New-York daily tribune., 1858-11-26

uusI rey t OUT; eau tlus !""' '"o"? W. e'"''
vapishes, Iesviog the Banks Liabilities not essen
italy reduced.
TIE reon;rement that new Bank, cspital ssall
he aid up in spfit before it commences business
il another Of those illusoy guarantees to which We
are decidedly hostile. The know'ng ones under
stand that this specie is almost alwsy' borrowed
that il is not likely TO stay twenty -four hours N the
vaults 10 Which il has suddenly been transferTei-
and that it is 10 better, while there, than Ike
amount in TIE notes Of the adjacent banss; but ,be
ignorant and simple duped by tnis parade Of
specie, and led 10 accord TO it credit which 1t
d0es not deserve.
The requisition that each Bank shall st Ill times
keep on tsnd in specie twenty per cent. OF its La
b:lities other than circulation, would bear pretty
severely on the remoter country banks. Let US
test it ty a ready example Bank has 100000
OF liabilities other than circulation and $50 900 in
specie to balance it. and So 10 just within the law;
WHEN in drops customer with his handbook TO
uske deposi. in bank bills Of $500, s. 900, or
any Other sum. "sorry to say VIC can't take it,
"Sir" says the annoyed cashier ''wby not"
asks the astonshed dePositor. "Becau'e, SIR,
"our liabilities would then exceed the proportion
"to our spece that the law allows. SO the de-
positor must GARY his money away again. To
whst good eDd7
ii. As 10 our Usury Laws, they will not be re-
pealed just Tow, aud our anti Usury men are taking
course nicely calculated TO prevent their mod'i-
cati N. We presume there are One Hundred Nil
lons-we know there are very many Millions
loaned in this State on the security Of Mortgages
Of which the term has expired which
the holders can forecose at any moment When.
ever we next have "pressurc" or "panic" if
Usury be leealized, we shall hare the holders Of
these mortgages forcc'osiug them in order TO
loan the proceeds at three or four per cent. per
month. But the debtors cannot pay in such crisis;
and their only resource will be to renew the mort
goqcs for a term of four or FIVE years at ten or
twelve per cent. Hence you will never induce the
debtor class TO agree to the abolition Of our Usury
laws, while we ttuk od'fcation Of them nigh.
be procured if practical men were to seriously IN
dertake it.
ILL., aud ". Of the Committees propositions
are part of the same bal system. Congress is
called on to suppress all Bank Notes below $40,
and to authorize the reception at the Federal Sub
Treasures Of private deposits, for which certif-
Gates viii be granted. In other words. the
Government will take the Peoples specie, and give
its own naked promises instead. The Government
is spending Two Millions per month over its
receipts, and will soon the bottom of its strong
box. OF course, this private gold will be paid out
-spent-used - up--and there will be nothing bat
Treasury shioplasters to show for it.
Now, we propose that the Government shall be-
gin exactly at the other end, and letting the State
currencies entirely alone, 90 far as measures Of
restriction and suppression are concerned, shall
undertake to supersede the small bank notes by
providing preferable substitute. We, for exam
pie, urgently need bank notes of less than $40 in
our business, probably receiving Il; least ESQ 900
per annum in such notes. To abolish those notes
without providing substitute would seriously ia-
lure us and embarrass our subscribers to TO pur-
pose. But let the Government direct its postmis.
ters to receive any amounts that m,y be offered
them Leor 800, and give certificates therefor Pay.
able at such other POst-Office as may be specified,
and We may well dispense with small Bank Notes.
We insist that this is the only true way to get
rid of those notes-that is, BY providing something
better Give US Pos:-Ohce Money Orders for
small sums, and We will cheerfally forego small
Bank Notes; but any attempt to suppress them
without providing such substitute will prove utterly
sbortive. At present they minister to public
want, and they will endure until that want is
otherwise satisfied
1t is rather odd that the Free Traders always
invoke more restriction than anybody else. This
new Currency proposition ia of Free Trade inspirs-
tioD; yet it invokes far more Government regul.-
ton and Currency tinkeriDg th,n it proposes to
dispense with. Restrictions on Bank liabilities,
restrictions on the issue Of Notes, the one side,
with Free Usury and Government Banking ad
iibitum on the other-it will never DO Mr. Hunt