Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1837-06-22

enttofmitys p1tmeDcocys mo eaiety mat ~
sEseting thess essential objects the Bank 10 .
mere subordinate agent, 10 be used OF not 20
10 used. and % b modi6ed 90 70 IL duration
and ether Provisions wholly In reference 20
the higher question % the currsncy, caanot
think that he would ever have proposed the
msasurs which be has brought forward. which
leaves. ~ hare already said. every thing con-
neeted with the subjecs IN stats Of uneer-
tainty and 'Guetuaiion.
AL feel that the currency h q delicate sub
ject, requiring 70 be touched With the utmost
caution; bat In order that u may be seen. ~
well as felt, why q Il 90 delicate, Why slight
touches. either in depressing OF slevating Il,
agitate and eoaVulse the whole community,
will pause 20 explain the cause. u We take
the aggregate property Of q community, that
which forms the currency constitutes, IN va
lue, very small portion Of the whole. What
this proportion Is IN our country and other
commercial and tracing communities, h some
what uncertain. ISpesk eonjeeturaily In tx
ing Il - one TO twenty-five or thirty. though
presume that ls not far from the truth and
yet this small proportion Of the property Of
the community regulates ihs value Of al The
rest, and forms the medium Of circulation BY
which al lee exchanges are effected bearing
IN his respect q striking similarity. consider
Ing the Diversity of the subjects, 90 the blood
IN the human OF animal system.
II We turn our attention 10 the laws which
govern the circulation, we shall find one Of the
most important 10 be, that ~ the circulation
Is decreased or increased, the rest Of the pro-
Perty will, all other circumstances remaining
the same, be deereased or increased IN value
exactly IN the same proportion. To illustrate !;
II . community should have m sggreEste
amount Of property Of thirty-o0e millions Of
Antlera If x.h a..
currency; IL that one million be reduced one
tenth para, that Is 10 say. one hundred thou
sand dollars. the value Of the rest will be re-
duced in like manner ooe-teRth part. that u,
three millions Of dollars. And here a very
important fact discloses itself, which expioins
Why the currency should be touched Sith
such delicacy, and why stability and unifor-
mity are such essential qualities I mean,
that small absolute reduction Of the curreB-
cy makes . great absolute redu ehon Of the
value O( the entire property OF the eommuni-
~. % We zee IN the case proposed where \
reduction OF one hundred thousand dollars in
the currency reduces the aggregate value Of
property three millions OF dOllsrs--a sum
thirty times greater than the reduction Of the
currency. From this, results an important
consideration. II nc suppose the entire eur
reney 10 be in the hands Of one portion Of the
~Ct~tNfehfAys NNe tAN AtG uAAtIa "
the other portion, the former, BY having the
currency IN their possession, might control
the value Of all the property Of the eommuni-
ty, and possess themselves Of il al their plea.
sure. Take the Gaze already selected, and
suppose that those who hold the currency
diminish Il ono half by abstraciing Il from
circulation the effect Of which would be TO
reduce The circulation 10 FIVE hundred thou
sand dollars; the value Of property would also
be reduced OOe half that IL, fifteen millions
OF dollars. Let the process be reversed, and
he money absiTaeied gradually restored TO
circulation. aud the value Of the property
would sgain be increased TO thirty millions -
IL must be obvious that by alternating these
processes, and purchasing az the point Of The
greatest depression, when the circulation u
the least, aud selling st the point O( the great
est elevation. when Il u the fullest, the sup
posed moneyed class. who could at pleasure
increase or diminish the circulation, By alb
sIraeling or restoring Il, might also al pleasure
control The entire property Of the county
Let Il be ever borne IN mind, that the ex-
ehsRgeable value Of the circulating medium,
compared with the property and the business
Of The community, remains fixed. end can ne
yer be diminished or increased BY Increasing
OF diminishing lie quantity; while. on the
contrary, the exehangesble velue Of the pro-
perty, compared 20 the currency, must increase
or decrease with every addition OF diuinu-
ton Of the latter. u results from this, that
there is q dangerous antagonist relation be-
tween those who hold or command the cur
reDcy and the rest Of the community; but
fortunately Tor the country, the holders Of pro-
perry snd of the currency are 50 blended as
not 10 constitute separate Glasses. Yet, Il Is
worthy Of remsrk--h deserves strongly 10
atiFaotthe attention Of those who have charge
Of the public sGairs--that under the opera
ton of the banking system. end that paTlicu-
lar distribution Of property existing IN the
shape Of credit or stocks, public shd private.
which 20 strikingiy distinguishes modern so
eiety from ell that preceded u, there Il .
siroag tendency TO create 9 separate moneyed
Interest, accompanied with Ell the dangers
which mnsi necessarily result from such sepa-
ration, which deserves 10 BE- most carefully
watched and resisted.
do not staHd hire the psrtissn o. any parti.
enlsr ciuas iu soeitts--ihr rich o. the po0r, the
prnpcrfy holder o. che fuoacy holder, sod, ia
fnsklhg ihess remarks, an NOT aetuated b. the
slightest feeling of opy osiioa % ghe lister. Ny
object % simply 20 pfini sul inportsat reisiiepl
ihst FNIni between iieuA resuitng iroln the lac
whieh govern The currency, IL order thal TIE nr-
cetsity los uniform, staple, sd safe eurrensy,
% guard eEsiusi dangerous eortrni a ore clasi
WV NANtNNNNf nay - ANHANNN NEfMt AAatNA ~
ny place simply ~ Scnaiur from south Csro-
unsi 90 Represent her o. this 0o9r and 20 sdtsuee
The r0fnmon iaterrsi - these sisiet. 81 faF ~
u eaa be dnue consistently 9Th equity and justice
O. ilic Palta aal H. partisan. 20 : have Md,
~ eisaa, nor, lei ne sdd. ~ Soy oiiiesf ar-
~. l ara neither ~ tie Opp siiioa nor he Ad-
administration. n srt 9Th che fnrmsF in aay w.
assce, u is becsurr 7 apppvu ~ thsir sourts o.
the prriieuisF o. easioni aud shali aiuays o.
happy % 81 eth them ulien Do apfrusc. III I
0ppose he Admiaisnsiion--f drsiru 90 srs
poser change handa--it Be- bseausa ditapprore
q he Eeneri eourss 81 those 81 auihoriiyt be-
euute ihey have Departed from ne pFlueipiea 90
shish ihry saus into ofieet hessuse, fnsirsd u
uting DE iEnmeute poser aud pstronsgc poe in
iheiF handa % .rsure thr liberty 81 he eouairJ
snd sflV-nes Ne Vubiis good, thry hsgc perverted
thru inio parry insiFsnnrufs fgr personsi obtreia
hui aiae haa ~ been, noT uili v D., . siemsi-
ID oppo1iiioa. Whsfeseg neasurs 81 lleira I
msy dsrm right, ihsil ehetrfuiiy Support, sd
I oHly deeire thai they shsll sGoFtl ne moFs IRE
qssus occasions f0T aiippoTi, I'D fever To- oppS-
siilqis theu hey hase hgfeiOfore aous.
VIII these impTssaions. ed enirrtsining .
deep enaEiction, that 81 uufrea. unsiabir. sd
aneiastipg eurruney is % - ranked ar11ae TIE
rasi ffuiiiul scurees ~ evil, vhrihef vtrged
poiilrsily IN Fafsrencc % tiss businsts trans-
acticsa q ne eouutry. csau1t give ny esussri