Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-03-23

10 financial confusion, let me beg your at
,ention to passage in my work, now re-
published, and entitled, PAPER A
-.4tINSr GOLD
Of this work, us being, az this time OF
great interest, at least, III my opinion,
lave ordered some hundreds OF copies q
be sent 70 Mr. John Morgan, ct Ph'ldei-
phia, while tue remainder of the ed,ti IN
are for safe by Mr.. Bdgshaw, at Brydges
street, CoveDt-Garlen, London. II tbs
be deemed Put, 1t IS, iidced, without
Jisruss | wish this work, the greater
part ofwhch was written IN the years 1910
and 1871, NOW 10 be read attenH0ely
through now, when the pcopse Jtts He
finch. -
In this work, have given the history OF
the rise & progress OF our paper money.
have embodied in 1t my principies on the
subject of national debts, taxes and oanK
notes. i was abused and scoffed ~.
have now re published, i'll two Volumes.
what then wrote, togoihe with some adj
ditions. And, if have any reputation IN
England, or in America, as u p htlcai e.
economist, by that 7uOrk, as veriii, q, on as
falsifed, by events, let that reputation be
tried, and let 1t b. fairly confirmed, or lot
it be blasted forever Whatever calumni-
ators may affect to think III my n.otlvss,
whatever degree of conteUpt, hatred ana
envy, they may have Affected and r!dy
still affect to entertain for my writings, II
IS notorious. that. for nearly twenty years,
without any aid from any quarter what
ever with hosts or literary ices III notn
countries, with all the weight of power, &
even of the popular torrent against tnem
in both countries, ard loaded with all the
odiurn which aever failed TO attach 70 that
which assails all sorts Of folles and vices,
and never fiattcrs any body II is notorious,
that, i'm spite OF all these disadvantages,
aud a hundred others that might be na'.c'i,
these writings have continued TO have, Tor
nearly twenty years, during which, more
than twenty protested, and hired, enc paid
opponents, have sunk into utter ooAFio''-
great Influence IN the minds Il men. NOW,
with Ill the value that I attach (and 1T far
exceeds every other thing OF vaiue) to ia
teiiectual powers, here rcn"unce all pre-
tension 20 any, and Will be content TO pass
fer q drivelicr fer the rest Of my life, ii &
vents do not SUBSTANTIALLY confirm the doc
trine OF " PAPER AGAINST GOLD"
As a necessary preiiminsry to desc'ip
ticn Of the present state of th!s country, YOU
in America, ought to be reminded, tAat
" Pa0er against igold, Twas called forSh by
report made 90 the House of Commons,
in 1910, by 4 Committee, called III b,illicn
co2lniiftec.", TINS Committee recommend
ed, that the Bark Of England, at the end
Of certain period, should DC compelled to
pay in real money. The house rejected
this proposition at last. The whole histo-
Yy of ths proceedings is contained il my
work but this was the main point. : con-
tended, that the bank never could pay in
& Id as long as the interest on the national
{! 1T continued to be pald in full.
Now, observe, teGce beng come; NJ
preteXt being LETT for not paying n geld
the Ia7u which author ses The bank to +, fuse
payment in gold being about TO eIfiire, a
7-aaeqv0i Of it being necessary, unle IS gold
payments can Dc made. This being the
state of Things as to the bank, On attempt
appears to BE- making to acquire the ab liz
" of paying III gold. l ontendcd, you VIII
bear in mind, thai this could not % done
and now will quote my own words, from
the first volume of a" Pa9er against Goa"
pages 40, Az and 443.
'Need I say any more upon this sub
ject? Is it not something monstroas to sup
pose, that it would be possible for the bank
company to bay gold IN quantity sufficient
to be able TO pay their notes in il Well
say others, but the bank company may
lessen the quanfityof its haher by narro7o-
ing lis DISCOUNTS To be sure they might.
and the only consequence OF that would be.
that tie farcs 7vouid nor be faid. and of
scuts., tnat the soldiers, the judges, and
AL the other persons paid by TIE public,
would have to 20 without pay The dis
eounks make part of the System and, if
it bgput 4 sop 70, that is neither more nor
less THAI one OF the ways Of Totally des-
troying the system. 10 lesser the quanti
ty Of the paper is, therefore, impossible.
without producing ruin amongst ali persons
in trad, and witacut disabling the country
to pay the tQxcs at their present nominal
amount.
" Bat, suppose ali other difficulties were
got over did these gentlemen Of the Bul~
l:on Committee ever reflect upon the con-
sequences Of raising the value OF money to
what it was before the Bank Stoppage p
Sir FRANCIS BURDETT, in his speech, du
ring the Bullion Dcbate, told them of these
consequ uces. re observed. and very Just
ly. that, if money were, by any means, to be
restored to- the value it bore i'll the year
1896, the interest Of the national debt new
er could be paid by the people ; that in
tcrest, he observed was now So 600. C0Ok. a
year and if the value of money was bro't
back to the standard of 1896. tbs interest
would Instantly swell to 45, O00,0 Of mo-
hey at the pre- sent value. All the grants,
pensions, fixed emolumcnts, pay of soldier s,
judges, chanCellors, clerks, commissioners,
aud the rest would be raised, in pcint of
real amount, in the same proportion so
that, it would be utterly impossible for tax
es to such an amount TO be raised. And,
IL N were pCgsiblP AZ wpuld he ffeouep4Iv