Western courier. [volume] (Ravenna, Ohio) 1837-1838, 1837-06-15
Of the Bank Of England, ard the British

pOItdilOH Ol specie lDtO INC IHI'NS ~'"'S"
has been forced, in disregard of lie laws
and wants of commerce, and at heavy |
loss. 1t was not wanted here and has !
been rendered by the specie land circular
rs useless as so many tons Of pig lead.--
Nay, of less use in the business Of the |
country, because lead could be exchanged;
whereas the specie, being locked up in tie
land offices, is entirely useless. 0 the
wisdom Of modern occidental Govern
ments!" Neso For..; Commercial AGrer-
tissr Of March SO.
In order to keep up This phantasm,
unnatural efforts were made 20 bring bull
lion, into the country; the French and
Neapolitan indemnities were ordered out
in gold--thc pet banks were encouraged
and stimulated also TO import specic-and
instead of leaving the demand for the pre-
cious metals to be regulated by the ordi-
nary wants of commerce, strained efforts
were made 10 obtain an undue share oi
this common mciium.
I" In this way very large sums Ct the.
= %precious metals were abstracted from tie
points where they constitute the basis OF
aspaper circulation, in which 1--WE speak
particularly in reference TO England our
merchants and traders had direct inter
est, as anarding to them, through their
correspondents, faculties for transacting
business--in order to be brought here,
where thew were not wantcd."-N Y.
E1prrss.
"Mr. Van Buren, continues it, to pre-
vent the western and southwestern banks
from stopping payment; by which the sur
plus revenue in their hands would be in
danger of being lost, and he States there
by deprived of their respective shares, and
the Government its popularity. But can
such flmsy barrier prevent the laws OF
trade from having their due course? Are
not the merchants of The interior indebted
to the merchants of the seabosrd fifty
millions Of dollars for merchandise, oil
which large proportion is now due and
payable2 Must not collections be madt
during the present year by agents, sent
out with orders, if they cannot procure
undoubted bills on the east. to bring with
them the specie! Must there not, there
fore. inevitably be a demand upon the
banks for coin; and if they refuse to pay
u one demand, will there not be local run
upon them, that may drain them Of their
lest dollar? Just as certain as that the
the specie left the interior in 1921 and
1922 in search of its level, so certain is it
that it will leave it in 1887 and 1888;
and if il be not with the consent Of the
administration, it will be with0utit it =
.Nationql Gazettc
'.The specie currency is thing which
has no idea of credit, and is known only
in despotism, whore men are the slaves OF
of power. The lazznrooni of Naples en-
Joy It to their fun extent.
"As civilization advances. and as poit-
-ical economy is better understood, the idea
of reducing every thing in the world to
the precious metals viii be exploded.
sThe currency Of lie worl ! now exhibits
tho extraordinary spectacle Of resting on
basis such as thaIeof an inverted pyra-
mid. A puff knocks it over, for the su
s,pcrstfucture is so much bigger than its
base. We have never looked upon the
suspension OF specie payments as u thing
SO terrible, and thescfoge we feel no alarm
for what we think we see ahead. The
Bank of England once suspended foi
twenty years, aud yet we sec the little
island in commerce, in manufactures, ir
every thing, the wonder of the world."-
{ ~ Y. e p ess, Nays
''Nolhing short Of a temporary suspen
sionof specie payments, and the establish
ment of national bank, will give relief
- Dennis A. Smith.
"Beleving nothing would probably
he of more universal interest than 81 cs
say upon the subject which is at this time
uppeTmost in every mind, and foremos
on eyory tongue, we have transferred IL
our coumes from the Baltimore Gazette
the letter OF Dennis A. Smith, gentle
man whose practical experience ant
known financial ability cntite his view
Of the present disorder Of the currency
the cause of it, and the remedy for it, t.
great respect and Consideration.
"Tho remedy which is suggested BY
him we believe to be the only one, tht
!, trial Of WHICH promises and and miteria
alienation ofthe evil under which a larg
portion ofthe people Of the United States
are now suffering grieyously.
"With respect to the other alternative
which Mr.. Smith offers, Of suspension
Of specie payments, it may in th, crdbc
come inevitable, and in that case nationa
bankruptcy would ouly be added to tn
great number of individual bankruptcie
, brought on by course of policy, the en-
and aim OF which (so far as it had an.
definite purpose) has been to make tn
finances Of the country subscrvent to par