The national era. [volume] (Washington [D.C.]) 1847-1860, 1857-12-10
For the National Era.
7 q z CUR B ENJOY.

The question of a sound currency will be one
OF the topics of the coming message of PIesi-
dent Buchanan, ct the ensuing session of Con-
gress, as well as of every Governor of States at
the meeting of State Legislatures. The Demo
| cratic party has always claimed to go for q
sound hard-inoney currency, as the only true
basis upon which the industry of the working
classes could safely rely. They have said, and
said truly, when the rich can reduce the worth
OF dollar by the creation of paper dollars, the
honest hard working man was sure to suffer.
And yet, with all this loud profession, the thou
sand and one banks which have become bank
Democratic Legislatures. Colonel Benton, the
inveterate candidate of hard money, has come
out in letter to the National Intelligencer,
with bis plan for the remedy OF the evils of the
day. And he recommends the passage of an
act for the bankruptcy of banks refusing to
pay specie for their bills and in order to infuse
specie basis, to some extent, for the bank-bill
currency which the country must have, the
Colonel recommends a stamp duty on all notes
issued by banks, to be so graduated as to be-
come prohibtory of the issue of small bills. 1t
has been asked, Can this be done? 1t has been
DONE aud here is the act, passed on 81 of Au-
gust, 1913, and approved by James Madison,
aud which continued in force until February
II, 1916:
"CHAP LII An act laying duties notes of bankers
lions, discounted by banks bankers and certain com
ranies; and bills OF exchange of certain descrip-
lions.
"Be ii enacted, DC, That from and after the
last day of December next, there shsll be lev
led, collected, and paid, throughout the United
States, the several stamp duties following, viz
For every skin, or piece of vellum, or psrch.
ment, or sheet or piece Of paper, upon which
shall be written or printed any or either of the
instruments of writing following, to wit:
"On any promissory note or notes, PAYABLE
either to bearer order, issued by any of the
banks or companies who issue and discount
notes, bonds or obligations, either incorpora.
ted or not incorporated, which now are or NAV
hereafter be established in the United States.
or by any banker or bankers, according to the
following scale, viz:
Of not exceeding one dollar, one cent.
III above one dollar, ard not exceeding two
dollars, two cents.
"If above two and not exceeding three dol.
lars, three cents.
IF above three and not exceeding five dol
lars, five cents.
=" If above five and not exceeding ten dollars.
ten cents.
..'And so on in the same ratio with the hisher
denominations of bills
The Board of Trade of Boston recently
adopted the following resolution:
/" ReSolred, That among the means of avoid
ing recurrence of our present difficulties. we
would recommend additional restrictions upon
the bank issues, the abolition of small bills.
the Limitation OF their loans and circulation.
and an increase of the specie reserve"
We shall look with interest for the MESA ge
of Governor Banks and we trust he may show
to the people Of Massachusetts and to the coun.
tFy, that there shall be no holding back by his
party in pro6tpg By the fearful lessons taught
By tie monetary convulson through which the
country is passing, aud which is traceabe to
the facility Of creating paper money BY bank
directors and thei- companies, at the cost of
the working classes. orc.