50 600 OO upon the data ond for the reasons stated
in my last report. But whether II be the one or
The other. there has been added TO the gold
ard silver from $780, 600 10 O,OOl0V
tirce the working Of the mines IN C1lf,r-
mia. This affords soti'fictory proof that me
$50 00 600 of small noe circulation, could be sdopled
rum our nnee in the OF thee or four years,
without deranging our currency, or oppress'n9 any
br,nch of productive industry. The only d II, egce
would be the supply of home demand, iastead OF
foreign demand and the CONSUMPTION OF ieis am punt
of foniru Merchandise. Thu, healthy operation OF
trade would plsh. IL rem 1ins TO impure IN
What manner provision can be made TO have me small
note circulation wi;bdra va and prohibited IN some
of the States There Do chart-rtd banks aud other
of the States have rot suhOrlz the iss lie o' smal
notes. while obefs under c"bvic lou oil the III effect
The currency, ard upon their productive interest,"
have biDlteO their Issue caused
This Is the result of correct aud corrected pnbGj sou
tintIt aud may be expected sooner or later to extend
itself to tho other State, and thus accomplish the en-
tire witbdi a~dl Of small DOes, aid the suo'ut1on OF
gold and silver in their stead for all the small daily
transactions. 'ncuoipg tia payment OF wages. Idis
insy be accomplished for yeis; bat justice 10 those
CON oeIed small notes, aud 10 tn Sc ares that
have not used, have prohibited their use III c'naec'
tion with the lo sea, failure to redeem them on de
mapd slways nfics upon labor, sach use OF Them
rs 10 reuder preseDtarion for payment imp accabe,
ard the infection of like los, may well inddce an
amendment Of the Constitution giving Congress ad
tborty 10 prohib ain their use, and induce
such an ndmeht to be called for % tue STATES tuit
have not used have ceased to use The n present,
an attempt to prohibit and restrain tne issue ana ccu-
laiion OF small notes, by resort to taxation, or oy ap
py ing bankrupt laws 10 these corporations "oud De
Temat re- IL 10y former reports tue subject has been
brought 70 the attention OF COngre $, WIN Nc" 10
the full cor of the evil and danger to our cur
tepcy from their continued use und tue hope that
Congress or tbe St-tes authorizing their issl' ~ond
take scop TO extend The restriction, and MAKE SeA-
6ral. 49,. -.
1.-THE small notes are withdrawn ADD proi1ited it Is
believed The operations of the lieasuy la tue cpec.
ton and disbursement Of tie nsl0nal revenue, Woul
to az q ltary streiut ppOn tue banks, ana upon
CONNER ial transact ons ~ could he inetposed, aud
tuffc'cnt to secore sOuld, healthy, aud unltorm
a cuIreBcy as il is practicable to have.
Al examination of the baok reports shows tna' 'he
profits OF banking, 10 the great cities ana commercih
teniere ae principally, from the u'e OF the ar5e dc-
posts kei by merchants AMI capitalists IN thei vfus
Willie the ~ o,s banks In tue rural districts aTlse,
principally, from the substitution OF tneT noes ioI
MONEY VIZ; from circulation. The banks wnh large
deposits in prosperous times rely that the lpS' from
Withdrawals will he supplied by other depoei'S; ana
the banks sf circulation that the new Issues ou loans
and discounts will give Tue means fOr tae edeupuoh oi
reurniLc notes Qulfes The same character OF pfu-
dtnce aud foresight 10 able to pay deposits sud TO
he able 10 pay reforming notes The neF e ttnre IN
banking presented IN the last bank report, showing
the extent of ospita empOye IN uuchdrtered oadks
banking popular vel "a prOu 'iOis put-
silt even without tue privilege Of substituting bank
notes fr money The chartered bdn9s are mostly con-
fined 10y their charters TO ths Legitimate BUSINESS OF
banking, viz deuiI IN money and Is they are olh'-
stock companies, they generally Obtain men OF 'ueH-
lity pIudeuce aud experience 10 conduct their bust
ness ana eDcoppter oply the hazard OF lmproviccnt
losses and disc aunip to their oers; while tho I'M
chartered banks encounter the ssine hazard from i
nj DISCOUNTS and alec tine tcmpta'l 10 engage
norons of Tie capital iii outsse spec al t ms iehA
mo whether in chartered or uncherteTed D mSs CON
Grci TO The Legitimate bnsi0css OF Dealing III nioneE
with p,udepce and skull encDut ters less haZFds uisn
,ocst ob.r mercantile PURSUITS Tho 3JS Chartered
hanks and branches with capital oi e3l4ugUU''' aua
the private banks with csItal OF Slio,o'o"V", c'-
sfutc so many c-tabnsomcI Is deahpg n W'uvH ~ a'r
article of trade and c mmerce. They are nAna%eu oy
is,oo Gowns az intelligent experienced and prac lcil
men who In the general control them WIN great IN
tegiiy skill and Judgment not ooiy II TIE me'esI VI
the stockholders add he propreiors oTt ior ', u e
public. Tbis CONCLUSION - "arrth'e" oy - ~" w
stances Of snk tupcy or embarrassment PIE On cI IN
tho wear or course of yearA, aud by TIE h'SuVe oi
great lucuatoos ill the amount OF their c,r'Hi ga ia
dtcoun's. However, great vigilance sHouli W W
slowed TN the operations OF banks, ana tho! s'"'"
ssdly confined to the legitimate business Of de'hns in
mopey. Il;
The most Objectionable feature IN Contemplating
these bar Ks orses from the fac that III SOY q, 'on
sus and circulate small bOtes aad have NOT III ;'.I'
capital {, justify the emp ot intsHSth sAtu
and experienced BANKERS in thelr nsnagrmeni LOG
States by appropriate Lave, do prohlot ind!Vidua's