Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1820-04-07

The fluctuations of the price OF stock;
that u may change the rates OF coavcr,i-
biiiv with the rates of interest; aud thus
continually regu'ale the rates al which
the currency sh"Gid be convertible into
siuCk.- Dui the legislator who undertakes
THIS task may as well chase The rainbow.
a thug 80 variable az the real or supp0s-
ed profits OF capital, so variable us the
value al funded STOCK things in them
selves dependent upon such d variety OF
ranses, can ncver be defined with suili
citni accuracy 10 answer the purposes of
standard. While YOU are fixing yonr
eye upon the beam at the scale, il vi,
brates into Dew position. The very
circumstance of absorbing or creating
stock, changes lis value. The circunl-
stance Of increasing or diminlsh!n. the
demand or SUPPLY of capital, varies lis
value and lis interest You cauroi hy
re touching The rates Of convcriibi!iiy. as
often "a YOU please, SUI, the word Ia The
action" The law 20 the ia .. The changes
are too numerous and subtle la be de
tec'ed by the legislature. And Is thing,
thus changeabie aud changriul, TO serve
as an uniform and certain standard for
regulating the Circulaiion2 NJ By far
better leave goli aud silver, and their
convertible equivalents, 10 Themselves
lhey are subject 10 infinitely. few or vari-
a,ions, than these paper thermometers.
We arrive al Mat pa:i Of the discussion
which touches on foreign exchanges
How would Mr.. C's scheme affect ,hem
We shall give bun ii very few remarks 10
this branch OF HE subject. Mr.. c. csyumes
thar his would be- we'll regulated cur
rency : that lis " redundancy" would be
prevented" We have attempted on
Tie other hand TO prove tI,ai it furnishes
u" adequate check against redundancy
nj fact, that there is 10 way 10 prevent il,
bur lay using the same valuable tnediu,u
as the countries with " Lich We deal ::
and thus il will ifow ia nr el-h Ou, accord
nag {" us relative deficiency or excess. Ii
The " Naiiosai Currency" be likely 10 he
redundant, as we have attempted 10 show,
the foreign exchange is ceicuiaicdio ne
against us not tlat IL will necessarily be
So, tor favorable balance ot trade may
be so giea as even To cuuuieract NE eI.
ieci OF l'ir depreciation Of the cuireucy.
But leil In Itself that depreciation viii al
WAYS lead 10 an untaVUrable foreign OK
r'ldnge. We are not certain that Mr. C..
denies this principle in ihe ,isse OF Isis
Rcpn!;---tlere are some remarks that
II
bul II he does, Sc beg leave iespect.Uliy
TO refer to his table +, (of the rates OF
exchange IN 1913, IL, Island I6) by which
ne seeks 10 determine UAeye the mos,
excessive issue Of bauh notes occurred ."
We have thus fer attempted 10 show
that Dir. C's cheek Ill not answer tLe
purp sec lie proposes. viz 10 correct The
redundancy OF the naiioual currency. In
uts rel hat
s~er bat a metallic currency or a paper
" issued by people OF untouched credit.
payable upon demand without any cen
dIllen, and IN fact always readily paid =.
soon as presented" in geld and silver
IpeaiM Of Nations, vol. /.
We shall not examine IN deiall The other
objections That present themselves; but
content ourselves with askiug-Has the
government the power 10 introduce this
system, Or ought il 10 be given!
II gold or silver he banlsilFd, how can
The government meet lis engagements"
to redeem lis stock in specie Shall VT
engage In system which converts The
government into money changer, HINT"
ing up gold aud silver TO pay lis debts
importing them, II necessary, ~ great
expense, instead of leaving that bus mess
Ia Iands which are cOnversant With il ?
-, II The government should find il
sometimes lmpraCticable" 10 meet their
engagements, shall we adopt "a system
"'iIch looks 10 "a compromise With The
public creditors" DIS "a preliminary mea
sure
Must we lake up a scheme, which re-
cures lie government always 10 be in
debt-io have public stocks oul? A
public debt is not surely public bless
ing.
suppose The government 10 have occa
sion 10 make new loans for iiself--will II
meet 10 difficulty in This very system 10
effect them We might dwell largely on
this part of The subject.
But enough. {. I'VE have dwell long
enough upon the matter. Nothing should
have caused us 10 devote so mnciI aiien-
ton TO lt, bui the very sincere respect so
entertain for IFS author. Mr.. G. is a man
OF great powers what he proposes is en-
titled 10 the most respectful aitrmlinn.-
But we are bound 10 believe han in Nh,
present case he is IN an error: that he
has moi had sufficient time TO digest and
weigh his plan and that if he Had ohly
borne with all hiSmind upon il, he would
have seen iiat a. Treasury notes cannot
relieve The country against its present dis
tresseS,t so also his national currency
could never have answered az perna
nenI system for the United States.
Ia fact, LET us he done with sucb spleB-
did paper schemes-lei Us be done with
the HOmos, with the T, witt
the authors Of tbe Baltimore pamphletS-
lei us return TO The good old maxim. liiar
nothing will serve us well but gold an,l
silver, aud a wrlI-regulaied paper syslrfn,
al all times rlgidly convertible into gold
aud silver Let us also adopt the maNiH,
that. barring the interference OF an III
regulated paper sy stem, We (ihc penrir
shall always command oui due share o.
the precious metals