Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1817-11-07

at enhancement. Because the proceeds would |
20 to the use of the state. This has been done |
in other forms, but with fatal effects. The
Kins Of Prussia issued pieces OF metal as coin, !
of which a tenth OF the weight only was silver !
and caused il to be acknowledged as of equal
value with the silver. This was an usrrtors
act by which nine times the v0iae ~ tie Intrinsic
metal was exacted for the use OF only one
tenth Ruin the consequence. The act
of uSury above the standard value is equally
unjust and repugnant TO the stability OF pro-
perty. For although the man who lends at
usury receives the usarct, over and above what
the law of society aud the standard of value
authorises, the person who borrows, cannot
obtain more than the current raiue of the metal
in coin so that the gsin'eT acts as TO the coin
in the same respect, as 1T he had debased the
coin from the standard, equal to the amount of
the illegal usance.
MIR. Bentham misapprehcnds the nature of
coin and money throughout. de might, with
equal propriety, argue in favor of the right Ola
cto.h seller, when asked for yard OF cloth, de-
termining that his yard measure should not be
more than 80 inches, though he demanded the
same price as other people required for SO
inches. The right is the same 10 reduce the
length of the yard, as to demand more interest
than the standard Of regulation al horises fer
money.
Mr.. Benthan,'s expression is ola singular ma
trre, that" the main strength of the argument
is ia the Soasd OF the word uSluy;; this is obvi-
ousiy a gross hyperbole, and even as he at
tempts to explain il, he only repeats that the
sOaBd is the echo otthe prejudices or the passi-
ons of mankind: but the possibility is, that he is
as much under the influence of prejudice oil
his part There is nothing in the sound of the
word to produce apprehension or even TO af
ford argument; and the imagipations and pas
sions of mankind require to be c~inbatted by
some thing more than sound in this respect,
MIR. Bentham appears to have offered no other,
l.ntt ttr, IL 81 ~
entirely out ofthe question.
Arguments dravnfrom the abuse againststhe
use, are no more worthy of reply. BY such a
rule. morals and honor would be of no weight
for what has neen more abused? The purpose
in view, in fixing standard, is that certcin!y
in the value Of possessions shall be always
known; and what standard could be more suit.
able than that meta which is universally receiv.
ed In Il known relation to every article of pro-
duction and necessiy'
There can be no surprise at the difference
of opinion which may arise on subject
which is established in depth of saga
ciiy and wisdom, that modern economists fall
eXtrC mely short or. and which hal its fouudati-
| OF in ages of experience, requiring the abrora-
| ton OF nccnuous abuse of the advantages
/ which opulence possessed i'll seasons of calani-
| ty. and which rendered it necessary to fix IN
| lnv3rlabie law a 10 money, upon principles Of
! equity and certainty. II had its origin with the
authors of the dTthrie.c al notation now uniyer-
sally used, and, like that ,ooaderfal iarenf;on,
| contributes to the greatest of social blessings,
| BY enabling every one TO appreciate, bv The
| mere enumeration OF eoig, the absolute and
permanent relative value of his possessions
however great or small; and their adequacy to
procure'what conduces TO happiness.
The STANDARD Is made from materials the
| least possibly variable, and therefore the near
est TO stability and uniformity, that can be de-
vised.
II is the agent of sovereign authority of ma
tion-and TOR TIM reason 10 imitase to defdce
Va IL
not or account OF the intrinsic value of the pie
| ses initiated OF detaced, but because of The
| greater evil, which. federated, wond break
up the security OF property, and destroy conf
dence.
II is not because those who make coins in
limitation closely resembling the lawful coins,
| that they are held criminal-it is not because
there IS more or less base metal in the false
coin; ii would be still crime il the execution
ofthe cein was az finer workmanship, for the
| standard of value would still be lsss-but
the uncertaini: produced by depreciation of
the STANDARD 81 safe, is the evil apprehended.
apply these principles then to the question
| of ssuFy: The state fixes standard, conform
ing as close as possible to the standard Of all
nations. This standard is founded on a certain
and known proportion of metal whose Intrinsic
tatae IS nearly universally the same the, sove-
reign coins money; the law allows that a GER
tain interest may be paid for the use of money ;
but regulates that interest, so that there shall
| be greater advantages to society from the ex.
CudlceS Oi COMMODITIES, TIE products oil labor,
| Than from trading in money, which is the a.
gent of the society; for by nsary, industry and
productive genius are pIuHdered to cherish
lazy rapacity, Incidence, luxury, and the con-
sumers of the fruits ofindustry; every sum ia.
| ken by gsiTy, IS an actual Pnbficro56erY as much
as false coming, aud operates in the same way
for ii is subducton from the produc Is oflabor.
and violation OF the social guarantee of u
niform value.
Whatever goes to deprPeiats the money stan
daTd, goes TO depreciate the ralae of &oads, and
OF every KIND of fixed property, and TO destroy
trade; nOttO render laads accessible TO MANY
purchasers, but to depreciate their value in the
hands OF the rossessors: for it is self evident
truth, that land falls as the price of money
rises.
What difference is there in the operation of
the two following iacts2
"A lends thousand dollars at so per cent.
interest for one year. r. CONS leo eagles, but
instead OF putting go grains of standard gold
in each, he mixes only l35 grains of gold and
| l35 grains OF copper, and stamps them as ca
giles, and pays them TO G. for 5 1000 where is
the difference of character between the two
tran sactieBs?
After deducting fifty per cent. for the usury,
C has 5 500 left. After assayiny the eagles. and
extracting the gold he has 500 dollars worth of
standard gold.
For false coming, the manufacturer of eagles
is punishable with DEATH but Mr.. Bentlam
says, that the loss Of usury is perfectly Innocent
transaction nay, that it is tyranny not to let e.
very max be Lsurer.
These ideas submit to your discretion, Mr..
Editor, and am one of the discipines of
MENU.
THEATRICAL HUBBUB.