Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1838-03-22

sions o( the currency occurred daFiag those 1
pefiods. Hut, sighoat relying on tbsss disAs- |
ircus occurrences. We have zen esoash 10 !
sstisfy abe most incrsdu;o,fs that there ere
great snd radical defects m Que hack cire1'a-
hon, ~hish no remedy hersiosore applied has
been able 10 remove. "a originates ia the sx. |
cess OF paper. compared To specie, and the
oni, essetiss curs Is 10 Increase the latter.
ssi reduce ti,e forssef; and lhis the substitute
Itself implisdly sekpow hedges. by proposing
remedy that so1ld prove wholly tnoPcTs-
tive. o. proposes thai. after q eei lam ptsiod
mentpoed, none cf abe banks to DO selected
Sacuid issse mites under ten dollar The ei-
feel, wo.ij clearly bs. act a diainuIion Of
the circulation &c small notes, but a new d,vi-
ston of the biakiag htisinss- n which the -
-ue cl large noiss would fall ~ the lot of the
selected banks ard a.. small 60 the ethcrs.
wssiss'sl restricting. "a tie isas;. the aggregate
aIn"oat Of PapeT eireulatl5o.
Nut What Ire Substitute would fs1 20 do
the bill would sGeeiuaiy remedy. Ncoe
doubt bat u,e separation iroin the b>nSs would
greatly iIcres.e the proportion ~ -racle la
paper; bat tho Senator from virginia iNtr
EsVe.) apPrs h,ods ihatI,s op-r.ilan would 10
too powerful. 40 much so, IN fact. ~ Ca de-
stroy the bapks. liz argument -. that specie
"oaid DC always - premium. AID tisst Il
would be iuipY. able for TIE tah.s II do btu
siness,so .Vug a. that was The ease. ~, fears
are grcn1diees. What &c breads uotild be
hat > ,emP0rsr, c,A. The every faetth !, spe-
clio would bear premium wvu'd hlvO The
double eject TO Ji@iaish paper eirsuiation,
aud increase the importation If sper,-. till az
,qoilipriun bctaevn tho two would be re-
stored. when they would be al ear. At what
poini this would Ue effected. is liJIi- uaecr-
tiaA; but TIA. fact -. that With our decreasing.
revenue, instead vf the specie bring ihrteas-
ed To excess, u would not Ice increased syf
fc'en,ly 10 giyeiAs DESIRED sia6I!Hy 10 the
currency.
10 thfs connection, tire Senator urged an OBJ
lection against The L,ii, which ! regard ~
~holiy grouuhc,s. lie sad that the %, mcnf
of the dues Of the Goyeriment IA spee,e woghi
create do1blo demand; domestic. ~ vel
m . for-igr; the eject. OF which would bc 20
l incresse greatly It's luctasiion; and 50 deeply
va, hc Impressed wnh The idea. that he drrS
vivid piciure-of It's alternate hlw from tie
coast TO the ,ntctior. aod frpnS North 10 south.
| aud hack agsin Nil this !, thc wotk OF INA
| goaiion. The effect would 10 directly the
, reverse. The more numerous the demands,
/ the less the ilnriusiior; 81 ulueh so ihat the
greatest stability would be whrrc ii eSelu-
.ivc'y performed the function az circulation.
and where each individual tni.t keep por-
tion 90 mrei o., Dali. dc1nand.. This - 80
'NftOH, hHas ,st~sf Afes ~ attAoA4s
lit.
Bat tho superiorits 90 The bin over the su5-
! sttutc would. not lie limited only TO a mere
favorable pSupGItiOn between sp1cic aal pa
per IL Would have anothcr impoTiInt adj
Vautagr U.si eotnot lie well oYer.Cstiua;ed
I u would make n Practical Iiou bstweeu
/ currerry aud circulation: between .ae rurten-
sy al The cO'iiiry sud private and local Sirru--
ls,'on. undrr wheh,hesd ba"k paper would DC
eompTehe-,ded. The tifecis ~oulI be 10 rem
der a general explosion OF ,Ie circulation al
| most Impossible. Whatever arrangements
might oSeur would be local, and eoriieed to
some one particular commercial sphere, and
even within u, limits there would tie a sound
currency 10 fail back on, uot pariaking Of the
shock, ard which would gtcatty ditninIsh the
intensity and duration Of mo distress In The
mean time, the general busIne>s and finances
IL the country would proceed almost without
feeling the derange meat
With few remarks on The comparative
effects Of the two measures on the irlustry
and business of the country. shall conclude
| their eomPsrison. What has been ssid on
1 their relative effects on the currency goe> fat
to decide The question Of their relative Effects
on business and industry.
! hold sound and stable currency 10 be
among the greatest eheonroSemsntS Ia iodus-
tfy and business generally; and an nnsounj
and nuctuatiHg one, now expanding and NOES
contracting, 80 that no honest man can tell
what TO do, as among the greatest discour.
agemeDts. The dollar aud the eagle are tie
measure of value, rs the yard and the bushel
ore of quantity; and what would we th,ak of
the Incorporation of companies 10 regulate
tie intier-to expand or contract, or shorie n
or iengther, them at pleasure, with the. PRIV:
lege 10 eel by the contracted or shofiene
aud buy by the expanded or lengthened' !,
Il not seen that il woald place tho whole in
dasiry and business Of the country under she
control Of such companies But u would not
more certainty elect e., than n similar con-
troll possessed by tho money Institutions Of the
country over the mrssute nf value. Sui 60
further, sEd assert confidently, that the e-erSs
81 paper esITre1'ey. reH IFS Unds sdiat9. !.
uniaSOrabie TO the industry and BUSINESS OF
tho country. Il raises The prisc- Of every
thing. and consequently Increases ,be price ri
prediction and consumption; nud j., in The
end, hostile 20 every branch 90 isdu,try.
hold that specie and Paper have each a. eir
proper sphSre; the latisT far large and distant
transactIons, aud the flrDer FOR all others;
! aud Itai tee nearer our circulation approach.
e. gold md SILVER. consistently with oOpse-
,iiosso, the better Tor tire Industry and ne b,f-
siuess ct the county. THE more spetic the
better, III that pDid y reached. When Of,
iaihrd, u would combine. ~ the greatest pos.
sible degree. s2u6duess sBd facility. sbd wothi
be favorable 10 The prbducuye classes Inivrr.
sally, mean men of business. painters, mcT.
tehsUts aad manufacturers a. wen o. oper4.
tive, u woaid 10 particularly fsvorabie "a
the SOUTH. Dur great staple, are egsh afti.
Giles every where, and II ~ss yell rcma, krd
by ihe senator lsop Mississippi tNr. " Az
eg al Tie extra session, that ne soFi ~ cssl
pf,oes. aud bought nj Paper rrice.; that q.
sid loiS asd-b0us4t hi-h. TIC maunfscjuf,
sts. copHnefeai. aH1 uaSisltipE Interests
would aiss fcei o. beneficial egecis "a would
chcspfn frsjucti0na. aod hc 10 nanuI8e;uieTs
" lieu of protective tafG ~ elects voU'd
be 10 enable them e. tIeci f0rc,sn eoe,I.eti.
ton. Mt ~ raisiag pricss " blxh duties. bYl
By snsbing them 90 sell - cheap ~ Che3prf
than iao Foreigner, which would hafmonizs
eTery in,ofesi. ard pl8ce our manufactures Ga
ibe mort solid basis u IL TIE only mode IS
which the fyfsiyn fa1fket con ever b. cois
mandef, srd eOmmsnded a would he ilh q
s"si'd ard nadsrAisiy expanded currency