Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1837-09-21
From the National Mtellirencer

From the National Intellirencer
The iollo"in is u synopsis Of the contents
OF work-now in the press al Baltimore. 6,
10 be issued in few dnys-by DR.. ROBERT
MAYO, of The city OF Washington
~ Chapter Of Sketches on Finance" ore
senfs uie,cs and doctrines COT lrhic6 the
Jofotct"g IS Il Scaniy synopsis) ,porihy Of
consideration at the present crisis
brief remark On the barter or primi,ive
cash system.
The representative of value, or credit sys
tenn
IL ought to bear some proportion TO the
property of the community, and Ia in
crease that proportion, with the iucrea..
Ing rapidity Of traffic.
All the precious metals (the secondary
cdsh syStem,) not sufficient 10 serve as the
representative of value.
me "ehciency TO he supplied by an aux
mary currency Cor credit systenl) is
Indispensable.
The ratio o. the representative of value
lihe secondary cash and credit system com.
olneh) In property value, be il grealer or
smaller, I per cent. or less,) should bo uni
form.
he specie representative of value is uni
rersai among nations, and in nearly the same
proportions.
Thereby becoming subtitle fluid, seeks
ing lis equilibrium in obedience 10 the
laws of the balance Of trade.
W hich equilibrium, il DESTROYED. nrodu-
ces conruiSions "a value Of every DIES
cription, both where a redundance or a
scarcity occurs, until the equilibrium
lie restored.
And 10 preserve il free. is fit subject for
international law.
10 forbid Its expectation, or 10 make ex-
ira Efforts for its importation, is as I'M
just as IL is unavaling Of permanent ef-
iect, because II in!ringes the balance OF
trade, which will ultimately prevail.
Also, the forcing an accumulation in one
section OF the country by drain from
another, is further chargeable as an in>
fringement OF the Constitution, which
requires The collection Of the revenue tu
he uniform.
And while IL disailes mei chants for lime
IN settling their balances, il compels
them TO resort To a convenient renee,
or sab auxiliary credit system, by ar.
rangement between The pariies, a be.
tween the Bank of England aud ths
Bank OF the United States
An auxiliary TO specie, in what shall il
CONSIST, and ITS proportion To specie?
THIS would depend on public confidence in
ate demand for specie or cash in lieu
Of IL.
When confidence is destroyed, specie pay
men!s are necessarily suspended, and
the auxiliary becomes the sole currency.
10 prevent which, guaranty, with a
view 10 stability, adherence TO ratio, a.
voidsmce of favorilsm, Sc
Examples OF instability 10 quantities VI is
sues OF credits, and rs relative value 10
specie, TO commerce, TO productive la
Dor, &c. in Stale Institutions.
The establishment OF NATIONAL CREDIT
Constitutional question discussed) under the
power 10 coin money and regulate i;s value,
sc. authorized the funding system and other
devices Of auxiliary representatives Of value,
(eXtrsct from Hamilton'S reporl,) viz.
Surplus revenue, anticipated revenue, TO
he funded, &c.
Also, the banking system, under proper
regulations, has afforded Wholesome
auxiliary, (extrocts, Bamilion's report
on plan Of United States Bank
Principles on which the SYSTEM of auXili-
airy representatives Of value should be regu.
lated
These, violated in various ways, by null
tiplicaion instead Of repeal OF State
bank charters, &c. &c.
Yet these were checked by the establish.
ment Of United States Bank.
Until a new swarm s;.-aas forth upon The
deraise Of the first bank.
And enforced the chartering Of new
| bank, and sprung up again, on the de-
| mise OF the second bank, which, will
other causes, (produced the pressn
| crisis,) viz.
| The removal Of The deposites, or viTtua
rcpeG; OF the United States Bank charter, ef
fected by nefarious conspiracy.
a. KendalPs picture scheme, in further
ance Of this object
His letter 10 The Cincinnati Republican
| ditto.
| His prevarications under Mr. w ise's in
teFrogations before the committee Of in
| ves'igatiuD, last session Of Congress.
! The removal, giving The use TO deposit
| banks as loan, further violation g
Me Constitution, being APPLIED TO Us