Daily Richmond Whig. [volume] (Richmond, Va.) 1828-1831, 1830-04-16

that is IL should always be exchanreablc for rold OF
slvc-. Such currency Is perfect uniting the con-
renence of portable material with the safety of a
metallic medium. Now it cannot be doubted, that
throughout this Whole s'try tho circulating bank
notes arc equal 10 specie, and convertible into specie
There may be, and probably there are. exceptions;
because ailong banks, Us among men, there are some
who make show ofunrral strength; but i, is 4 fci
so ianiur 20 thscNpericnce of every citizen in The
community AZ tn be uuj,uablc. that in all the Allan
tic and commercial cities, end gene, ally speaking
throughout the whole country. the noics of the state
banks are equal 10 gold or silver. The committee &c
not mean TO say that there may not be too many
banks, or that nsolvcncics do not occasionally occu
among then but every bank which desires TO main.
tain ITS character. must be rcity TO make settlement:
with the Bank Of the United States, as the agent q
the government. or be immediately discrcdited ant
must Therefore keep its notes equal 10 gold or silver
there can be little danger to the community, while
the Issues OF the banks restrained from running
to cXcess by the salutary control Of the ank of tn,
United States, whose own circulation is extremely
moderate compared with the amount of it's capital -
Accordingly the fact is that the general credit of Tho
banks is gc% and that their paper is always CONVEX
tib!e into gold silver, and for oil local purposes
forms local currency equivalent 10 gold and sill
yer.
There is, however, superaddel 20 this currency, ,
general currency, more known, more trusted anf
moro valuable than the local currency, which is ou
ployed in tie exchanges between different parts O
the country. These are the notes of the nationa
bank.-These notes are receivable for the government
by the nine thousand receivers scattered through
out every part Of the country. Thev are an G,ct II
the course ef business paid gold or siirer Uouyi
they are not legally necessarily paid 6y he bran
ches ~ HE 6rnk IN ecery section Of The U.i0n In a.!
commercial places they received, in all transac
tons, without any reduction in value, and never un
der any circumstances, does the papsr from the re-
hottest branches, vary beyond a quarter of one pei
cent IN Its actual exchange for silver. Here then
is currency as safe US silver more convenient, an,
more valuable than silver VIII ch through Ike whole
western and southern aid interior parts Of the Union
IS eagerly sought IN exchange for silver; which II
those sections, often bears premium paid in silver
which is througout the Union equal 10 silver in nay
ment 10 the government and payments 10 individual.
In bushes which, whenever evcr is needed il
any part OF The county, vi command IT, without Tho
charge OF the slightest fraction Of p,r ccninUe
BY means OF this currency funds are ttausmitio6 NJ
an expense less than in any other country In n,
other count can merchant do what every citiz y
OF the United States do-depcste for ics. ancc
has silver ut st. Louis, Nashville or Now Orleans
ana receive notes, Which he can carry with him IOng
or i5uO miles, 10 the Atlantic cities and receive f
them an equivalent amount of silver " hnut any on
pcnse whatever; and IN possible event an cypcrs,
beyond q quarter OF one per cent. II, however. q
citizen does not wish TO incur the anxiety of carry
ing those notes with him. or TO run the hazard Of IN
mal, he may, instead Of them, receive draft paya
bic to himself his agent alone so us to ensure IN,
recelpt OF an equal amount ct expense of not one
half, and often not onefourth of the actual cost .
carrying the silver. The owner of funds for instance
at 81: LOUIS or Nashville, transfer them TO Phil
adelphla Tor one-half per cent; from New ORLEANS
generally, without anycharge at all-at most. one
half per ceni from Mobile, from par to onc-half re
cent; and from Charleston, at from par TO one
quarter per cent.
Tins secHlsto present state Of currency approach
ing as near TO perfection could bc dcsired for her
Is currency issued 1T twenty four different nar,s
the Union, obtalnab!c by any citizen who has monr
VI S'eu'I' men III TITS FOssoszon, IL is eouvola,, ,
silver IN all his dealings with ell the 5000 arco,s
the government, throughout The Errtac se n
dealings with the interior it is better than silver
i al his dealings with the commercial cities equal
SILVER; and IT. for any purpose he desires the siIyc
WIN winch he bcught 1t, It is at his disposal alrnus
universally without any dminution, and never NOR
than dlminution Of quarter per cent Il is no
easy to imagine, il is scarcely necessary 70 hcs,c
any currency better than this
1t Is not among It's least advantages that il bears
proper relation to the real business and exchanges
tile country being issued onlyto those whose crod;
entities them 10 II, increasing with the wants NJ IN
active operations OF society, and diminishing as ,hrs
suoslGe, into comparative inaclivity--which ~ IA
radical vice Of all government paper TO be issna
without regard to the business of the conl,nuDit,
and TO be governed wholly by considerations of cor
! ven'ence TO the government.
4 After escaping so recently from tie degradation
deprecated paper currency, the committee v,o,,I
abstain from every thing Elch might, however re
/ in0ttIy, revive IT, Lho period is not remote v,her
IN the language of the late Secretary of the Treas
ry, the country was oppressed By currency witbou
ony basis OF coin, or other effective check and of n
value as medium Of remittance of exchange bo
yond The jurisdiction Of the State whence it had bee
lssued--a currency that not unfrequontly impose
upon the Treasury the necessity Of mectlEg. bv e,,
traYagant premiums, the mere act Of transferring Nh
revenue, collected at one point, to defray avoi,n
bic expense at another" 1t Is still within tho roco
cctionof the Senate when at the seat of goyernmen
itself, specie could only be had at 90 or 8 per con,
IN exchange for the bank paper promises to nav spe
Gle; that for bank notes Of Baltimore, per cent
were paid; for those of Philadelphia to Der cen,
for those Of New York, Is to i6 per cent; and f,
those OF Boston, 20 to - per cent; Iunous neoual
iles, which have now happily disappeared
3D. The soundness Of the currency NAV be fhe, i.,,
by the present condition Of TIE foreign exchanges
I%chane on England s the present moment more ~ o.
one per cent under par that is than one per cent
OF me Oned states This being the real fact disguised bv IN
and per cent premium. 0'''
Rwould lead the committee Ear from lis pressn pu,,o,
10 explain that The original estimate Of the Auetiean doar
Deig worth iouf things and sHpenes; and that be,eC,
e Engsh pound sterling worth 50 a. is wholly efoneou,
ana occasions constant mipprebenson Of the
our intercourse with Great Britain The Spanish dollar ha
4 haap L..