The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-08-30
THE CURRENCY.


such vital importance to the whole commune
ty, as that which is placed atthe head OF this
article. If overtrading and speculation were
the leading causes Of the pressure, much may
be done to mitigate it, by The proper regula-
ton of the currency. Suppose the people
have been unwise in their rage for making
fortunes. il argues little regard for the pros
perity of the country, TO abandon them to their
fate without lifting finger TO relieve them
from the difficulty in which, if we please,
their own folly has plunged them. II debts
have been extensively incurred by individuals,
from whatever cause, we say 1t is an una-
vorabe time to Introduce Innovations in the
business habits of our commercial men. Ii
men, who happen to be in debt, are 10 be
ruined by experiments in the currency, or
their property is to be deprecated an hundred
per cent, we say such laws cannot have the
sanction and approval Of public opinion.
We admit that the credit system has been
too extensive, and that il has afforded too
much facility for wild speculation and extra
VACANT living. We also dep.orc the abuse III
too many instances, Of the banking privilege;
but il is utterly vaineto say that it is either
practicable or expedient TO abandon either,
4 anu ullhS piaSiSo 80 'as'"''oo "'S'aA''S
currency
The question, however, has been tried long
enough to test the soundncss of the policy
and what has been the effect but to exagge-
rate the difficulties of the times? But the
question may be asked, Will you permit
States to charter banks and issue bills to an
unlimited extent! We answer, No Let
private property Of stockholders in banks be
holden, and the proper guards be placed about
these institutions, as in. this State and Massa-
ch,lsc(ls, and very little fear can be enter
tainedAof over issues, or losses TO the public.
There is no bank in this State which is
unable to redeem its bills and, indeed, the
most valuable landed and personal property
stands pledged to the public for this purpose.
1t is not however, our design to advocate
the banking system. If hard money cur
rrncy could consistently with the prosperity
Of the country, become the circulating me-
dunn, we should most conscentiously adyo-
cute such a measure with all the ardor and
zeal we possess. But in every improvement,
we must take into consideration the habits Of
the people. We must view mankind and the
institutions of our government as they are,
and not rs we would all at once wish them 10
be. II there be any experiment in the world
which should be cautious and gradual, it is
that on the currency of the country. 1t is
allowed by all writers on political economy
to be the most delicate subject Of Legislation,
and the long established usages and customs
Of the states in Europe in this particular, may
be brought in proof Of this assertion.
We say, without fear Of contradiction, that
the favoritc project Of Col. Benton to subst-
MI la &c
bills, was too great an innovation to bear
! practice; and moreover, that the "expcrimcnt"
has entirely failed The administration have
found by experience, that to require govern
ment dues to be paid in specie was to require
an impossibility. Even the Globe, which
year since advocated an exclusive metallic
currency, has recently modified its doctrine,
admitting the necessity of bank bills as part
Of the circulating medium. While the ad-
ministration is rcceding from the ground it
first took, and rctracing It's steps. ii is a truth
which cannot be donled, that some Of the
most eminent men of the democratic party arc
open and avowed opponents Of the hard money
scheme OF this number are Mr.. Rivcs and
Gov. Campbell, of Virginia, Senator Tall
madage, Of New York, &c They have
uniformly gone, and 60 yet, with the admins
traton in all the cardinal measures If national
legislation, except this They honestly be
licyc that the measure is impoilic, and has
not the force of public opinion to give it
sanction.
We make the appeal to our rclIers. has
the circulation Of hard money increased since
these experiments Went into operation. Is il
not obvious, on the contrary, that il has been
continually diminishing here and elsewhere,
until hardly dollar can be found, or fractions
Of dollar, to make change |, may he said
thu, this disappearance Of the precious metals
| is owing to the balances due from this com
try to Europe. Now can any one prove that
| the expectation OF specie to Europe has drawn
il all out Of circulation and produced this state
Of things Let this position be tested hy
comparing the amount Of hard money in the
4 United States a year ago, with the cNporta-
ton Of it within that time 1t will be found,
in making the calculation, that il is compqra-
lively but lltilc diminished. What then has
become Of it 4! a distinction is made between
hard money and bills Of the sounlest banks,
which WAS unknown till lately. The former
bears premium, is removed from the cities
and mars OF trade, and grca, pant Of it
boarded up III the poo kcts and Golfers of
! mlscrs. and however artificial this distinction,
people will thus keep harl mon,y on hand,
! whereas they would circulate btHs. Hence
the surplus revenue, so far as distributed in
4 hard money, is laid UP aud as much out Of
circulation as though deposited in the depths
Of the personalities (lLc) M'el1yenrr