Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-09-02
Richmond, Va. Tuesday, Sept. ,.
4Y'HE HUMBUG e'-or, Specie and pooeyy

DO"'ie''h
the Jackson money, as it is called They are max
ing mock OF the Presidents late toast at Nashville
ABOUT 1.-The true constitutional currency, Gold and
Silver" Nc. &c. Gold Eagles and Half Eagles they
tell us, VIII he counterfeted, though il is certain
that they will not he ms much as 5 and 10 dollar
notes have been They also confidently tell us
that they cannot circulate along with paper. Either
Gold Is to put down the Bank Notes; or, the Notes
will drive the Gold from circulation Our scorthu
neighbor of the Wing throws his mite also he fore the
public. He first nsks us, "What is to be done with
the State Banks?" Aud then, as if he were Ricar-
do HIMSELF he tells us, oracularly, how the whole
matter is TO go of. But will lay his speculation
before our readers, and then freely give our own
views along with it, We shall do so, even though
we have the fear of the Norfolk Herald "and all
its works before eyes,. 1t may repeat of lis what
it courteously remarked on last Friday morning,
this very subject; that Such stuff rs this of the
Globe aud its kindred presses, might suit well
enough for Guinea negroes and South-Sea Island
ers, who are caught with beads and gew-gaws, but
II is downright insult to the respectable and inte
gent farmers and mechanics of the United States
We will speak the truth, although we have to defy
the Herald, and lis affiliated brother of the Wing at
the time:
Imu be plain that jackson Mo-
s sS 1ad sS y not eu,,o with
the paper Of the State Banks will expand supply
worthy always dive out the better Thsas ss
down all Banks; prohibit notes of the same or
less deo9"as'ioa oyaoe than the metallic medium
Eegc FiSe~i this 10 So to pu. dow" tho
soush. STATE Banks must Be- pat dozen" or the
roqs De- nearly .1s Thing hi;
may be % TO s sS M the 'f d Tho
about ss the "Sy' ss, and &
cumses, sutrp yet open and apparent
have lately the Enquirer calling must
might ia. it, o M e. s%S gG sns Of wS all
But S%s S Sp. e upo" % @ o Nons
The People OF the u States
cheated into taking the yoke upon their neck.."
We pass over the coarse witiicsms and the bold
assertions, which grace The above article from Sa-
turdays Wing, and come at the merits of
the case-Pary spirit may raise its hateful rs
much as il peases. 1t niny satrize the Jackson
Money;"-but the infusion of certain proportion of
gold into the currency Of II country is not so much
of a htmbug, the Bank Presses affect To consider
u. How is it in England the most commercial
country in the world? Have not there proof
OF the advantages which arise from mixed circu-
ation-that is, of specie and of paper mo one
denies, that gold is more costly circulating me-
dunn than paper is. But who also denies that, in
case OF ,odr or of panic which may be so easily
excited, the general diffusion of gold is general be-
neft TO the community? In such cases, there will be
much less embarrassment from the precious metals
being in free circulation, than when they all con-
fined to the vaults of the Banks.
On this question, ut least, must not Judge of
the future by the past. Gold has hitherto been ban
ished from circulation, for the best of all reasons
III the world. In the LIST place, tie Government had
moderated the value of gold coins in proportion to
the silver In the ID place, had thought proper to
establish great monied corporation with the priv-
lege of emitting bills even low MS five dollars;
and what is more, it bnd endowed this Bank with
species of ubiquiiy, in rendering its paper, where
soever it was issued, receivable every where in the
payment of the dues 10 the United SateS-'rle first
circumstance has been done away hy a change of
the law. Gold has been raised the ratio of 10 to
/ of silver-But, the second consideration is also of
material importance. For, let the people be only
true TO themselves--let the Revolution" in the
he flll
pshed--as sure as the Bank charter expires we
shall soon gold enough in circulation to answer
our wants. Its equal value in all parts of the coun-
try, and its convenient portability, will cause it, i'm
some degree, to take tine place of these very IT, S.
Bank notes.
1t is in vain told, that t,co calculations of
unequal UntueS cannot exist at the same place The
circulation of gold and State Bank notes, the same
time, does all conflict with the general prnci-
pie These Bank notes will freely circulate in the
vicinity of the Banks which issue them-There can
not be a doubt of it-And why? Because they are
there of equal value with gold, from their immediate
convertibilty and their greater convenience-But,
on the other hund, they cannot emigrate far as
the gold coins Their full value is at home
while gold is gold every where. II finds its vaGe
every wherc--abroad as well at home at New
Orleans and ST. Louis as well as at Richmond or
Norfolk. If A to travel from this City to
Cincinnati or Philadelphia, he will frequently turn
his paper here into gold because his eagles, when
they take their wing TO these distant places, will be
worth ten dollars piece, in their paper; while the
Richmond notes might be at discount; and so on,
Utce verSa. Who does not see, that such obvious
process will throw large amounts Of speCie into cir
culation, when it comes 10 be extended throughout
the tweniy-four States, and the several Territories
of the Union? 1t is clear, indeed, that the amount
will not be as large, it might be, and perhaps
ought TO be, The State Banks to issue only notes
of larger Dimensions
We grant you, that larger negotiations will still
continue 10 he carried on by Bills of Exchange, and
by Bank drafts checks-But even in this respect,
the free introduction of the precious metals will not
he without good effect upon the mercantile world.
The easy transportation OF gold, and it's ulster rea-
tive value TO silver, under the laws recently passed.
will keep down the difference of exchange between
distant cities n very moderate ratio-And thus
again supcrscde, to large extent, the advantages
which have been hitherto claimed for the Bank Of
the u. States.
We do not see, therefore, why is, that the specie
should be bnnshed or, that the State Banks should
be put down, as our Richmond Ricardo ventures
20 predict. But let us look aliead and perhaps we
may still further anticipate, that the step, which is
recently taken, may only be the commencement Of
(anolhcr greater) end" The Wing says, ''the State
Banks tSt PIT do,on they must he prohibited
from issuing notes under tCenfy dollars, which would
be nearly the same thing" Now, we do not believe
IN either one or the other-ju other words, either that
the State Banks will be put down, that they
must be prohibited from issues Of notes under $50,
or that if they are, they would be nearly ruined
But what we believe This that the introduction Of
Golden Age is calculated to lead 10 a suppression
Of the smaller notes. We see some evidences Of
this tendency in the movements which are already
making in the North. We see il in some of the ".
ID 81. Il. - 4