The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1857-11-07

Mr. PAUEB Plan OF A NATIONAL CURRENCY.
The readers Of the Union are well aware that we
have for some time been discussing the evils, the
conseauences, and the demoralizing effects Of our
urs.snt system Of banking. We have satisfied our
self at least, that the present system is unsound UNI
safe and preudicia TO the true interests and wants
of tho country We think that we risk nothing in
saving that this is the public verdict the true phase
Of public opinion. The popular sentiment is, that
there shall be a radical reformation in the present
svsten Of banking, and that il shall be replaced by
sonshing better, and more usefully adapted to the
wants Of the country. AS yet, we have suggested
uothing. Indeed we have fixed our mind ON no par
tieular plan And amidst the number OF schemes
proposed il is dicult perhaps to select that which
IA practically best. In due time, however, we shall
propose such plan, as further information and fur
ther reflection may suggest, combining the great
eat advantages for all classes of and occupations
in our country.
For the present, then, we publish such plans and
suggestions on the subject of banking as friends
NAV send MS, without intending in so doing in any
wise to endorse or adopt them. With this reserya-
ton we now publish the plan Of Saml b. Paul esq,
of Petersburg, Virginia, and commend it to the at
tention Of our readers:
PErERssuno, (ya.,) Nov. 2, 1857.
DsAn SIR submit for publication in the "Union" a
system of currency which, at least has the merit OF safe
ty and uniformity while it claims attention as the result
Of very considerable investigation and reflection You
will perceive its main features list, total divorce OF
tk issues from the business OF depoStc and discount ;
I'd an equpose OF value and credit (Or rather coin and
credit) and consequent moderate enlargement OF the
currency beyond the actual supply Of the precious metals
81 the security OF national guarantee 18th, the COM
pete protection Of the guarntor and 5h the gradual
Institution Of a complete metallic basis
do not desire to support lis theory by any discussion
the especially because the very able articles banks
and banking recently published in your paper supersede
very much of what would be necessary AT the same
time should II he desirable, think it be maintained
by series OF short articles prepared to offer you
showing lst that currency III at the bottom OF
our commercial msorunes 3D. that banks of discount
and Opposite cannot be safe manufacturers of currency
3D. that consequence, II currency is to be safe
the issue of obligations intended to be current money
should be totally separate from the business Of depose
and discount 4th that the general government alone
can secure all the elements of safe, uniform and
tonal currency 5h that the main feature Of the mode
proposed has the very great weight of most successful
experiment 9Th that, in conjunction with our indie
uendent treasury 1t would act most effectively to regu
late and control the foreign exchanges by gradually
checking speculation and overtadng, while 1t would les
sen the terro of panic such will arise under any
credit system and It'll that the system can be put IN
operation at without danger to the great existing in
terests of the nation.
Very respectfully your obedient servant,
SAMUEL b. PAUL.
Hon. WM. A. HARRIs.