Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-05-02

Gold aud silver wil never circul.t. ,yher. h.,Ls -.
no. men come IN competition with them. For 1t will
"'"i''oy happen, mat when the circulating medium ia
cohpo:edot different kinds Of money, and one o, them IL
:. Va'uao'e ihan ,he o'her, but noi sufficiently depreciat.
eu 10 De disciedned, the in error will, after a time. teeome
ue general currency and the more valuable will entirely
disappear. This IL obvious in the States wlrr. ,Is R,,Lss
issue notes as To-" as 81. For silver dollars are never
iounu IN circu'anon where paper ones are freely issued by
the Banks. In order, therefore, TO bril- q the preciou. ms.
,ais Into use, the rivalship OF paper must be eHec,usuv "A.
Ken away. We must not only remove the note. ri IA,
Banks. paw
And to create a Bank Of the United States, and res,ric,
us issues, as above suggested, would be to invite the State
BANKS 10 issue largely that description of psprt which will
nor De interrupted by the competition OF the Bank OF the
om,eu S'''es' Inc paper circulation would not be iii.
""'s"eu, nor would the proportion OF the metals be i'm.
creased. Paper dollars would still be manufactured in the
same aohndance; they would still come in competition
with gold and silver, and drive them from circulation.
Inc restriction, therefore, on the issue of the smaller
notes, cannot be efectuAl, unless the several State. sh,,,
se willing to co operate with the legislation OF Congress.
iney couiu hardly TIC expected 10 prohibit the issus ol
ho'es under twenty dollars by their Banks. whis , Rant
oil inc United States was in existence with all The adyan.
ages IL would possess over The State institutions. Aud il
,'ey eoui' oe induced to unite in such a plan, the inevita.
oe result would be, TO put an eud to the State Banks. For
circulation oil larger notes would be so much restrain.
Gu oy tue competition and sst erior advsntageso of the no,.s
oi the Bank vi The United States. that The sn,I So.
corporations would probably, soou find their charters of no
''me .nl oe compelled 10 wind up their concerns.
me nell ior paper currency would then he left entirely
70 the Bank OF the u. ). Their note, being rec.;v,biy.
every where in payment for debts due 10 the Gove,,r.n,
1870 sme meih a ctedt beyond their real value. The
""P''"oh uhuer such circumstances TO overissIes of ma.
per would be almost irresistible. And after cIosi,o b.,
tnis curse OF legislation, the doors OF the Sta.e Banks ws
should soon hnd ourselves with a paper currencv n n
liable TO depreciation with the present n irow 49,
d''proporuon the paper would bear to the sperie nrov;dsJ
.orcueem IT, In u plan which would lead 10 such resuIts
We eouiu hatd'y expect the States. to come in sid OF the
iegis'anon oil Congress, but we might count on their y.
u'ai cooperation in effect to place the whole circuI,iin,
xhen ~ ., ue country on . sale and durable foundation.
Mneoi'can De done without injustice TO their owl ci,;z.ns
WHO are Interested in the State institutions.
me hFst sep towards a sound condition of The curre,.
cy, 'o reform the coinage of gold. The present COLI
coin Is worth more in silver than its nominal y,iu. IT,
therefore never seen in The ordinary exchanges of IN,
sou"fy' anu II Is worse than useless TO continue the ex.
Pense o co!hing II at the mint, unless il is intended tor
circulation. IL will never make its way into generaI cir.
cu'au1h unh' The relative value Of silver and gold il oh.
IVY d near as may be, in the pieces coined of the re.
sPecu'e metals. IL has been tiuly said, that gold ia the
antagonist OF paper. Silver is TOO heavy to be trsnsno,,.d
nom place 10 place, in large sums, without Inconvenience.
some other circulating medium Of general currency IL
,"efe'o'e necessary, even Tor the expenses of a Journey
rom one State to another. There mus, he eiiher. go,
,urIency oil general credit, or gold must be Introduced.
h"u " Is essential that in It's standard value as coin. 4, si,oulJ
be placed on its proper footing in relation 10 lver bsiore
q paper currency OF general credit can be convenisnuv
S.sPe"Sed WIN: The charter of the Bank OF the United
c'a'es, ny making ITS paper receivable every where for
ueOts due 10 the government, furnishes A paper currencv
ID eqhdI 10 gold or silver, but yet of sufici credit for
common use, and Tor the purpose of travelling from nl,cs
70 pace ihis VIII continue until the Sd Of March. 1886
It's deSTable, therefore, that provision should he made a, IN.
w. rese" $50 o, congress Tor the reform of The gold coins.
