Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1830-04-16

,nc,alic i.ri,;n. Now it Carrot be doubted, tina,
tiIrou jut this whole country the circulating bank
notes cua! TO specie and convertible into specie
There MAJ TIC, and probably there are. exceptions.
because aA,nr banks, among mcn. there some
who make show OF unfra! strength bat i, is feet
familiar 10 III experience a." every citizen The
caniun;.y, he uui"niahs, thai in oil The Attain
tic and commercial cities and .cuc, ally speaking
throughout TIC whole country Tie ro.cs o.. the ale
banks arc equal TO gold silver The committee DO
nat mean to say THAT there may net &c too nlauy
banks, that insovcrcics do occasionally occur
a,ncy them; but every bank which desires TO n,ain
tain IFS character must &c ready to make settlements
with he Barl; OF the United S,a'cs as tho agent Of
the govcrn2emt, or be immediately discrcdcd; and
must thci e!orc keep lis notes equal Gold or silver,
there be little danger 20 tic community wilc
the Issues OF the banks are restrained from running
10 excess, 10y the sautary control of the Be;k of the
United States, whose own circulation i, extremely
moderate comparcd with the amount OF its capital =
Accordingly the fact is, that the general cred, OF the
banks is good, and that their paper always CONVEX
blc into gold or silver, aud for all local PURPOSES
forms loca! currency equivalent TO gold and sill
There Is, however, supcradded 10 this currency Il
sc:efai currency, mere known more trusted, and
more valuable than tic local currency, which is
rioyed Ill tic exchanges bctweti. different parts of
the country. These are the notes of the 'iaticnal
baDk.-Tiiese notes receivable Cor the government
bg the nine thousand receivers scattered through
OIL, every part of the country. yhey arc IL jict in
Tie cnn,se # business, paid in gold ar si,re, ttough
they are not legally nccessariYS paid by Ike bran
ccs IF Tie bnnt ece'y section IF TIE Jaion In al
commercial places they received in all transac-
TONS without any reduction in value and never I'M
der any circumstances, does tue paper, from, tile re-
notcst branches vary beyond quarter of one per
cent IN Its actual exchange for silver. Here, then,
Is currency safe silver more convenient and
more valuable than silver, which through Tic who's,
western and southern ard interior parts of the Union
is eagerly sought i'll exchange for silrer which in
thosc sections, often bears premium PAID in sl.cr:
WHICH Is Throughout Tic Union equal TO Silver in pay
In i,,tv
III bushes and which, whenever silver nccd, j.,
a!y part OF u: country, vi command it, without tie
charge OF the slightest faction OF per cent age.
by means OF tins crrrtncy funds are transinc cd at
an expense less than in any ether country In no
ol.cr count can merchant do what every citizen
OF the United States can do-lepcste, for irsr oncr
his siivt: 1t ST Louis, or Nashville, or New D. leans
"iit! receive notes. which! lie carry with him 1000
or i5o0 miles, to The Atlantic cities and receive far
them an eQuva!cn, amount OF silver, w,hou, auv cx-
pcnse Whatever; and IL possible even. an expense
beyond quarter OF one per cent. IT, ic.,evar n
citizen does not wish to incur the anxiety OF carry
ing those notes wiz; him, run the hazard of the
mar, ne may, instead of them, receive draft paya-
Die TO himself or iils agent alone, Us 10 ensure Tic
receipt OF an equal amount At expense o rot ono
bali, and often not fourth of the actu cost Of
carrying the silver The owner OF funds for instance
at st. Louis Nashville, can transfer Them o Phil,
adc'plla Tor one-haf per cent; from New ORLEANS,
Seneray, without any charge at all--at most one
hall per cent; from Mobile, from par to one-half Ier
cent; ana from Charleston, at from pnr To Oh,
~ artcr per
This seems 20 present state of currency anproac.,
ING rs near TO perfection could be desired for here
is currency issued at twenty four different nor,s n
''ic ihio'' oaaiiaoe by any CITIZEN who has ioney
or crcoh. When II his possession, it is equivalent 10
SILVER III all his dealings with al the 5000 accents o
the government, throughout The Union In all hi.
dealings with the interior it is better than silver r
all his dealings with the commercial cities, equal &c
with which he bought it, it is at his dsnosai AIM,
universally without any elimination, aud never more
IMAM dHilEutio of one-quarter per cent II is no,
gus! 10 imagine, It Is scarcely necessary to desire
any currency better than this.
1t is not among its least ADVANTAGES thai b..rs
proper relation To the real business and EXCHANGES
the country; being issued only those whose crc;;
e"!ties them 10 IT. increasing with tie wants Of the
"c.lVc operations OF society," and diminishing as these
su5sde. into comparative naciy!ty-yyI,ic, 10 ti,a
radical vice OF all government paper to bc iennJ
without regard to the business of the community
a!iG 10 be governed wholly by considerations r @
= Venlence to the government
! Aiter escaping so recently from tue degradation o.
aeplecia'ed paper currency, the COMMITTEE would
abstain from every thing Which might however 70
i Wotely, revive it. The period is not ro1no.o ..,
Ill the language Of the late Secretary of tho Troa
~, mo country was oppressed By currency ,vitho,
any oasis OF com, or other effective check and of mn
value as medium OF remittance Of EXCHANGE. ho
yohd Tile Jurisdiction Of the State whence j, Lo i b
ISsued--u currency that not unfrenuontl,, i,,,oeJ
upon The Treasury the necessity Of inee,lnY nv ov
premiums the nero act Of TRANSFERRING the
TVeue' eolcctec Ut one point, to dcfray unayo;tla
bic expense at another" 1t is still within tho ro.nI
lection OF the Senate, when Mt the seat of government
itself, specie could only be had at 90 or 81 nnr ce
IN exchange Tor the bank paper promises to pay spe
cie' tlat Tor bank notes of Baltimore per con.
were paid for those Of Philadelphia, 10 per cent,
,bos nos s OF New York 5to e per cent? and for
tics, which have now happily disappeared.
3D. The sounbness Of HE currency may be frthe,
by The present condition of the foreign exchanges
ExchaD- England is at the present noI,en ,ro,s ,,
one per cent under par that than one pcr cent IL;
OF Tue United States This being the fact disguised v a
common con ons Of qnons exchange England at between
,t4h me committee from its nressn, ,,u,
10 explain that the original OF The Anerir ap g
s worm iour lilngs and sixpencc; and that
cn5s PouS sterling worth 81 Al is wholly eTfonso,s
occdsons constant Misrepresentation of the real state o
oui Intercourse with Great Britain TIE Spanish i,l, la
" o century been worth four aud sxpence the americas
never was; and whatever artificial value we ua aesi
10 our COINS Is wholly unayain1 TO then, in rho
LONDON or fans According TO tile accounts from Ion
"1h a 'e close oil December last the Spanish dollar ssa5
OF Oeing woh four sbdlngs and xpence or 50 pence "a
Woi only 4St pence, the American dollar az least s,I
DIOd ku,,