Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1820-03-14

toelsiye pressure. THIS, ;. - presumed wOuh
hss;hc effect OF such an emergency, where
banks had u1t oSSonie tdIaillertzed with bank
ruptcy, and we're NOT counteaaneed by society
in coars, Oi conduct which, IN private ute,
would Oe considered dishonest.
II, DN a0s constitutional exercise ot the pow
Ell Of COn- re.s, Odnks can be restrained. is;.
From isSuius notes of small determinations :
and I'd. From excessive issues when their notes
are not ret"raed upon them tor specie, Guctu-
auOuS Az the currency to au extent TO dsraase
the INTEREST," 81 society, may lie prevented
But II the imposition OF these restraints are
not within tie constitutional powers OF COu-
gress, the evils Which, nave been suffered tor
The want OF these restraints. must continue,
sniii the present system OF banking shall he
abandoned.
In AN esquiry isto the state of the currency,
the consideration OF the coinage 10 necessarily
involved. The principles upon which the
coinage OF tha Uuited States has been estah-
ished. are substantially correct. The staud-
ard hneHess OF The gold coinage correSpo ada
with ihe coinage of England aud Portugal
The standard OF the silver coinage differs Dut
little from that of Spain. The American dollar
is int.iisicaily worth about one per ceut. less
than the Spanish miiIed dollar. This differ
encc, 1t the Spanish dollar had not beon made
a legal tender, might have secured 10 the nsS
ton more permanent use al it's silver coii,ac e
American dollars would not ne exported, as
long as Spanish dollars conid he obtained tor
that purpose, al reasonable premium. If
U,
banks might afford to import IL, and might
sell, at a fair premium, the amount which
might be- required OF them for the China aud
East India trade.
The relative value of gold and silver has
been differently Established iu different ia ious
| Ii has been dItiereHt in the same uation al
different periods. In Eng land, an ounce OF
gold Is equal III value TO about Is = ounces of
| silver. IL France. iti' eqnai To 1915; and, in
Spain and Portugal, TO Ii ounces. In the h.
StdteS. ounce of gold canal m l.,
OF silver. But the relative value OF these
me tails III the markets, frequently differs from
that assigned tn them by the laws of the ,iiffer.
! ant civilized States. ltis believed that goid
| when compared with silver, has been, for ma
| ny years, appreciatiug IN value ana now.
| every where, commands in the money mar
kefs, higher value than that which has ueeu
| assigned 10 II III states where its relative va
| lue is greatest It this be correct. no linus.
| tice will result from a change in the rela,Iv.
! itgai 'aine OF Soid and silver; SO as to max e
| II correspond with their relative marketable
| value. Ii gold, in relation To silver, should
! be raised hse per cent one ounce OF it would
| be equal 10 1915 or la ounces Of pure silver
MS augmentation In ITS value would cause n
TO be imported in quantities sufficient 10 u.r
form all the functions OF currency. As il ia
| not used to any con- siderable extent aha nri
mary article OF commerce, the fluctuations 10
winch the SILVER currency is subject from that
cause, wonid NOT affect it. Ii would be ex
ported only vixen the rate oil exchange against
the country should exceed tile expense of
expectation. In ordinary circums ances. such
state OF exchange would not be OF long con-
Unuance. l.! the currency of the u States
must of necessity, continue TO he paper.
convertible into specie, al increase OF thxgyid
coinage, upon principles which shall afford IN a
least inducemeut TO expectation, is probably
the msst wholesome corrective thai can he
applied; after the rigid enforcement of thar
convertibillty.