The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1861-07-27
A Uniform Currency.

mona, IN tnc DankeTs tonScuuon, ahat al
the Banks of the Confederate States shall re-
ceive each others notcs Ms currency, and
TIA, each institution shall limit tho amount
Of lis Issues to its capital stock, strikes
w rs one Of the most important that
has been made in that Convention
Il is certain that such measure would
be productive of moro convenience and ad-
vantage to the public than almost any that
could be devised. We are not prepared to say
what trouble the measure would occasion to
the Banks themselves. But a. Mr.. CAsKIE's
proposition provides that all balances arising
between them shall be liquidated in Treasury
notes, we do not apprehend that the incon-
vcnicnce could be very great.
In consideration of the vast benefit and
convenience that the rendering current Of
the money of all reputable Banks in every
part of the South would confer upon the COM
munity, it would seem incumbent on the Banks
10 undertake such a measure at soinc cost of
trouble to themselves. That merchants should
be expected to receive from the people notes
Of distant Banks, and should not be able with
these notes to pay their own debts in Bank,
would seem a heavy grievance to the merchants
themselves. 1t is in fact grievance so far
as the inconvenience of exchanging such mo-
ney for currency is concerned. But the cost
Of the exchange is charged Of course 10 the
public, and amounts to an Immense sum Of
money. While the public loses this heavy
shave" the Banks do not gain it. IL goes
into the pockets Of the brokers', who devote
themselves to the business Of dealing il I'M
current notes. Very probably the dealers in
this paper do not themselves make much more
than the cost of the trouble they are at in
converting uncurrent funds into current. The
failure Of the Banks, therefore, TO receive
the notes Of sister institutions in other States,
imposes heavy loss upon the public, a serious
Inconvenience upon the merchants, trouble
without profit upon the brokers, and secures
no benefit to themselves. 1t is an unmitiga-
ted and unnecessary trouble and loss which
they infict upon the business Of the country.
There is some obligation upon the Banks to
provide remedy fer this evil, arising out of
tho system of paper money Of which they are
the creators, and from which they derive all
the profit and advantage. The function OF
supplying a currency to the community is pre-
rogative of Government. The Government
by special acts of incorporation, comforting
the special power, turns over to the Banks the
right Of issuing money for the use Of tho PEG
pie, sometimes charging them a small bonus,
but usually allowing them to reap all the profit
o., ,Io }L,--
do this profit, which is considerable, there is
moral obligation upon these institutions TO
make such provision by arrangements with
each other, that their notes shall have cur
rency wherever the people who receive them as
money are likely to want to use them as
| money 1t is morally wrong that n soldier
who receives u bank note as money at home
should not be able to pass it off at its full
value, as money, wherever the exigencies OF
tho war in which he is engaged may call him.
| The neglect of the Bank to give currency
| to its notes wherever they are likely to
| he taken, is as incxcusable in respect to any
| other holder as to the soldier. The obligation,
the duty, is tie same as to all citizens and
| they are amenable to public ccnsure when they
fail to make etisctual provision for giving cur
reney to their notes at time Ike the present
throughout common country.
We are glad to see therefore, the proposition
| of Mr. CAsKIE. 1t alike looks to the correction
| Of great grievance suffered by the public, and
| 70 the compliance with bounden obligation
| attaching to the Banks. The Banks are in the
habit of exacting from the public complain e
with all its obligations to themselves. obi
cations are reciprocal and it lie the duty of the
Banks TO make the notes which they put out as
money current as such wherever its holders
are called in the service of their county
There never was palmer proposition
in political casuistry than this; there ne
YER was "a more sacred and binding mo
raj obligation than that of the Banks in this
matter. It is an obligation, however, which
thew have not complied with, and which they
,hould make haste to make good with the pub
lie.
The Treasury notes of the Confederate
Government happily afford an admirable me
dunn of exchange by which this obligation
can be discharged. If the Bank in Rich
mOnu refuses u ItCCho luo INV VA Wv 'hhh
in Augusta from unwillingness to trust that
Bank, surely the objection is removed when
informed that any balance Of debt due will be
discharged by its amount in Treasury notes,
based on cotton in the hands Of the Govern
ment. This security, and the additional one
that the notes of no Bank are issued in excess
of its actual capital stock, affords guarantee
Of reimbursement, which no Bank will pre-
tend to be insufficient. Mr. MENmNGER de-
serves great credit for suggesting the Treasury
notes as medium Of universal exchange
throughout the South for as such, not only
will the transactions of the Government be
greatly facilitated, but the community itself
will be relieved upon the basis Of Mr.. CAsKIE's
proposition, of heavy grievance.
Republican FaIsehoods.
One of the most es:imable and prominent
among the gentlemen from the Northwest now
cXiled from their homes and sojourning in this
H.. IN tba If lioc