Rutland Herald

Money Matters.

The Journal of Commerce, a talented paper in the city of New York, of which our readers will have noticed we have heretofore spoken in high terms of commendation for its correctness, although it is not a favorite paper of the Whigs in that city,-discourseth as follows, in relation to the Currency of the Country :-

"The Currency. It has been supposed, we dare say very honestly, by some men, that the currency of the country and its immense exchanges, could be as well managed by the State Banks alone, as by them in connexion with a great National Institution. Gen. Jackson thought the state of the currency could even be made better by the destruction of the United States Bank. The present state of our affairs is well worthy of the serious consideration of men who hold such opinions. It has become absolutely impossible to make the transfers of funds from one part of the country to another, which are indispensable to the proper regulation of trade.—Small sums may be managed, but large ones cannot be. Vast amounts of notes and bills, payable in distant places, which were deposited in our city banks for collection, and matured so long ago that the fact of their having been paid has been known here for weeks, are not yet passed to the credit of the owners, for the collecting banks have not been able to realize the proceeds All they can do, is, to give the owner a check for the funds on the distant banks where they lie, and so place him back again just where he was before the operation commenced. The banks, we understand, have now declined taking drafts for collection on some places at the South, and West, on any terms. We do not think the system of exchanges would ever be in this state of absolute immoveability if we had a properly constructed National Bank. The efforts of the State banks have failed before our eyes.—The fact is demonstrated by experience, that under certain circumstances they cannot transmit funds. But surely in such a community as this, it is indispensable that there should be some machinery, through whose agency funds may be collected and transmitted from one part of the country to another. Such an institution must be strong and truly national; and we hope the prejudices which have filled the community against a National Bank, but which have all grown out of the wretched policy of making the renewal of the charter of the late bank a political question, will now be relinquished, and the policy which has already been thrice adopted and thrice rejected, will once more be adopted and put into practical operation, upon such principles of moderation as shall ensure its permanency."