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

upon the government they would never reach I
those sections OF country where relief is most /
required. There, tue government already col :
lects more than eau lie expended. One of the +
causes OF this distress is the necessity of trans
ferring the public funds from those sections, /
Tor the purpose OF being expended, TO those f.
where there Is no deficiency ut currency.
As a financial resource, the issue OF treasury |
notes is justihable only where the deficiency, |
which they are Intended to supply, is small in |
amount, and temporary in its nature. AS a
! measure of alienation, il will be more likely
TO do harm than good. If a sufficient amount
OF those notes, OF any description whatever,
should he issued, aud put into circulation
where they are most wanted, unless they
were given away, a debt ia that part OF the
Union would be contracted TO the extent of
the issue. Ii might enable the borrowers to
pay debts previously contracted, but their re-
IatiVe situation would be tile same. Unless
the currency became vitiated by the relief
which was afforded, the ultimate payme MT of
the debt would cousummate the ruiu which
the measure WAS intended TO prevent. But il
is proDahie that the sums which might he ad-
vaIced, by way of loan, would, ia a great de-
gree, he lost. The government is not. from its
nature qualified for operations of this kind.
he general system OF credit which has bseu
introduced by the agency OF bank aud by The
inevitable effect OF tue measures of the gene
raj government, has produced an artificial
state OF tnin.s, which requires repression
rather tHan extension. The Issue of treasury
notes, tor the purpose of aii.yiaiin: the gem
erai distress, would tend TO increase this un-
natural aud forced state OF thiDss, aud give TO
| IL duration which II would otherwise never
attain. Ii much vi the evil resulting from a
| decreas in. currency had not already been
| SUFFERED. there might be some plausible reason
| tor urging the Issue Of treasury notes, as inca
| sure OF alienation. This er0sud cannot b,
u'ged III Its favor; il Is, therefore, iudefeusi-
bic. npon the ground OF expediency as we'll
| "a at principle.
| The last menber of the resolution assume,
| by implication the practicabilit, of sUbs,itu-
L ~ glfl. 4 a.,f,I 4,
efs OF Congress paper currency for that
| which now exists.
| In considering this proposition the power
or Cong esS over the CURRENCY of the u STATES
| camuoi, consistently with the respect which is
| due 10 that body, he either affirmed or deni-
ed IL cannsr De Supposed that the House of
| Representatives,, IL adopting the oution III
| qneshoo, intended through the agency OF an
| executive department OF the government TO
| destitute an Inquiry as Ia the extent of the
| constitutional authority of a body of which il
! l. only constituent member. Yet il viii ne-
| c-NS'iuN occur TO the nous, that, ii the pow er
| Of Congress over til- currency is not a.soiute-.
| ~ sovereign the iuqn,ry, whatever mas be its
| immediate result, must be without auy ulti-
! mate utility The general prosperity wall not
| or advanced by demonstrating that there is
40 intrinsic obstacle TO the substitution of a pa
| per Ior natalie currency At the power To d.
dopt the substitute has bee. withheld & om the
| Federal government. Without offering an
| opUnIon upou tue weight to winch these views
| would nave bee. entitled, had they been ury-
| eel hist the resolution was uader consider.
| duon, IiiN admitted that the furnish no ground
| Tor %sciIninZ tht performance OF the duty I'M
| posed ny It's adoption. In the discussion OF "A
! usStOn Oi SO much d.licacy aud IMPORTANCE
'hc utmost csnt 'ence ~ repOSed in the jUstics.
and lIDpIaIily OF those who ltaye rendered. i, IN
| dispensabe.
Al the threshold Ofths enquiry il is proper
| to observe, that il is deemed uunecesssr, to
| prestn N, dH analysis If IN" motives which led
! even IN the mos re note luiigniiy, to Int ye-
| y 4 az NJ ~nll nd
| silver as the standard OF value, or, of the .td-
vdniages winch have resulted from thai adm
| non Inc circumstances TO which, IN the
course OF thlS Investigation. 20 will be Aecpssa-
| ~ 10 advert, Is the tendency which metallic
! currency hhs 10 preserve greater uniformity
OF value, than any other cOmuudily; aud the
| idcllty win winch II returns 10 thai value,
| whenever by amy temporary causes, thar u.-
| loiinltN has been interrupted. No alignment
| will, III this place, be offered ia support at
| ;hls proposition. 1t is founded in the expert
| enCe OF all H.tIous. Its truth for Toe present
| Will therefore he assumed. Bnt. the PROPOSE.
| ton itself admits, that gold and silver when
| employed, by the consent tiii civilized states
as TIE standard OF value are saojeci 10 iemto-
| rdry VARIATIONS OF value. Ii IL eoualy me
| that they are subject TO permanent variations
| HE cause aud effect of these changes will he
considered previously t. the discussion Ut the
| pract dhlIItN of SubStitntU. paper for "A me-
| taliic currency.
list When, ny auy circumstance whatever
| a greater portion OF these metals is found in a
particular stale than posseS>-lD NV other states
| having articles Ut equal value TO he eAclIauyed
they VIII, 10 sucn stale, be OfI.ss value tnan in
| Tie adjacent states. TINS will be manifested
| by an Increase III the rrice of tile Commodities.
| Of such state THIS increase OF price will cor
| time anil The metallic Redundancy Is exported
| ~ converted IuiO manufactures. Whenever
| this redundancy ~ disposed OF, The currency
| will return 10 It's former value and the price
| OF other commodities viii be regulated BY
| that Vaine.
ri But, the expiration of specie may take
| place where there no snch rednndanc, iirs
| occurs wheneveE the general balance of trade
| CONTINUE s Tor some time, uhfaVOrdble 10 par
| ucGidr state. Ihe currency then APPRECIATES
ia va ne and the price of "a 4 other commodities
| ia such state Is dimlui-hgi. As commerce is
| noih'n- more thin the exchange OF equivalents
me DEDUCTION IN the price of all other com.
| m1ditie' IN such state, and the increased
| value It the currency will p,omptl, produce
| reaction aud gold and silver will soon re-
| turn ia the Quantities required to reduce
| their value to that which they maintain IN
thu adJaceEt states. With the return OF .pe.
Gle, ali other articles will return to the Dri-
| ces which they commanded before its expor-
| tdtIon. Like HnldS, tie precious metals so
long as they are employed general measure
OF vaiu', will constantly teud 10 preserve a
common level. Every variation from il will
| he promptly corrected without the ,ntervtu
| ZION OF human laws. The fluctuations being
| TEN pofaTN IN thelT nature, wholly Indp-
| pendent Of the permanent causes which may
| affect the value of gold aud silver, when EN-
| plOyed as the general standard of value They
| will equally occur, whether the quantity VI
| these metals, compared with the exchanges
| which they are destined TO effect, be redUi-
| ddHt or deficient. The iiuJils, however within
| which these fluctuations are confined are SO
| contracted, that tie great interests OF society
| cannot he seriously affected by them. But
| THIS observation must be understood to apply
| 10 currency purely metallic, or, AT least, when
| the paper which is connected with il does not
exceed the demand for the convenient trans
| mission Of money.
| Sd. gold and silver when ennloyed bv rho