''' W NNt, dUu a y tnlS m
currency Is gradually retiring from circulation. the yold
snouid De prepared TO take its place. We produce gold In
u ."se amount IN The United States, and the product is in.
creas,ns every year. The greater part OF il is now ex-
ported as bullion, and this will continue TO he the case n
w TN value oil the gold coin is changed; even if the
change should be made at the present session. there wovII
nv perhaps DE a sufficient supply OF our own gold coins to
meet Inc demand Tor a circulating medium of general cra
nv 'he eSplraiion oil the charter of the Bank. But if TO-.
reign gold coins should be made a egal tender a, their real
value, There would doubtless be enough of tha, metal =,
me time above mentioned, 10 meet the wants OF the pub.
~ anu mere can be no sufficient reason Tor throwing
ou' oil circulation the foreign coins of gold or silver. which
are current In other parts of the commercial world. In.
ue : 81, d a measure oil Immediate relief in the present state
OF things, 1t Is necessary that the foreign coins hotb or guII
ana silver, should be made a legal tender in na,,nan
aeo's' according 10 their intrinsic value. VERY Large inn.
por'aIohs OF The foreign coins are continually arriving IN
we ohited States, and ii 'hey can be used by the SIa,e
baIiEs TO discharge their engagements thew will nrobahIy
e,a "a mere and become a Pdrt OF our circulating medium.
a." u .ney were made a legal tender in payment OF
oeo's, IL would enable the State Banks to extend ,heir "a.
sues and 10 redeem their notes with greater facility.
respectfully invite the early attention OF Congress to this
suhJect, anu regard the proposed alteration in our laws AZ
peculiarly necessary in the present exigency. AMI rAIcu.
lated to produce immediate and extensive benefit. As
the Bank of the u. States wilhdraws its circni ,,ian ia,
oil The hrst Importance hat the State Banks should he sna.
bied TO extend their issuea, and to supply im,neJia,elv ty
their notes, the place which was filled by The Bank Of tn.
United States. %
With the reform of the gold currency. il is ,ro,er -
socia'e measures TO prevent the issue OF small notes. Tie
only step which Congress could with proprieiy take. in TO-
IA'lon TO the notes OF the State Banks, would be. 10 nroviJe
that no bank should be a d depository of IN. nuhIc r,ona,
--l ~ NV INb8tt Dtc
nor should The notes Of any bank be receivable in payment
oil deots TO the United states, which issued notes below =,
certain denomination. We may safely rely OIL the c,.o,e.
ration oil the several States 10 Impose upon their halls
.e restrictions necessary 10 aid in this desirable change
IN the state OF the currency. The s!te, alton pronosei
shoulu, however, be gradual. A day might be fixed. after
"Nlch the restriction above mentioned should go into one.
ration, as relates to notes below five dollars.
A further resiricti. ~, so as TO afect notes under ten dali.
iarS' would hereafter be advisable, and ought 10 be regard.
ed as a part oil The plan now proposed 10 be adopted. Rut
~ Is not desirable at tins time. 10 name a de6nite dav for
ual purpose. "A great proportion oil the issues of ihr
o'a'e Banks consists OF five dollar notes. Any measur.
calculated 10 impair this currency of notes of ti,is d.sc,i,
ton, about the lime the Bank of the United states ia nn;ar
Out OF existence, would be injurious to The public. Whe1
te BANK oil the UGiied States il wiihdra ing is notes
ron circulation, the void must be filed up by gold and
SILVER or ny notes OF the State Banks, or the currency
VIII DC mJuriousiy contracted. and ii notes of five dol.
lars were then put out Of circulation, the diminu6oD Of the
currency would perhaps be severely felt. And no mea.
sure should be adopted, calculated to IMPEDE iheir c;rcu.
Iaiion, until 1t shall be manifest that the country is reUsved
rom any Inconvenience arising from the Withdraw wal OF
the notes oil the h nix OF the United States. But n. sonu
as that period arrives, and il is apparent tha, COLI ,nJ
silver can be provided for HE ordinary citculation tel,v
ten dollars, II would be advisable TO extend the restricuon
TO notes OF that denomination. For we can never he gale
from 'he fluctuations OF the currency until all notes below
Ten dollars are banished from circulation. And il will he
sun more secure when the restriction is carried up 10 aoles
OF twenty dollars, as TO SUI sttute the gold eagles In the
place OF ten dollar Bark notes.
it viii be seen from this statement, that il /, no mart nj
the proposed plan TO dispense with the State Banks. II
obviously is not in the power OF Congress Gf il des;,sd IN
do SOY 10 take any measures for tbat purpose vi,bo,, an
amendment TO the Constitutions; and the States would moi
anu ought not 10 surrender the pOVver Of chsrteting bank.
ing companies. The State B1uks are now go numerous
ana are so Intimately connected with our habits aud pur.
SUITS, mat 1t Is impossible 10 suppose that the system can
ever be entirely abl ndoned. Nor is il Jesira5I. ,bs, +,
should be.-Jbey are often abused, like oil other human