The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-12-04

The most Objectionable feature In contemplating these
banks alees rom the tact saas many Of them issue and
circulate sn. notes and nave ss sSu and
renced bankers their management Inc SAtes oy 40
propriase laws do prohiois individuals rom ssains
ana circulating notes money, and may prohibit
he issuing or small notes or the business
Of banking, without adequate capital restrict their
operations within prescribed limits, and make sb-
sirsc,ion or diversion of The funds, by the
banks or their officers criminal offence State
menis Nos az and IS exhibit these chartered and un
tai OF S462 600 00O and with combined circulation, for
The chartered banks Of sl95 000 he unchartered
Chartered psols Of sai2 ns uncSsrtsrsa banks
showing NO deposies, and gold and slvef The gold
and silver in the chartered banks amounts 70 about
000 An estimate Of one half that amount In the
uncharered banks, In proportion 70 capital would give
$4,000 coo more and make $40, 600 900 In both. An
estimate Of one bali OF me amount Of deposses 10 me I'M
banks. would give II least $3S 0eo In those
banks. and make $3.50 OF the deposiies in The
Lave aggregate Of S7C4 534 3o2 due on the bill and
okcoont line, maturing an average, In from one 70
ninety days and bank and other balances due TO them
the amount CT S52 $50 726, payable on demand The
nchArtered banks have an amount, In proportion 70
heu capital and the daily demands Of their business
The dairy receipts rom these sources constitute tue
means of the banks meet the daily demands for the
Ayment Of depoees redemption OF notes and other out
tandpg claims and for the purchase Of bils and dis
cunt Toe gold and silver upon which all tnis
based Ia but about 10000 These banks and their
perations dused tn 0ghout the States and excite
exertpg considerable influence on the business and
trade OF the country In this aggregate view OF their
capital and business the volume OF influence they may
upon the business and prosperity Of the country 10
fairly ~ esentcd for consdef alton An aggregate OF the
daily receipts and daily payments At all these banks
would sAusiscory prove Ina, ,nis ~ nU.
commercial TRANSACTIONS.
The money statements Of the Treasury and state
ments Of oeposes by osbursing officers exhibit about
$50, tc0, 900 ut al times IN the national rea
sury The daily receipts and daily payments. covering
than sT36cc GO 6 annual receipts, an more than
s72 Of annual payments, are daily drawing from
BANKS and business men, large amounts Of gold and s
into the national treasury IN payment Of customs
the and the traders In their operations whilst the
daily pay meuts the national treasury, supply the gold
and silver 70 new Channels .. ccU..0n; wSou. Sads
transactions OF the Iatona treasury, see statement No
81 This $50 oO0 not dead capital The $40 600 ooo
Sl2 0l0 eco CT allowed 70 the mint and branches,
Tor the purchase OF bullion, always active, being
changed Tor bullion and replaced by coinage yet always
ready for the wants OF the national treasury, whilst the
balance constitutes dsributve fund that gives conf
The ability oil the treasury 70 meet all demands
In The United STATES all and personal property Is
saleable, we'll the annual productions OF agricul
ture manufactures and msrce, and in prosperous
lmes can easily be exchanged tor money, and 70 the
basis Of enlarged and extenoed credits, and sc1 N con
junction with the bank credits ana money In circuaton
givps to the value OF real and personal estate
all articles OF commerce, and tho wages OF labor, ann
thi state Of hlsgs thai wars or apprehended wars in
ternal revolutions strife, political alarms and appre
hended political changes deficiencies OF crops the expo
zion oil large mercantile speculaons and unfavorable
trade act, destroying confidence and with credit 10
ducing boarding the precious metals toe wthdra wal
deposits the return OF bank notes for reds mpon, the
ctnseauent aanauon OF commercs In III iss channels
opera The reduction OF prices and wages, with
inability 10 purchase and pay, bank suspensions and
preventing thus destruction q confidence, credit,
and commerce. The failure OF . few banks, mer
chants and dealers ooSa,s 70 period, 2, the sses,
eject upon the great interests Of society ana serves 70
warn ana direct the more cautious and prudent The
destruction 81 confidence, credit and commerce A.
