The North-Carolina standard., 1838-01-17
FOR THE NORTH CAROLINA STANDARD.

| The advocates of the Banks and the opposers
of the proposed plan of the President of the U. S..
to separate the Government from Banks, are now
and have been, ever since the Banks stopped spe
Gle payments, in May last continually talking a
bout specie or in other words the Gold and Silver
coins selling in the markets for premium. This
assertion, by the Bank men and by their friends
the brokers, has always appeared to me to be moi
only absurd but most ridiculous and 1t is to be
GREETED that so little notice has been taken by the
friends of the administration of the palpable decep-
uon The Constitution of the U. S. gives to Con
gress the exclusive power to coin money, regulate
the value thereof, and of foreign coins and not
another word can be found in that instrument a
bout the currency, except that 1t prohibits the
States emitting Bills of credit, and from making
any thing tender in the payment of debts but
| Gold and Silver coins. Now surely nothing more
nor less was meant by these clauses of the Con-
stituton, than that Congress should make money
out of Gold and Silver, and fix value on it and
that they should also fix value the foreign pri-
ces of Gold and Silver that might be brought into
the country. This done, and we have the stand
ard value of money in Gold and Silver prices, ac-
cording to the Constitution and in no other way
can it be money. Then how is it possible that
Gold and Silver coins can bear premium in this
country. / cannot better express myself on this
subject, than by using the language of that amia-
BILE man and profound statesmen, Mr.. Wright, of
the Senate of the U. S.: Gan. American silver
dollar can more be worth ITO or 125 cents in
this country, than standard pound can weigh
pound and quarter. The one is as impossible
as the other. Both themselves standards the
one of value and the other of quantity and the
former can no more vary than the latter. The dol
lar is worth exactly 100 cents. 1t is the measure
of that value, and cannot be worth more nor less
than that sum. 1t is itself the par of money!
What is above it bears a Premium, and 1olGt is
belolD 1t, is at discount. This error in compu-
ting the value of money and the value of our pa
per currency, is universal that it is not singular
that this argument should appear plausible to most
minds without a somewhat close examination
All the statements see published, adopt the vl-
lue of the paper at par of money and because
the Gold and Silver are more valuable and com
mand higher price in the market than paper they
are said to bear premium. The error, if error it
can be called, arises from adopting an erroneous
standard for the par value. The paper is not at
par when Gold and Silver are worth more than it.
They are the par and the paper is appreciated
The Bonds of brokers and bankers and dealers in
money, will probable be able to account for the
manner in which these false statements are pub
lished." 1t is much more acceptable to them, and
doubtless much more favorable to the circulation
and credit of the deprecated Bank paper, it
as the par the standard of value and present Gold
and Silver at a PREMIUM and as being actually
worth one tenth beyond its statute value its value
as tender IN the payment of debts. Many of
your readers, MIR. Editor, will no doubt remember
that some years ago, when the Banks to the North.
those in the city of New York particularly, were
paying specie on demand for their notes, and the
Banks to the South, particularly the old Banks of
North Carolina, were refusing to pay specie for