The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1838-08-24

4
oe worth TO them. In that case, the ex.
! ehaneeable value Of this specie in foreign
markets would be added TO the amoun, of
'he'r imports and comforts. Ia short they
would lind themselves as much richer. as lf
they had an equal amount of supetfluliy IN
any other article.
ms, though true, will not be obvious TO
many, because they are m the habit of
thinking only of such substitutes as are con.
iessedly imperfect. There Is but one ner.
Feet substitute, and that is perfect. uo,yer.
sal and undoubtng credit. Unfortunately
such IS not To be found, for It's existence
would Imply an universal good faith. pfu.
dence, and president wisdom not gwen tn
man But we're the people of any country
mus endowed, as confessedly none is, thew
would but use the names of the coumon
COINS OF other countries for the purpose of
Keeping their accounts-but their money
balances might all be settled in foreign
markets. There alone would money be-
wanting, and none would @aLt 1t but an irn.
porter. 10 him, 1t would BE- enough to re.
ceiye the pledge of his customer to pay him.
IN Liverpool or Havre, a certain number OF
guIneas or francs, to be raised by the ex.
port OF cotton or tobacco, or any other ar.
uce. He would be, at the same time. the
common centre of all the mutual EXCHANGES
ct his customers, aud credits with him would
balance all transactions that could not be-
settled by simple barter
1t will be seen that | am susposino an
impossible case, and IT IS because the case
is impossible. that specie or any other cir.
culating medium rs necessary. But | am
not sure that the true philosophy of the sub.
lect would not teach US TO inveri the order
OF the coHmon form of speech, and to saw
'hat specie and all It's representatives are
but substitutes for credit, as it should be.
and as II surely would be, were man neither
short sighted, ignorant or wicked. 10 oro.
PORTION as the character of any community
S marked by these faults, is the costiness
u The substitute for credit. which, the, find
htmseives constrained to use. If no man
an be found who will trust any other, then
ne actual presence OF specie in all purcha.
rs will be indispensable. This is the much
coveted golden age.
III there be some who NAV be trust.
o. though not universally, then he Who ia
without money, and cannot command the
ontidence OF hun with HON he deals. mes,
BOB tor some responsible man who knows
IN and procure his pledge for the perfor-
lance OF his engagements. This is the
stem OF bonds With security, and the har.
EST oil sheritts and petiitoggefs. II there
any Who deserve and command uptver.
u confidence, and who will lend their
edges TO those whose solvency they per-
naily Know. then these pledges will begin
circulate as medium OF exchange and
US will introduce the banking system-at
e same time, IN the dlfeci Intercourse
tween the persons thus distinguished for
tegrity and wealth, the process OF ex.
ange viii be carried on without the IN.
rveGtion OF any medium or pledge but
eif own. This completes the credit sys-
U, OF which the banking system, though
convenient instrument, forms but an IN.
siderable part. There IS probably not
aoerdasher in London who does no, han.
more specie and bank paper than Baron
ihschid. In all transactions at this day.
Their IS used.
etfiuous a portion of that specie, which
ersise would have been indispensable.
Is portion. then, is added to the super.
lies of the community, and its intrinsic
ne is added TO the total of exports, i'm
is, and comforts.
On the contrary, let people fall back
n such approximation TO universe conf.
ce, toward the opposite extreme OF uni
sal dlstrust, and it will presently be seen
an amount of specie unnecessary, Will
ONE indispensable. This amount will
added TO the WANTS of the community,
must be supplied BY a corresponding
,uCTIoN from their COMFORTS. For
It OF the customary competition, all the
duetions of the country will fall below
If proper value; the price 10 the produ-
IN the domestic market. Will no longer
r the due ratio to that paid TO the con-
,pr abroad and foreign money will come
instead of foreign comforts. Here th
insic value of the money thus lmpey,a
upply the purposes Of circulatgdi -.
m, is lost to the community ,.r
runi Of specie brought mtg .,',',,n, IS
be the exact measure ,'
essaries and comtep a"u '1Aa''e' A
Iahly dispensed vsn'
: ,o,sr ss,,n. aud Instructive TO trace
.as,,,, - !. final cause. The elements
,red,t ar prudence and good faith II
4.1ect of these that renders The lm.
atm Of specie necessary. and the value
ne SUN imported is the measure OF inc
inflicted penalties incurred BY q con-