Daily Richmond Whig. [volume] (Richmond, Va.) 1828-1831, 1830-04-16
TIE .N:arION:4L CURRENCY
~ SENATE OF THE u. STATES.
March 80, 1890. 80

pIrt:-- .-t...........
f'hc Committee on rrancc, to which was referred
resolution of the S0,h December, 1870 directing
the Committee to inquire Iuto the cxpeaency OK /
80 e.tablshing an uniform National Currency for the
United States, and 70 report thereon to the SEN |
= ate, report; nr-
That nothing short OF the imperative order of the
Senate could induce the committee to enter on a
subject so surrounded with difficulty. They under |
take with dfidcnce and distrust Of their capaci
tyto clucidate subject that has engaged many no
tigns aud The pens ofthe ablcst writers, without as
YET. coming any definite conclusions 1t still re-
GAINS to be determined, What is the soundest and
hnost uniform currency? One natirn assumes one1
System, another different plan. Tn one nation |
plan is devised, and succeeds for time by prudent
and restrictive emissions. Elated with Success lar
ger and more extensive emissions rsQued; RI.
pid nominal rise of al property takes place; the peo
pie ore not thai such nominal rise is the effect
Interpretation; the bubble bursts, and ruin to the
unsuspecting, Is the consequences. Al history shows
such result IN several nations, and particularly in
that of thc U. States The committee engaged on /,
variety of subjects cannot devote SO much time
on'the resolution os the mover mnst believe would be
necessary to de1eope fully the question before them
to wi: A sound and uniform national currency Il
PEesuning, from The tenor OF the resolution. that the
uniform National Currency proposed, most be pre-
pared by the National Government, circulated under
- authority, and maintained by its credit the com
mit,ee have complied with the instruction OF the
Senate, by endeavourme TO devise some plan thro'
which the agency Of the Government in such p,ea-
sure could be safe useful but, after giving 10 il all
the consideration they could bestow. their reflections
have resulted in belief that any such asllre must
resolve ITSELF at last mere system of papcr mo-
hey, issued By the Government. The resort 10 the
issue of paper money has been often the despara @
cxpedlent ofthc wants of nation. Il has then found
Its 1usihcat,on only IN the necessity which created
IL: yet such its inevitable evils that every mr.
dent Government has, the moment its pressing cxi-
encics permitted returned to the only safe basis of
circulating medium, the precious metals, and the
private credits attached TO the Of them Such
were the eXpedicnts OF the Government of tho ITn
ted Safes during It's two such its immediate a.
abandonment OF them at the return of peace But in
the present condition ofthe Treasury Of the United
States. with a revenue far beyond its wants with
debt almost nominal and Mastering TO IFS entire o.
tnguishment, such measure is not needed by the
interests of the Government, is there the sI;uh
est indication of its being demanded by the wants
OF the country. Of such an issue Of paper money
the Executive at Washington would be the natiI-
raj fountain The agents of the Executive the
natural channels. The individuals, and corpora
tions and states who borrowed it, must become
debtors to the Government and the inevitable con-
sequence would be, the creation of monici on
CINE OF direct dependence on the officers of Gov
ernment' at variance with the whole scheme Of
our institutions The limit to which this enron
cy should be issued, the persons to whom it would
be lent, the securities taken for It's re.pavnront
the places where it should be redeemed involve
great complication and great hazard regarding it
merely IN a financial Polrt of view, while on moro
enlarged considerations of political oxped ency, tb,
objections to 1t are, III the opinion of the COMMITTEES
insuperab!c and fatal
Believing such scheme 70 be iu,practcable, The
committee were consoed with tho reflection thai !, 10
1nnecessdry, they satisfied that the coppt,v -
IN the enjoyment Of M uniform national CURRENCY
not only sound, uniform in tscf, Ond perfectly adan
ted 10 all the purposes of the government and m.
community, but more sound and uniform than thar
possessed by any other country. The Importance of
this truth will justify tho committee in stating some
details TO estabishlt.
The currency of the U. States, the only legal cur
rency, is gold and silver All debts to the Govern
MEMS and all debts to individuals being received in
that medium, and in no other AS, however the
amount of coin requisite for these purposes would be
unmaDa Geubie and lnconVeDIent the u. States. like
other commercial countries, have adopted the system
of making credit supply many of the cases Of coin
and numerous banking companies have been establish
cd, issuing notes, promising to pay demand guild
and silver. The Government OF the q. States has
established one OF similar character aud for the
convenience of the community, the public revenue is
collected in gold and silver the of the Bank of
the United States, and the notes Of such solvent
State Banks, as the Bank of the United States and
its branches viii receive cash
The currency, therefore, Of the U. States, IN its
relation to the government Of the U. States consists
ofgold and silver, and Of notes equivalent gold and
silver And the enquiry which naturally presents it.
sefs, whether this mixed mass of currency is sound
and uniform for all the practical purposes Of the
government, and the trade of the Union. That il is
So will appear from the following facts
list. The Government receives its revenue FROM
343 Cusom-Houscs.
40 Land Offices.
G001 Post Offices.
l34 Receivers of internal Revenue
81 Marshals.
80 Clerks of Courts
These. with other receiving officers, which need
not be specified compose an aggregate ofmore than
1000 persons, dispersed through the whole of the
Union, who collect the public revenue. From these
persons, the Government has, for the ten years pre-
ccdng the LIST Of Jan. 1880, received $3.50 oG0 G55 H.
This sum has been collected in every section of this
widely extended country. Il has been disbursed AZ
other points, many thousand miles distant from the
places whore it was collected; and yet il has been so
collected and distributed, without the loss, as far as
the committee can learn, Of single dollar and with
outthe expense ola single dollar TO the Government
That currency, by which the Government has been
thus enabled TO collect and transfer such an amour,
otreyenue to pay It's army and navy, and oil it's ex-
penses, and the national debt s unsafe and unsound
cannot readily be believed, for there be no surer
test OF It's sucency, than the simple fact that every
dollar receved i'm tic firm of q hnnk MIC l.. a. -.