Anti-slavery bugle. [volume] (New-Lisbon, Ohio) 1845-1861, 1857-11-28
AN IMPROVED CURRENCY,

At q recent meeting of the Boston Board OF
Trade, Mr.. w. b. Reynolds, submitted the follow.
ing views with reference to an improved curren.
cy":
/. That willie banks Of discount and deposit, il
established on sound principles, may be multiplied
to any extent with advantage to the pu bile, it is
advisable that the business Of Issuing notes payable
on demand. should be entirely separate and dis.
tinct from other general banking business, and that
the power of making and issuing paper money
should be withdrawn from banks whose principle
business it is 10 loan money.
ii. That the power of furnishing the State with
currency. should be exercised by tie the State for
the benefit Of the public at large, and that the pro-
fits on the circulation Of bank notes should be APP
piled latter deducting the expenses attendant upon
the issue). towards n reduction of the puiic taxes.
III. That in lieu of the one hundred and seven
%ty.iye banks Of issue, now existing in the State of
Massachusetts,, each acting FOR itself and each fur
Disbing its portion of the currency, there should
be but one bank or department of issue, managed
by directors OF commissioners appointed by the
State for account Of the public, and that the bust
ness Of these officers should be confined to the issu-
ing of notes against public securities and gold bull
lion, without any banking or discounting pIivi-
leges: these to be left where they now are, with the
banks and with individuals.
w. That in establishing the relative proportions
between the issues of bank notes and the securities
and bullion held by the issue department for their
redemption, the perfect convertibility of the bank
note in specie at all times should be secured be-
You'd u shadow of doubt. which it is generally ad.
mitted may be done by holding two.thirds of un.
doubted securities and one.thirG of bullion foy the
amour, Vt notes in circulation. The bank note
should be a legal tender anywhere, except by the
issue department.
V. That the banks of discount and deposit; in
stead of is.uing their own notes as at present,
should be furnished with notes by the departments
of issue against q deposit of public securities and
bullion in tho proportions already mentioned, or
such others as may be fixed by law. and that, to
compensate the banks in part for the loss of the
PROFITS on their circulation, they should be reliev.
ed from the State tax Of one per cent. on their cap
ital.
VI. That the usury laws, which are so general
ly disregarded as to be almost a dead letter,
should be abolished entirely, and the banks, as
well as individuals. be at liberty to raise or lower
the rate of discount according to circumstances,
as is done by the banks of England and France,
the legal late Of interest to remain as heretofore,
at 6 per cent, when no other is stipulated.
VII. That the accumulation of the public reve.
nue. in the hands of Government whereby large
amounts of bullion are liable to be distracted
from the usual channels of trade, tends to proouce
a contraction of the currency, q pressure upon
the money market, and n high rate of interest, re.
sulting in the most disastrous consequences to
til ose who are thus deprived of the usual facilities
for carrying ON their operations.