Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1820-03-28
RICHMOND, MARCH, %, 1870.
Mr.. Crawford's Cmreucv Report

Mr.. Cragford's Currency Report No. ,.
We proceed with the examination Of
this Report, sosstrongly stamped with the
masculine mind of IFS author.
The second branch of the resolution of
The House OF Representatives, requires
the Secretary OF The Treasury " to report
such measures, asSin his opinion NAV lie
eXpedi"ni To procure and retain suilic-
emf quantity ofgold and silver coin in The
u. States"
In the first part Of the report il is said
that IN country where The currency
Is purely meialli',n considerable adj itloH
can be made 10 IL, without giving at the
Time OF IFS acquisition, ARTICLES of cx change
OF equal value There is no proposition
IN political economy less questionable
than ihs--we do not see why II shonId
have been narrowed down 10 ga country
where The currency is purely metallic. -
Tor II seems 10 b" equally true that the
specie OF no country whatever can be
sensIbiy increa sed, without giving in ex.
change articles OF equal value This pro.
portion Is adveried 10, because il is the
basis upon which The acquisition OF spe-
Gle must rest.
To prOeure gold and silver, il is suggest.
ed
!. That the law making Spanish milled
dollars legal tender be repealed.
The American dollar is iutrinsically
worth abOHl one per cent less than the
Spanish milled dollar. The difference.
II the Spanish dollar had rot have been
made legal tender, might have secured
to the nation more permanent u.s. otis
silver coinase-AmeTican dollars would
moi be exported, as long az Spanish,
dollars Could he obtained al reasonable
premium. II this latter coin was not a
legal tender, the banks might afford 10
import u, and might sell at a fair
premium, tie amount which might he
required Of them for the China aud
" East India trade"
We have no data by which wc can cs-
Innate the amount Of Spanish dollars in
lie cOnntry-and therefore cannot venture
al opinion AS 10 The pTopriciy Of an i'm
mediate repeal OF the act making them q
legal tender; but il Their amount bs large, .;
u they constitute, as II Is believed, a large
proportion OF the specie currency ofihe ma.
iiOnthe effect Oisuclia regulation lit could
be carried into effect, might prove a yer,
serious one. A part Of the precious metals
IN circulation, aud those that are ia the
vaults of Banks, which form tire basis of z
part OF The paper circulation, would he
siTipt Of that which alone gives it value a.
money. Thus the money 10 the coun
try would be reduced by taw, IL mol by ih,
natural operations Of commerce. We arc
inclined 10 believe however, that no lepa
regulation could prevent the circulation
of Spanish dollars. The people have beer
so long accustomed 10 them, that instan
ces OF their being refused ~ lhe iranac.
lions OF society, would be rare indeed. W'
know that lie five franc pieces of France
VERY little known IN this cOuRiry mil y
ia'e) have moi ceased TO circulate, nolwitil
standing The law making them legal
tender expired OF November last. Til,
may arse FROM The scarcity o'sprcic, apt
the preference Which is, universally. eiyer
10 1t over paper. The banks issue ilcs,
i've franc pieces 10 save llieir dollars auC