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

crease or diminish but that must remain, at
all tunes, th: same, both in quantity and va
lue.
OF the precise amount Of this sort OF cur
rency, that would supply the natural and ne
cessary demand of the nation, it would be
difficult perhaps TO form, withou: experiment
an accurate estimate. The average amount
of gold and silver in the country, for the last
twenty years, after deducting that portion OF
it, employed i'll foreign uade, would, howe
yer (if it could be ascertainedG, furnish tole-
rably correct data on which to proceed. And
EVENT. this should fail us, little reflection
on the character and principles, and object OF
the currency, proposed to be established, aid
ed by few years of experiment, would IN
evitably lead US to conclusions, from which
there could be no future necessity for devia-
ting,
Having thus, sir, laid the foundation of
currency, at once cheap and uniform in guam
tity, the next and only remaining object, is
to give to it an uniformity in value, by secu-.
ring it efectuaIy ir the confidence Of the
nation. That this is an object not very diff
ficult to be accomplished, the history OF the
banking operations both Of England and of
our own country, will fully prove. In the
former, bank unrestricted as to IFS issues,
and offering no other pledge Than its original
subscription, the soIvency of its debtors, and
the general correctness OF lis management,
has been able TO give, no! only currency, but
the highest degree of credit to an amount of
,rredeemabte notes, very far exceeding the
capital on which they have been issued
They have, not unirequentIy OF late, and in
deed on many former occasions, comm anded
more than their nominal value in specie
In our own country too, banks Wretched!y
organized, and yet more wretchedly mana
ged, have made their way into public conf
dence, with a facility, that could hardly lie
believed by those who had not themselves
witnessed the fact
Where, then, would be the difficulty of
creating a paper currency, restricted IN a.
mount, and bottomed on the most substantial
securiy-nolhing less, il necessary, than the
whole resources of the naton-that should
command entire and unbounded confidence
The mere circumstance OF there being IL
nit, moderate in extent, beyond which II
coud not go, would give it decided advan-
tage over any paper hitherto known IN Eng
lani or in this country. And no matter whe-
Their issued immediately by The government,
or by bank on the authority OF the govern
ment, there could certainly he no Gllhculty
in providing tor it, security, equally goou
at least, with that of the iIredeemabie notes
of the bank of England or the worse than
irredeelnable notes OF our own banks. Go
one step farther, and make it a complete sub
stiute for gold and siIver-make it not only
receivable in payments TO the government,
but legal tender in all other payments not
less than FIVE dollars and your system Is
complete-you have a currency always IN
demand, always secure, and always uni
forms
Nor, sir, need you fear too great restTc-
ton on the pecuniary facilities OF the coun-
try. The currency proposed, IS Suostl"
,ue for that portion only OF the precious me-
tails, which has hitherto constituted the basis
of your circulating medium. And 10 that
portion IT would OF course be equal in amount:
while your local banks-(or if SO desirable
change could be made( your banks would
finnish the loans necessary in commercial o.
perations and gold and silver being redu-
ced 10 mere articles OF trade, would, like e.
very other article Of trade, be supplied in
proportion TO the demand for them.
am aware, SIR, that in this country, and
al this time, there are uany Obstacles 10 the
adoption OF the scheme which have propo,
sed The engagements of the government
with the bank of the United States, world
preclude TIE possibility Of resort 10 many
regulations absolutely necessary 10 carry 1t
into effect And some of the states would
not fail to view witl.jeatousy and disr1Ist, a.
ny currency, for which they were to be Who'll
" dependent on the general government
But these are obstacles that ought ODE en-
countered, and, if possible, overcome. Tc
give to the country cheap and an uniform
currency to secure the nation against the