Vandalia Whig and Illinois intelligencer. [volume] (Vandalia, Ill.) 1832-183?, 1834-05-15
HARD MONEY CURRENCY.

inu kePt III Hiilu. W thc peopit, Ill ne
present crisis, in order to understand
the country can supply itself
with gold and silver enough to serve for
the common currency, after the United
States bank is done with.
First: That in the year 1881 the bank
collected near twelve millions of hard
money into its vaults, and sold, or ex.
ported nearly half of it in the course
of the winter l83l-'52, so that when
the investigating committee went 10
Philadelphia, the 1 l millions was redu.
ced TO about six and Il half millions,
having parted with about FIVE millions,
phich Biddle ssuore to be so much sur
p!us!
Secondly: The bank has. since May,
1882, been collecting and boarding spe-
Gle again, and now has nearly II mil
lions on hand; which sum, if she is re-
chartered, will furnish another surplus
of five millions to be sold and exported;
it not rechartered, that sum will be paid
out in redemption of her notes mx>de.
posites, and the seven millions of stock
which tine United States own in the
bank.
Thirdly: Specie is now flowing into
the country from all quarters, and to an
unprecedented amount, as much as a
million Of dollars in one week; proba-
Ibly five or SIX millions since Christmas:
so that fifteen or twenty millions may be
counted upon in the course Of the
year.
Fo,trihly: The Southern gold mines
are estimated to yield two millions Of
dollars for this year, and as much in ev-
cry subsequent year.
Filthy: That the amount Of notes in
the United States hank now in circula-
lion, is between eighteen and nineteeli
millions Of dollars.
Upon these facts, the question is.
whether the country can stand the with.
drawal Of these eighteen or nineteen
millions Of paper upon the dissolution
OF the bank? The answer is clear, that
the amount of hard money which shall
How into the country, which will be dug
from its own mines. and which will be
turned out from ITS vaults Of the bank oil
he United States and its branches, will
he two or three times the amount OIL
those notes; so th,t the currency will be
doubled in quantity by the dissolution Of
the bank.
That this will be the result no one
can doubt; the retaining specie in cir
iieulation is the only question. Come j
will! Stay it may not! and certainly will
mot, unless the gold standard is reformed
and foreign coins made current at their
actual value. If these two things are
done, and congress alone can do them
the specie comes in, will remain; the
gold dug from our own mines, will re mair
the eleven millions turned out from the
bank of the United States and its bran
ches, will remain: and copious golt
iiand silver currency will pervade The
country, and dnublv supply the loss o
the bank of the United States notes.
:, These facts and conclusions being sell
evident, and incontrovertnble, the ques
ion is. why is not the gold standard re
formed, and foreign coins made current
in their full value? The answer is, thai
me interest and policy Of the bank o
the United States. requires gold to be un
|dervalued. and foreign coins to be IN
current. that the community may be
kept dependent upon her for a paper
currency. instead. Of having an indie.
penden gold and silver currency oftheil
own.
The reform Of the gold currency. and
the admission Of foreign gold and silver
to circulate at their full value, have
now become practical measures, requi.
ring the immediate action Of congress
and loudly called for from every part Of
the country. The hank interest oppose
both these great measures and new Fri
al Of strength between the hank party
and the anti-bank party, will have to take
place before the questions can be deci-
ded. Uhhappilv, the nature of the
measures will afford ample room for the
hank party to fhwnrt and Illustrate them
without the odium Of an open opposi.
ton. They can profess to agree TO the
measures in the abstract, and fight them
on details, on the relative value Of gold
and silver. and on the value Of foreign
coins. These details admitting Of inf
mite diversity Of minute variations Of
opinion, hardly visible on paper, but