The Bedford gazette. [volume] (Bedford, Pa.) 1805-current, 1857-12-11

rs nine millions" And TO the same effect
swore other directors. But in Great Britain it
Is not sufflcien' that this proportion of one-third
Is required 10 De on hand, but it must be shown
and that continually, that it is there's This
is accomplished by the publication of the quar-
terly weekly average of the liabilities and assets
of the bank, from which the public can always
see when the bank has crossed the line ofsafetv.
How different this from banking in the United
States, where no proportionable rate of specie
TO the Liabilities Is even prescribed; and when
five, ten, hty, and hundred paper dollars
for one bare one in the vault, are frequently
issued.
But one thing was wanting to complete the
title of our baking system TO utter unworthI-
ness, and that one thing has been discovered-it
is the dlspenation Of the specie basis Through
out the world, so far as paper money is known,
a specie basis is deemed necessary TO an insttu-
ton which issues promises to pay specie. Not
SO IN the United States. Paper upon paper has
become the vogue with Us. Stocks, and the
notes OF Other banks, are the ''Sandy" founda-
ton upon wbicha large proportion Of our banks
are built
do not eSpatiate upon the evils of small pa
~ ii'N' INV diV fd'l'ou'V "OSeIFtls
and only Tequire enumeration l. 1t drives
away all had money of equal denominations !;
for, IN a competition between two currencips,
the meanestls always the conqueror and chases
the other out of the field. .. 1t is the great
source Of The crime OF counrrfeiting for the
mass Of The connterfeitS consist of small notes.
3. Il demoalizes the community for people,
not being wiling to lose a note for which they
have given value, instead of burning it when
rejected bya knowing one as counterfeit, put
I IT back in tie pocket and Offer it again to an
| ignorant peson, who receives it, and who goes
/ through th. same process when rejected in his
hands. +. Small notes make the panic and
bring or tie rams which break down good banks
for these snail notes being in the hands of the
masses, wen they get alarmed, they assemble
by Thousands at the doors of the institution
which issed the notes, demand the money,
break the anks, and propagate the alarm which
they thenGelveS feel until it becomes general ;
for nothirg is more contagious than a monied
panic, noranything more unmanageabir. 3. II
pillages The poor and the ignorant; for every
base note. every one that is counterfeit, or on
a broken ank, or on bank that never existed,
although will run for while, must stop
in the halds of the poor and uninformrd, upon
that class east able to bear the loss, who have
no advantage from banks while in operation,
and who Dear the loss when they stop. 8. 1t
exclteS to swIndling for knaves, with nothing
but brasstor their capital, and that in their
faces insead Of their Golfers, are induced to set
up manufactures OF small paper, TO be sent
abroad aid sunk upon the hands OF thoSr among
whom it is scattered all that is so sunk being
clear gans 10 the manufacturer Z. 1t induces
and even comprlS people TO BE- waStetu of their
money Tor such is the natural honest and just
contrmp and diStrust of small notes, that he or
she that receives one, hurrieS off to lay II out for
something not needed, while piece of gold OF
the sam amount would BE- valued and cherish
ed, and aid;by and added to, until enough ac-
| cumulatd 10 MAKE a purchase OF something
needed add useful. 8. 1t subjects the payer to
BE- cheapd or worSted in change for, giving
paper in payment, he must receive the change
in otherpaper, aud for this purpose, the meanrst
most ragged, dirty, and worthless will always
be picked out and showed upon him. In short
such are the evils, the crimrs the decentralization
and chatting of small paper mony, that all ma
tions, except the United States, place it in the
category ola criminal agent, and suppress ii
accordingly.
? Twenty odd years ago, when we were la
boring 10 restore the constitutional currency to
the Government and the people, the ready OBJ
lection, repeated by all the friends of paper
money, was, that there was not gold and silver
in The world 10 carry on the business Of the
United States and the ready answer to that
objection waS that there was precisely enough.
and that exactly enough would come 10 the
United States if We would only create demand
for it by correcting the gold standard, make II
t the Government currency, and suppreSSlng
small paper Only part OF these things have
been done, and there have flowed into the Uni
. ted States, or been obtained from our own mines,
abou, four or five times as much gold as the bu-
siness of the United States could employ. The
supply has been nearly thousand millions oi
dollars, and the business of the United States
, would only employ about two hundred millions.
This is not guess work, but boitomed upon au-
thentic data for the statistics of political econ
omv show that nations can only use certain
amounts OF money, some more, some less accor-
ding to their pursuits. Thus, highly manu-
factuing country, where the employer needs
money incessantly to carry on his business IN
|, the purchase of raw materials, and the payment
of oneraives, and in the construction or repair
OF buildings and machinery, and where the op'
7 eratives themselves need money daily for the
support of their families, the quantity of money
required is far greater than 10 an agricultural
and planting country. where the farmer raises
: his own supplies, and has his crops and produce
to pay large demands. And therefore Englan
every three months You may see in the leading
London newspapers a notice in about these words
"Quarterly average of the weekly laoiIities alo
assets of the Bank of England, from the 18th dayo
December, ls47, to the 9th of March lS4S, both ln
elusive, published pursuant to the act Sd OF William