Edwardsville spectator. [volume] (Edwardsville, Ill.) 1819-1826, 1826-10-13

tract: And moreover, would recon
mend that the following sentence be
printed in large capitals and pasted up
over every chimney piece in the state -
and especially over the Sneakers chairs
IN The Senate chamber and Hall o. Repre-
sentatives, during the ensuing session.
IL is certain that GOLD and SILVER
never can haze general circulation, so
long as a dehreciated haher forms the
currency Of the country"
EXTRACT.
Some gentlemen seem to be alarmed
about our circulating medium. He
begged leave, iatigued as be was, to de-
tain The house few moments, while he
attempted to quiet their fears upon that
sublect. He did not believe the deci-
sion would have the effect upon the cur
Gency apprehended by some. They
imagine that, il the commonwealth pa.
per was gone, we should be distressed
for money; that We should be without
circulating medium. Statesmen repu:-
ed wise, have too often, from want OF at
sention TO the nature and character Of
money, and the true springs of public
prosperity, been the authors of much ma
tionai mischief The blunders of 60
vcrnments on these subjects have been
calsrntous in most countries. How, he
would ask, do the neighboring states OBJ
tain gold and silver! How does Ohio Or
Indiana gel it--tor they are without pa
per currency? Are not the meags Of
Kentucky as ample as those OF her cigh-
bers Kentucky exports considerable
quantity OF live stock 10 The southern and
eastern states, and a large amount oil to.
bacco, whiskey, cordage and other arti.
cles to New. Orleans and the adjacent
country. All this is exchanged for gold
end silver or its equivalent. A large
por'ien of it is brought into the state
BIT it is said that this good money goes
into the hands Of the merchants, who re
nit i, to the eastward, and that therefore
II does not circulate among the people.
THIS IS, in part true; and il is certain
that gold and silver never can have &C
nera! circulation, so long as deprecai
ed paper forms the currency OF the coun-
try. The traders exchange the specie
received for our exports for pepper, and
with THAI purchase our produce. Blu
strike the paper out OF existence, ara
our products would be Immediately pur
chased with a sound currency, al tie
same, though less nominal price. w
Jn,n th,s
ney is scarce. Yes sir, and issue two
millions more, and lis circulation viii
be temporary; it would very soon tai
into the same hands that now have il,
The pruden, and industrious man viii
always have bis share OF the cIrCulalinf
medium. Il is generally, If rot invariu
bly, true, that the people of every coun
try will have that share OF the precious
metals to which their industry and pro
ducts cn,itls them. Aud gold and sill
yer which circulates throughout the
CONNIE cial world, will ever seek hs
country where products are abundaot,
coed and cheap. If the produce of Ohio
Is abundant. good, and cheaper thar
ours, it will leave US and visi, her; an,
whenever j, becomes dear there apo
cheaper here, it will return to US. Ilmay
be justly said, that gold and silver ira.
verses the whole habitable globe, il
quest OF good bargains, l. is 10 be
found in the greatest abundance, wher,
il is most valued; and hence i, is, tha
when you attempt TO dispense with it, by
substituting different medium, i, with
draws TO other countries, where it is in
more demand.
He would here mention fact, said TO
have occurred IN Massachusetts bcfor,
the revolution. That colony carried on |
some expedition against the French pos
sessions in her vicinity, by which she
incurred considerable debt; and ow.
ing 10 some delay in obtaining remit
rance from the mother country, she is
sued paper money to pay her debts
This money deprecated in time, to ten !
for one. She ultimately obtained spe-
Gle remittance from England, but it was
insufficient 10 redeem the paper, dollar
for dollar. This presented some diff
Guilty. To obviate it, an intelligent
Y nkee proposed to appropriate the sum
received from England, 10 purchase up
the paper at It's market price. The |
plan, at first, me. with sirong opposition
il was thought, that if the paper was
Withdrawn from circulation there would
be no more money in the country. The |
project was however adopted, and the
paper purchased up; and contrary TO
ootJ NJ