Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-08-17

,eusn had said ,a, the policy of the Government had
waved war, aud mos, destructive one, too, upon lile
banis his assertion would have been nuch h'o'e A'u
rate ,. 49, ,,;,cines
IF ne bill under consideration The first proposition Is,
IN rstriet the receipts Of the pG5'tc rereaHc ~ 90' ara
s;inr oniy The currency Of the county from the i"u
daIon OF the Government 10 Tic present li'he' "'
lived currency composed OF gold and silver, ana oank
naIer convertible into gold and silver. ny ms cohp,
naion the specie standard Of value has been preserved
while The active currency has been greatly enaigeu
To this mixed currency, the hnbs OF Tie people nave
hem adapted and by has tic value Of their property
prsduce and labor been regulated The Government
accommodating itself TO this state oil things, anu ADAPT
ur it's action the necessities OF The country and the
convenience Of The people, has been in the habua re-
cpt Of bank paper discharge OF It's dues, from us
fins, IMITATION. tits proposed to separate the Go
yernment entirely from this paper edum to reverse It's
former oraclice and discontinue the receipts OF bank
M oer howe sound, and however principally CONVEX
iiLle 1t designed by the trainers oil the Con
sli,utinn, in delcgaung It's powers 10 lhs government
over the of the country that IL should be ex
crcised with reference any alton but the inte
rest and safety Of the people, aud every departure from
this principle is contrary 10 the designs Of The people
in organising the Government lhs provision OF Inc
bill is entirely selfish in its object; II proposes 10 desg
nate a period in which Government dues shall Oa ois
charged without the slightest regulation OF that which
is 10 enter into the transactions OF trade and commerce
nj large. Three ourths Of the active circulating me-
dunn Of the country is this time, bank paper grow
inr out OF The establishment OF banking institutions
by every State in the Union. From indispensable re-
cessy the great body of the people are compelled 10
receive this medium in payment OF their industry, pro-
duce and property. ask then why and wherefore shoud
this Government the pccuniary transactions OF when
are the hundrcdth par, large as those OF the people,
demand 4 medium OF payment which the people cannot
demand for the want of ii: II a convertible paper Is
safe and sound medium for the people, IL is equally so
for the Government; and gee good reason why The
Government should seek TO separate Itself lroma medium
sufficiently safe and sound tor the people WIZ any
nd Thai great
necessity for sound medium Oh e part vi the GoveIn-
men than there is on The part OF The people: o Inc
people pockets supply The revenues oil the Government
end that medium which is sate tor them, Is necessarily
so for the Government II is the people who suffer by
on unsound currency, not the Government, for the 90.
vcrnmen has falling source IN It's taxing power
on The people II then the Government IS determined
to resort TO gold and silver medium for lis own receipts,
il should adopt such measures will restore exclu.
sve metallic medium TO the country, ard that involves,
al once the question, whether is practicable or dcsra.
Ue.
The practicabity of introducing an exclusive metal
lie currency into the country depends upon the amount
necessary to meet the demands Of industry and com.
MERGE and the means Of supplying that demand. From
the best estimate which have been able 10 make,
circulating medium of less than from hundred and
fifty 10 two hundred millions OF dollars will not be ade
Quale. We have about so 0OO,00O, including all
the specie in the vaults of the banks How is this def
cheney be supplied and keep with the in
crease which increasing trade and commerce demands
From the mint; It's utmost production in any year
has equaled SlOUOOOO, which would scarcely keep
pace with the annual increased demand. From com.
mcce5 That depends upon the annua amount OF on! do
mcsic exports foreign imports, which, Judging
from former operations would be adequate. Gene
rally the imports exceed the exports have seen va
GUS estimates of the Of specie in the world. in
which portion rariOusy estimated al from SODUO,
OUO 10 900 600. We have, then, our due proper.
ton and we have &C conclude that other na.
items will he 81 unwise 10 surrender their own specie
currency To demands The Influx and eiuI oil spe.
Gle ia REGULATED by the laws OF tradc-laws as unae!a.
BILE as those Of The Medes and Persans, and regular
,s the tides Of the Ocean. due regard TO the Interests
OF trade would prompt not 10 seek exchange OF our
productions for the precious metal beyond inevitable ne
ccSs,y because IT is calculated TO cripple commerce and
increase taxation Those ARTICLES oil comfort and con-
yenience necessary 10 us are valuable than specie,
and from such revenues are de3cd ii by eI'
change we procure those article OF comfort and con-
vencnce, which is the use Of specie 10 purchase zee
no necessity Of intervening specie into the Transaction
In support Of the unchs seabe character OF the laws
Of trade and their influence upon The influx and eiu1
of specie here quote passage IRON The speech OF at
distinguished statesman. George Canning, delivered IN
the Parliament OF Great Britain on the 9Th oi May, lSl,
on the report Of the bullion committee. lie said:
"Thc expectation Of coin, Of bullion melted from
coin when The exchanges "nf.""'"ti. b"y"'d cor
Tain limit looked upon as go much IN the course
OF things that writer's, who have treated OF cnInage
snd of trade have laid Il down consequence not TO
be disputed, and not even necessary to be proved hc.
cordng the concurrent opinions OF such writer's the
eIiiiS OF bullion rom county
by causes nearly steady and inform IN their operation
as those which govern The the tides. AS well
might you pretend 10 fix limit on the shore and bid
the flowing advance no farther, as attempt, by the
nerposon Of statute to stop the tide OF the precious
metals in whatever direction il is made 10 flow by the in
luence of commercial necessity, and commercial dc.
mand."
In addition 10 this il is known that all legislation TO
prryen the expectation Of specie howeve strong the pc.
nal sanctions has utterly failed, as it always will do and
our supply will always be regulated by the state of trade
The foregoing facts are conclusive, that sufficient
me- alc medium cannot be relied upon, and that some
other must be brought It's aid, trade, commerce
and neral business will be greatly depressed Indeed,
from the fact that the spirit Of commerce is extending,
and the nation seeking through lis channels, an IN.
crease Of those comforts and convenences which ere 10
be had through interchange OF commodities ana pro
ductions large increase Of The circulating medium viii
be necessary and must be supplied if at all by con-
vertible paper medium. ask then why II IS that The
Government should ask 10 separate seli from me- /
dunn indispensable 10 the business oil The country
and the people Why it is, that The Government
should not rather seek TO give that confidence and that
credit 10 this medium which It's receipt OF IN discharge
Of its revenues well calculated to produce and
thereby render it more extensive ard more elective
in its operations, and more conducive 10 the general
interest, This is n duty which the Government owes
to the people, and which the people vii! not lai 10
exact at its hands But, Sir if it were practicable, as
evidently is not, would an exclusive metallic curreh'
cy be dtsiraJe In 4 country Of such extensive domes.
tic trade and such immense emigration as the United
States the convenience and economy of sound con- /
verhlc PAL per medium, is too manifest to require argu'
men,: eyery man of observation has and knows The
fact-the experience Of traders and emgrans proves II
beyond oil possible doubt. If, then. purely metallic
medium is mpracticnbe, and even if practicable, from
its great inconvenience and extravaganza as general
circulating medium, desirable; duty in the execution
Of the powers Of this Government would seem 10 require
rather the purifcaon and consolidation OF the credit oil
our paper medium, than lis dscred and destructon-
Destroy our bank convertible medium and the vacuum
will inevitably be filled BY nconverbls paper me-
oum which will sharn the fate, and involve all lhelos'
and destruction which its predecessors have uniformly
done.
ITO be continued in our nczt.)