Wheeling daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1852-1859, 1857-10-31
sonfErH1Nci oF IN,rEREsT.

ties 1ssoriatrd for tl,at uiir:,ose in any State
b the Union to send their Bits to an oiiicer
: Washington designated in the Law, accorpai
led with GJSernmeut or State StocSS or "O'
worth in market twenty-five or lily per cen
more than tho face Of the Bills; and make u u
duty of such officer to stamp upon s"ch oaH
;, bills with his signature attached
! .REcEIvEARLE rcn payments pUE TO OF
= rue GoyERXMENT OF TIE UNITED STATES.
And in the event Of the non-rsdemPtIon
such Bank bills in specie when presented al 10
S counter where issued, Inakcit imperative upo
, the officer referred to. rs Is the case with on
Comptroller, to sell sufficient of the Stock upo
which they were Issued. for their prompt re
demption with Interest," and furthermore, sue
officer to be required at all times. 10 keep fHi
gin (named in .he lawl between the amount :
, the Bills and the market yaluc OF the Stoch
deposited which shall ciIectually guard asains
the possibility of loss to the Biil-ho!dcr.
Our remedy then, is the adoption oil our New
York Law in regard to currency, hy the SeI'el'
Government, and its extension to every o'ate
the Union
But saws the readcr,--as it cannot be mad
comnnlsory. will it lie adopted: We answer
beyond the shadow of doubt, Once sta'nI
mon Bank Bill '.Reeeir05Ie. tor all payments
.Lte to or fran, tie United SidtcS, and there !,
not a nook or corner Of our country where
would not be as good currency aS gold OF :'Nt =.
md in most cases better This it was when III
times past, made n Jiulcd StutEs b,'''NN "
ter than gold; because it WAS not only par cur
ysaey. but because, for the onc-haii OF one per
cent the man in Portland Mnine, Goa'o arrays
make it represent gold in New orleans! SUN
we all know, was the case with the blils oil the
late q. S. Bank; aud we know, too, that tins
value arose out Of the fact tnht they were "ol VI
mar in all payments to the government
Il follows then, that most of the Banks in the
United States now organized under State Laws,
would also avail themselves of such Law Of
the General Government, in order that its pa
per might he made currency in nil Payments TO,
or by the Government. Snch paper WOULD tTaSel
everywhere throughout the United States and
as none other would bc received out oil tue I'M
mediate vicinity of the Banks issuing It, we
should hear no more OF broker establishments
! for the purchase Of uncurrent paper.
/ nlnattcr Of course. the law should require
| n very large marsincf stocks to insure the re-
de,nption of the bills. But there is no difficulty
in this regard II two dollars Of stock were re-
ouired for every dollar issued, it would prompt
ily be furnished Take, for instance, a bank in
this city. Would it hesitate If need be, to send
two millions of our State Stocks to Washington,
to have stamped on one million of its bills, Vie
esira5Le in all payments due to or by the Cor
ernmeRt Of the United Statssg We venture
to say no; because they would still he receiving
the interest upon the two millions deposited III
Washington, while it would loan at seven per
would rapidly find their way into the retnotest
regions of the country; and but few OF them he
presented for redemption, except in eXtraordl-
nary cases, and to supply some demand Tor spe-
Gle, which could but rarely occur. Thus 1t VIII
be perceived, that every bank III this State,
could. If sn desired, withdraw its State Stocks
from Albany and send them TO Washington,
without any other change in its organization
the U. S. Law having eference TO currency only
and thus perfectly national currency would
be inaugurated upon our State banking laws,
and the existing banking laws of every State in
the Union, without giving rise to any appre-
hcnsion among the most rahid sticklcr for State
rights that the General Government might be
interfering with the reserved rights OF the State
II is the unquestionablc right of the Genera!
Government TO say i'll what currency 1t will re-
ceive payment FOR debts due it, whether at its
Custom House or elsewhere; and we are ycttO
learn, that any State has ever passed law or
will ever pass one, prohibiting any OF its Banks
making an arrangement with tie General Coy
crnnIent by which its bills may be received in
payment Of debts due it. Such law would be
a., rL,-uriity. SYhurs LhHn, can DO round an 90
lection on the part of any State, to the passage
Of such law by Congress as we propose: Ana
such Law being on the Statute Book, what
authority exists in and State to prohibit any OF
its Ranks placing with the General Government,
certain Stocks, in consideration OF certain OF ITS
bills being made receivable for payments due to
or by the United States? In short, the MACH.
merry for carrying out our plan, is all at hand
and in actual operations; and no State acton Is
called for. All that is necessary, is, action ts
! Congress.
| Then again, under this system, we should
hear no more of the injury to Commerce arising
from the gold Of the country being lockedu up II
I the Sub Treasures of the Government. Gold l.
is valueless, except rs the basis of areprcsenta
tive value-being in itself of less insic vaiu'
IL 7 u, a,,l NO. dream
payments in Gold to the Government, wheI
both risk and expenses of such payments, ar
obviatcd by a paper currency rendered oil Tn
same value as gold by an net of Congress. Bl
Ito guard more efIectually, against the posSihl
hereafter, let the law we recommend, provide
that in all cases, payments made by the Gov
ernment shall, to the extent of its ability a
the point of payment, denadc in gold. Ihisil
most cases, would be very annoying to the paI
tets rnceiyiug the gold; but would hereafter
guard etfectunlly, against the accumulation {
of gold in the Golfers of the Government.
As regards the margin to he established be
tween the face OF the Bills issued, and the mar
ket value of the Stocks deposited, that OfcOurs
would he n matter Of grave consideration b
Congress on the passage of Snch n Law as W
supges: and nobody would desire tomake it an
! more onerous than the perfect security of IL
Currency might demand. Zen per cent. hi
been found abundant in this State; but eXten
the system to every State of the Union, and tn
margin should be doubled at least. But that "
repeat is a minor consideration; as the partit
depositing their Stock would be certain 10 r.
: eeive the annual interest upon it, ut the san
, time that they would loan the Bank.bllS autho
i. Used to be issued by such deposit
-s.SD.S--t-
d Correspondence Of the Boston Daily Advertiserl
.1nother Washington Eraeas-A -Hericdn He
Brookaing School TSdcler.
!. WASHINGTON, October 81.
/ Yesterday an occurrence took place of a cha
= acter painfully reminding one of scenes TN
n have too frequently diSgraced the city of Was
e inSton.
:. Mr. Loomis, teacher of one of the princip
l. -. - -. = -, .r. =, -.