The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1857-11-04

matgn Of The noras in circulation are worth
no more t'lsn the paper upon which they are
printed. They have no such basis a. the peo.
iple ara led TO b-Iieve by reading dss specie
clause under which the BaIsks profess to ac,.
THIS is one feature al t're system which de.
serves especial attention. The Slale chaf-
ters institutions to furnish tI,e people cur.
reney not recognized by the Constitution Of
the Uni'sd States, The people. take rhr cur.
rsncy upon the faith 81 The gold cad silver
basis set forth in each charter and yet The
Whole system has beer demonstrated 10 be
a swindle from beginning 10 end, and The
c6mmnnity is now suffering from lie nis.
chievocs and disastrous effects upon all and
every branch nf human industry.
But the enquiry is, how shall these suspsn.
sions be prsventsd' Tae answer IL, by
the adoption Of some measures Tor putting
larger amount Of coin iu circulation snt thus
banishin2 a rropoEipnate amount of paper
currency. II Banks were restricted from 10:
suing noies of less denomination than TWEEN
ty dollars, The whole circulating medium Of
The State up 10 lbai point would be golI aud
silver. This would reduce the circulation OF
the Banks, put more specie in their vaults
rnd make them better able to mssl all their
iiahilles upon presentation. Agsin, il
would most eHec,ually protect the poor mon
rom losses on aecoun, Of broken, depiscis.
tel and counterfeit paper currency. This
weekly payments of majority of working
men and mechanics does not amount To
twenty dollars each, and hence il there were
10 notes below lhatamount they would at
all times be paid in geld or silver, the COO.
sliiutional cufreucy.
In addition TO this, If our volume Of curG
rency up TO twen.y dollars was mposed Of
gold and silver, We would have decided
advantage over the peop'e ol other States
whose whole CURRENCY Is OF paper, in manu-
featuring cheaper, and co quenily selling
al a lower price, and thus holding the com.
mand oil other markets. These are c0nsiJ.
eratioas of moment at Ibis lime when tie
question Of Bank reform is so prominsn,!y
before the people, in connection with the
mailer OF Bank suspensions.
Two evils seem 10 be inseparabls from the
paper money system. That of Bank suspsn.
sions and undue and runlous expansion of
credit. The latter preceies the former. "a.
slead Of the banks acting as check upon
that spirit of speculation ard extravaeancs
which viii beset nation, they only add 10
The force and fury of the fame. When a
people exhibit signs of over.lrading, Of ex.
panding their c redit To a criminal point, il is
the duty Of our moneyed institutions 10 con-
tract their loans, and thus act as guard TO
the community. But they act on the oppo-
site plan. They lead the column of folly
and extravaganza, increase The volume Of
currency, expand their credit, ard bns has
len the ruin which must come. This is the
history OF Bansng in our country, and so
long rs we have Iaper currency which
can be dis,enhed 10 any amount, we will
have Bank suspensions with all their sten-
daLt miser ries. The cure for these monetary
spasms consists in bringing our currency
gradually 10 an entire specie bas,! This 10
The oily remedy for such financial revulsions
as proceed from Bank expansions and sus-
pensions, and The sooner we acl upon il tho
better for US as people and nation -Pean.
syluaniaa.