Under the banking system—an outline of which is hereafter given—the real estate of Boston alone—taken at only three-fourths its value, as estimated by the State valuation [A] —is capable of furnishing three hundred millions of dollars of loanable capital. Under the same system, the real estate of Massachusetts—taken at only three-fourths its estimated value [B] —is capable of furnishing seven hundred and fifty millions of loanable capital. The real estate of the Commonwealth, therefore, is capab

Although the banks, under this system, make no absolute promise to pay specie on demand , the system nevertheless affords a much better practical guaranty for specie payments, than the old specie paying system (so called); and for these reasons, viz: 1. The banks would be so universally solvent, and so universally known to be solvent, that no runs would ever be made upon them for specie, through fear of their insolvency. They could, therefore, maintain specie payments with much less amounts of s

In reality there is no such thing as an inflation of prices, relatively to gold. There is such a thing as a depreciated paper currency. That is to say, there is such a thing as a paper currency, that is called by the same names as gold—to wit, money, dollars, &c.—but that cannot be redeemed in full; and therefore has not the same value as gold. Such a currency does not circulate at its nominal, but only at its real, value. And when such a currency is in circulation, and prices are measur

Supposing the property mortgaged to be ample, the system, as a system, is absolutely secure. The currency would be absolutely incapable of insolvency; for there could never be a dollar of the currency in circulation, without a dollar of capital (Productive Stock) in bank, which must be transferred in redemption of it, unless redemption be made in specie. The capital alone , be it observed—independently of the notes discounted—must always be sufficient to redeem the entire circulation; for the ci

Perhaps the merits of the system, as a credit system, cannot be better illustrated than by comparing the amount of loanable capital it is capable of supplying, with the amount which the present "National" banks (so called) are capable of supplying. If we thus compare the two systems, we shall find that the former is capable of supplying more than fifty times as much credit as the latter. Thus the entire circulation authorized by all the "National" banks, [E] is but three hundred and fifty-four m

It is of no use to say that we do not need so much currency as the proposed system would supply; because, first, if we should not need it, we shall not use it. Every dollar of paper will represent specific property that can be delivered on demand in redemption of it, and that will have the same market value as gold. The paper dollar, therefore, will have the same market value as the gold dollar, or as a dollar's worth of any other property; and no one will part with it, unless he gets in exchang

The tariffs, by means of which a few monied men of Massachusetts have so long plundered the rest of the country, and on which they have so largely relied for their prosperity, will not much longer be endured. The nation at large has no need of tariffs. Money is the great instrumentality for manufacturing. And the nation needs nothing but an ample supply of money—in addition to its natural advantages—to enable our people to manufacture for themselves much more cheaply than any other people can ma

Under the "National" system there are less than 2,000 banks. But let us call them 2,000. Calling the population of the country forty millions, there is but one bank to 20,000 people. And this one bank is, in law , a person; and only a single person. In lending money, it acts, and can act, only as a unit. Its several stockholders cannot act separately, as so many individuals, in lending money. So far, therefore, as this system is concerned, there is but one money lender for twenty thousand people

As Mr. Amasa Walker is considered the highest authority in the country, in opposition to all paper currency that does not represent gold or silver actually on hand, it will not be impertinent to give his opinion of the system now proposed. He reviewed it in a somewhat elaborate article, entitled " Modern Alchemy ," published in the Bankers Magazine (N. Y.) for December, 1861. That he had no disposition to do any thing but condemn the system to the best of his ability, may be inferred from the fo