The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1838-04-24

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the senate to the goth section of the Bill now be.
fore u.s. There we find that if any officer charged
with the safe keeping Of the public money, shall
loan the same, any portion thereof WIN or WIN
out interest such an act shall be- deemed embez
element and high msdemeanour, and the party
onvicted thereof shall be sentenced to imprlson-
ment." Sir, what pretty piece of consistency is
here In 1888 the repositories OF the public money
were not even left 10 their own desire for gain, or
their wishes to accommodate others, being sufli-
cient incentives to lend it out; they were admon-
shed and directed TO afford increased facilities to
commerce, and to extend their accommodation 10
individuals since the public moneys in their vaults
would enable them to give such additional accom-
mediation Now, Sir, under this BILL any officer
who shall do any Of the things, instead of
being praised is 10 be punished; he is TO be udse
guilty of embezz|ement and OF high msdemeanour,
and is be confined, for aught know, IN cells as
dark and dismal rs the vaults and safes which are
to contain our metallic currency. But although
think sir, that the acts of Government created this
expansion, yet am certainly Of opinion that there
very undue expansion created. A con,ruc-
ton however had begun and am Of opinion, that
had it not been for the specie order of July 1885,
and for the manner in which the deposi,e law was
executed The banks would have gone through the
crisis without suspension. This il my fail and firm
belief | cannot, however, discuss these points
here. They were treated with very great ability
last year, by gentleman who then occupied one
of the seats of Georgia on this floor. Whnmsoever
he did not satisfy cannot convince. Still, sir the
era amount o! our circulation, in May last, whellI-
er there be now such excess.
By what standard is this to be Judged 1.-THE
question be, whether there be too much paper in
circulation, it may be answered, by reference To the
amount of coin in the banks from which the paper
issues; because am unquesiionably of opinion-an
opinion which believe nothing can ever shake
than the criterion by which to decide the qnes
lion of excess. in convertible paper currency is
the amount of that paper, compared with The gold
and silver in the banks. Such excess would not be
proved, absolutely and certainly in every case, by
the mere fact of The suspension of specie payments;
because such an event might he produced 10y panir,
other sudden cause, having power 10 disturb the
best regulated system of piper circulation. But The
immediate question now is, whether, taking the
whole circulation together, both metallic and paper,
there excess existing in May, or is ex-
cess now existing? Is one hundred and thirty mil
lions excessive undue amount of circulation
for the United States? Seeing that part of this
circulation is coi, and the other part piper resting
upon coin and intended to be convertible, is the
whole mass than may be fairly Judged neces
represent the property, the transactions, and
the business of the country Or, in order In sus
tain such amount ofrircnlaon, aud In keep That
part of it which is composed of paper III safe state
should we he obliged to attempt {" draw to ourselves
more than our just proportion Of thai metallic
ev, which in the OF al! the cnnercia nations?
These questions appear to he To be but different
modes at stating the same inquiry
Upon this sub ect we may, perhaps, form some
idea hy comparing ourselves with Others. Various
things, dunbt exist, in different places md Couu
,res to modify, either by erIargng diminishing,
the demand for money currency in the transac-
tons of business still tho OF trade and
me,ce may furnish general element of compari-
son between different states or nations. The asgre-
gate of American imports and exports in 1880, was
three hundred and eighteen miliions TINT of Eng
land reckoning the pound sterling at 81 80, as0ln,
was four hundred aud eighty miliIons as near as !
can ascertain; the currency of England, being, as
already stated, sixty millions sterling, or two hun
bred and eighty eight millions of dollars If We
work out n result from these proportions, the cur
rency of the United States, it will be found should
be one hundred and ninety millions, in order to be
equal to that of England; but, according IL iie
Inmates of the Treasury, il did not, even III that
year, exceed one hundred and eighty millions.
Our population is about equal to that of England
and Wales. The amount OF our mercantile tonuge,
perhaps, fifth less. But then 10 consider
that country is vastly WIDER, and facilities Of
internal exchange, by means of bills of exchange,
greatly less. Indeed, there branches of in
ercourse, in which remiitances cannot be well made
except in currency. Take one example: The ag-
riculural products of Kentucky are sold TO the
South; her purchases of commodities made at the I
North. There can be, therefore, very little of di.
ect exchange between her and the places of pur-
,hase and sale. The trade goes round in a circle.
while the Bank Of the United States
sted, payments were made to vast amount in the
North and East by citizens of Kentucky, and of the
States similarly situated not in bills of exchange,
tut in the notes of the Bank.
These considerations augment the demand for
currency More than all, the country is new, SIR;
almost the entire amount of our capital active: and
ne whole amount OF property, in the aggregate, rap
Oily increasing In the last three years thirty
millions of acres ofland have been separated from
he wilderness, puI chased, paid for and become sub
ec to private individual ownership, to transfer and
ale, and all other dispositions to which other real
Estate is subject. 1t has thus become property to
'e bought and sold for money; whereas, while in
he hands Of Government, 1t called for no expend-
ure, formed the basis ONO transactions, and created
10 demand for currency. Within that short period {
ur people have bought from Government terrific {
y as large as the whole of England and Wales and
AIKEN together, far more fertile by nature. This ,
GEMS incredible, yet the returns show it Suppose
II this to have been bought the imum price o:
dollar and quarter per acre; and suppose the val
e to be increased in the common ratio in which c
We know the value of land is increased, by such
urchase, and ny the preliminary steps and begin h
ings of cultivation; an immense augmentation, it I
'ill readily be perceived, is made, in short a
time, of the aggregate OF property, in nominal
rice, and to great extent, in real value also. $
On the whole, sir confess l know no standard n
hichI ,Ia,