New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-01-16

State Department. which exercises power over
T. receive much circulation as shall deposit United sse e
IL bills wan ''' ''''' wv '''''''1 80
appearance a. those of like denomination issued to any one
bank except the imprint OF the bill on the name anu S M
the bank which shall indicate TO what bank lsSue anu " "
TrSAi Circulation 40 Isued shall he redeemed by the bank
10 which IL is issued specie at or more OF the great
Sx-An bills be sent in the hrst instance TO the Banking
Department iotheT State Department suthozd by Jaw"
the several Saies FOR registration before delivery 70 the
S1rs,thhe organization direction and supervision Of all
banks the Of interest ad. md all the pra details Oh
The free brnkng system Of New York was reg rded rs
the perfect which devised PRIOR 20 te eal"
the products of 1t is equal proof Of the soundnes ana
celonCe Of free banking law thai the national law - a
principles from the New York laws II is in the novel ana ~
tncIe characteristics Of the national plan thl' tne
cal optraons Of the nstona bas Hence the national scheme
furnishes positive aud negative testimony OF c
t b are re- booed s deoct ~ Original It's conpc
ous advantage is uniform currency. The plan have
ills believed viii embrace the practically proven merits o. pom
without the known defects I'd either Ihee IS no cegeS!
either political financial at present. "nh Lgle' pI o
visions and needless DETERMINATIONS sgaII'' f'Ite
speciiny submit that your honorable body sho oI
10 nocu re slcb legislation win relieve the state banks ron
% present condition and viii them the exercise OF
he national hanks in espSct TO circulation The plan which
have proposed would secure these without any oct
the agencies which serve the business Interest ana
the people this and Of other stats While clncedns 10
country It is aprehended that Er should be the limitation OF
its powers The business OF DenAnS ny any Te bri
should be remanded TO the people, and subject 10 oc auo!
ARGUMENTS FOR 4 FREE BANKING SYSTEM
Iarce numbers bankers doing business In this State a.
Independent Of banking laws as the merchant exercising MI
the functions OF an associate bank except the right to issue cir
cuahon which, through Congressional Interference has be-
come Of the lost ar SO that only where corporations
or associations arc created FOR the aggregation Of capital ana
subjected to laws similar TO those which control DINER GoroLn
tons, defining heir rights, pOwers ana IiDLlt D'lH may
corporate nature and tho power to issue paper money winch
represents measure Of values in oil other business que
powers than brokers merchants. In teysem nave pro
posed free banking and paper cnrrency nntd ony ny Tue
perous condition OF redemption demand m com are pom
ncnt features They rest upon the rnuiahe laws on hd
that known want wall command uney supply, am
given article for sale will find tic best market
banks would be established the wants Of business De-
minded currency would be issued equal 10 the In-
red stn ~ opulson commerce and the industries Of the
people extent only c1ud II be prohaoS eur
po1cd or its redemption be maintained Unlike the TO
rfurean rule which fixes an arbitrary limit would have the
inherent element Of elasticity, and I've SUBJECT 70 tIe cod
Inc OF scotch banking says banker subject 10 innG'
date ana unconditional payments OF tacr NOES ~ Pcscn'
the trade Of banking may with safety DO Iellereu ia
al respects free" Apprehension, g! an excess oil a MONEY
issued by banks under The cEacts CONDITIONS OF iaAis
value coordinate with gold need h9t De us' o yi'
tanned; aud any device which rndctaes 10 cIta'3
misses to pay Instead OF rayment itself, viii to be
fantasy and fraud Pablo eyiCncis may be 20 great and
/ peDlpu3 10 Justly desperate Iili'iiS7 Imam
| tonal existence: but, when the cHh;s IS passed.
and the danger is removed, sober judgment ana
| enliritcned experience should lead Us back 10
SAFE harbor ard anchorage speedy resumption 81
specie payments uniform stable redeemabe currency ana
return 10 state bank NJ will Prove powerful factors 10 DC
employed in the solution Of the grand problem OF the future
growth and material prosperity OF ne republic me state OF
New.Yors foemOst in population, wealth md commerce.
prompted by common interest with hr sset states thoul
dccby no eouiyoca position the subject 81 nnant Itec
niln me truths OF lessons of the p1sthe needs
OF The future should he her duty Well "a prde 70 e
the effort to plant the standard Of sound currency Oh fo"@
| and eAdunng foundations