The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1857-11-04
m a,sin of IL: notes ia ei,c0ia:iob are worth

= ----.aT.77s - - =
margin OF The notes in circulation are worth
uo.moIe- thap tie ppsper nI,en -shich they aTs
printed. They have no such basis as the peo.
pie are led 10 hsiiese hv rsal;aa the .peois
clause un'ersphieh the y8,tnks profess io,sc,
This ia one estore o! tie sys;-m wh.ch de-
sesyes especial attention. TIE State .chas-
lers institutions 10 fnrnish the people cur.
reucy not Recognized hy The 'Cons'iiu,iun al
the United Safes, ahe people take that cur
rsncy upon the faith .of The gold aud si!vet
basis Get forth in each charter aud yet tbs
whols system has beer demonstrated 10 be
a swirala from beginning TO end and the
com muni,y is now sufering from lis mis-
citieVous and disastrous effects upon all ana
every branch OF human industry. 3as
Bu, The inquiry is, how shail these s,spens
sions bs preven,ed' Tse answer is. hs
the adoption OF san,e measures for putting
larger amount OF coin 10 circulstiou sac thus
banish;us rsoPorionate amount Of paper
currency. 81 Banks were restricted from i.
suing no,es of less denomination than lwen.
tY dollars, the whole circulating mediam OF
the Sale up 10 that pain, would be goii an,i
silver. This would reduce the circulation of
The Banks, put more specie in ,heit vaults
rnd make them better able to meet all their
liatilues u2oa presentation. Aysia, it
would most ellecIuaiy protect The poor men
rom losses OF account oi brokeu, depeecia-
iei aud counlerisil paper custrncy, Ths4
weekly payme.;s off msiori'y of working
men and msshsaics does not amount 10
twenty dollars each, aud hsaee-fihe were,
TO notes below thai smouni they would .,
all times be paid in gold or silvet, ihs con.
s,itutional currency, 7+t
In addition TO this, if our volume Of CUT
rency un 10 twenty dollars was composed OF
gold and silver, We would have decidsd
advantage over the people OF other Ststes
whose VIII ole currency is of paper, in manu- !.
featuring cheaper, and co nseque emily selliug
at loaef price, aud thus holding the com.
erations OF moment at this time when t'.s
question Of Bank reform is so prominently
before the people, in connection with lhs
mater OF Bank suspensions.
Two evils seem TO be nseparahls from the
paper money system That Of Bank suspen-
sions aud undue and runious expansiou of
credit The latter preccdes the former. n.
stead OF the banks acting as a check upor
that spirit OF speculation acd extravasancs
which will beset II nation, they only add 10
the force and fury of the flame. When
people exhibit signs OF over-,radiny, Of ex.
pauding the redn to criminal point, il is
the duty of our moneyed Institutions to cou-
tract their loans, and thus act as a guard to
the community But they act on the oppo-
site plan, They lead the column OF folly
and eXlravaaarce, Increase The volume OF
currency. expand their credit, ard TINS has.
ten the ruin which must come. This Is the
history OF Banking in out country, aud so
long Is we have a aper currency when
can be di>tenled to any amount, we Will
have Bank suspensions with all their atien-
DAT: ,nseiies The cure for these monetary
spasms consists in bringing our currency
gradually to an entire specie basis! This 10
the OILY remedy for such financial revul-ious
as proceed from Bank expansions and sns-
pensions, and the sooner we act upon II The
better for US as people and nation --Fean.
SulrrniGn.