New-York daily tribune., 1857-10-22
LETTERS ON THE CRISIS.
rnp Currency.

,,.n. -, "A ,v., an ..,ts bse yesterday esta snbr
.,l.s.s - an =, God. tss blAs' ''o'''' WV
=. r. ns,.o, af ne Y. TyfsEH
An. suen is the bold AID signinesn' eSso7 S1e 10
-. .a,n,,,l. of rar rRIsusx Of tbe i4.h lost.
=, ~ "a. Of ,uch an sdm<,icp, pray what IL
Ar, %, .aAsrh TO gold s.d silver sny longer any
-, of N. su,rvncy Way not Get 70 work to de-
- n.p.r rsdium bsed upon sSVething sse than
ma ,stc,oss metals Every sena,ole man preiers pa
ver 70 gold, when paper s perfectly current ana
sxeprs What repdors The potes OF tae susPen9ed
Hs.he OF this Safe as valuable and a. crnen, as De-
1a,e u suspenso1 II certainly is not the pIon.se
= redeem in goio aud silver, becsEse tis. promise
Sas fsiled sDe can't he fulfilled It ", tis: 'ne VIZ
ssAl guaranty OF the St4;ei snd eecona, tne e%e ,
Ken On real estste. that makes the s.cuThy. WIN
sach security the baak notes might Is 'ohs
e. tAe State nieiihaiLs its credit. , ,,.,.
What pt sslbls objection, thea, TO The e',solshnen'
II q 81 sts BaLk witch shau issue notes oa!y uPoa
r. Al estate with the same restriction tha.
4 now Ie oui-ed as a baL king basis You have tben
she guaranty of the State, backed up by improved
had, worth more tnan twce 'ne valas on 'ne
ss il be that of the UGned States snd no secui'y IL
H<tter than bond and mortgage SGch currency
.vouJo therefore be The souDdest the people Of New
York ksvs seen, and there would always De
enough OF Il.
i have suggested State Iisnk instead OF United
etates Bank only because it 6oGld DO more easy 10
sstsbsh in the present pol ics con 1lon o, ths c9an
v0uh not DO long 10 sdop1ng It.
Now, slppOrig the OBJECT to be attained u tne
establish r,ebt Of Na.ionsl Bank on such ba.ls,
what would DO the result
l. Al the profits OF banking would enure 70 the
8eneisl Government, because the Natioas. Baak
sSp3o compete with everybody IN Oaning money, by
establishing the Eale Of Dtese at any point above the
cost VI bxLking that might be deemed eXpcdient.
III. The rate Of ittsfest might be as loW as per
cent per OF nam upon bond AID mo tgags, aud even
is~e'; any body wanee to borrow upon otner u sd
isded secariy he wonld aave ts go " The owner of
sal esa.e for loan paying higher per centase. &C
s0sreDg to the nature OF hls security.
all The anninl iti0n Of tie preeous Hetas az car
seAey woula reLdsr the prosecution OF foIoyo wars
ss1t impractc cable, az the notes OF the sadonal
sBsi woua be OF ysiae to Foreigners except Tor
tAe purchase Of our products
IV. A Protective Tar-f woald no longer be neces-
saIy, because there cLud De no oserHIdinB 70 any
euelt All that foreign country could shsw 10 the
sahspe Of balances against " would De our netes, re-
lxs InabIe IN oar products, and LOL In gOld ~ now
except 90 lar ~ gold is pcodaoI Of our mihex.
v. A arrangement Of the Currency, with AL its at
fendsBt evils, would be out Of the question. IL could
sony e1st in \ stGte Oi civil wGr OF internal comuOuOn
20 which tae interest Of every citizen would be
sIkos.d.
BY a. least q fer minds. The detail. msy vary with
different persons. Perhaps the Chief difficulty would
De- ~ fix The standard of value OF d5lar. 70 aool-
ieh GOLD silver, would essen the present unnatu-
Yal as snAna fo those neIols carfency, end would
consequently reduce their value (which las always
been sppreoiated by tins artificial oenand) bringing 1t
down ultimate y ~ the Of producing them. Hence,
come other standard would probably have TO be de-
vieeo. Perhaps certain humber Of hou}3 ordinary
AkOf would be fouad to be the best standard. at all
Avents it is not likely that variable standard
Woald be adopted tnan tust of gold and silver, which
Asve deprecated IN SOC years to onetentn their former
value. u. ~ u.