The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-10-11

The st. Louis Democrat of Tuesday says:-
There was quite the Union Bank Of this city to-
DAY and the bank redeemed its notes and the notes Of S
branches NJ seven per cent discount In coin. The run
continued with little abatement the close Of the bank
Ing hours. Towards the close OF the the bank would
pay but ninety cents the dollar and the people seemed
10 be satisfied to get that Several merchants have
ranged TO take Missouri money hereafter at its quoted
value 10 coin each day, and circular put In ccua
ton 10 obtain the names Of those who will into such
Arrangement
The Cincinnati Gazette of Tuesday says
Currency continues in good supply and the money
kct is easy acceptable paper going readily at 10 IL
cent The 500 900 Of demand notes disbursed by the
government here has had good effect and when the
mander Of tho 81 900 900 due here shall be paid TO
contractors the financial machinery OF the city will work
without jar. The Treasury notes take well Bankers
have entire confidence in them and they preferred
other currency Tho people also take to them kecny aud
their standing as circulating medium firmly cstab-
shed saturday and to-day considerable sums were
pretty farmers will be in possession Of promises
pay that they can Sleep upon with as much security as
their means in gold eagles Tho czons Of the West
ern States particularly who have suffered 30 much from
inferior currency, viii welcome the appearance Of the
"t3oasury notes.
/. In relation to the circulation Of these demand
notes, the Boston Post, the proclvites Of which
are altogether in favor Of specie currency, re-
marks:-
We admit all that be said against paper crcula-
ton; but prevails the loyal States noiwhstand
ing, for good evil and abolish IL, we would
improve II. Now, this can be done at the West by
infusion Of government notes. These notes may come
home for redemption rapidly since their holders may be
forced 10 part with them 10 pay their debts But in time
many will remain with the people prevent the income
OF any Of the Trash by which the West has lost
hcavny Meanwhile The government will have the use OF
whatever money can be kept out, and considerable
sum III the express for the unnecessary transport
OF gold As To the redemption, have good reason TO
know that Mr.. Chase fully understands his position, and
is overcareiu, II anything, IN making iu provision for
II. And with regard psncs and inations have
idea that tie aaual issue of fifty millions government
bills Will have s4ch The q r
rcncy, and would gradually obtain it, IL would not be
gold, and II would be paper, good BAH Now the
government paper is the best that be made, and
the eoc, we advocate it fer The West, under the crcam
stances. The West will not have dollar of 1t than
she carnssne VIII not keep dollar more than she
aordbut he pres nee Of such an issue will prevent the
creation al many local banks AM the final repetition Of
the osss Of 1880 How much Of government business
be sustained time will show; but we have no idea 1t
w be much used circulation, except at the West
Eyn there it will have its largest use, perhaps
yeien, and readily gathered specie remittance to New
York and Boston. With paper calculations all the
land, there viii be dangerous nans from time to time;
but have idea that these mutations depend upon the
voon Of the manufacturers OF the paper money ITSELF
They rather depend upon tho business and crcum
stances OF the people, Now imitation may after
government issue but have notion that it will
salt from such Other things being equal govern
issue would drive out and diminish poorer one;
and II did not i the whole bedy OF paper circulation
afterwards increase until became disturbing and iIju
rous the increase would arise from change IN the
facts OF tho people, and from any governmental &C.
ton. The paper would have increased II govern
had not issued dollar. For the Imitation Of
paper currency ore exactly responsible and for this
reason, among Others heartily condemn II. Once
existing, it is almost beyond control. Bnt the issue Of
paper by government IS nothing WORSE to the least
than the issue Of bank. Neither will increase the
aggregate 81 paper aoat, unless the facts OF tho people
call fol the increase Aud with ch facts we believe the
previous woGld have furnished equal
If neither new banks got out dollar We
coadea the ase OF paper circuiaon but rs paper is
sally used and in The same fuctuat!ng system,
have fear Of the issue Of limited amount Of better
paper than any heretofore exhibited.