ecs 10 enorseless march, every interest and al
most every Individual. For this the remedy must be
looked for IL sound currency well managed banks and
prucen; merchants and dealers. Under . ~ stem OF
and Just laws giving security 70 property, fair
reward " labor, and a1ordng . temperate and timely
control OF the currency and all mercantile transactioIs
We may Confidently hope such disaster will rarely
The independent treasury, when over trading takes
place gradually Nils s vauiu, stndraws the dep ostes
and Pressing banks merchants and the Dealers
exercises temperate and timely control which
fortunes OF individuals and preserve the
The independent treasury, however, may exercise =
fatal control tho currency The BANKS and tbs trade
Of the country, and VIII do 30 Whenever inc revenue
stall greatly exceed the expenditures. There has
been expended since the s OF March, 1853 more than
ss6 $50 900 redemption OF the pubic debt. This
debt has presented from time 70 Tine the money
sied in the national treasury. aad caused sr.n
gency In the money market there had been no pub
10 debt and means Of dnbarsns this large sum, and
again giving channels OF commerce. the sc1An1n
sum- would have acted, fatally, on the banks and
ON trade. The osly remedy would have been reduc
ION Of The revenue there oeinx NO demsnd and no
reason, Tor Increased expenditure
Alter determining 10 rane revenue, by tariff or tar
upor imports me question arises ~ 70 the best mode OF
c,pc sum, With or without minimums al2aTtc'es Of
weight measure BY certain cent Oh the foreign
value or on the home value or BY combination OF tae
specllc and's "a vAorem principles. The trst mode 70
quires wtghers, gsugers, and mcAsurers Tor the
sscervnmeot Of The quantity. and with thst,
the sum be paid The second requires no only weigh
era no
but Appraisers ASCERTAIN the foreign or home value
and vb ins the sum 70 be paid The hrst hes out one
officers what the second has the same set, and
appraisers In addition The we'ghers, gaugers and inca
surers may from accident waoi a knowledge, or de.
appraisers The duraSle value 10 the nrst case there
may be 70 the prejudice Of The govern nent In
the second case IKE errors may for IKE causes exist IN
the chAnc OF and fraud doubled The specific
sum atache alike oil quantities aud results IN unequal
ana ust taxation yhe Article coats dollar pays
ths sAme ,ax the Article that cosu nve. strong
Of the injustice resulting from levy'ng hxcd SUM-
With without minimum. upon all articles no matter
what the difference In yaire, renders inexpedent and
urusi resori that mode OF levying duties Those
who favor a isrin for protection, prefer q spec &c
TAI, oecanse the TAI generally higher, and
lions 10 Inc foreign ana home value. those who
Ax, revenue desire al rors1 duties, ~ the
most equal and equitable mode thai just governmen,
can resort TO- IT, 10 avoa the injustice and inequality re-
sultlng from specho taxation u 10 PROVIDED, the value
shall also be asosrtaned, ADD specific sam attach, pro
There may be some tso hundred articles OF commerce
which celtic dunes might be s.sacned. according 10
weight measure but thore many 70 which specific
TAXATION N NO, applicable. II n Understood that Great
BSiian adop s,cciGc taxation, upon most imported ar
ces sdnitixd entry, and the home valuation
upon the res Tue There remains the question bct~cen
the value and me foreign value Doe objection 70
the home value, arises from the difference In felgh
and Insurance, from for kn ports 70 several porU
Of the United ssates, because ireigbt and Insurance
would be . component part Of the home vslas, aud
result In max ng . OFT rent home value In the different
ports 10 The benefit u one and the prejudice Of
her For this and other reasons, the home vaue 90
eciioosblc. The question fdy Considered, aud my
xestoBs given 70 the committee Of the House OF Rep
resentaves letter under da,e o, June 1855 which
acoomp~n this report and 4 rcfhsnps W In ad
dfou 10 vbai In there said. u suggested that the al
has been In force and practice for tsn
years, well understood BY the experts 10 toe ressafy
and In the custom houses. ana most OF the questions
which presen ed themselves during the Ten years
Of operation have had the decson Of the department
and many OF them the sanction " the judiciary. DO
NOS thiak II would be rpedisnt make q change
give up the knowedge and espesenoe Of the past Zee
years.
OF and cay execution and 70 the prevsntoo
that In duties Of wn,oa the tarers
the Of protection complain. The greater par
OF the revenue collected N from iron and aud
-