New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1858-01-05
~, ~, h.,, known. Would that il might beneeionb

had not been known. Would that i might beneeiortb
become q common thing.
: By the way, the nation would not have been de-
nyyed Of he services of Charles Sumner, had Cor.
rress before Brooks fen upca him, been willing to be
moved by Temperance speech or by any other cause
10 pu. stop TO the sale of intoxicating drinks IN the
CITY Of Washington. Poor Brooks! i became ac-
auantsd with han in Congress, and found him to be
trenk. pleasan, man. He allowed me 70 speak freely
10 him Of has habit Of drinking liquor. He promptly
confessed hs for IT, and added that he would Dc
glad TO subscribe Congressional Temperance piedge
But for liquor he would never have committed ms
enormous crime. Butfor liquor, how small would De
the proportion OF the great crimes in our land!
Since the much-mooted subject of the currency has
come up in my quotations from the Message, 1 wln
make that the chief subject of my letter. VIII out
glance at INV We've al IT, these are the first hines
have written for the press since very severe III
ness, from which have not yet entirely recovered.
Let me saw in the outset that Dotwithstaadng my
political theories are all very Democratic AN
nevertheless not among the advocates of exclusive
metallic currency. Paper money cannot crc1late
among barbarous people, for such people isch
confidence But civilized people nave conhdence'
and such peopIe-IDost emphatically IT highly com
uercial and witha young a. but 70 have begun
the development of Their resOurces-wil not consent
10 dispense with the immense convenience and ad-
vantage of paper money a owned peoPe can al'
ford to repo@e confidence, for such people have H.
trgence to guide the exercise OF their confidence.
There j. nothing in the nature Of civil government,
and there is nothing in the Constitution, to justify the
authorize in others Moreover, all its Constitutional
power in the matter of the currency simply TO coin
your bullion or nine or any other man s. nor h&s q
State Government anything to do with banking; and
IL has nothing whatever 10 do with the currency Ihs
does not however result from any prohibition IN the
Constitution. The Constitution but forblds the com.
ing Of money by State. Perfect uniformity IN com
age was held to be Indispensable Hence this service
could not be intrlsted TO multiplicity OF agents but
TO saw az the prominent statesmen Of the country
sayng that the Constitution forbids STATE 10 engage
in banking, has no justification whatever. That 1t
may not engage iii banking, nor assume the right OF
authorizing persons to do 70, results solely from the
natural limitations of the powers Of civil government
What however, if the Constitution did, and even
in express terms, too, forbid State To engage IN
banking That would not make 1t forbid the people
Of the State from engaging in II. IL docs not follow
that the people Of State are Ia be barred from
manufacturing because the State itself is
add that not only are the people OF the State not
forbidden under any just theory of government, 10
be- bankers but that for the State 10 forbid them is
a violation of rights gross as TO justify revolution
Every man has the right 10 become banker; and
anv number of men haze the right to associate them
selves for banking.
Rut il will be urged that if all mon left free to
furn bankers the public will be visited with frequent
and great losses If, however this should certainly
Iitove to be So, nevertheless Government is not 10
violate the rights of the pe0pe-nO not even to save
the people from frequent and great losses. But would
there he such losses
Abolish the present system of banking; leave any
person or association of persons entirely free to ssue
AZ many notes for circulation they please. This is
their natural and perfect right and apprehend that
It's exercise would but rarely be attended with loss to
the public, if be that adequate penalties for the
abuse of the right were provided and enforced. What
woad be adequate penalties The State Prison for
couple of years in of failure to redeem at all
times, of less denomination than twenty dol
lars. In of failure TO redeem other notes, or to
nay deposits let the penalty be the obligation 10 pay
hreefod the legal rate of interest from the time Of
refusing payment until the time Of actual payment;
and the further penalty of being disabled, after one
years delinquency from ever again issuing notes for
circulation, or keeping an Office OF deposit.
But why have the penalty in the former case so
much severcr than in the latter Because failure in
the former would generally be 80 much more disas-
trous and occasion much more suffering than in the
latter Ii is small bank notes that in the hands Of
the poor. 1t is the failure to redeem such that sends
distress among the poor 4 loss of five dollars with
them might be more in its effects than the loss OF five
thousand falling elsewhere. IL might be the all of
some poor man, while the loser of the large sum
might still be left in the midst OF his comforts and
abundance.
II will be said that person would risk the State
Prison penalty, and hence that notes of aaess de-
nomination than $40 would be put in circulation
Happy. thrice happy, if there would not. For then
the losses from unredeemcd notes would be compare
lively rare. The poor would have their little store in
specie: and 10 those who receive notes of $50 and
upward they would see to it carefully than now
what they receive since the habit of taking ANAL
notes without proper caution induces the habit OF
taking all notes without proper Caution
Notes of less than $50 should be neither received
nor dsbursed by the State nor corporations The
corporations would have ground for complaining OF
this disability 1t would be part of their bargain
with the State-a bargain in which they get privileges
from the State Are they deprived of natural right
They surrender ii in exchange for legislative grants
and adv antages.
Again any person or association that issues notes
for circulation should BE- required 10 state at the close
of each year the maximum amount of their circulation
in eaphm Let
maXimums be the sum 20 be assessed with taxes.
Further let the statement land should be full one,
and made under OATH to he punished very severely
if found TO be false be published for the information,
in many respects. of the whole people.
referred TO the losses of the public in all men
were allowed 10 turn bankers. But would they all
turn bankers in the face Of the hindrances which
have proposed, and even issue small notes! Very
rare indeed, and very well known, must be the ineg
rity and responsibility Of those who notwithstanding
the State Prison penalty, could succeed in putting
small notes into circulation. Moreover, such persons
would not be defiant of the public sentiment nor
careless of the possible infection Of the penalty
in their case to attempt 10 put them in crcu-
lation.
And would oil turn bankers in notes of less
denomination than twenty dollars could gain circua-
toni well remember that upward OF forty years
age the country Was for q time flooded with notes.
The irresponsible and obscure contributed 70 this food
by issuing their notes for dollar, and for smaller
sums, down TO one cent. They could not have
got their ten or even tive dollar notes into circulation.
But how well known for honesty and for great and
sure wealth must they be who could succeed i'll swell
ing the currency Of the country with their twenty and
fifty dollar notes
No; if the circulating paper shall consist of notes
no lower than twenty dollars then men of well ascer
tanned and entirely undoubted responsibility will in
the end alone supply il. la that state of things the
losses of noteholders would be fewer and lighter
than under the eItolled banking system of our State.
But how imnlsasuraby better of would depostors be
tha "A.