Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1837-01-24


y ,dmit that a currency pertly composed ct ba ID
notes has always a liability, and often tendency
10 excess, and that II requires The cons,ant care
sna overnight Of government.
lam ~ opinion. even. that The convcriibi'iiy Of
bspk notes u,o gold and silver, alihough It be a
necessary guard is not absolute security, against
occasional excess Of paper issues.
Iheliote that even The combining Of discounts 10
such notes md bills rs represent real Transactions
Of purchase and sale OF to real business paper, as
il is called, though generally sufficient check, Is
not always so because | believe that there IL
sometimes such thing as o,cr-tradIng, or over
production.
What them it will be ssked, is a sufficient chcckl
! only repeat what have before sud- that 1t IL
subject wh..h requires the constant care, watch
fitness, and suPelinicnGence Of Government Sat
COR n,sforuuc IT, iha VIC have withdrawn ell care
and all sureruiendence from the whole subject. -
We have Surrendered the whole matter to eight
and twenty States aud Territories. With the pow
cr Of coinage, and lie power aud da,y Of regula-
ting commerce. bah external and internal, Tins
Government has little more control over Tic mass
Of money which ci-cu'aics in the country, thsn
foreign government. Upon the expiration Of the
elIaIter of the bank OF tho United Staios new
hanks we're csea cd by th, States. Sixty or cigh-
Iy millions Of banking capital have thus been al.
ded to the since 1882. All this it vas easy
10 forescc--itwas all furesccn and all foreiold -
Tho wonder only is. ha, the evil has not already
become grcarr than it is: oud it ~ ould have been
greater. and se should have had such an excess as
would perhop, have deprecated the currency, had
/ not been .o- the extraordinary prosperity of the
country. No very great excess believe, has as
yet 10 fact happened, rather no very great ex.
cess does nov exist. There are sufficient eyiGcn.
Gee, thrk o. this.
In the first place, The amour, Of specie IN the
county is far greater than ever known before,
and /, Is not exported In the next place, as all
the banks, as yet, maintain their credit. and oil pay
specie demand, the whole circulation is, in eff
feet equivalent to a specie circulation and the
state Of the foreign exchanges shows that the value
Of oOr money in the mass is ust deprecated since
i, may be transferred without loss into the currency
Of other countries. Our mouey. therefore, is as
good as the money q other countries If it had
fallen below the value of money abroad the rates
Of exchange would instantly show that fact There
has been, therefore yet, at least there exists
at present, no considerable depreciation of money
IT, then, it be asked, what keeps up the value OF
money, in this vast end Sudden expansion and in.
crease Of it, have already given the answer which
appears to me 10 be the true one 1t is kept up BY
equally vast and sudden increase in the proper
" Of the country and in tao value OF that property
intrinsic as well as marketable. None Of u.s.
think have estimated Ibis increase bigh enough
aud for that reason we have all been looking for an
earlier fall IN prices. II seems obvious To me- that
an augmentation in the value Of property. far ex-
ceedbg all former experience IN any country. even
our own, has taken place 10 the United states With |
in the few last years. The public lands may fur
nish one instance Of this rapid increase. II was
estimated last session by my Honorable friend from
Ohio. (Nr Ewng) that the demands Of actual set |
tiers for lands for serNements. were eight millions
nf acres per annum. on on average of some years. |
These eight millions. if taken NJ ct government
prices a private entry, would ten millions Of
dollars. Now, partly by cultivation, but more BY |
ne continual rush Of emigration, both from Europe
aud the A'laaic coast, the value of these ten mill
lens IN very few years spring up to forty millions;
hat - 10 say, lands taken up at one dollar and
quarter an acre, soon become worth FIVE dollars al
acre Tor actual cultivation, and in intrinsic value
And It is to be remembered tina, these lands arc al
lenable, aud salesble. with as little of form and
ceremony alnosta if they we're goods nd chattels
Now, If we make an estimate, not merely on the
eight millions of acres reqniied for actual settle
mcn', but on the hole quantity selected and taken
up annually, we shall see something of the oddi-
lion 10 The whole amount Of property which nc.
cfucs annually from the pubic lands A rise has +
taken place toe, though ICES striking, in tie value
% otter lands in the colhfy aud property, in
goods, merchandise, products, and other forms. is
Tarldly augmented, also, both in quantity aad val &.
ne, By The industry and skill oflhc people snd the
extension and most successful use Of machinery a.,
Another most important element in the general esiin,e
d he progress Of wealth IA the country the wondof,
nnu increase Of tie cotton crops and the prices which tho
Ieg bear Last ye1s crop reached probably. ciph
millions o. dollars Now, of the cotton Produced in
re State Is so!d cnce. least in The country and
much 81 May times. Tho bills drawn against il when a
hippcd eer Tor Europe the Atlantic ports are usually
asAed al Tho place of dawinr commonly no doubt by
ne1Es OF bank notes or bank credits r
PIT NJ these cases but az Instances showing the ncre,s
value OF property and amount Uf business IN the country
I'd accounting therefore fo sIp1asou Of the circulation
ihoui suppos NC great excess obvious that the
rculating money ola cnuntry naturally bears propoop
me whole mass Of property nd 10 the nd amount
business transactions ~ 1
ui there - another nf less favorable cbar,e,e
hlch may have hld lie effect aeldy or II not Is ,ey ke
to have hereafter IN augmeniinc tie circulation oCbspk
nti mean The obstruction and enarrassmeD M If tho
mehc exchanges IN proper and natural state Of affairs
~ sce oi currency or money IS filed a great extent
bs o. exchange ard 's continues to be the case SO
ne ., the aies Of eIchange remain low and steady No
~ for etfrPle will send bank specie from New d
OK to New Orleans u he bus good bill az par. or .
ar par Dot when exchange becomes disturbed. when "