New-York daily tribune., 1858-09-04


1o'A'.,.'.'... toS l55eo& ali.aor-i
These figures prove that thsre was ccresse in tde
volume of the currency, bat yet the exports s. per
cert Of tie cuuercy in lS4j rose 70 los per cent Of
tie currer cy lSi7 80 that :he Infection in England,
ifsry wss nc. equal 10 the initiation n other countries
for she must have kept her prices dovp bsov the
ayersse ese she could not she continues TO- supply
the world with Ger commodities. How different s our
condition e. TIE eti Of the paric year SHIPS rot
ting and industry argushrg ard another crest paper
infat!en rising up the Northwest. Thep,nic, which
begun with us, slthough !. prostraed two or three
biting banks in Britain, hiss rot perceptbly impaired
her total expor. trade and although tue Bank OF En
gland vas forced by the panic 10 get special permission
10 exceed the legal amount Of ssues, the SUN actually
overissued wss riicuously small. Hence it would
seem that the currency Of Eoglsrd wss SQUAD, as CON-
pared with the currences Of other countries.
Our Neg.York city bark cifculstiou has been sesdi-
y decreasing for soue yesrs, srd bids fsr 70 cesse
before many years. City bsrk noss no lo1gsr go into
ne interior in large snouus. Tns q, 100000 or sS,
00o COO returned weekly nearly the sun passing bs.
tween the banks snd dealers Ike TALES, over the eoun-
ter. Ia he s30,OO00 900 Of currency, more o; less
which measures our daily business, there is consider
.be poltor OF bank notes from other ocsties but the
tr.r cip. amount is r.Sde Up Of che,ks. Our bsnks
have 20 provide spece to protect the fictitious crcuis
.ors ether localities sud this was one of the causes
Of the ate revuson. With daily exchanges OF OO0O
CO. :nstrserve Of specie might be sui snt, bu. when
oasiress increased to $50 eco 600 dsy aud the protsc
tor Of other seeons, whose volume OF business wss
s. COO 600 or so 0OO had 70 be provided for the
.eseryeo coin which should equslhe sum orasmonsy
-eo-'rea 20 measure the daily business actions hsi
70 be 61ed st sum pesrer goo 900 than $50 600 OOO
ard experience nsy prove tina. even si0OOOO0O Is too
email g reserve. All the expansion ard excessive in
fss.on should nc; be charged upon Nsw-YorS City
Banks There are 400 banks Throughout the Unon,
&. pusncg their credit circulation, and the currency
thus created becomes source OF great embarrassment
% New-Yorh.
~ tbs point in Political Ecoromy sbogld De uoder-
stood by the people. /. is Identified With al our inter-
sss II tie above AZ lefuiiicn of the term Currency
srd ts Lfuerces be correct, then the point may be
eIpaire! op that basis II no. correct ple.se sDeni
or atsr..
g, If this spples to England, We see that thsie was
,:up.-a.yely little or expansion. II to this c,ur-
~. tie evidences Of expsuson, iria.ion Of pncss,
a.d consequent rsyGlsiop, are are 8. hand.
81 Waat kid Of bsrksl BY the description OF
Bsnks b. we gee that Bank Of Issue, Ike the B.Ok
Of England, IS mere machine, wholly p)Seress OF
ts,f 10 determine the ouLt Of circulation, and Ne
ssrse L tie answer which you gave 10 the question.
BE-, il by tie term Barks' yoa mean thosa which
car supply paper money as fast g. tie demand soi
her own views Of safety call for the issue of IT. thsn
s.s.,t that these institutions are made % "possess
"t.e power Of detsrnisug the amount Of circulation
IA TIE bands Of the people,, and that the constant
tendency Of Banks of thss description IS TO leni
".Co .rrch and 70 put TOO rsnry Eotes ir cIcuouon
IL corclu.ior, permit me 70 say that entertain the
"yugsr roton" that oyerissuss Of bank notes set 10
rotien 81 over.isue OF bank ersdts, iriats prices,
Ean Our home Industry, produce disastrous alctus-
oIs pIts:Iste the business ard industrial occup.tions
Of tee great masses Of the pscple and tend to divide
cur population ir.o two great divi,iors-s very few
mel Of piIfoely wealth the one hand, and nston
d povsry.sacken lsbOrers or dependents on TIE
otiey.
Years respectfully, BULLIONleT.