Alexandria gazette & daily advertiser. [volume] (Alexandria [Va.]) 1817-1822, 1819-12-01

3Gly. That it should be secured by every
possible means in the public confidence.
Whether any or all of these attributes can
be found in either of the standards already
referred to, is worthy of enquiry. The cat
tie of ancient Greece, the salt of Abyssinia,
the cod of Newfoundland. and the sugar OF
the West Indies each of them possessed an
intrinsic value as an article of food, and an
additional value as an article of trade. The
tobacco OF Virginia ministered TO the several
pleasures OF its consumers, and to the pecu-
mary profits both of its growers and lis ex-
porters. Iron and brass are used in the ma
nufacture ofarticles that have become essen
tial TO the comforts of mankind. Gold and
silver are every where in demand, either as
currency or as the raw material, of articles
both ofuse and ornament. And all of them
are liable TO the fluctuations that necessarily
grow out of continued production, consump-
ton and trade. Nor am | aware of any
means by which the characters Of all or Ell
Their Of them can be changed. Laws may
be enacted against the cultivation Of one ar
ticle, or the manufacture OF another, against
production or consum ption, expectation or
importation bu' the experience of the world
has demonstrated that such laws must be in
e6ectual. The natural inclinations of man
kind cannot be resisted. Their natural
rights cannot be taken from them. How Of
ten have the governments of Europe attempt
ed 10 restrain the expectation of the precious
metals How uniformly have they failed l?
How gladly, on many occasions, would we
have resorted 10 similar expedient, bot
from the conviction, that it would have been
useless
Gold and silver then, and all other articles,
posse ssing, like hem, an intrinsic value, or
value in trace, and that are liable to con-
tinual fluctuations in quantity, however they
may command The public confidence, are
unfit to be the standards of value in the ma
tion because their own value is continually
changing. They are to the purpose for
which they are designed, what bushel,
whose dimensions were viewed with every
change in the atmosphere, would be in the
measurement OF quantity. They produce
confusion in all our commercial transactions,
irregularitv both in public and private Gre
dts, and are endured only because better
substitute has not been provided.
Against paper currency, in any shape in
which it has hitherto been tried, very Just
& natural prejudices have existed. As the re-
preventative Of the precious metals, it is Of
course liable to all the objections that have
been urged against them, but from the facli-
ty with which it is created it is, when I'M
restrained, exposed to much more serious
one, from which gold and silver are neces-
sarily exempt--l mean an occasional dimi-
mutton, and sometimes total loss OF public
confidence.
But might not all these difficulties be oh
waited ? Might nota pafer currency be es-
tabiished, freed from every objection, and
capable OF Standing, in its fullest extent, the
test have proposed above i?
In lis intrinsic wVrthiessneSs, I" in having
no value OF is own, and no value IS an ar
ticle OF trade" IL i, at once, possessed Of
the first, AMI not the least important rcqui-
site of sound and an efficient currency
Tbs alone IS sufficient TO secure it against
the danger, Ito which gold and silver are pc
cuIiarIy exposed. of being withdrawn from
US IN times ct difficulty, when its presence is
most essential 10 our prosperity. 1t is want
Cd TO where but at home, because no VIII ere
else is il the medium of exchange, and no
where else will it purchase whatevrri is Offer
I'd ;or sale We may always therefore ieel
assured Of finding il, where lis prerogatrcs
are greatest And if we can succeed in CIV
ing TO i, a real and an uniform value, we
may also feel assured of finding il safer and
better currency than any which the world
has hitherto tried.
From changes il quality, il has nothing 10
apprehend : and against fluctuations in GUAM
tity, it may be effectually guarded, by pro-
per limitations on the power of creating it
lis amount should be fixed and unchaugeable
am aware, sir, that it is received max
i'm in political economy, that the quantity OF
money required by any nation, must depend
on circumstances, and vary with every change
in IFS situation that prosperous times, sue
cessfl,l commerce. increasing wealth and