New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1858-11-23
NEW vopK nAnY TRIBUNE, TUESDAY NOVEMBER 3d. 1853

Tho pressD. system OF currency has been establish.
too onc and hiss Blended it-elf TOO intimately with The
habits and Interests az people to permit The DDS
Of IL. 70, Al abandonment, Until every means Of inproy
inc il -hal have been exhausted. Reformation, ~.
destruction, j. wha. the eNeeocy demands.
The specific character OF the defects iJr which
remedy "a sought is next alluded 70 az considerable
9Th the r, Of these being bank eNpans ons and
contractons wiz suggestions as To their cause AMI
remedy II states that the great outstanding defect
~ our banking sys,em Il it. undue conversion o: It's
own crcdi. into currency, and that tyes1ths OF the
active currency of this city is Thus constituted
Tho law coniers Dpon banks this privilege OF Great
ir0 fictitious currency, by osnng its credit az interest
and properly So for withou. Il they could no; exist
TO the moderate aud prudent exercise OF thus pHVe-o
no objection ia offered. ,s.,
Pp; in view of the fact tha, every dollar o. oank
I'll, Leaned creates dollar Of active currency, this
rr;xes sbou. be exercised only within proper hu.-
he and should he subjected to strict legal restraint
When subjected 20 other restraint IN IN tna1 sv
pounded II the strength OF human cupdil! anu tlle
means Of Qualification al its com nani az = tne case
;tL our hanks We cannot be surprised 81 thef souse
of this privilege in pushing Their discount Iivs a.
every favoring opportunity, 10 an extent euAe
70 the currency and unsafe 10 themselves, -.
months AGO the banks If this city extended tneI "ss
% az. go 100 which proved 10 be dangerous uer
Gree of expansion. With the then e1 -tiog amount ..
their capital and specie reserve WIS 7 s ~
loans infused into our currency aOont
credit element in the form Of deposits Gnd 81 cia.ivu,
n
credit elem ept 10 81 OF CON.
I, i. believed that each bank may be safely per-
nit,ed 20 extend it, loans and other investments u
min, equal to once end hall IT, capital ana It's sP
-; reserve provided nevertheless that Il must ketp
on hand al all times smount OF specie equaI 10 ~
:. cent nj III, impe iats liabilities other than io Us
circulating notes, winch shouii NOT oc n'''
cause otherwise secured. -.
II the Barking Laws OF this State vera mus
amended. the banks could longer inhlie the cur
renew by mixing their credit with 1t, to ina daD
ous extreme which necesstat sudden anu eN.iei
reaction And vet the privilege of oaniDg their cred,
10 the extent of half their capital, and as n.uch beyond
that poipt "a they may have specie II their Nauil-'
would give them ample margin fer profits
Upc.r the present system, the banks gener tHy eN-
nJ VII tv or six fold the rapidty with which their
coin aunments often continuing the expansion loog
after the coin las commenced leaving tasI Nsus,
las been the case with the banks OF s city Tor some
months past To meet this defect minimum oil specie
is required; ret much to check the discounts q.
secure larger reservoir of coin 10 meet the require
men.s Of crises and other unexpected demands,
The report sss recommends as an amendment 20 Tue
general banking Law OF this State that hereatrreN'ry
bank organized under the oct passed April Is ~,
and the subseGuen amendments thereof, shau oeio'5
II makes any loans or discounts, have al IT. o"p''a
paid Mp in specie. which payment shan De proved 1
oath 10 The satisfaction Of the Superintendent oi the
Ranking Department. and that al bsuks now organ
ized or hereafter organized, shall be prohibiied from
making either directly indirectly, any loan, or H.
counts upon the pledge Of their capital stock or an!
part there Of.
The repeal Of the Usury laws next occupies place
in tie rsport An immediate repeal OF the present
UsuIy laws il recommended. and It u ssGncd thai
other States Will soon discover IN the now oi eaplia
10 this State the necessity Of following our ',amplr
and thus these onactments, remnant oil Tue laiA
ages. viii disappear from the statute books OF the
whole Union.
The suppression Of small notes is aso treated a. one
among the measures proposed for securing more
uniform and reliable currency. Ii is stated that mon,
made of paper il "a powerful IN Its Influence upon a.
interests money msde Of gold and silver, ana tho
rea uatiun OF money, tie measure OF value, Oe.on-s
exclusively Ia the highest authority IN every nation
Two measures Of relief within the power of The Gen
eral Government have been presented to Tie Tom
nittee. frst, the suppression OF smsA no'es under
ten dollars second the opening OF the treasury olce
throughout the Uuion for receiving CON IN sums not
less than one thousand dcars in exchange for certif-
Gates of deposit. The fast IF these u recommen led
The report next audes 70 the gold deposit system,
and suggests that the Treasury were opened Ia pr
yate dposits of coin IN exchange for certificates II
not less than 400 each the Office, of the Treasury
throughout the Union would become storehouses OF
money for the people, and thus secure an Increase ~
the reserve of coin commensurate with the waits Oh
business TO check in some degree, the tendency
| to ruinous paper inh,tions and tina: the GENERA
Government should receive special deposit, from
the people, gold, give receipt Tor ~ ahl return /. 'o
the deposos their representatives, or assigns, OF
surrender of said receipt. by this meaus every pos
SCISSOR OF gold COIN can put the same m nedlatey int'
circulation.
1ic NonlUilNtt UP Auth ~. A'N'iA.if~NN
/ ing the following measures;
Frs: That the Balk.ng laws Of this State be SO
amended that bank shall hereafter be permitted "a
extend lie loans, discounts and other investments
beyond an amount equal 20 the ofits capital, hall
is capital and the specie in lie vaults nor shall il b.
permitted let its specie at any time fall o. low ~
cent Of It's immediate liabilities exclusive of is crcu
laing notes. That banks hereafter To be organized
under the Banking laws Of this State also be required,
before commencing business 10 have their entire capt.
tai paid up full il specie; ard that al! banks be here
after prohibited from mixing loans, either directly og
/ indirectly. on their stock.
Second. Thst al lsws against usury be repealed.
Third. That the circulation Of all bank notes OF q
less denomination than so be suppressed, by means
Of tax or stamp duty to be levied by Congress.
Iour'h That tie Government Of the United States
through lis different Treasures receive gold from the
people. aid issue receipts certificates Of dcDoet
therefor IL Gums oi not less than 600.