A Hard Money Bn n uk.
{"newspaper_name": "The Ottawa free trader.", "edition": "01", "page": "pNone", "byline": ""}
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There is long communication in tho last State
Register from MuRaAy McCoSyELL, Esq, Civ.
ing the outlines Of plan for what be calls o
Gold and Sirer Bank. 1t is 10 be bank of de-
poste, discount, and exchange, and TO differ from
other banks only in the particular that 1t shall
issue no paper 10 circulate as money, and pay
out nothing bat gold and Silver. The institution
he thinks would protect US against loss by for
eign bank paper, by allowing it to receive such
paper only al such prices or rates as It's conduc-
tors might consider it worth in specie, but this
paper should never again be paid out in the state,
but returned 10 the bank issuing il and The specie
brought back in its place. This would fix q
standard value for all foreign paper among us.
and rendering it worth less than specie, drive it
out of circulation. To make up in profits what
the institution would lose by not being allowed
to loan out two paper dollars for every specie
dollar in its vaults, and TO make il sufficiently
profitable to induce capitalists to take the stock,
it is.to have the privilege of exacting 10 or l2
per cen, interest on the money loaned. main
advantage of the bank he thinks would be, that
il it broke, no body would lose by it, as it would
have no bills in circulation.


Such, very briefly and imperiectly, is Mr.. Nc
Connel's plan for hard money bank. Like
many other projects Of The kind, it looks very
fair on paper, bu, when once put in operation, il
would tell dillent story. Why, we would ven
ture our reputation on it, the bank would not be
in operation two years before il would be issuing
paper as fast as any rag,machinc in the country
Besides, how would it keep foreign bank pape
out of the state, suppose ii should, for share C
tho plundcr, enter into an arrangement with sucl
banks TO receive their paper at par. And then
is no, true that the community would lose moth
ing by its breaking. What would become Of il
Jepostors, the holders Of its bills Of exchange
all its creditors 1t must owe these, or how shoul,
il break Can n bank break that owes nothing
The truth is, all banking is alike, and it is very
much like strong drink. Take little, and thu
evil is small, take much and it is great but ittl'
or much, il is an evil. Our state is very well OF
without any banks, and the people general
ly wan, no new ones and will have none !
thcro are men in the state that are dissatisfied
md must have bank TO borrow from, and can
not borrow from ipdisiJupls, ihey had better a
'oocc 10 10 Ohio.