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


Tor tie eNtniinatiou OF a subject so abstiuse.
The employment OF paper Circulation. con-
Nerti0le iuto specie, The favorite' system OF
msdern states, having, as has been attempted
TO be shewn tu previous part of this report,
the Inevitable tendency 10 produce the neces.
sity OF resortlog. Ia every national emergency,
To paper, not so COW er;ibie, imposes upon
those who are called 10 administer the affairs
OF nations the duty of thoroughly examining
the subject, with a view, if practicable, TO
avoid that necessity ID the examination
does not result in the esta biishmeut of a pa
per currency, uucounected with specie, II may
lead to the imposition of salutary checks
against excessive issues, when the necessity
OF suspending payment may occur.
lt ids alreudy been said, that every attempt
which has been made to introduce a paper
currency has failed. 1t may also be said, that
OF all the systems, which, Outing the discus
sion OF this Interesting subject, bothin Europe
and the United States, have been pro-
posed. none are free from objections. ltis
possible that no s4"tem can he devised, which
VIII be entirely free from objection. To en-
sure the possibility of employing such cur
rency with advantage. IL is necessary
L. That the power OF the government over
tue currency be absolutely sovereign:
:. That ITS stability he above suspicion:
!. hat its justice, msrality, aud Intelligence,
be objectionable:
1. That The issue of the currency be made
not only 10 depend upon the demand Tor II,
but that an Equivalent be actually received !:
l.
Tile delivery OF AN equal amount OF yols or
silver, or public stock:
o. hat, Whenever, from amy cause, il may
become iednniant,il may he funded at al
interest Irdctisa below that WHICH was sur
rendered at its issue
l.. IhiS propositions needs no eiurdatiop.-
tonnage, anu the regulation of money, have,
ia al! NATIONS. been cOnsideieu one OF the
inquest acts oi sovereignty. A. may well he
uombted, however, whether n sovereign pow
rover the coinage necessarily gives the right
10 eh,abiish paper cRTrCncy. The power TO
e"aoiish snch enireucy ought not oniy TO
De uaqnes,i0ndble, but uuqucsttoped. Auy
doubt ut the legality of the exercise uf sucn
an authority could not fail To mar any system,
which human Ingenuity Gould devise.
&. meiaihc currency, having an intrui-
SIC Vaiut, independent OF that which is given
10 IL oS Tie sovereign authority, does rot de-
pend upon ths STABILITY of the gosernn, cut 4. r
IT'S vhluc. Revolutions may arise insurrec-
IONS may menace the eAisIenct. OF The GOV eru-
'neu' u metaihc currency rlsee III value under
snch cifcuinSiahcts {: 10 becomes mUre VALUES
DIE, compared with every species of pre-
perry, whether nloveabin or immoveable. in
proportiou 10 the instability OF the govern
ntnL N"t so with paper currency iis
creuit depends, i'll great degree unon tue
cobhdehce reposed IN the stability of the aG-
thcriiy by which IL was issued. Shonid That
ahthority be Hverihrown, bv foreign force or
tnte'tine conuotiOh, an immeoiaie depreca-
ion, ~ not an abSoIute auinhilatou of i;s
value, ~oHsi ensne
D. might, huweter, be saved from such
destruction by IL we'll grounded confidence in
heJu,iic$ and Intelligence OF the government,
winch should succeed that which had been
overthrow. Tie history OF modern times tnr-
hiN"eS examples that are calculated TO ill.,.
spire This curfdence In France. during the
fsV'iR' ton which has jHSt terminated the public
ueht "dS reduced 10 o.ie third of its amount
ne same inie was applied To the public debt
o. the Dutch republic, when il tell under
french dominatiOH. In the successive po-
!tIeai changes TO which France has, since
n1' period, heen subjected, the public debt
aHd me public engagements have been maiu-
tanned with the stiictest good faith. In
t1otlanH, that portion OF the public debt
winch mad been abolished By the PrencA gov
c.u7ient mas been restored. la tue opinion
OF wen Informed mVu, however the coudi-
lions connected with that restoration were 40
onerou. as to render il almost nominal In
deed, the pnbhc debt in that country had be-
come 30 dispropo!iionate 10 tho means of the
haiioh when deprived OF the resources il en-
Joyed when the debt was Contracted lint The
reduction which il underwent while the coup-
try was annexed to the French empire WINS
NOT generally considered an evil. The re,luc-
.ion VI me national debt OF France during the
,eVointion Was perhaps equally Indispensable
IL tue ihteiiisence of the age, aud the iniu-
ehce OF pubIic opinion, even in states wmere
Tue relsn OF law was but inlperfectiy establish
eu, nave pesn suftcient to induce tbs govern-
mentS WHICH lave alternately succeeded each
etheT TOR The last twenty five years, in France
anu holland, TO respect the public engage
ments which had been previously contrscted
wen grounded expectations may he cherished
thatjhe period is rapidly passiuS away when
the public faith of natfoas can be violated
with lmpunity.
Ii public engagements, under snch circum-
stances, have been cnnsiJered obligatory upon
those who have successfully administered The
affairs OF those Uations a reasonable confidence
may De ieposed IN The futilmsnt of the obli-
cations which may be contracted by existing
governments, where the reign oflaw is armly
es'aoiISnea. ~ Is not deKied that A paper
currency furnishes strong Temptations 10 abuse
Millions may be lssued in a few DAYS and
ule ueHciences IN the revenue promptly sup-
pieu, u the condition of receiving an eGuiya-
'eut ~ abandoned. The moment the currency
Snfii be tphued as financial reSouTce de-
probation viii follow, aud all the relations Of
society will be disturbed IF tbs soyern-
ment OF the nation in which a payer currtt.
cy ha' been established, shall be deeply i'm
pressed with this frutli, will IL NOT ne res
Thired rom the appreiended abuse Our
Ishcy ct every kind Is liabe TO great abuses
Inc history of the Coinage of every natiou
whose alnIdis are known, is little more Than a
ae'ah OF tue frauds which have been praciiSed
DS governments upon the people nUtii the
twentieth year OF the reign Of Edward the III
OF EnSland, a pound troy of silver of standard
hneHeSsi and Tound of sIetling, were stnou
yhous 'sTinsi t"Snty siIilIiDgs sierilug being,
~ iact.a pound tTey Of standard ,IiYrrT Chance
followed chfnge IN rapid smccession. until. I'm
the reignot Eha beth, a pound troy of stands
ara SILVER was dir ected to be coined INTO sixty
TWO shiiilnSS.-This immense changa IN the
value OF the, currency was effected in fhe snace
on ahout two centuries In other modern
states, during the same period, changes not
Tess Important occurred in tile coinage Pre-.
quenliy, these changes were effected by deteri-
oIatIbS we Standard likeness of the cOiu. For
more lIana century past, Tie coinage OF ihe ri.
Viitzsd word mas undergone no material change
with Z view 10 the practice ~ frand npon the
people. Whether this forbeatance is 10 be
dufiOnted 10 dnifnpfOvement in tie morality
of modern governments or. 10 a more corrsci
nihieTstahsing OF the principles OF currency
and OF the Consequences that must result from