Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1820-04-07
RICHMOND, IFRIL 4 1920

mr.. CramJordy Cnrency Report No. 3.
In the depression, with which Mr.. Craw.
ford closes the secoBd branch of the Re-
port, II Is, satisfactorily, shown, that an
emission OF large amount of treasury
notes Is not calculated to relieve The pe-
cnniary distress Of The country. His re-
marks on ihIs subject are recommended
70 the particular examination OF those
who are friendly TO such an emission.
lie tbIrd member OF the resolution of
the House of Representatives requires The
Secretary OF Tie Treasury TO report such
measures, as III his opinion may be expo
hiehl TO supply circulating medium IN
place OF specie, adapted to tie cxigencies
of the country, and within Tie power OF
the government.
La entering upon this branch OF the
subject, MIR. T.. waves the question which
naturally arises us 10 the constitutional
power OF Congress TO establish a national
currency III lieu of specie. Although wc
are perfectly satisfied Thai The federal
constitution coGierS 10 such power, we
shall not STOP 10 make the enquiry. This
Is All age ofe3PeriDeAt. Sound principles
oi political economy seem TO he Danish.
ed. One experiment fails, and another
immediately succeeds 10 repair the en-
harrassmcnts resulting from the first.
Whatever promises 10 answer this end, is
likely TO be favorably received; and il
She powers Of government he found i'll
sufficient, efforts may be made 10 procure
lie" grants ot power or, as in HE me-
norabie case OF the present National
Bank, II may be thought that crisis has
arrived OF sufficient Importance 10 Justify
an enlarged construction al lhe constiln.
ton, beyond what was contemplated BY
the trainers OF that instrument.
Among the many visionary schemes
which have been projected Tor the relief
OF the country, this is the only one which
las The public sanction OF IA high and res
pectable public otfiVcr. We consider MIR.
Crawford man of great talents aud pub
BIC worth. The superior order Of lis un-
Outstanding, aud The virtues uf his CHAR
acter have gaiRcd The confidence of his
country. Any ding, therefore, which
bears the Authority Of Ills name, is likely
20 attract attention and 10 obtain adVo-
cafes In addition 10 these cOnSidera.
tluns we are Induced 10 examine his prOjet
OF ualIOiIai currency, Gecdu-e there is a
convection Oh lie minds OF some iaiell.
gent men OF the praCtlcsbililY and utility
OF such measure. Ii is Il subject, which
as Mr.. &. says, " invoives all Tie comnli-
called interests al society, except tie en-.
loynIrut Of civil, political AID religious
liberty"
We ought however 10 remark, in Justice
.e Mr. T.. ilat the resolution imposes upon
linn tie duty which he has performed
HAT ~ the performance Of il, he claims
obe indulgence OF those who have rem
dered /, necessary and c0niesses many
very strong objections 10 " hich his plan
IS exposed.
TIN plan is 10 Issue Government Paper
20 be thrown into circulation in exclisngc
t0r specie OF government stock as par
ibis currency is 10 be convertible a.
gain into STOCK at The pleasure of The
holder, and at a rate OF interest, a lrac.
slon below that Of legal interest tie go
NeThmeDt rescrylng TO Itself The rigbi o.
fedeeming Tie stock lhus issued, when
ever 1t shall be deemed expedicni TO dc
so-bui 10 Tie order oil time 10 Which il
was issued.
II Is stated that this system may an
F"ef either with or without bdnks--ii po
'"'o operation il euojpgciiOn with banks