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

A,,Caa 1Ss sss,.G Npa. -. Z CTeSiI vi SaS iDS.> ,
viuual, Of association of iudiyiJualS. A part
can never be equal TO the whole The credit
81 any individual, or association of iudivid>
unis cannot be equiv aleut 10 that OF the nation,
o. which they TORN part. Bat, it may be
said, thai although the credit OF IN diSidusls Is
not equivalent 10 the credit of the natios, Yet,
AN equivalent tor a pat icuiar poitio of that
credit, may be ioundin the pledge or mortgage
OF property ofeIual or greater value, than the
currency issued dpon 10. This may be true
nut. the value OF property has been contnu.
ally fuctueting lit will, continue TO fluctuate,
after giving TO tile advocates of u paper cur
rency full cFedit torthe superior stability which
they suppose will attend ITS substitution for
gold aud silver, as the standard of value. But,
this is rot the oUly objection to the az ceptance
oil property, as pledge for the payment, by
individuals. OF an equivalent for the paper
currency which may DO advanced upon such
pledge. Frauds will be prac tised by pledging
property which is encumbered which il would
be extremely icult to detect. 1he governs
ment will be involved in endless litigation
with individuals wiic are interestedi in the in
cnmbrances by which It's rights TO tue roper.
~ pledged Is embarrassed. In such contests,
the interest OF the government is always eus
dangered, even where rights oil its side. II
~ not qualified to .enter into such litigaiions,
with All equal chance Of success. The feelings
OF thefcOmmunity are always, except Ia flag rant
cases of fraud, nDon the side of on individual
supposed 10 be struggliny with the over
whelining ini1 uence of authority. Besides, in
ali contests OF this nature, something of the
respect ter TIE sernment, which or.lt to
be cherished by the citizens, especially OF
Tree state, viii he lost. The situation Is invi-
dious, and ought not voluntarily to be assumed
by asoSernuien Jea,ons OF its dignity and
| purity OF character. It's, therefore, belle we'd
that national currency cauhot he issued with
| sateiy, with "a reasonable prospect of success,
| aud with sufficient security against redundant
cy, bht III exchange for gold and silver of "A
deii;,ite standard, or for the public stock at
. IA 10 cd N - n llar
Tor them aud tor them alone, there il, though
| not tie Sauie, yet perhaps an equal security
| against redundancy as III the case of .'etal-
| lie cureucy. Nheu II is issued in exchange
for coin, there i no addition made to the cur
teucy. W hen II ~ issued IN exchange fer
! pubic stoek. commanding, previously TO the
eAcbange, ITS par vain. III com, tue party who
| acquires the currency parts with that which
| was equal 10 specie anu Is deprived of the an
! nual Interest which it Produced. Unless the
iateIest OF the cufr,nc. resulting from its
| scarcity, should exceed that paid upon the
| STOCK, il would not Oe demanded in exchange
! tor The stock. In either case, The danger OF
| Redundancy is extremely remote. By the eX-
| Change OF specie fOr currency, the active cap
! ial oftiic coustry will be increased 10 the IA
mOuHt OF the currency; and the capacity of
the nation 10 redeem il, whenever il shall, BY
any circumstances whatever, become eapedi-
ent, will be urquestonable.
Bnt, il may be doubted whether under such
conditions, d paper currency ever can be put
IN circulation. Under government firmly
established, conducted by upright and emil. ht-
ened councils, and possessing absolute power
over the currency, II is believed there is no
Just reason TO apprehenu dfhculty of that
nature. Ii, IN such government, banks en-
sicd, deriving their powers from il, the specie
IN their possession would be gradually ex-
changed tor the paper currency which would
become the basis OF their operations. Not
only the specie which they possessed would
be thus exchanged. but exeriions wonid, from
lime toStime, lie made TO acquire the sums
necessary TO support their banking operations.
Specie would be imported, even at an expense.
Tor the pnrpose OF! being exchanged. Whilst
specie formed the basis OF the operations of
banks, ITS Importation could not fail to he pro-
dnctiVe of loss. Each Importation not only
produced the necessity of additional importa-
tons, bnt at All Increased expense. But. when
impOrtatiOns shall be made TOR the purpose of
being exchanged for the currency, the eXpor.
tniion OF the specie thus imported will not
affect the operations eli tiIS banks. 1t is only
when the funding of the urrency shall com
mence, that they will be admouished to desist
from further imporiatiOns. Individuals aud
banks Mould likewise exchange pubic stock
at the rates prescribed by the system for the
paper currency. Whenever the demand tor
currency should be snch Us 10 raise The inter-
est of money considerably above that prOdu-
ced by the pubic stock, il would by banks
AMI indN daais be given ia exchange for the
currency. But, the facility which the exiSs
ttuce of public debt furnishes in procuring
the paper currency, Is counter balanced by
the DIFFICULTY of complying with the public
eBgs. ement TO discharge such debt in a me-
taliic currency: After paper circulation
shall be substituted for gold aud silver, they
will be found IN The country only in the guam
tity demanded for manufactures, and for such
branches of commerce as are entirely desen-
dent upon them "A considerable demaad for
gold and silver by the government TO meet lis
engagements, previously contracted, would
raise their price in the market and render the
obiis alton To discharge those engagements in
tile precious me tails, not only extremely ousr-
Gus, but, perhaps sometimes imprscticable.--
In such a state, compromise with The pub
lie creditors would seem to be preleminsry
measure. This, under any circumstances,
wonid be a measure OF great delicacy and diff
hculty, and, in some cases, would probably be
utterly impracficable.
TO BE coNcLuDSD IN OUR NBzr.l