Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1820-03-21
I,IrTY

aspssr;
conf"ss him III ba,te-fsr hi. lady desires
No comfort Oh earth, save tue Barefooted Frizr's.
f""r 'n"na'eh f-Pshawi many prince has been
kDo~u ..
To barter his robes 70. our. Govt and our Gown.
Hut which of us e'tr felt the Idle detire.
10 exchange" r cioxntbc gIeJ heed OF Friari
The triar has vaikd out, and whereer he has gone
,lhe iand aud It's f4tne,s is n,ark'd for dis osn:
lie can roam where he Isis, be stop ue.e he tires
FOR evs'y man's house is the Barefoo,ed Frsr...
Hes expected at noon, and 10 wight ill he comes
Nay prodne the great cbar, or the poi,cge pIuip,
for the best of the c,e.r. ard the seat ~ the are
Is the underlined fgh, Of the Bateiootcd friar.
sr's expected at nigst, ana Tue pa:ly's made hot,
ih.y bfoacB The brown ale and they fl the black pot
Ana ihc good wife wenit Wish the good man in the
Exc lie iaea'd soft pillow, .hs patcfao,ed FIiar.
Long uNetpb tie sandal ,rr oo,d apd The cope,
a. .ure'r nj re ervil-aod irnst of tie Pope
-er no 2a'erI,es ioses, sea,hsd, by the briar1
l. efanied aigustn ibc barei o'rl tIsr a ~,
--7y-------~>s.Isg> <ter sxSEr 80 <A,-.
NA'sI0A Nj i(lilRttENCI
EXPORT 10 IIiE SEcRETARf or TIE
TRE.AhHl-coHTiNrsU
" MAY, however. be urged, that the same
tnpiHve nent VII au"intnt, ina equal degree,
tnt product ut the irlnes aId thar, Therefore e,
ihe Quantity OF the precious metals in the
Sor'd viii con;inueiU bear, 10 other cOnmo-
uitieS, the same relation which they may as
su'ne when the return 10 a metallic currency
- eHected. Ttis may be, ttAe; but, so far
aS II depends upcr the genera! principle, that
'ha. supply OF all articles il regulated by the
;v'idnd. there Is reasonable grUilid Of doubt.
re Md1irI. dHhnneh good rs a general rule,
2uini'5 o' exceptions y ;'crlaui beyond the
suApiy Increases the prize oi the thing iemaid.
60 1nd invites to the invs.tmen Of additions
StcaSitat III ITS prodnctiou.' Bat. when the
af'Icie demanded is TO ne prOdnced from Il
material. Which no investment of capital, no
pppiicaunn OF shisi, can augment, the only
cifect o. such inyeS inrnf md application Is To
peodn o. Tie most which the material has the
caf+eiy to furnish. ''nrh, in fhct, Is the case
az i;GiG andsivef. ihG material from which
t'ieS are made, is limited in quaa,i,y, which
neither Capital Hor stu! can augment. Ii is
prHhabie thai the improvements III maChHery.
ana rue. arr OF refining, will be counterDalaus
ye. bS Tie exhaustion of the mines or the
ai!hch'tH OF working them. arising from the
drptd AID extent OF their excavations. Ii is
therefore possible, that the demand for the
precipns metals. for c2rreucy, aud. for Hau,i-
Iici"res, MAY exceed the productions of the
HilBes. t,.-.-
Previously to entering upou the immediate
discussion OF the pracncap iliiy OF substituting
apaPcr tor metallic currency, IL is proper TO
observe, thit gold dad silver derive part of
ths uniformity OF value which has been aScri-
bed In them, from the general couseni Of civ
liized states TO employ ihem as the standard
OF valne. Snoud they cease 10 be nsed for
th1t purpose, they ~ontd became more Vari-
aoe IN their value, aud would be regulated
Ike ali, Oliver articles, by The demand tor them,
compared with the smppiyis any given mar.
ket.-it is presented that If they should cease
10 be enpioscd az tie standard OF valie by
several states, t;ieir uniformity of value would
oe iIso.ae ds-Ice affected, not only in those
states where they were considered AZ mere
colpioo liiifay hat 10 those where they were
sItil s'sslsst currency.
