The Bedford gazette. [volume] (Bedford, Pa.) 1805-current, 1857-12-11

IS nlne mut1onS." And to the same effect
swoTe other directors. But in Great Britain it
is not sufficient that this proportion of one-third
Is required to be on hand, but it must be shown
and that continually, that it is there's This
is accomplished by the publication of the quar-
terly weekly average of the liabilities and assets
OF the bank, from which the public can always
see when the bank has crossed the line fSafety.
How different this from banking in the United
States, where no proportonable rate of specie
10 the liabilities is even prescribed and when
| five, ten, fifty, and hundred paper dollars
for one hard one in the vault, are frequently
issued.
But one thing was wanting TO complete the
title of our banking system 10 utter unworthi-
ness, and that one thing has been discoveTed-it
is the dSpensatlon OF the specie basis! Through
out the world, so far as paper money is known,
! a specie basis Is deemed necessary 10 an lnSitu-
tIon which issues promises to pay specie. Not
so in the United States. Paper upon paper has
become the vogue with US. Stocks, and the
notes OF other banks are the ''Sandy" founda-
ton upon which large proportion OF our banks
are built.
] DO not expatate upon the evils of small pa
per money they are palpable to every observer,
away all hard money Of equal denominations
for, IN a competition between two currencies,
the meanest is always the conqueror and chases
the other out Of the field. 50 II is the great
source of the crime of countsrfeitng for the
mass oi The counterfeits consist of small notes.
3. Il demoralizes the community for people,
not being willing to lose note for which they
have given value, instead of burning il when
raI. rf.Ah hx-a #,
it back in the pocket and Offer it again to an
! ignorant person, who receives it, and who goes
through the same process when rejected in his
hands. 4. Small notes make the panic and
bring or the rnns which break down good banks:
for these small notes being in the hands of the
masses, when they get alarmed, they assemble
/ by thousands at the doors of the institution
! which issued the notes, demand the money,
break the banks, and propagate the alarm which
they themselves feel until it becomes general:
! ior nothing is more contagious than a monied
panic, nor anything more unmanageablp. 5. II
plllages the poor and the ignorant for every
base note, every one that is Count.rfIit or on
a broken bank, or on bank that never existed,
although it will run for while, must stop
Somewhere: and when it does, is sure te stop
IN the hands of the poor and uninformed, upon
no advantage from banks while in operation,
and who bear the loss when they stop. 6. 1t
excites 10 swindlng for knaves, with nothing
but brass for their capital, and that in their
faces instead of their Golfers, are induced to set
! up manufactures of small paper, to be sent
abroad and sunk upon the hands of those among
whom it is scattered all that is so sunk being
clear gains 10 the manufacturer. 7. 1t induces
Ian IL l.. &
money for such is the natural honest and Just
contempt and distrust of small notes, that he or
she that receives one, hurres off to Law il out for
something not needed, while piece of gold of
the same amount would BE- valued and cherish
ed, and aidiby and added to, until enough ac-
| CumuIated to make purchase OF something
needed and useful. s. 1t subjects the payer to
be cheated or worsted in change for, giving
paper in payment, he must receive the change
IN other paper, aud for this purpose, the mpanest
most ragged, dirty, and worthless will always
be picked out and showed upon him. In short,
such are the evils, the crimes the decentralization
and chpating Of small paper mony, that all ma
tonS, except the United States, place it in thu
category ola criminal agent, and suppress it
accordingly.
4 Twenty odd years ago, when we We're la
boring TO restore the constitutional currency TO
the Government and the people, the ready OBJ
lection, repeated by all the friends Of paper
money, waS that there was not gold and silver
in The world 10 carry on the business of the
United States and the ready answer to that
objection was, that there precisely enough!
and that exactly enough would come to the
Uniled States if We would only create demand
for it by correcting the gold standard, make it
+ the Government currency and SuppreSSing
small paper. Only part OF these things have
been done, and there have flowed into the Uni
ted States, or been obtained from our own mines,
about four or five times as much gold as the bu
siness of the United States could employ. The
supply has been nearly thousand millions OF
dollars, and the business of the United States
would only employ about two hundred millions.
This is not guess work, but bottomed upon au
thentc data for the statistics OF political econ
omy show that nations can only use certain
amounts of money, some more, some less accor
ding to their pursuits. Thus, highly manu-
featuring country, where the employer needs
money inceSSantIy to carry on his business IN
; the purchase of raw materials, and the payment
of operatives, and in the construction or repair
OF buildings and machinery, and where the op.
: eratves themselves need money daily for the
support of their families, the quantity money
required is lar greater than 10 an agricultural
and planting country. where the farmer raises
, his own supplies, and has his crops and produce
to pay large demands. And therefore Eng Land,
Every three months you may see in the leading
London newspapers notice in about these words;
"QuarterIy average of the weekly liabilities a1d
assets OF the Bank of England, from the 18th davot
December, ls47, to the 9th of March 1S4S, both in
elusive published pursuant the act Sd of William