Vandalia Whig and Illinois intelligencer. [volume] (Vandalia, Ill.) 1832-183?, 1833-04-24

the circumstances Of each case and TO chance
them as justice or proprlety requires.
Yetif it be granted that the law providing
for the regulation of ferries, Sc is equally re-
strictive upon the individual with the law regu-
iating the interest of money, still the case is
not parallel: the law which fixes the rates of
the ferryman's labor, also confers on him an
exclusive privilege, and forbids another person
pursuing the same business in competition with
him. The ferryman too has definite service
TO perform-itis the same this year it was last.
and worth just as much: But the usurer who
loans you an hundred dollars this year for
Twelve, next year perhaps, by the fluctuations
/ of trade and changes 10 commercial reguIa-
TONS, is obliged to bestow twice the labor and
employ twice the capital in realizing the same
sum; and yet by the principle commended for
he must exact no higher price for that which
has cost him twice as much If the legisla,
tnre could devise some means 10 make the ST me
amount OF labor produce at all times the same
amount OF money, they might then perhaps,
Iprescribe some equitable rule for regulating
its value: till then the individual is the best
l. Judge of the value of his labor and OF The pro.
ceeds of his labor.
An other reason urged by the writer, wis
the interest of money should be regulated b.
law, Is, ''lhat its denomination is its valne, and
that is not relative but absolute and fixed bv
law; that 1t is the representative of PROPER
ty without any intrinsic value" and therefore
the premium for It's use may with proprietv lie
regulated by law.
The absurdity ofthese assertions is too mani
fest to require a single remark to make ii more
glazing. his is the first time we ever heard
"that gold and silver were intrinsicailu of no
value. The rnaiority of men must certanl,
be fools-the gold dggers in he southern st ties :.
IN the opinion OF our esSayis, must he throws
ing away their labor; they get nothing for
their toll but "a bauble which the legislative
Authority oithe nation may tiX value upon or
not,Just according to the caprice of the times
Are god and silver, does our writer suspose. ,
| OF no value IN the arts and trades? Or no value
to the dyer, the chemist, the ieweler nor The
apothecary? Certainly we must have verged
OF late quite out of the region of sorer reali-,
and passed lmpercep,ibly into the midst o, MI.
Hume's imaginary world of 'sdeas and impress
sons;" for hitherto we have been under The "im
lpresslon" that the "rhinon was the real stufr
Of solid substantial value. Wi, our essavist
one country is found to contain less ALLOW than
The coin OF another, a transportation imme-
dlately takes place-why kind of trade in
coin is carried on, and the purer coin melted
down and re-coIned or applied to other uses
This process seems to depend on the presump-
tlon that the same quantity of gold and silver
is OF the same value in whatever shape it be
Hound; and that metal i'll cum has no va,uc
over the same in bars, except what is given il
by the labor of coming; which additional value
is moreover nearly or quite compensated BY
the small quantity of baser metal introduced in
the process.
According to our essayist's ''notions," the
mater7et OF money is of no consequence: BIZ
OF shell, or scrap of paper answers The same
purpose as the precious metals: it requires only
the form and impression prescribed by legsla.
tive authority, to give to any substance the
characteristics OF money with fixed unchar>
gea6te value, and on this assumption he makes
his whole argument for the usurv law depend :
for, he infers, if the legislature determine the
value OF the article denomna,ed money, and
make that value permanent, it is but Just that
they should also determine authoritatvelv how
much shall be paid for its use. This is his
argument IN substance, tho not his precise
words. Before answering so potent conclu-
sion, we must beg the writer to tell us how it
happens that bills of the Illinois State bank,
which our Legislature denominated money and
received as such for is own debts, have varied
in value from fifty to ninety per cent? Why
were the bills issued by Congress in the time
Of the revolution, at one time worth scarce one
per cent on the dollar? Why did the national
currency of the French in the time of the re-
volution( assignats and mandates,) made money
as far as legislative authority could effect that
object, depreciate till it became almost of no
value at all? The facts to which we allude
are well known; the intelligent writer will no,
dispute them, and we desire him to show how
they are to be reconciled to his assumption, be-
fore we attempt reply to the conclusion he
draws from it.
FoRIEGN-The American, IN. Y acknow-
lodges Liverpool dates to the 4th ult. The
proceedings of parliament in reference to the
affairs of Ireland, form the leading topics of
interest in all the prints. The Irish suppress
sion or "force" bill as it is called, introducing
martial law in that unhappy island was discus
sed in the House of Commons, Feb. 2Sth, and
the two following days: the crowd of spectators