Alexandria gazette & daily advertiser. [volume] (Alexandria [Va.]) 1817-1822, 1819-12-01
NATIONAL CT
NATIONAL CURRENCf.
To The Secretary ofthe Treasury:

more than ordinary anxiety. The high and
important station which you occupy as Sc
cretary of the Treasury, not only furnishes
YOU with ample means OF information as 10
fine true state OF our monied concerns, but 1t
gives YOU. in relation to them, certain de-
gree of control, on whose early and whole
some exercise, much of the future prosperi-
~ OF our country may depend. Your atten-
lion has doubtless been directed to the ex-
raordinary pecuniary embarrassments under
which we are laboring and you cannot have
failed TO trace them, at least in part, to dn
excess of bank capital, excessive issues oil
bank paper, excessive loans and, last not
least, TO the unboun6ed extravaganza which
hiss necessarily resulted from the imperlec-
tons and corruptions of our whole banking
system. Such is the disease.-lt belongs 10
YOU to apply the remedy and should you
succeed. you cannot fail to gather your share
of laurels from the same tree which has al
ready shed It's honors on the names OF ia"
milton and Dallas.
But, Sir, il is not on this subject | had
designed to address you. My attention has
been particularly attracted to the special du-
~ assigned you by the House of Representa-
tives, of inquiring into the practicatiIity of
substituting for gold and silver, some cheap
er and better currency. The objections TO
gold and silver, as circulating medium, are,
that they are liable to continual fluctuations,
both in quantity and value, aud that as arti-
cles of commerce. they are not only too
costly, but may possibly, by the regular
course of trade, be Withdrawn entirely from
our reach. 1t was not, therefore, without
reason, tina, the supreme legislature Of the
nation resolved al this early period, TO insti-
tute an inquiry into the means of removing
evils that already existed, and of guarding
against evils still greater, that might be ap-
pretended.
The chief object of money, Sir, is TO tacl-
litate the business of exchange. In earlier
days, commercial transactions between man
and man were conducted by the direct and
actual exchange of commodities in possession
and not wanted, for those which his necessi-
ties required, but which the means in his
power did not enable him 60 obtain! The
only difficulty was 10 determine the value OF
interpretive articles But this was difficult
ty of no inconsiderajle magnitude. I he labor
bestowed upon each, constituted, perhaps.
the best, and yet very imperfect criterion
OF its worth bacause il excluded, of COZ Sc,
all reference 10 the costliness ofthe materials,
the Ingenuity OF the artist, the machinery or
implements by winch be vas aided, and a.
bove all. to The relative proportion Of sup
ply, and demand in the market, Nor was
there any other better criterion, TO which re-
sort coud have been had. An required a
complexity Of calculation, that left the bust
ness CT exchange, at last, nothing more than
system OF trick and chicanery in viii, h
skill and artiEcs were sure to triumph over
honest simplicity and unsuspeciiDg credit
Iity.
No wonder ,hen that mankind should have
seen, at a very early period, the necessity
of establishing some regular standard, by re-
ference to which. the relative value of diff
ferent articles might at all times be ascer-
tanned. Cattle, salt, dried cod, tobacco, su-
gar, iron, brass, gold, silver, and paper have
accordingly been tried. But all have been
found wanting in that which was essential to
them, as standards Of value, viz. uniformity
IN their own value.
The pound would be but very imperfect
criterion ofweight, if the quantity of mat
ter il contained was continually varying.
Nor could any accuracy in measurement be
calculated on. if the length Of the yard was
one thing to day, and another Tomorrow
How then can that be relied on, as the mea-
sure of all value, which is not itself equal
and uniform in value On our present sys-
TEN, an article may be worth one dollar TO
day and two tomorrow, and yet its value
remain the same. The man who sells you
his property, may find the standard by which
he estimated il, deprecated, before the day
efpayment, so per cent. He may receive
the nominal amount of yosr bond, and yet
be paid only one half the price which
induced him TO part with his property.
To give the national currency the requi-
site uniformity of value, il is necessary
1st. That II should consist of something hav-