Edwardsville spectator. [volume] (Edwardsville, Ill.) 1819-1826, 1823-10-25

considerable as to produce such effect,
it would be a subject OF regret but can
1t in justice be prevented Those debts
were contracted in good faith, payable
in specie or its equivalent, and 1t would
as | conceive be improper, that con-
tracts thus made, should in any way be-
impaired by legislative act. If our
gold and silver should thus disappear for
a time, exhibiting the melancholy fact
that we have traded beyond our means,
it will teach US the useful lesson SO to
regulate our commerce in future as to
produce the balance of trade 10 our fa-
vor. If we give to the country a sound
currency, and restore confidence in the
stability Of our laws, there is good reason
TO hope that this evil will not be ex,en-
sively felt. The principal part OF our
foreign debts are owing by solvent men,
who feel interested in tie welfare of the
community, and who will purchase pro-
duce to pay their debts il there is rea-
sonable hope of making small profit, in
preference TO taking away gold and sill
ver But whatever opinion may be en-
tertsined as to the expediency of specie
payments, the late decisions of the
supreme court Of the state, declaring
the endorsement law unconsttu tionat,
makes peculiarly necessary that some
thing should be done to restore sound
medium as speedily as possible. A We
ry natural consequence which will result
from this decision, considering the pre-
sen, rate of exchange, will be the issuing
H.
to take Tennessee bank paper. pro-
sumo il will not be pretended, that any
law ought SO far to incrpose as to pre-
vent the operation OF this judicial
decision. No course Of leglsla-
ton can be imagined more runous to
the interest and liberties of the people,
and to our happy form of government,
than an attempt to interfere, with the
honest and independent expression of
opinion by the Judicial department.
With this view OF the sublecl cannot
but believe, that the character and inte-
rests OF The stale require, that the law in
question ought not TO De repealed. We
all acknowledge that a good sound cur
rency must at some time be restored.
|
stale has crisis TO meet; and are we
not as we'll prepared TO meet il now IS
some twelve or eighteen months hence .
No doubt when the regeneration Shall
take place, that some persons in the COM
munlty may suffer by it; but The healthy
condition OF the body polite, which will
inevitably follow, will more than COM
pensa'e Tor the injury few individuals
may possibly sustain.
Should you be of opinion after full
examination OF the subject, that the banks
ought to redeem their notes as conte,n-
plated by law; ana should it appear by
their reports, that they will be unable 10
do Sol would recommend the proprie-
ty oil law, requiring that they shall,
upon prosenlauon OF some given amount
OF their notes, or pay over IN specie, the
proportion which their gold and silver
on hand may bear, to the amount of notes
they may have in circulation, and Give
certificate for the balance payable at
same alter period with interest; aud
that reasonable time be given to wind
up their business in that way, which
may be lcas, calculated to iniure the
community. This plan will do equal
justice to the note holders; an obiecs
which should not be lost sight of, in the
iioai adJuslMent OF the business of our
banks. d..
There are many who really believe
that the community sustans no injury
by the circulation OF an unsound currcn-.
cy. 1t Is contended that although the
farmer and labore- give higher price
tor any article Of merChandise they pur-
chase, than il they paid in specie, yet
hey are compensated by corrcspon-
ding increased price for their labor 1t
IS true that merchants generally take
| care to avoid the effect of paper me-
dunn. They know what their goods
cost, and selling them secure not
only a reasonable profit, but an add-
llonal per cent. to guard against the
loss to which they are liable by the
fluctuations OF a paper currency. L is
not SO with the farn:er or laborer; they
have no data by which to make a nice
calculation of The value of their produce
or labor; aud it they can receive The
same prices they had previously been
accustomed to obtain when bank paper
was good, they are content, thus verify
my sound political maxim, tina, the
laborlng part OF the people are the last
IN society, who can bring up their servi-
ces to the standard of "a deprecated cur
rencV. There is ano,har n ,,,i,;s 4 -