The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1857-12-03

precedentedly large for eight or ten yesrs
past, ih tendency TO initiate prices 10 the
United States has been but slight, in com
parisOn To the stimulus created by redun-
dant paper currency true, the yield OF the
mires Is about four hundred millions Of dol
lars in specie. while the banks have manu-
featured, within the same period only two
hundred and fourteen millions in bills. Blu
II must be horne m m,nd that The hank paper
has renamed at home, not hap,ng the strength
or character 10 tJaud arrov Mr rdteTs,
whereas The spec,f, possessing real value
throughout hs ,nhab,fabtt globe has g0'lt
abroad has found ia level scarcely causing
. ripple on the surface Of the commerce OF
the world. The increase in specie, in pro-
portion 70 the number Of human beings who
claim the right 10 use il, and who do use it,
is not more than one dollar against five hun
dred Of the increase Of bank bills in the
United States, "A compared TO the Lnmbcr
Of her inhabitants. Were it otherwise,
however, it would still be difficult to com
prehend the utility Of the immense Increase
in bank bills during ten years past.
Admitting, which we do not, that the
large influx of gold and silver was mainly
instrumental IN stimulating speculation and
initiating prices, what does the advocate Of
bank paper currency gain by this. Does
he not prove too much? In our opinion,
be not only proves the impolcy and disbon-
csty, on the part Of the banks, in Issuing
nearly two hundred and a quarter Of mil.
lions Of dollars in bills. without resources
to redeem fifth Of them if called in but
also their criminality in thus adding fuel to
the flame that is now devouring the country,
consuming alike the just with the unjust,
the honest with the dishonest.
II Is highly probably that the distracted
condition Of financial affairs, will form ono
Of the prominent topics in President Be.
cHASASs message. He is known az a
" hard money democrat, and his speeches,
while in Congress, indicate that he will u-e
his influence to curb by national legislation,
the influence Of banks Of issue upon the
commerce and business Of the country. This
can. and will in all probability be effected
by the imposition Of direct tax by the gen
eral government upon all banks issuing
notes of less denomination than ten or
twenty dollars.
This proposition meets with great favor
from the Democratic press throughout the
North. The Cincinnati Enquirer propose
that Congress, in the exercise OF its consti
,utoml power TO levy direct takes, should
impose tax upon banks. upon their small
note issues under twenty dollars. In Grea,
Britain, France. Holland, and other coun-
tries Of Europe, no bank notes are permitted
TO circulate under twenty or twenty-five dol
lars, and their example ought long since TO
have been copied in the United States
several of the States have already prohibit
ed tho circulation Of small notes, but concert
Of action is not to be expected from thirty
one legislatures OF the different States. To
invoke the power of Congress ia the only
remedy "A long ago rs $50 that dlstln
gishel and able Statesman, Col. BENTON
whose Iabors in behalf Of u gold and silver
currency ought ever to be remembered with
gratitude. introduced bill to the Senate
having this objec, in view, but the country
was not then ripe TO it, and 1t wa not
adopted. We believe Mr. GtrHRIg, when
Secretary of the Treasury made a similar
recommendation in one OF his reports. but
the currency evil being not then felt, it was
not hecded.
A correspondent, Of the New York Her
oM in,imatcs that Secretary Conn will re-
now the uggcstion. If 10y this means tho
small note currency could he dispensed with.
i, would he one Of the greatest reforms made
since the adoption Of the Constitution, and
~ ad,antagcou, to the business of the pco-
pie as the Independent Treasury has been
to the operations OF the government.