The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1860-04-28
[Fro,a lle Ns.g OrIeans "a.

From de Rel0 Orleans Delta.
Currency ina the North and South.
Nothing strikes a Southern man-espc-
cially one from New Orleans with more
surprise, on first visiting the great, pro
crossing and wealthy North west. than the
monetary and banking systems Of that sec
ton. So enlightened, enterprising and sa-
gacious in other spheres, it excites our spe-
cial wonder that this people should sanction
ana support a monetary system which bears
upon its face the badge. of fraud, and in its
character and effects betrays great lack of
intelligence, of know ledge of the most COM
mon rules of political and social economy,
and of the laws of trade. While in me 81
other essentials of high civilization the
iorth-west will compare with any other Sec
ton OF our country, in its nIonetary ana f.
nancial ideas and customs ii can scarcely be
considered having emerged from the
sem-civilzed state. The whole country is
flooded with shinplasters, put in circulation
by distant banks, whose resources are un-
known to those who have to use them, and
, which in most cases have been sent a long
distance off to prevent their coming back on
the banks, the majority of which are mere
bogus concerns. This is true not only of
the wildcat banks of the West, but of many
in the East The very best of them, out of
the great cities, are unable to stand a run,
and by the diffusion of their paper through
region where no money exists, they pre-
vent such run. Their notes pass from
hand to hand with little attention or inquiry
as to the responsibility of the banks issuing
them. Now and then, when in doubt, a
Bank Note Reporter, which every dealer has
to keep by his side, is referred to, but even
this proves very uncertain guide. The
hank may fail after the issue of the edition
0f fha xxhi ia Tpfa 10 nd
is hard to keep up with the new editions of
that Udde necum.
These shinplasters are usually for small
amounts, from one dollar up, aud are PRINT
ed on bad paper, purposely to wear out as
quickly as possible. They displace and
drive out coin, so that it is often Il refresh
lag and novel sight when gold. or silver
dollar turns up in the course of trade.
A contrast in this respect between the
North aud South is very striking and re-
markable. 1t shows that while in some
other spheres we have not kept pace with
the enterprise of the North, we have far
surpassed it in the wisdom, efficiency, hon
esty and correct ideas of our monetary sys-
tenn. Here alone does banking rest upon
solid, secure basis. Here alone are Shin
plasters pot only prohibited, but the very
possession of them is "a reproach and almost
disgrace. The man who would attempt
to circulate them would be arrested by the
police, as a suspicious character. Our bank
notes, of which five dollars is the smallest
denomination, are secured dollar for dollar,
and specie not only abounds, but we have
such n plethora of it that the banks refuse
to receive it on deposit or in payment of
notes, and the Custom House declines TO re-
ceive it for duties. Gold, too is equally
abundant.
a very amusing incident fell under our
observation some days ago, illustrative of
the different ideas of bank responsibility,
which prevail in the North west and in the
South. A rather verdant individual had
received in one of the North western States
q check on New Orleans bank, which, in
observance of very common caution, he
had taken care to have made payable in
specie.
On presenting his check, the specie was
quickly and gladly shoveled out to him !;
but finding that il WAS larger amount than
he could conveniently "tote," he requested
permission to hsveit deposited, and to open u
deposite account with the Bank. His at
tention was called To the notice, 4" No specie
received on deposit Our Northerner
was perpleXed, and IS the hour for closing
the bank approached, found himself us much
encountered and iuconvenenccd by plethora
of precious metals, as Midas when lie
Ohtd ned hlS Tee Tor deciding musical set-to
between two NEUROLOGICAL rivals. AT last
in a desperate agony Of anxiety he asked.
Well, what do you take on deposit in
this ere Bank p
"Gold, or any Bank notes"
Bank notes Why, stranger, you must
be a fooling. Bank notes in our country
amt nothing long side of silver
ayes" replied the Cashier, {" but here
they are worth--per centage premium on
specie"
4" Well, then, shell out your notes" re-
piled the benighted and desperate Western
er, " less the premium
He was quickly Accommodated, and gather
ing up his notes. departed greatly perplexed
to know how people, living SO near and hay
ing such intimate commercial and political
relations, conld maintain systems of curreu-
cy and banking so dissimilar and opposite
in their features. These dissimilarities are
due to the fact, which it is high time our
Western friends had begun to comprehend
and profit by-that in part of the Valley
Of the Mississippi ARE the true principles
and proper organization of Banks under
stood, except in this city and State.
EVA Washington correspondent of the