New-York daily tribune., 1857-10-20


his fr,t point that We believe the absence Of Paper
Msney would prevent md preclude al commercial
reyulsions, IKE that Row raging. ts C'ed't-e1-
cessive, perverted CIedrt-thss incites revulsions
and they may be produced without Paper Money "
wtn - with il. Cahfo mia has no Paper Money; yet
California has suffered repeatedly and severely, a.
sbe will probably soon suffer again. from imitation IN
citing revulsion. All the phenomena of bloated,
distorted Credit-overtradiDg, exorbssnt interest,"
inflated prices-bsve been repeatedly exhibited In
California, though no Bank Of issue was ever au-
thorzed, no Bank note ever passed a. money there
France is essentially Hard Money country, having
no bill, under about $50 200 france nome at all
paid out for wages or in the hands Of the poor-yet
France now visiby trembles on the verge OF great
revulsion. The Ohio Life sad Trust Company,
which has made the worst and most disastrous fall
ure thus far, never issued a note Abolish Credit,
and you will get rid Of revulsions, just as BY lying
fat on your back, you will be safe against breaking
your neck by iall; but abolishing Paper Money
will only dispense with one form Of Credit, and, In
our judgment, one Of the beat.
V. We regard the Independent Treasury a. q
retrograde step toward barbarism, and as irfctlng
great evils on the Country; yet we are not Pre-
pared to say that, in the abserce Of National
Bank, anything else is feasible. With au ample
Revenue and Surplu', it works we'll enough for the
Government; when Revenue is scant and surplus
yanishes, the Government betakes itself to loans,
post notes, and other shinpaster contrivances,
like any other needy customer. To-day, it is the
glory of the Independent Treasury that it is dis.
porRipg its long useless boards and the pressure is
tulosized for its agency in restoring so much gold
to sunlght and circulation. The less money the
Sub Treasury contains, the greater is its alleged
bent ficence; 30 that il will attain perfection BY being
swept Of its last dollar As to its Wanted safety,
it keeps and returns all that the Government places
in ito vaults; which is no more than two successive
National Banks did through forty years, and tho
Banks of France, England &C., have done for
much longer time. The Sub Treasury seems to US
the perfection of distrust, unreason and cynicsm-
an official declaration of chronic despair of human
integrity. Yet, if we were champions of the Hard
Money system, We should doubtless see as trans.
cendent beauties in it as Mr. Windt does. 1t is
logical outgrowth Of that system.
VI As to the Shinpaster and Post Note system,
instead of Hard Money, succeeding naturally
upon the overthrow Of Legitimate Paper Cur
rency we find the following instructive paragraph
in one of our Western exchanges which falls under
our eye as we write:
Coon ExAMPLE.-We understand that the Wy
andotte Rolling Mill Company are now paying their
operatives in accepted drafts on f. b. Ward, their
Treasurer payable in six months, with interest at
per cent These are of the denomination Of fve ten,
fifteen and twenty dollars. The security for these
bills is the Rolling Mill stock, with pad.up capital
Of $3.50 600. Capt. Ward also becomes individually
liable by his Endorsement. This is certainly most
effectusl guarantee. The Board Of Directors have
authorized an issue Of $4,000 Of these drafts de.
signed exclusively for the Of their mills, but il is
not expected that more than half that amount will be
in use at one time.
Let the Banks be generally wound up, and we
shall see hundreds like this on every side. These
postnotes will be taken " in trade" by the mer-
chants and grocers, and redeemed somehow BY the
Company; and thus both specie and paper repre-
sen!pg specie will have disappeared from circula-
tion. "Tbis is the natural upshot of the Banking
System" thinks Hard Money. We think it, on
the contrary, the natural result of Over.importa-
tion over trading and perverted credit, stimulated
by q reduced Revenue Tariff. The impartial will
Judge between us from careful study Of the rele.
want facts.
VII Mr.. Windt considers Specie real money aud
Bank Paper "eoante1ftit money" We, on the
other hand, are profoundly convinced that planter
in Tennessee or Texas, Iowa or Kansas, who sends
us $40 note of legitimate specie-paying Bank in
payment for THE TRIBUNE, sends us real money
the natural and benefcent medium of exchange
the money of Civilization, Liberty, and Faith in
Man. That note is as truly money as golden eagle
would bet represents and insures to us or our
assigns $40 worth Of the surplus products Of the re.
gion whence it emanates, whether that surplus be
Sugar or Cotton, Flour OF Corn. II the note Is
that of sound bank, our patron has just as truly
paid us-not merely promised to pay-as if he had
sent the products themselves or the gold for which
he had exchanged them. Such is our view Of the
matter.
VIII. "But why not use specie'" it is asked;
" there is enough of it," We don't know about
that; but we believe Specie Currency totally im.
practicable, as we have already said. 1t is like an
edct that no cloth shall be sold unless measured BY
golden yardstiek, no liquids sold unless dealt out
in silver measures. Specie is more weighty than
Paper, more exposed 20 robbers, and consequently
more expensive in remittance. 1t is more natural
and economical that Texas Planter who wants
$50 worth of newspapers and other good things
from New-York should send what is in effect an
order for $40 worth of the proceeds Of his sugar
and cotton crep forwarded to and sold at this point
than that he should send on his crop sell it for
specie, have that specie conveyed at his cost to
Texas, and then sent right back here to buy what
he wants of us. Nothing but the stenest legal