Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1830-04-13

"hich he Government has been thus enabled 20 COL
ett and transfer such amount Of 20 pay its
army and navy, az all its expenses, and the national
iebt IL unsafe aud Unsound cannot readily DO believ
e' or there can be no surer test oits suihcency than
the simple tact that every dollar received in the form
Dd"h hoe, ma the rcmocst parts OF the interior is
without charge, converted into silver dollar at every
one OF the vast number Of place. where the service OF
the Uovcrnm,n requires its disbursement. The Sec
reIy oil the Treasury, i'll his report Cf the OF De-
csmber 1925 de clares that during the four years
ceding Lc receipts OF the Government had oua,ed
o more than ninety seven millions OF dolars, and tina,
aii payments on account OF the rublic debt wheher
Tor interest or prnc all all account OF pensions; all
'os the civlis Tor the army for the .vy ior what
ever purroe wanted in any part CT the Union, have
been puncualy met."-TLc same officer states, that
Il Is the preservation OF good currency that alone
'mpatt stability to property and prevent those iuc,ua-
tons in it, value hurtiu alike to individuals, and to ma
,ional wealth This advantage, the Bank has secured
TO me community, by confinng within prudent limits
its issues OF paper" Sc &c.
2 IL this currency is thus sound and uniform for the
Government, IL is not iess 20 10 the community.
The basis OF all good currency should be the precious
me's>, gold and silver and in mixed currency Of pa.
per circulating with gold silver, and into
II, The great object TO be attained il that the papcr
should always be equal to gold or sivsr-that IT, il
should always be exchangeablo for gold silver. Such
currency perfect, uniting the convenience Of por.
table material with the safety OF alic dunn Now
cannot be doubted. that throughout this whole
wy the cuiang bank notes equal 10 spscie and
convertible into specie. There may be, and probably
are, exceptions; because among banks, among men,
there are some who make show OF unreal strength
but IL TACT so familiar to the experience 81 every
ezen in the community as to be unbeatable, tha in
all the Atlantic and commercial cities, and generally
speaking throu shout the whole country, the notes Of
the state banks equal gold or silver. The com.
mee DO not mean 20 say that there may not be too ma
NY banks, or that insovencies do occasionally occur
among them; but every bank which desires TO main.
tam ITS character must be ready TO make settlements
with the Bank OF the United States, the agent OF the
Government, OF be Immediately discreditcd; and must
therefore Keep lis notes equl gold silver here
BE- Tie danger TO the community, whle the issue. OF
the banks restrained from running excess by the
salut'ry control OF the Bdnk of tho United Statss
whose own circulation is ex remedy moderate compared
with tbs amount OF its capital. Accordingly tho fact
H. that the general credit Of the banks IL good aaa
mat their paper is always convertible into gold OF
silver and for ali local purposes forms local curren
cy equivalent TO gold aud silver.
There however, superadied 10 this currency, ge-
neral currency, more known, more trusted, aud more
valuable than the local currency, which is employ ed
IN the exchanges between different parts Of the coun
try These the notes Of the national bank-These
NOES are receivable for the Government by the nine
thousand receivers, scattered throughout every part of
the country. They are in tact, in The course IF bust
ness, paid IN gold or slUer, though then are not le
gdtfy ornccessdrty so paid by The branches Of The bank
an ereTy section Of The Union. In all commercial
places they received, in all actions, without
any reduction in value, and never, under say circum.
stances, does the paper, from the branches
vary beyond quarter OF per cent in its actual
change Tor silver Here, then, is currency as safe
as silver; more convenient and valuable than sill
YER which, through the whole western aud southern
AMI interior parts OF the Unnn is eagerly sought i'm
cnange Tor silver which, in those sections often bears
premium paid in silver; which il throu shout the u
mon equal to silver in payment TO the government ANA
payments to individuals in business, and which, when.
ever silver is needed in any part of the country will
command il, hout the charge of the slightest frac-
on oil per cenlage BY means OF this currency fund,
are Transmitted at All expense less than in any other
country In no other country merch ant do wha.
every citizen Of the United States do aeposite for
his silver at St. Louis or Nashville or New
Orleans, an receive notes, which he carry with |
him 1000 1900 miles, to the Atlantic cities and
receive Tor them an equivalent amount of silver, with
out any expense whatever; AMI in possible event
an expense beyond aquarter OF per If, how
ever citizen does not wish TO incur the anxiety of
carrying those notes with him, run the hazard of
the mail, tie may instead Of them, receive draft paya
Die 10 himself or his agent alone, TO ensure the
ceipt OF an equal amount at expence of half
and often not fourth Of the actual Of carving
the silver. The of funds for instance at St |
Louis or Nashville, transfer them to Philadelphia
Tor one-haIi per cent; from New O.leans Generally,
without any charge at alIat most half per cent;
from Mobile from par half per cent; from Savan-
nah, a! half per cent. and from Charleston, from
par 10 one quarter per cent
his seems TO present state of currency approach
ing near to perfection could be desired for here
currency issued at twenty different parts OF the
Union, ottainabe by any citizen who has money or
credit When in his possessions il is equivalent TO sill
vcr in all his dealings with all tie 1000 agents of the
government, thfoug hout the Union. In all hi. deal |
ngs vi the interior ii is better than silver in all his
dealings with the commercial cities equal to silver; and
H. or any purpose, he do,ifes the silver with which he
bought it, it is at his disposed almost niversally with
out any dninution, aud never In an dminution
't one quarter per cent 1t is easy to imagine
IS scarcely necessary TO desire, any currency better
than this.
IL is 10; among its least advantages, that it bears
proper relation to the real business and exchanges OF
the country; being issued only those whose credit en-
titles them to it, Increasing with the of the active
operations OF society and diminishing, these subside
into comparative insc'vity-whieh is the radical vice
oi all government paper to be issued without
The business OF The community, and TO be governed
wholly by considerations OF convenience 10 the govern
nsnt.
After escaping recently from the degradation OF a
deprecated paper currency the committee would alb
stain from every thing which might however remotely
revive it. The period is not when, in the Ian
susge OF the late Secretary Of the Treasury the coun-
Try war oppressed by currency without any basis Of
coin, other effective check and Of value me-
iiun OF remittance exchange beyond the jurisdic
lion OF the State whence il had been isued-a curren
sy that not unifequently imposed upon the Trea.uty
The necessity OF meeting, by exravagant premiums,
he mere act Of transferring the revenue, collected
pent TO defray unavoidable expense at another" IL i.
'i within the recollection OF the Senate when at the
'eat Of government ITSELF specie could only be had at
20 ~ per cent in exchange for the bank paper pro-
misses to pay specie; that for bank notes of Baltimore
per cent. paid; for those Of Philadelphia, 6 10
per cent; for those oil New York, Is 10 per cents
and for those Of Boston, 20 81 per cent; ruinous n
equa'itie', which have now hsppiiy disappeared.
81, The sOunGness OF the currency may he further
usra.ed by tho present condition Of the f2roign ex
changes.
Exchange on England IL, at The present moment,
more than per teu under par; that is, more than
'ne per nj. in favor OF the United States. This being
The real fact, disguised by the common 6rins Of quot
ing exchange on England at between aud 8 per
rent. premium.
1t would lead The committee too far from lis present