Wheeling daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1852-1859, 1857-11-23

An "IuPRovgD CrRRExcY."--At recent
meeting of the Boston Board Of Trade, Nj W.
3. Reynolds, submitted the following views
with reference to an ''improved currency:
/ l. That while banks of discount and deposit,
if established on sound principles, may DC mgl'
tiplied to any extent with advantage to the nn0-
lie it is advisable that the business OF issuing
noes PAYABLE on demand, should ne entirely
separate and distinct from other general oank,
ing business, and that the power OF making and
issuing paper money should be Withdrawn from
| hanks whose principal business i: is 20 l0au
money.
| II. That the power of furnishing The Sta'e
with currency, should be exercised by the State
for the benefit of the public al large, and tina:
the profits on the circulation OF bank notes
should be applied (after deduc:ing the expenses
attendant upon the lSsuc,) towarGs reduc:io1
of the pnblic taxes.
Ill That in lieu OF the one hundred aod sew
enty-fve banks of issue, now existing in tne
State of Massachusetts, each acting for itself
and each furnishing its portion of the currency:
there should be but one bank or department OF
| issue, managed by directors or commissioners
appointed by the Safe for account of the pub
lIc and that the business ofthcse officers should
be confined to the issuing of notes against pub
! lie securities and gold bullion, withoutany Uank-
ling or discounling privileges; these to &c lett
where they are, with tae banks and with
! individuals.
| ~. That in establishing The relative propo-
tons between the issues OF bauk norcs and The
securities and bullion held by the issue deDa't-
ment for tneir rede rpticn, the perfect cohveT'l-
bili.y OF the bank note into specie at all times
should be secured beyond = shadow of doubt,
which it is generally admitted may be done ny
holding tw0-thirds of undou0 cd securities aud
one third OF bullion for the amount Of notes IL
circulation. Tie nank noe should be legal
tender Anywhere, except by t9e issue dc9a;;-
nent
| Y. Tha: ,he banks of Discount and GeDosi,
instead of issuing the" own notes as at present,
snOuld be furnished with no eS BY the deDaFi-
meuts Ofissue against q deposl: OF pubic secn-
iGics and bullion ~ tue p OOo"tion already met
ioncd, or such Others as may ne tised 10y ~,
and .nat to compensate The banks ~ pact t;r
the loss of .iIc profits of their circulation, they
should be relieved from the STATE TAX of o1c ncc
cent. on their capital.
| vi. Tina: the usurv laws. Whicn ere so gene
rally disregardeu as 20 bc almost dead-'c.ic',
SHOULD DC abolished cnti"eiy, and the oarks, IS
well as individuals, re liberty 20 aisc or low
e. Inc rate of discount according to ci,cumSt -
ccs, as is done by the Banks of EuSand a"d
France, ;he legal rate OF Interest to .em*ia as
! heretofore, al per cen =, wne0 90 other Is
s,iouIated.
VII. That t4c accumulation Of tie public
revenue in tue hands o: COVE "neO., whereby
LARGE amOur's of bullion are 'iaO'C 20 DE aoSt' nc
| Ted from nc usual channels of acc, lends %
prod acc a contraction o. the cnrfcncr, p"cSSu
| uoon TIC money narke, aud n'Gu ra OF ia
! ge- est, resulting ii the moSf disastrous conse-
quences 10 nose who ate faus dep ged o. he
tlsra facilities for carrying or the OpcrliOnS.
! Mr. BENroS oS PAPER MoNEy.-HoD. Thomas
II. Benton has written a long letter 20 the Edi-
tors Of the National Mtelligence-, to show Up
| ~. Ill .....l ,I.,vs u: In+ Uankin@ system