Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1820-03-17

aud silver were in demand. Since the close
OF the last century, doubts have existed, whe-
ther those metals even when employed as
currency, have not appreciated in vane : and
IL Is contended 10y the advocates OF paper
currency, that this appreciation will probably
continue through long succession OF years,
aud seriously affect all the operations OF the
civilized world. 1t is maintained by these
writer's, that the demand for CURRENCY al pre-
sent, throughout the world, is greater than
the supply which the existing quaHtity OF the
precious metals will afford, without materially
depressing the price OF all the objects OF hui
man industry and human desires. Wheni il is
reeoilected that production is regulated by
demand, and that both are directly affected
BY the quantity OF currency compared with
tue quantity of tue article to be exchanged (;
IL Is readily perceived, that an increase i'm the
currency OF the world by the substitution OF
paper, even when convertible into coin, will
increase the quantity of exchangable commo-
dites IN the word, beyond what would have
existed, had such increase of currency net ia
Ken place. Under such circumstances, sud.
den reduction OF the currency by the reiec-
ton of the paper which had been employed,
could not tail 10 deraHge all the relations of
society, by diminishing The quantity of cur.
Tency, whilst the articles TO be eNcbange ed
through It's agency, would suffer no such di-
ibinutiOu. %.
An immediate depression i'm the price of al |
commodities would BE- the inevitable conse-
qoence ot an unqualified return 10 a IN. tallic
currency, upon the supposition that the guam
tity OF gold aud silver, Annually pruduced
| should remain undiminished. But If this re-
turn TO metallic currency should be attempt
ed al aperlod VIXEN the annual product of
'hese metals, either from temporary or per-
mdheht Causes, should have considerably de-
| creased, all the great interests of society
would ~e most seriously disordered, properly
OF every description would rapi,i ' ia:l IN va
lue the relations between creditor and
debtor would be violently and suddenly
| changed.
| THIS change would be greatly to the injury
OF the debtor; the property winch would be
necessary TO dischary his de BITS, would exceed
thai winch he had received from his creditor /:
!he one woniu be ruined without the inn alta
uon OF CRIME, whilst the other would be en-,
| riched without the sembance OF merit I'm
! III me ensa. ements existing al the moment of
| SuCh 3" ia &c are discharged and the price
| Of iaosr and OF commodities is reduced L. the
| proportion which II must bear TO the uuantjt,
o. currency employed as the medium OF their
| exchange, enterprise of every Kind will he
r'pieSseu, and misery and distress universally
! areVail. " hen this shall be effected the re-
idi"nso ' society, founded npou new basis
VIII De equitable and just, and tend To pro-
mote ahd secure the general prosperity
ou"b, IL Is ccntended by the adyocates of a
| PaPei currency are Tie circumstances under
! "hich The principal states OF Europe are en-
| uedNoIlhg 10 Return TO a metallic currency
FOR century past, the currency OF those
states has been greatly increased bv The en-
| ploNheht of paper, founded, il is true origin
| any upon metallic basis. During the last
a"en'y Years inns paper has ceased to he
convertible into specie ; aud as no systenatic
! eh'r' mas been made TO prevent excessive
ISSUES, IL has become redundant, ard conse.
| 4uently deprecated. Notwithstanding this
appreciation The productions of those couh-
uirS, III IS believed, have more rapidly iucrsas-
Ell, IMAM those Ot countries where a metallic.
CURRENCY htS been preserved. The FIRST efi.rt.
mat are seriously made by those states 10 retain
d MOI aIi'r currency, VIII be the repression OF
! enterprise OF every dissertation amou,l
| them selves. Il will be forpseen thai the r,'r-
| leucS must app reciate. and that all other ar
ucIeS MSst depreciate in value The effects
OF thts appreciation of money will be first
"a"Hestei Ia those states. by the fall OF the
pflce OF ali articles which cannot be exnort.d
| lI me progress of these measures the nrice
o. t"' eApOrldDle articles will also be affect
| cd ny The reduction la the currency empIoyed
| III eHecliug thelr eXchauge.-It is even prob.
! "I'. ,i"' nc quah'ily OF exChaieeaOle anti
! Cues WIZ De- diminished Whilst the ann ecia-
! 40" "i he Currency IL percsptibIy ADVANCING
/ tht manufacturer Will not hazard his c,niIaI
! /" produc ny articles the pItce of which is
| tap'"N declining. 1h" merchant will abstain
from purchasing, under the appreIieusion ot a
| 'hfther reduction OF price. aud OF Ihe Difficult
| ~ OF re-VendiUg al profit. IL is even uroL-
do'e mol Tie iniereSt of money will fall whist
| me CRY OF a scarcity OF money will be aces
| SAINT. Under such ciTCnmsiaiIc loans will
-
nen'ale urgency, IoOc will he demanded tor
'he prosecution Oi enterprises by which the
| productive energies OF The community will be
IICrea-td " ~
| by England and several of The cont,,.ntaI
STATES OF Europe, for returning to a met,Ili,.
currency advance. The interest Ofthose tales
Wnlch nave adhered to il will be AFFECTED -
W MIST yoId aud silver we're, ia the fa,,nsr
| STATES, dispensed with az coin they were .on,b,
| toi merely AS commodities The uuan,ity me- :
| cesSdIS ioi iheirmdnutactuTeS was readily OBJ
tai"ed, without deransing, in any serious dc.
| Slte, the currency ut other states
| Ii has heen estimated thai from eightv Ia
one hundred aud fwruty millions of dn5tars
| were necessary o I'm land Takiur the n,..,,
| sum and Admitting that the other Euronean
| states engaged IN the same effort rpouirs 49,,
equal amount supply of two HUNDRED nil
! lions of dollars is necessary The con,nenna-
| meut OF The measures necessary TO Obtain
that pOril0n o. this sum which cannot in a short
tune, De drdwn from the annual product of the
m'neS' may MOI be immediately felt by other
| NtdlPS But. wien these measures annroacb
| their completion when a large uuantity -,
| goa and siVsris NECESSARILY withdraw from,
| the currency OF Otter states, the price of sne =
cIe VII, IN the latter ,appreciate and The nrice
OF all c"mmod'leS viii decline. All the evils
| incident 10 AN apprecIaiicg CURRENCY will he
'eit IN those states, though In a less degree
| tiIdn "hrTe paper currency had been - Gin.
| siVeIy adopted The example presented nv,
| tue Fethih 10 metallic currency IN France
evenin the midst OF revolution, which prob~
! ably had some influence uyou The derision - ,
| tins question By other states is believed In
| ne III no DECREE, analogous IN its uTincinaI
| circumstances Al the precise period tiat
| ms change was operating, England. aud the
/ principal continental states, abandoned The
| precious metals DIS CURRENCY. The SUNNY de.
| nanded by France was not only at hand INT
| was seeking the very employment winch tl,at
| change had made Indispensable At lie same
iIioe, Immense sums were UrOusi into france
| ny htf eOnP"e'ing 'Iinles, which, being ,aised
| b! miiItdIy contribution had ia SONG dsg,.s
| rendered resort TO paper carrenry. in Tie
Invaded states, necessary. At present the
| civilized world Is at .'eace and each state il
endeaVoriug, by systematic measures. TO Sc