Republican vindicator. [volume] (Staunton, Va.) 1849-1857, 1856-12-13

BOO, 900, 900, and the Secretary supposes
he amount now to be $3.50, 600, 900, whilst
the superintendent Of the U. States mint
estimates it at S200, 600, 000 "But whe-
Their it be one or the other" says the Secre-
tary, cit affords satisfactory proof that the
800, 900 900 of small note circulation could
be supplied from our own mines without de-
ranging eur currency or depressing any
branch Of productive industry. The only
difference would be the supply OF a home
demand instead of a foreign demand, and
the consumption Of a less amount OF for
eign merchandise. This, healthy opera
sion Of trade would soon accomplish"
.'In some of the States there are no char
tered banks, and other of the States have
not authorised the issue of small notes !;
whilst others, under conviction of the i'll
effect upon the currency and upon their pro-
ductive interest, have prohibited their issue
and caused their withdrawal. This is the
result of q correct and corrected public SEN
timent, and may be expected, sooner or la
ter, to extend itself to other States, and thus
accomplish the entire withdrawal of small
notes, and the substitution of gold and sill
yer in their stead, for all the small daily
transactions, including the payment of
wages"
The tonnage of the United States engaged
in the foreign and coasting trade on the 3Uth
June, 1855, was $40, $40 less than shown
by the statement for the 30sh June, 1856.
This has arisen in part from stsicter exam
nation of the returns Of former years, and
n correction, by striking out vessels former
ly sold without the United States, or lost
by marine and other casualties. The sail
and steam tonnage shows regular pro-
gressivc increase.
cat present aay ateemst to prohibit and
restrain the issue and circulation of small
notes by resort to taxation, or by apply
ing bankrupt laws to these corporations,
would be premature.
IAN examination of the bank reports
shows that the profits Of banking IN the
great cities and commercial centres arise
principally from the use of the large depos-
its kept by merchants and capitalists in their
vaults, whilst the profits of banks i'll the ru-
raj districts arise principally from the sub
stitution of their notes for money. Viz z: from
circulation. The banks with large dcposites,
in prosperous times. rely that the loss from
Withdrawals will BE supplied by. other depo-
sites; and the hanks Of circulation that the
new issues on loans and discounts "ih give
the means for the redemption of retarflng
notes 1t requires the same character OF
prudence and foresight to be able to pay de-
positcs and to be able to pay returning notes.
The new feature in banking presented IN the
last bank report, showing the extent OF cap
ital employed in unchsstered banks. proves
banking a popular as web as profitable pur-
suit, even without the privilege of substl-
tuting bank notes for money.
THE one thousand three hundred and
ninety-eight chartered banks and branches,
with capital of S344 ,000,G GOO, and the
private banks, with capital Of Sll8, 900
900, constitute SO many establishments deal
sng in money as an article of trade aad COM
anerce They are managed By a large corps
of intelligent experienced and praeticsi
men. who, in the general, control them With
great integrity, skill and Judgment, not
only for the interest of the stockholders and
$he proprietors. bat for that of the public.
The money statements of the Treasury
and statements of deposits by dislHrsing Of
fees exhibit about $50, 000, e9o 81 all times
in the national Treasury.
This $50, 600, 900 is
not deni capital The $40. 900, goo or
al2 ,000, 900 of it allowed to the mint and
branches for the pnrpose. of bullion IS al
ways active, being exchanged for bullion
and replaced by coinage, yet always ready
for the wants Of the national Treasury.
~The Independent Treasury may exer-
cise fatal control over the currency of the
4. i IL Il xx-,ll
do so whenever the revenue shall greatly
exceed the expenditures. There has been
expended since the 4th of March, 1883,
,$f5, 525 900 in the redemption Of the pub
Tic debt If there had been no public debt,
and no means of disbursing this large sum,
and again giving it to the channels Of eoal-
merce, the accumulated sum would have
acted fatally on The banks and on trade.
The Sccresals prefers od uaSorem 10 sre-
ciic dates. These who favor tariff for
protection, he says, prefer specific tax,
because the tax is generally higher, and al
ways the same, Notwithstanding the flaetu-
atoms in the Foreign and home value
Those who favor "A tax fer revenue desire
I'D palore,n duties, as the most equal and
equitable mode that a just government can
resort to.