Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1838-03-29

the, casc. His fears are groundcss. What
he breads would be but n temporary evil.
The very fact, that specie would bear apre-
mium would have tho double effect, to di-
minish paper circulation, and increase tho |
importation of specie, till an equilibrium
between the two will be restored. when they |
would be at par. At what point this would
be effected. is n little uncertain; but the
fear is that with Our decreasing revenue, in !
stead oftho specie being increased to excess,
il would not be increased sufficiently To give
the desired stability to the currency.
In tiiis.connectiOu, tho Senator urged an
objection against tho bill, which rcguri as
wholly groundCss. lie said, that the nav
mcnt Of the dues of she Government in spe-
cic, would crcnrc Il double demand; n do
mcsiic, as we'll as foreign; tho effects OF
which wonll he 10 Increase greatly. its nuc-
tuaiioia; and so deeply was lie impressed
with tho idea. that he drew Il vivid picture
| Of its alternate flow from tho coast to tho in
| terror, and from North To South aud back
again. All this is tho work of imagina,ion
The effect would be directly the rcvcrsc-
The more numerous the demands, the less
| the fluctuation So much SO, that the great
est stability would be. where it exclusively
| performed the function Of circ ula ton, and
| whcro each individual must keep IA portion
to meet his daily demands. This is so OBJ
vious. that shall not undertake to illus
tratc it.
But tho superiority Of the bill over the
substitute would not DO limited only to n
more favouritc proportion between spccic
and paper. II would have arnthcr imnor
| tant advantage that cannot he we'll ovcr-cs-
timatcd; it would make II practical dis
tinction between currency and circulation
between the currency OF Il country. and
| private and local circulation. under whit II
head bank paper would bc cor,prchcn,lcd.
| The effect would he, TO render Il general
explosion OF the circulation almost impos-
siblc. Whatever arrangement might oc-
eur, would DO local and confined to some
one particular commercial sphere; and
even, within its limits, there would kc
sound currency to fall back on, not partak
ing of the shock. and which would greatly
diminish :hc intensity and duration of the
distress. In the mcan time. the general
business and finances Of the country would
proceed, almost without feeling the dcrancc
! mcnt.
With few remarks OH tho comparative
effects of the two measures on the industry
and business Of the country, shall con
cIutlo their comparison. What has bccn
said Of their relative effects OH the currency
| SoCS w uCCIuC tuc tlucStl)Il OF lnclr Tcll-
tive effects OH business and Industry.
! | hold sound and stable currency to be
among the greatest cncouragcmcnts 10 in
dustry and bus mess generally. and an un-
| sound and lluc,uating one, now expanding
and now contracting, SD that no honest man
can tell what TO do, as among the greatest
| tliscOuraGemcHtS. The dollar and the ca
gle arc tho measure of value, as the ward
and the bushcl arc Of quantity; and what
| would we think Of the incorporation of
companies to regulate the la!'Srmto I7 cXI7
I - T------ ~ -'-'''' ''IO privilege 10 sell
ny the contracted or shortened, and buy by
liio expanded or heightened! Is i, not seen
| that would place the whole industry and
business Of the country under the control
of such companies! !;mt it would not more
| certainly effect it. than n similar con,rol
possessed by the monoycd institutions of
lie coultry, over the value of measure
But SO further, aud assert confidently.
that the excess OF paper currency, Us well
as Its iHistcadincss, is untavonrablc To the
industry and business of The country. I,
raises the price Of every thing, and consc-
Gucn'iy increases the price OF production
and consumption; anl is, in the end. hostile
to every branch cf Industry.
hold that specie and paper have cacL
their proper sphere; the latte. for large
and distant transactions, and the former for
all others; and that Tic nearer our circuIn
ton approaches gold and silver, consistent
iy with convenience, the better for the in
dustry and business Of The country. The
more specie the better. till that point is
reached. When attained il would combine
III the greatest possible degree, sonn,Iucss
and facility, and would NC favourable To the
productive classes generally; mean men
OF business, planters. merchants, and mann
Elcturcrs, rs well as operative. II would he
particularly favourable TO the South. Oar
great staples arc cash articles every where
and it was well remarked by the Senator
from Mississippi. (Alr WaIkcr.) at the extra
session, that we sold at cash prices, and |
bought at paper prices; that is, sold low |
and bought high. The manufacturing.
commercial and navigating interests, wonld |
also feel It's beneficial elects. IT would
cheaper production. and be to manufacture !
crs III lieu, Of Il protective tariff, Its cf: |
iccts would i:c to enable them To meet for.
clSn consumtion, not by raising prices by
high d"lics, bnt hy enabling to sell us cl,cap
or cheaper than the lorcincr, wlxh would
hhrInoniZc every interest, and place our
manufactures on the most solid basis. hi
the only mode by Which The foreign market
can ever be commanded; and commanded
II would be, with Il sound and moderately
expanded currency. Our ingenuity, invcn-
ton, and indnsfry arc equal To any pcopIe:
ana all onr manufacturers want, Is a sound
currency and an even chance, to meet con-
sumption with success any where, at home
and n broad. But with Il bloatcd n nuc-
tuating paper circulation, this will be inn.
possible. Amongst its drawbacks, it lcyies
4 N n ,Ig f.IS jtI,,r