Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1837-01-31

N' ~ 'dS HS.'hI ' u w ~ tS 49, " NN
expiration Of The cha:tc- of the Bank Of England.
-Eut tie great commercial convu!sion Of 1895, which
swept banks. merchants, farmers, every thing before Il,
with the destructive larry of 4 tornado, soon after occur
red. aaI .~arC:1!r ai:HiIri.!ri British statesmen of the
r2ccSs;ly II seeking q lcu"dy-in part, Z. least-in il
more s,!d cHns.ilu'iin "a! Their currency. Accordingly,
in tic brm;n:ing 81 lc2j, Lord Liverpool and MIR. Rob.
insnn, The one tir Frs: Lord "t the Treasury, the other
tic Ci.:nceiinr o. the Eschcq"rc, introduced and ca:-
r;ed a bill pr"Vjdias, ir the prohibition, after April, l>21,
ofail small notes under the determination nf FIVE pounds.
This law was st"rtly and Zga!nusiy opposed nj tie lime
III lis enlistment. and repeated attempts were subse-
gurmgiy riAae IL procure is repeal, before the pcriou fix.
T.! .nr lis npcTi!lon. But these eifhrts We're happily un-
awaiting: anI The G,ctr;nc Of Adam Smith, in regard TO
The prohibition O! all notes under the denomination Of
Ave pounds, Tc-csiabEshct i'll loE', after experiencing
Tie bitter fruits Of Il Temporary departure from it, may
n"w be conEitt red Us tEc i;na! and settled policy cf th.
British Government. 1T has received the sanction and
support nj her ahi?s. s;"!2sni"n-"i Liverpool, OF Peel,
81 Canning, Of f~iEshisacn: ni Brousia,i, Of Yelling
t1:; all ur wir;nr, upon tie fullest experience and con.
sidriat"n, have, i'"m time 10 lime, borne their testi:no.
ny 10 The value and Importance Of tbs essential res:ic.
teen upon 4 paper circulation.
And what has been the rcsul; in practice? WHY, 10
give To Tie people cf England virtually a mct0Hic eur
rrncy; for, gold ana silver fora; there the daily, hab:tual
medium o! all ordinary transactions. a bank note. c1-
crpt on spec !. uccas.onS, is Il sort OF phenomenon. ca
tbs pom: Ne En.c precise Information. II appears,
fuin statistical returns referred 10 by the Chancellor If
the EscIIequrr in the Hons" cf Commons. j few years
ago. that the amount ii gold then in circulation was
81 Dj0, $50, N"enty-i"n millions ct POUNDS stciIing)
anL o! silver ES.ttiU.G0 ("ig':; millions Of pounds stcr-
l;nr) do not spra!: Il gold and silver locked up in
tie vaul.s Of banks: hu! ri that which passes daily from
Eand 10 haid, in tie ordinary transactions OF business.
Air. Gaitattn, in his Instructive P~l'npir!"t on the cur
rrucy. pab::=llrd in 1888, states the metallic circulation
Of i.ag!anI a. precisely the sa"le amount. Allowing
n5:hiG.. ia. :ay aIs" 'Hialiun since, the people Of Enr.
Iaui have, th"n, al ar!uTI circulating medium of I'D
a"d silver 10 The am,int Of abort one hundred and fly
millions If dollars. Ihc Secretary Of the Treasury,
f.-i, l;ll.lss has Trr'Ss ia tha rI,S, IN han tir ,ur,,
al ."i"r:nlti"" on the srbJ,cL-( N his aanaal report at
tie c,ti:a"nc"n'sn. of ;he session, states the whole
paper circulation oi En. and, at this linc, at one hun
G.ed and fly TWO GIi.Arns @: dollars. We may, there
fore. cunc!uir that SHAT NJ. Gal!a,in SAYS, in The pam.
pht juSt referred 10, Is substantially correcl-lial, .by
The suppression of all ro:cs a; Il less denomination than
five pounds Sterling, thr amount OF The circulating me
tu!ic currency in E.::..nI las LrcOmr equal 10 that
%! brui: Holes Of every GrScci riiGn.' Cnc.laif Of Tie
ra!rr ci:c"iaii"n CONSISTS Of gold and silver: constantly
passing !ru@n hand 10 hand, and performing all the
u:icrs Of exchange in the "Ia!nary business Of lie,
and thus forming III !.&t, the practical currency of The
r,::,ry. l. is Ii:s large Infusion OF line precious
meals SiiicL las preserved tie currency Of England,
81 tie nain. in i lrniiir condition, under a system Of
GuIking wiIr!! her lrii!r Minister himself (LoTd Liver
ruu!.l III l-Gj pronounced t. be, III other respects. - the
most us cure, the most rotten. the very wGis l., which it
l. possible 10 coucclvr.' Much has been said recently,
lknpr, III. r.. si!emi, Gf great commercial cnmLa::ass-
Ill, MS ~ England, wi!:l! are attributed by many to 4
d,rlnged state Of her currency. These ADVERTISEMENTS,
III lmy opinion, are Viewed IL .iuch too serious 4 light
b"t, If tLey were not, i! Hius! be borne III mind that all
commercial countries. however solid the constitution of
their currency, wiiI occasionally be visited by IevulsionS
in trade. II, too, they are To considered as indicating Il
drranyrmcmt in the CURRENCY u; England. the source Of
that arrangement is t. Er inund in tEos" defects o! her
system CT banking which wr!r referred 10 by Lord ~
yrrp,oi as max ng II 50 l.s cue an! Frccari"us, and NOT,
surely, in that Salu.ary check, The prohibition oi small
notes. On the contrary, tic abundance of gold and
silver which itat rrsLictioa secures in the common Cir.
c;lla,:on al the Country Is the great pIeservatiye oil the
system, and the anchor which enables il TO :ide in SAT-
" amid huctrltioIs and teinpcSts that might otherwise
ov~rwlIclm oI subvrrt it.
