Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1815-12-23
[ VOL. f2.-NO. 20.

cable TO renew the %ircul9t,on of the gold
and silver coins ? 2dly. Whether the StatfI
Is inks can be successfully employed to fur
! nish an uniform currency ? Say. Whethe,
national b INK can be employed more ad
vantAgeousiy than the State Banks for tht|
same purpcsel AID 4chy. Whether ths|
government can Itself supply and man
tam paper me dunn of exchange, of perl
manent and uniform value. throughout theI
u. States?
lst. AS the United States do not posses.
mines OF gold or silver, the supplies Of these
metals must, in a time of scarcity. be tler;-}
we'd from foreign commerce. IF the balance
CT foregn commerce be unfavorabic. thu
supply will not be obtained incidentally. AL
In tue case of the returns for a surplus oil
American exports, but must be the obisc.
OF direct purchase. The purchase o
Duision is, however, a common operation O.
commerce and depends, like other oper.
ations, upon the inducements to import the
article.
ne inducements 60 import bullion arise |
as IN other cases, from its being cheap
broad. or from lis being dear at home. Not
withstand,ng the connections in South A |
merica, as well as in Europe, there is poy
reasonto believe, that the quantity of the |
precious metals is now (more than at any
throughout the commercial and Civilized
world. The price may be higher in some
countries than In others AMI it may be diff
Ierent IN the same country ct different
zines but generally, the European stocL
OF gold and silver has been abundant. ever,
curing the protracted war which has attic
ted the nations of Europe.
he purchase ofbuliion, in for i'm mar.
kets, upon reasonable terms, is then deem.
ed practicable nor can its importation IN
to the United States fail eventually to be
profitable. The actual price of the goldA
ana silver in the American market would |
III itself afford for some time an ample pre-.
mum ; although thu fall in the price must
"a course De proport'onable to the increase
OF me quantity. But it is within the scope
o' wise policy, to create additional de /
mands for CON, and IN that way TO n,uItipIxS
the Inducements to import and retain the
metals OF which it is composed. For in. l.
stance, the excessive issue of bank pane,
mas usurped the place of the national mon
ey and under such circum stances gold "A
SILVER VIII always be treated, as an article,
Oh merchandise; but it is hoped that the
issue OF bank paper will soon be reduced "a
us JUST share IN the circulating medium O
the country and conseque,e n. tiss4t-...71s
com OF the United States will resume I'D
ieg innate capacity and character. Aesi,,
the treasury yielding from necessity to the
general impulse, has hitherto consented &c
receive oank paper in payment of duties &
taxes but the period approaches when L
WIZ Prooaoiy become duty TO exact the
payment either IN Treasury notes, or in +
gold and silver coin of the United States.
AGAIN the institutions which shall be deem
Ell proper In order to remove existing in
tn al,
currency, may be so organized as 60 en-
gage the interests and enterprze of indivi-
duais Ill providing the means TO establish
them. And finally, such regulations may
De imposed upon the expectation of cold
ana silver, as will serve in future to fixE
and retain the quantity required for domes-
tic uses.
But it is further believed, that the nation
al stock of the precious metals is not co re
duced as to render the operation Of rsinsta
ting their agency in the national CURRENCY
either difficult CT protracted. The man
tlty actually possessed by the country ia /
considerable ; and the resuscitation Of nnh /
tic confidence in bank paper, or in other
SUBSTITUTES Tor COIN, seems alone TO be want
ing 10 reader it equal to the accustomed
contribution Tor circulating medium. In
other Countries, as well as in the IJnted
States, the effect Of an excessive is.,,.. &c
paper monty to Danish the precious metals
has been seen, and under circumst ,ncrs
much more disadvantages than the pres ,,t
the etftct OF public Confidence In pasiooaI n
shtutohs, to REGAL the precious metals to
thelr uses IN exchange, hos also been ex
PHUenced. Even, however, it il were prat
ucAD!e, It has sometimes teen ouestioned
whether II would be polite again to en-,
ploy gold and silver for the purpose IF .
national currency. Ii was long AID univc,-
sally supposed, that to maintain a nnre,.
medium without depreciation, the certain
" 81 beng abe 70 convert it into com. vvas
indispensable: nor can the exucrienre
VIII CHI has given rise TO a contrs Nv Iorf, NO
be deemed complete or conclusive. R,.t
whatever may b. the issue tf that eype;.;--
ment elsewhere, difference in thu x.tuc.-
tuIe OF the government. in the prvs;cal :
wei as the pol teal tuation of the count,,
and IN the various depsr ments of indnsfry
seems to deprive il of any important ma
enoe as a precedent for the imitation of the
L. States.
In offering these general remarks 70 tl.c
consideration Of Congress, il is not infcn.
ded to convey an opinion, that the cjrcn1a =
ton OF tie geld and silver CONS can AZ orce
be renewed. Upon motives of public cor.
venience, the gradual attainment Of fhst
object Is alone contemplated but strnfe
though respectful solicitude is felt. that the
measures adopted by the leg stature shonId
invariably tend to It's attainment.