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Nor can inconvenience to the community be alleged as
an objection to such a regulation. Its object and motive are their
convenience and welfare.
If at a moment of simultaneous and unexpected suspension by the banks
it adds something to the many embarrassments of that proceeding, yet
these are far overbalanced by its direct tendency to produce a wider
circulation of gold and silver, to increase the safety of bank paper,
to improve the general currency, and thus to prevent altogether such
occurrences and the other and far greater evils that attend them.
It may indeed be questioned whether it is not for the interest of the
banks themselves that the Government should not receive their paper.
They would be conducted with more caution and on sounder principles.
By using specie only in its transactions the Government would create a
demand for it, which would to a great extent prevent its exportation,
and by keeping it in circulation maintain a broader and safer basis for
the paper currency.


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