Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1820-04-07

sucii ubligaiiOn, that at paying their notes
in the national currency. In addition 10
this, they are TO be authorised 10 deal
IN public stock always giving the GOV,
clnMeni the preference in their attempts
10 sell, when stock is ~. or below par.
Mr.. e. says that ii thus system should
20 into operation, individuals and banks
would exchange public stock al the rates
prescribed by ii-whenever The dcplaud
for currency should be sueh as la raise
The interest of money considerably a
bove that produced by The public stock.
il would, by banks aud individuals be
given in exchange for The currency that
gold Il silver will be found in the country
only in Tic quantity demanded for manu-
features aud for such branches Of com
aercr rs are entirely dependant upon
them"
After Il preliminary investigation, in
which are Shewu the variations 10 which
specie Is subject, from temporary and per-
mancnt causes, II Is contcnded, that the
proposed currency will possess equal
security against redundancy as in the
case oil metallic currency" When il is
issued in exchange for The coin, there is
no addition made 10 the currency-when
IL is issued in exchange Tor public stock,
commanding previously 10 the exchange,
lis par value in coin, The party who ac-
9nlrts The currency, parts with Ina. which
was equal Ia specir, and is deprived OF
| The annual interest which i, Produced
| Unless the interest OF The currency, from
lis scarcely, should exceed thar paid up
| OH the stock, il would not be demanded
| IN exchange Tor The stock 4: In either rase
The danger OF redundancy is extremely
| remote" Under Il sy stem Of This kind,
NJ NIL
late, Than the national currency, a redun
dancy which would affect lis value could
| only occur by temporary diminu,ion OF
| The articles which were Ia be exchanged
| through lis instrumenIaliiy in HAT event
| the price OF the articles would be en-
HANGED, SO as 10 require a greater amount
| o! currency 10 effect their exchange
| should the price mol be enhanced in pro.
portion 10 the dihinuiiOn IN The quantity
! OF the articles, thai portion OF the cur
rency, winch would. uud"r such ciIcum-
! stances, be left without cnplUy meni,
! would be funded. A just relation be
| tween the amount Of currency, and the
! demand for il, would be promptly res
| tered without affecting, injuriously, the
! relations between individuals OH the
other hand, should greater quantity Of
! rxchanseabic articles be produced, the
demand for currency would exceed the
supply, and lead Immediately 10 addl-
llenal issues, until the niece ssary supply
| should be obtained"
II this scheme br connected with banks,
and the currency should becsme redun
dant from their issues, il is said Z" the VA
tional currency would be demanded of
them for The purpose of being funded;
the BANKS would be compelled 10 curi2il
1 a. tic N oil al.
from the pressure, and the amouAt of
10 the legitimate demand" To prevent
excessive bank ISSUES ' The national CIR.
reHCyGlone should be receivable i'll all pay
mems 10 The government"
| These are'tbe principal results OF The
proposed plan. so far As they relate IN the
domestic interests at The country. Salts
ned that, III an attempt TO establish
national paper money, due regard should
be had 10 It's effects upon our inter
| course with foreign nations, MIR. G.. at
Temps TO SHOW bow easily an uufavora-
bic state OF foreign exchange may be
corrected " in country where u paper
currency has been adopted, and the p,im-
| cipies by chiCha redundancy may be pre-
rented, haze been entorced."
| The whole report has been published
| In This paper {; which saves us the neces-
si'y OF making more copicus extracts
/ from that part OF II III which this plan for
the adoption ct a national currency is de-
| Velopcd-tbe foregoing Is an outline Of
| that Plan. We may not understand II
correctly, but so far as We do, We frank.
| iy confess IL appears To us visionary
and lmpracticablc. Gold and silver, as
the representative or measure of value,
are to be supplied bI a Paper currency
issued from the government, aud resting,
Tor the support of IFS credit, on lie es-
timaiion III wllcltihe public stock is held.
MIR. L. seems TO admit that nothing will
| perform the functions of money 40 well
as gold and silver, nnless il can be pro-
tecicd from redundancy in an equal de.
gree with those metals. That Mey are
subject 10 fluctuations, he has lab0red 10
| prove. Beng an universal medium, their
redundancy or deficiency il corrected by
! iheir natural tendency TO seek common
level. VIII the facility Of JandiHs the
! proposed currency produce The same re-
suit The solution Of this question ill
wolves the praciicabili,y OF The pr0jct.
! We hold That nothing will serve as an
uniform currency, bun that which is re-
ceiyed as currency throughout the COM
mcTcial world, 10 wi, gold and slver-or
| paper which Is at pleasure convertible ill
TO gold and silver. No currency which is
dlvesied OF This universally or convert
blllty, can be prevented from being re-
dundant, and, Of course, deprecated.
Redundant is merely relative term. II
We have more money in proportion 10
the qndHfWmS OF our exchanges, Than UiEer
nallODs have, our currency is redundant
and must depreclaie il We haze less, it
is deficient, and appreciates Variations
| from tie proportion, Which exists between
The money and quanium Of exchanges OF