IL is this abundant supply Of the precious meals, fl.
i!nr and satura;lng the ordinary channels OF circulliinn,
which desire 10 SCc brought abcu; IN our own country.
lt;al is thc saA to be airard al. What are the means by
which !; is II BE- accomplished: We have seen that IN
England it has Teen accomplished by the prohibition OF
all bank n".rs cf 4 less denomination than 10. Similar
means viii. d~Iuj;!rss, accomplish Tic same end here;
and. mus, add. aotAtng GSc T%H. Il is in vain &c OK.
aecl - bring gold and SILVER coins into circulation. with
tn:L a prrrirtis Suppression Of all notes of corresponding
G,nornira;i"us 1!r reason is oGviras. ii there exist
IN ANY county t"o distinct currrncic*, both Of them
answering equally wei! the purposes Of domestic citcu-
!"ti"n. but "rc If them possessing only 4 local value,
c"nsiurd TO TIE country Of It's emission, while the Other
has Il uaigarS.! and equal value lirnu.lnut the world,
tie late! wni nrc''ssar'.y 81 abroad into the commerce.
OF the world, in quest "i The riches and productions of
foreign nations, iravins the i"rmcr III home tn perform
al unicr whc I'll it does ";ilal!y rs well, though IL b.
wholly without use or value abroad. The total iEcnnh-
~palihlnly, therefore. of a paper and metallic cnTrency
IT Inc sam. Gvuouiin Iti0ns has grown into an nxionl.-
Edmund EG!ir. (w!IoSr slysci'y IN questions ot this s1rt
is well knnwnJ at :ac memorable period Of the I'LL
Lrungh. lrrwari bY Mr.. Pit ir TIE suspension Of specie
pay, cuts hy the lanI: ri England. III 1877. in a letter,
written DUNG Ls last illness: 10 Mr.. Canning, which
the latter gentleman brought most toaCllnaIy 10 the no.
tee If the iiuusc of CUrnuIun3. III 4 debate of great in.
ivrrsi aHti instruction On THIS whole subject, at Il much
more recent period, (Ie-;i used these inem"rable Words:
'IrlI h.. Pat that, II lie consents 10 The issue Of one.
pound nu:'s he VIII never see a guinea again. Ii!r
,r,,tpc or Il, rnp.n it:,,rv n ~ nmr 1,r n UiirCl IN
circulation III England while the kank continued the is.
sue Of one pound notes.
IN 1925, whcn Il great struggle again took place in tic
British Parliament. on the final ~coHsummotion Of Tie e.
fort 10 restore a metallic currency, there WAS not 4 sin-
gle distinguished man who did not bear his Testimony
10 the liGlh Of Mr.. Burhrs axiom. The Chancellor Of
tic ExcItrYirr sad, Oh that OCCASION, there was Il IA
lutal aahFaMy between the one pound n"ie and tie
sovereign. They "o"'d not exist together, Tor the nnIc
soon drove the sovereign out OF circulation ihc
Duke Of " ellington, VINO was cminently u practical
man, anI spoLr !rum HE tcachings Of experience, said,
s.lac ryprIirnrc Of the last few years had proved the
truth Ut I!r theory. HAT one pound notes and gold suvc.
reisns would rot circulate 1t the same tine. lfyou are
10 Ina vc gold ~ c;;cnta,ipn, you cannot have one pound
notes" !tr. lir:Riss"i, whose familiarity with questions
oi lH* s"rt was ihr Iesuit ni proioumd studies, AS we'll as
ina: u5rL ~ Ieririicc, SAID. still rlore pointrdly "whcr tie
paper is !rl in. Tie g"ld will dis" ppear. They might vote
line money: they n:ight coin il; but how could they re.
trim it in ne coartry :" This remark applies most ior-
ciAiy TO cur present situation We have roitd The NE
ta!.tc liuur"; wr haze cDjatd il; but IL vii! not circulate.
Since We corrected, Ivy law, tie undrrva!uaiion OF NE
gold ccins, (but !iilc more than two years ago. tc
quantity Of gold in the country. according 10 The !:le
annual rpo.l Of tic Srcictary OF The treasury; hs IN
a.,,sn. rjrrcc, ,,:!y.,s We lave COINED at our cwn
HSEr,. within ;:;at LINE. according to the same auth"Eit!y,
tea riHous of an!d. iiut w!rn' is 1T: In the vaults q
tn" banks, or h|.rd. :! By iu:i"ihuaJs and we shall ne
yer sec il IN circililii"a, nntii sc nave oprnrd The way
r h.. , r,rv;,u. snrprcss;oa Of Tie small notes. If
80 " ..r., TO- d, any l.;"E practical and eAectual f.. in.
,,.,.n,n, ;, more general circulation Of specie, we must
i..s;, =, I,r rie.i end, by fist putting down the small
not. Ci.cu!rliuh.
H. ,,uc o.l:r, rr tIo (,nynrp,,o,. ND :. ,t-.