The Massachusetts spy, and Worcester County advertiser. [volume] ([Worcester, Mass.]) 1825-1831, 1826-05-10

my notice the other. to excite inquiry, and
to put this scheme in operation, should il be
approved. OBSERV ATOR.
For the Massachusetts, Spy.1
THE SCARCITY OF .NONEY.-No. 7.
Within the few last months, change has
taken place in the abundance and value of
money, which has excited muvh attention
among our citizens, ss it has been brought
" home to the business and bosoms" Of all, by
the lighter inconveniencies which have been
felt ia this region, and by the melancholy
accounts OF distressing failures, and the
obstruction Of trade in the southern cities
of our country, and in Europe. 1t would
seem to be an object worthy of the best efforts
! the periodical press, and most eligibls from
its general interest and promised utility, to
discover the origin and extent Of these evils,
and their bearing on the prosperity OF our
country, and thus to remove any misapprehep-
sion and Unlounded alarm, and to prevent
miscalcuations in business, which may pro-
ducc far greater mischief than the existing
evils on which they are founded, while they
give the power of injury to real advantages,
and confirm and aggravate the inconvenience
es, which better information would alleviate
or remove.
With these views of the subject, have
been surprzed that it has been So negligently
and unfairly treated by the purveyors Of the
periodical press. The newspapers have pre-
sented abundance of facts which prove a pc
culiar state OF things; but these facts have
been, in most instances, scattered and dis
connectedfIom each other, and una accompanied
by such reference to the established prnci-
piles Of the science of trade, as is necessary to
explain their character and when such an
exposition has been attempted, it is most
commonly found that these principles are so
imperfectly stated and so partially applied,
that ii is difficult for any one, with that atten-
ton which we expect TO exercise in reading a
newspaper, to understand their relations, CT
even to distinguish the true from the false.
While negligence is thus prevalent, there
have been some who were not regardless OF
the signs of the times s, but rather sedulous TO
deduce from them the rules of policy, which
| they recommend as just and useful IN the
present exigency. But many of these, against
whose motives | make imputation, have
| had limited and partial objects by which their
observations and inquiries were Of course cir
cumscribed. But want of full information IS.
| in my Apr -hension, the least evil which we
suffer- The writers who have made the most
Jealous and systematic efforts 70 lead the opin-
ions of the people on this SUBJECT might say
| the only writers who have made such efforts
seem to me TO he, at best, the devoted sdvo-
Gates of partial interests, which certainly
prompt thea TO withhold due consideration
| from The greater good of the community, if
they do not tempt to misapprehend or dis
regard il, and to forget that the favored OBJ
| iects must partake Of the mischief Of every
measure of selfish and short-sighied policy,
which may obstruct or sacrifice the general
prosperity. refer particularly to the at.
iempts to influence public opinion, which may
DE designated as the manufacturers contro-
versy and the bank controversy. Without a
violation of neutrality, may venture TO re-
mark that The latter is remarkable, in the his
tory of contests Of this sort, for the strange con-
trast which is seen between the declarations
Of deadly hostility with which it commenced,
and the general acquiescence, and the omin-
Gus silence in which it was terminated on the
part of the country banks. In these coniro-
versies, the eloquence of familiar oonversa-
ton has been brought 10 the aid Of the elo-
4uence of the press, and the result has been
extensively successful, it is proved by the
| frequent repetition OF opinions thus supported
among large portion of our citizens, who,
having no partial bias, are in a great degree
ueptEuGul LOT lIleb InttIuCtipD on u SUBJECT
highly important TO their interests, but re-
moved from their immediate observation, on
those whose means or professions of knowl-
edge ars greater than their own.
In this predicament are chose who arc en-
gsgcd in agricultural pursuits class in cur
country which is not more important for the
power which results from wealth and num-
bers, than for the influence of general inteli-
gence and moral character. | am aware that
il is in vain for any one of this profession 20
undertake to discover all the mysteries Of
trade, and TO supply the omission Of which
have spoken. 1t requires an extent of inior-
nation, and powers and opportunities Of sci-
entifc research, which few Of those who bear
the honorable name of merchant can boast
and 10 which the writer Of these remarks
would in 10 circumstances aspire. My at
tempt will be 10 show the deceptive charac.
ter, aud the mischieyous tendency, of some
theories and opinions which have been favor
ably received az an exposition Of the causes
and consequences Of The scarcity of money
that may awaken inquiry, and prepare those
who have entertained error to appreciate and
demand better information than can offer,
which those who are able, may be induced
to furnish by the evident utility and acccpia-
bleness oftheir efforts. My utmost hope is, 10
to mtrited attention the peculiar
Importance Of neglected subject. and, in
respect To e1isting errors, 10 make he dark