Wheeling daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1852-1859, 1858-09-24

ton, all the coin of the country would be a
specie reserve, except what was necessary for
small change, This project was well planned
and very practicable Only Law exaggerated
the possible extent of the use of paper money,
and had too much confidence in the ease with
which It might be put IN circulation in remote
districts
Law would have bank of such importance a.
public institution, and the provincial treasures
for its corresponding branches. These princi.
Piles stated, he deduced from them immense con-
sequences In the first place, most governments
leased the collection Of the revenue to companies
of men called farmers ofathe revenue, who
reaped thereirom considerable profits, and in
Hicted outrageous Texations upon the taxpayers
The collection of the revenue could be con.
hded to the general bank, and profits there
from saved to the state. The payment of the
public expenses could also be made for the
bank, through its correspondence with its
branches. 1t would thus have the manage
meut of all the public money. The farmers
tof the revenue, to whom was leased the
lmpost duty, exacted an usuriouS interest OF
| the state when 1t needed any advances
/ The new bank would discount the irnpost as it
discounted bills of exchange; it would be posi-
! BILE for 1t TO do this at still more moderate
charge, as IN augmenting the amount of specie
! 1t would itself have contributed to reduce the
Interest on money. 1t could also be entrusted
with tue care OF loans, and in this particular
avoid the extortions of the usurers This is not
all; the system of monopolies being generally
! practised In Europe, and the greater part of the
lcommerce with remote parts of the world be-
ling carried on by chartered companies, to whom
government gave, on certain conditions, eXclu.
siye privileges, this same general bank could
have the privileges of special lucrative com
merce, and join to its numerous attributes that
| of trade Combining thus the profits of a bank
of discount with those of the administration of
the public revenue and those of its commerce
as privileged company, it would necessarily
have an immense capital, which it would distri6.
ute in shares, among which would be divided
| sprouts. In this manner it would offer its
notes to those who desired circulating medi-
um, and its shares to those who sought a profit
able Investment.
| Such is the ingenious and efficient system con-
ceiyed by Law, which united aud placed on the
same basis both public and private credit; which
reduced the different methods of making pay
lnentS, which before then, were slow, laborious
and complicated, into one only, which furnished
coin for the payment of small sums and bank
notes for that of large; which multiplied capital
| by simplifying the currency; which reduced
Ihenceforth the interest on money, and added to
the introduction of an abundant and convenient
currency the creation of a means of investment
at once sure and profitable.
We have not space to consider Laws scheme
further to-day. We propose to give some more
extracts from these papers of NJ. Theirs, for
they are truly interesting and are such as all
our business men should be thoroughly CONVEX
SAINT with.