Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1830-04-13
G0N4NMSSIOMAB.
THE NATIONAL CURRENCY.
IN SENATE OF THE UNITED STATES.
MARCH %. 1890.

Mr. Smith Of Ma, yland, made the following Report
The Committee finance, to which was referred re-
solution of the 30h December, 1929, directing the
Committee 10 inquire into the expedency Of estab-
fishing uniform National Currency for the United
States, and 10 report thereon to the Senate report
That hing short OF the imperative order OF the Sc
nate could induce the committee to enter subject
surrounded wi difficulty. They unds rtake il with
difdence and dstrus of their capacity eucidate
subject hathas engaged many nations and the pens OF
the ables, writers, without yet coming any def.
mite conclusion IL still remains TO he determined, What
IL the soundcst and mott uniform currency: One nation
assumes one system another different plan. In one
nation plan IL devised, and succeeds for time by pru.
dent aud restrictive emissions. Ested with success,
larger and more eXen'ive emissions risqued ra-
pid nominal Use of all property takes places tue people
are not aware that such nominal rise the effect of d
preciaton; The bubble bursS md ruin 20 the un-uspec
ing, is the consequence. All history shows such re-
suit IN several nations and particularly in that Of the
u. States. The committee, engaged on a variety of
subjects cannot devoe much time the re.olu ion
as the believe would be necessary to devel.
ope fully the question before them, wit: sound and
uniform National Currency. Presuming, from the e-
Of the resolution, that the uniform National Curren
oy proposed must be prepared by the National Govern
ment circulated under its suthory,& maintained by il.
credit, the committee have compiled with the instruction
Of the Senate, by endeavong dsvse some plan thro
which the agency a the Government in such me "a
sure could be safe useful; but, after giving il all
the consideration they could besow, their
have resulted in belief that any such me asure mus,
resolve Itself, at last, into mere system Of paper
ney, issued by the Government The resort TO the ia
sue Of paper money has been often the desperate expe
dent OF the wants Of nation. Ii has then found its
justification only in the necessity which created il: yet
such ere its inevitable evils, that every prudent Govern
ment has the moment its pressing exigencies permitted
returned TO the only safe basis of circulating medium
the precious metals and the private credits attached 10
the use OF them. Such the expedients of the Co
vernment Of the United States during its two war. ;
such its immediate abandonment of them at the return
oil peace But in the present condition of the Treasu
sury of the United States, with a revenue far beyond
its wants, with debt almost nominal and Fastening to
its entire extnguisbment, such a measure is not need.
ed by the interests OF the Government, is thse the
slightest Indication OF lis being demanded By the wants
OF the country. OF such issue OF paper meney the
Executive at Washington would be the natural loun-
tam The agents OF The Executive the natural chan
nels The individuals, and corporations and states who
borrowedt must becom. debtors to the Government
and the inevitable consequence would be, the creation
oil moaed engine OF direct dependence the officers
Of Government, al variance with the whole scheme Of
our institutions The limit TO which this currency
should be issued the per'ons TO whom would be lent
the securities taken for its repay the places where
II should be redeemed, involve great complication and
great hazard, regarding IL merely in financial point OF
view, while, on more enlarged considerations Of poi-
cal expedieney, the objections to it are In the opinion
OF The committee, insupsrable AMI fatal.
Believing such scheme 10 be impraccabIc the
committee were cOnsOled with the reflection that il i,
unnecessary, they satisfied that the country in
the enjoyment oil an uniform national CURRENCY ONLY
sound, uniform in ITSELF and perfectly dapted to all the
purpo'es Of the Government and the community but
more touni and uniform than that possessed by any
other country The importance OF this truth will
justify the committee in stating somo details to e,,b,h
it,
The currency Of the u States. tbs only legal eurren
cy, ia gold and silver All debts 10 the Government
aud all debts to individuals, being received in that
dium, aud in other. As, however, the amount Of
coin requisite for these purposes would bs unmanagea
bic and ntonveDen,, the u. States like other CONNER
cial countries have adopted the system of making credit
supply many OF the cases of coin and numerous bank
ing companies have been established issuing notes
promising 10 pay on demand gold and silver The Go.
vernmen OF the o. States has established one Of sitn
lar character and for the convenience of the commun
~, the public is collected in gold and silver
the notes Of the Bank Of the United States and the
notes Of such solvent State banks as the Bank of tb.
United States and its branches will receive as oa.h
The currency, hereore of the u States in its relation
to the Government Of the u States, consists of gold
end silver and Of notes equivalent gold and silver
And the enquiry which naturally presents itself whe
ther this mixed Of currency is sound and unorn
the trade OF the Union. That it is so will sppesr from
the following facts:
1sL The Government receives i,s revenue from
3l3 Caslom-I Houses
~ Land Offices.
S0Oi Post Offices.
1874 Receivers of Internal Revenue
"a Mafshals.
38 Clerks Of Courts.
These, with other receiving officers, which need no
be specIhed, compose an aggregate OF more thin 90
persons dispersed through the hole Of the Union h
collect tie public revenue. From these persons m
Government has, for the ten year preceding the fret
January 1890, received, $3.50 O65 ,S55 H. This .uf
has been collected in every section Of this widely eS
tended country +, has been discussed at other point
many thousand miles distant from the places where
was collected; and yet has been collie cted and d.
tbuted without the lose, fsr the cc1mislre ca
learn OF single dollar, AMI without the espense Of
single dollar 70 The GoysrnmsnL That currency, =