Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1820-03-28

4 v. It
Is issued IN bulls OF small denominations.
tie amount q! specie which Will be er-
ported, will be great in proportion 10 IA.
| paper IN circUiaiion."
! We subscribe 10 The geucra! principle
| coniaioed ~ these Stalemeuts--our pre-
Sent paper currency * calculated 10 ban
| ISL The specie from the counir,-rhe ,b-
Ject IS 10 retain sufficient quariiiy %
| specie-that II, quantity sufficient 60
give us an UNIFORM circulation, and 10
prevent fluctuations i'm the currency TO
| AN extent 10 deiau.e The interests Of So
cieiy.' II you permit paper TO enter in
10 Tins circulation al all /; IL Won consent
| TO purchase ITS facilities and cbeapness
al The expense OF some little uniformity, +
| II must be subjected 10 rigid restrictions
-"neth.r II De issued by d national bank,
by State banks, ar by private unchar-
'ercd associations ("ith whom, in the o
pinlon OF Adam Smith, IL ought To be Left
excessively guarantees against abuse
onghl Ia be providrd-issur> of small de-
nominations must he prohibited Res
lrainis ought also To be lmposcd upon
excessive iSsues"-paper ought AT all
times 10 be convertible INTO specie-ihe
least difficulty OH The score of specie paw.
menls, should Operate as forfeiture OF
the charicr-bagks wnuid then be more
clfcum. poet miheir issues knowing that
Their existence depended upon their a.
bIliiy 10 meet every demand.
But whether these provisions had bei-
ter b" !eit tn The individual S,aies-w he
ther Congress have, ar ought 10 have the
power Ia enact tbem-are questions,
which with the Secretary al the Treasury
we wave ~, present. they are all Of
them important, and require great cou-
nj II
institutions. Through The clouds which
have lowered over our country, are not
broad CLEANS 81 light breaking forth o
The States have been loo much alarmed.
bs The multiplication aud power Of their
banks, not 10 resort 10 IA wiser urgauiza
lion IN future.
One punt more. before we close this
part Of the Report.
1t has been objected by The only news
paper which has pretended 10 discuss II.
that u contains no measure by which
gold AMI silver are to be brought into The
country and retained in circulation. and
that for these purposes il should have
advPried 10 The niece ssiiy Of augmenting
the amorn' OF valuable productions, by
means at high duties on foreign goods.
II Is commended that the effect OF this poll
icy would be Ia give active employment
TO the Industry and capital OF The coun-
Try, and tN preserve us against tie injuri-
ous effects OF a wrong balance of trade
the idea being that ii we do not vest our
exports In goods, we shall YES, Them in
gold and silver TO he imported. The
failure OF The Secretary 10 recommend this
policy has brought down upon him
torrent OF abuse, which can have no other
effect than 10 impair the force of anv salid
remark that may be found i'm the many
| columns which the author has devoted 10
the subject.
On tins, az on every other occasion,
when mopev isthe subject Of discussion
the exploded doctrines of Ike balance of
trade are referred 10, either from ignorance
| or With the design ot promoting some pri
vaie or:lOcai interest. Ii has been shii WI
! by all inielligent writer's ON Political Ecu
nomy, that there is n" danger of II coun-
try losing IFS specie through the opera
ton OF the balance Of trade. Their doc
| irlncs III Tins respect are proven by the
| history OF the tniled States, from their
| hrSi settlement down 10 The commences
meni OF the present century. II is we'll
| known that nearly all The articles of do
! mcstic consumption were imported from
| Europe-itai The balance OF trade was
! against US Tor series OF years vet no
one ever heard of lis draining us Of specie
I'm TIE contrary, we question muc!
whether during that pcrind, and, particu
iarly, since The close Of the Revolution.
specie was not more abundant than al
any subsequent time. Legal provisions
10 force any branch of industry with bui
very lew eXcepilonS) never fail 10 operate
as checks upon the general prosperity of
| the country.
We contend that further restrictions
| l.ss1 4.
would not cause specie 10 f1ow in,o The
country i'll greater quantities tha, grant
ing Tor the sake OF argument IL would do
so, II would mol accumulate beyond the
level ct Iis value in other nations but
| w0tid leave us almost as soon a. IL aTri
Ved.-Mouey, IN spite of all human laws,
~iiI flnd lts way to- that place, where the
demand Tor II Is sreatest.-A the uiliver
sal medium ut exchanges, il were absurd
To suppose IL could Ire r, laimed among
a people beyo The demand, or that Il
will not, from the natural operations of
thing, supply that demand wherever il
exlSis.-ihe elects Of redundant uaper
circulation have indeed been To cbcapen
the value OF specie, and drive IL 10 Other
countries for employment Whenever
paper shall he properly regulated as 10
amount and value, specie WiIl return i'm
S"hlS'ent qudnIititS 10 SuDSerNe every
interest, ~ society Until that is he
case, to settled stale ni things can be
expected. II is vain TO think OF prevent
ing tile injurious effects al uaper mo.
nopoIy, by creating monopoly OF manu-.
features. The paper gentry aud lhe ma
nuiaciurer mag be beneiiued-bm the
great body OF the people, must pay AN
oppressive bounty cxIortcd by boh these
iniereAis.-lt IS EQUALLY win 10 sav. We