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Plan to Secure an Improved Currency.
At meeting of the Boston Board Of
Trade, on the 4th inst, Mr.. Reynolds, Of
that city, proposed plan for furnishing the
country with an improved currency. The
following is a statement of its details:
l. That while banks of discount and de-
posit, if established ON sound principles,
may be multiplied to any extent with advan-
tage to the public, it is advisable that the
business Of issuing notes payable on demand
should be entirely separate and distinct from
other general banking business, and that
the power Of making and issuing paper
money should be Withdrawn from bakns
whose principal business it is to loan money.
2. That the power Of furnishing the
State with currency should be exercised
by the State for the benefit Of the public at
large, and the profits on the circulation OF
bank notes should bo applied (after deduct
ing the expenses attendant upon the issue
towards reduction of the public taxes.
3. That in lieu Of the one hundred and
( seventy five banks Of issue, now existing
in the State OF Massachusetts,, each acting
for itself and each furnishing its portion Of
ofthe currency, there should be but one
bank or department Of issue, managed by
Directors or Commissioners, appointed by
the State for account Of the public, and that
the business Of these officers should be
confined to the issuing of notes against pub
lie securities and gold bullion, without any
banking or discounting privileges; these to
be left where they now are, with the banks
and with individuals.
4 That in establishing the relative pro-
portions between the issues Of bank notes
and the securities and bullion held BY the
issue department for their redemption, the
perfect convertibility Of the bank note into
specie at all times should be secured be.
yond shadow Of doubt, which, it is gener,
orally admitted, may be done by holding
two-thirds Of undoubted securities and one
third of bullion for the amount of notes IL
circulation. The bank note shall be lega
tender anywhere except by the issue de-
partment.
5. That the banks of discount and de
posit, instead Of issuing their own notes a,
at present, should be furnished with note.
by the departments of issue against depos
it of public securities and bullion in the pro
portions already mentioned, or such others
as may be fixed by law, and that, TO com
pensate the Banks in part for the loss Of thu
profits on their circulation, they should b.
relieved from the State tax Of one per cent
on their capital.
6. That the usury laws, which are so gen
orally disregarded as to be almost a dead
letter, should be abolished entirely, and th'
banks, as we'll as individuals, be at lbert,
to raise or lower the rata Of discount &C
cording to circumstances, as is done by tn,
Banks OF England and France, the lega
rate of in,erest to remain as heretofore, a
6 per cent. when no other is stipulated.
7. That the accumulation OF the public
revenue in the hands of Government, where
BY large amounts of bullion are liable to b,
abstracted from the usual channels Of trade
tends to produce a contraction Of the cur
rency, pressure upon the money market
and high rate oil interest, res ilting in III
most disastrous consequences to those wilt
are thus deprived OF the usual facilities 70
carrying on their operations!
hrMAhks.
The plan of a single department of issu
for furnishing a State with currency
neither novel nor strange; for II has bee
sanctioned by the most eminent authortie
in in political economy, and is now in cours
Of practical application BY the Bank of Eng
land, that being the leading feature in tn
. new bank act Of 1874, introduced into Par
lament by Sir Robert Peel, and passed ur
der his administration. Previous to th
passage of that act, McCulloch, writing o