w ueaskt3 commodities, they Should rise
b. value, -fEaiu would take pidce from the
@;irreIcy OF other states and when they
Sli0rld fill IN value, Is commodities, they
topi! seek enplOyDe as currency, and rem
der 10 s0'ne degree Feauul.;nt the currency
%! I've states where they ave employed After
.:'akimg due allowance for the denreciation of
9auk notes Ia England, {, ON the tine of tue
DaHk restriction, in i797, TO tive present peri.
oh, ne price OF gold aud silver III that coun-
try ~ believed to have varied more than at
any fGrmer period. Their price, when conf
pared w'ih bI9S notes, FROM the year 1897 TO
tso3, showcd bat slight ip:ree of deprecia-
ION; considerably less, iD all human proba bill
~, lbdI actually existed. During ihatiateT-
yli, the ,ieiaand tor those metals was limited
~ Ling aud 10 the 6pn required for iuanniac-
lures, IL Is highly proAaDis, that, it the
1captty OF the paper circulation had been
fehncetl' TO the ainoant of the currency in
circulation at the time. or fOr oue year before
the restriction. the price of bullion would
uaHe been below the miut price. On'tie con-
tray, iH the year 1903, when the employment
o. brhth force III spain created a sudden
deIsaDJ for spRCie, the depreciation OF uank
notes, iIItiicated by the price OF bullion, was
prohaGiy greater than thar whicn really exist
CD, III the year lSA, after The treaty Of Par
u, iae price OF DHiiIoD, estimated III back
paper, was not above the mint DrIce whilst,
IN Tie succeeding seas, it rose 10 more than
tTenty per cent. ABOVE that pr!ee; the amount
~ bdnk uotes III cifruIatioa AT The former
1ScGeding, IN a small desrec, fnat OF The lat
Ter period. II IS lnIpOssib bic -tlIat fbeSe vari2-
tons IN the price of gold eud silver, III tile
3iDrt space OF one year, can bg entirely
,lIATgeable to the depreciation @ { bank notes.
Eho eject which, these variations, Id great
gonIias scial state, where the, pretio9s metals
Rere considered en1y as c0iumo diteS, were
calculated 10 produce uppu the currency. Of
me nsighboTritIS states, has not been aScer.
tsIuSd-- The cODyulsions 10 Nhich most of
tbess states wGTe sfbJect during t6at period
iaay account fot, the want OF snlicfent data TO
9tilCida;e tie subject. u is however, highly
ippTobablo that these fluctuations were not
sDufihly felt by them. b. 81 ...-
Having considered the nature and extent
% tbe.saTiationS IN value, To which metallic
currency is necessarily subject IT remains 10
s4aniHe whellior il Is practicable to devise
system. by-vIuclL a paper currency may bs
employed, as the staHdatJ Of value with sui
bclsni security against variations in its value,
SDd with tbe stme certainty Of IT'S recovering
tbat value, whsu, from any cause stfch yarla-
lions shall Have bgeu produced. II isdisTinct.
" admitted, that 20 Hucil paper currency has
ever existed. Where tue, experiment has
hern made directly by government, excessive
is3NeS pave quickly eusued, aud depreciation
has becu the immediate coiissquenes Where
tie experiment has BEEN attempted through
,De agency OF blGks. 1t has myaiiIbly failed
- D0ih eases, iusica1 OF hPing used ~ "A mean
Of supplying clieap aud Stable currency,
inyaIi1iiy fcsslHeilby tie demand for eifect
iiIg tBe exchanges required by The wants
AID rnGyeuieDce VI society, il has been EN-
rloye1 - . ii0tncal rPs1nrCe,. or made the
iSsii I9cui Di uprtstfsiHsd cupiiliiy. IL 40
.t.is.y h4s H'y a;ioGlpt bseu made 10 deter
rH.fe fit pTiaCipi,s rpoa vhich such d CuTren.
~, - iig hisibls, nfptt be founded Instead
" sanitary teslrdEfs heing imposed spUn the
NOWsd iuSiitJliJns which have been employ
81, ihV vial principle O.! whoae being is gaia
thsy uise not simply l'ecnleU ~ tie Guidance
~ iHcir oNH cIpi iIty. but have been stinu-
hied - exccSsiYe jssues, 80 sgvyly deficiencies