Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-08-30

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", To the effect which the projected reform IN our
currency IS Likely to have On The distribution Of the
precious metals throughout the whole commercial
world. wish no" 10 look nj II III another point Of
view, IN reference 10 our own circulation exclusive
! ~. think II will be apparent. that hrie too. we
are not only attempting To stem a strong aud settled
current OF practice and opinion, bur are wag,ng a
"at, ttnitlcss o course, such MAR must ALWAYS
be, with the nature of things.
There ISa question winch | hive often PROFOUND
| ed Ia the ad'ocates ol metallic circulation, aud
which would he clad Ia have answered IN a satis-
factory manner. How comes IT, that period
oi our history has tins country had supply OF gold
anu SILVER adequate 10 the wants of the community
even ion the most ordinary purposes of circulation
The answer usually gwen, though not uupaushlc,
Is by no nrans sufficient one, VIZ: that all the
channels OF circulation having been kept petpctually
choked mp with paper thcic WIS no place for a
talc Gun ency, Winch was thus expelled the coun-
ny. But IS III The first place. obvIouS 10 observe
that even were tins tact admitted. would he itself
an erect to be accounted oI and the dhc Guilty would
only he removed ono step further. How comes it,
would be the next inquiry, that pape, should IN
cry part Of tins country, and III all periods al ITS ms
tory have circulated much more exclusively,
than excepting few very rare and extraordinary
occaslons,) has ever been known to do elsewhere
To what peculiarly of character condition is
tliis.io be ascribcd !
But III the next place, 1t is not historically true
that the precious metals have been always kent ont
OF circulation IN the United States. by paper 1t
can be shown clearly, ON the contrary, that Al eel
tam periods ell our history. there has been pressing
an universal want ol circulating medium and Vet,
contrary To the general principle lhat gold aud silver,
viii, like other coutnodlIcs, 20 wherever there
dead"d for them, they have not made their appear
ance among US. CITED, aiormcr occasion, The
W Washington Papers, 10 show that DUNG the period
IN our history when were nearly re.
""'cu wan nj any other 10 metallic currency
~" @ I" ~, 20, there were perpetual com
P"'S OF "ani of "nncy Tor the most ordinary busl
ness Of HE The dollar not lutrconruix en-, nm
INTO 1--we parts. each passing Ia, quarter Taxes
were pdld IN what were called " cumnutablcs." =
Many OF the domestic exchanges were carried un by
barter, as III the earliest stages OF society. General
Hamilton IN his report the Bank IN 100 says the
same thing. There WAS loud cry, from all quar-
erS' lor an issue OF paper money BY the States, aud
1t required all the wisdom and tnmncss oi tire great
men OF that day, schooicd as they had been by a
severe experience, to resist the demand. Here,
well rs every where else our early history we
were deeply indebted to the sage aud admirable
duet the commonwealth of Virginia. New Eng.
laad was IN state OF irigh'lul anarchy-thousands
OF ryoung mcn-the most vigorous, active and en-
tcrprIslng part OF her popnl ,uon--opculy rcvolted
against the laws, which, by refusing them ade-
quate supply Of the means Of crcddnge, denied them
us they conceived those OF laboiins aud living by
their labor. MI. Gallarin is another witness o the
then state OF things, md he happcas 10 have favor
cd as with a veIy exact account OF il, rs he saw
and felt II III the State Of Pennsylvania.
E." w { may aver" said he. " from our knowledge
that the western counucs OF Pennsy vania, had not
during more than twenty yeats after them settle
ment, the specie necessary FOR their internal
trade and usual transactions. The want of commn-
nlcatIon and the great bulk of their usual products
/ reduced then exports to most inconsiderabe u
mount. The two indispensable articles OF IRON and
salt, aud few Others almost equally cssary, con
sumed all their resources. The principle, dimcSt
unnecessarily trae that each country ~H be naturally
Snppt,cd ruth The precious metdis according 10 as
wdntS, did not apply 10 their situdtion Household
manufactures supplied the inhabitants with their or
dI, a'y clothing, and the internal trade and exchanges
were a'nost exclusively carried on by barter.-'lhs
clfectuall, checked any advance even IN the most
necessary MAJ, 'taCturts. Every species of bgsi-
required the most caution as any tHluc in the
performance of cngae, 'nents IN tic way OF barter,
became, under the genera law of the land, obi
CATION to pay money and migi' involve the PATTY IN
/ complete rum. Under these Circumstances, even a
paper currency, kept within proper bounds, might
have proved useiul.'t
beg leave, in passing Just to call your attention
to this vivid though simple, picture Of the condition
even of The most industrious people Strengthened for
want OF Il sufficient circulation. \ gu see how all
enterprise is paraly Used all the springs and primer
pies of social improvement weakened aud relaxed,
-. want % - mea"s Of exchanging the products
of labor, as soon as they lir rfodueea' am -
manner most convenient to the producer. There
is no greater mistake, as has been well cmmkcd BY
asensIbc writer, than to consider certain quantity
OF capital and certain number OF laborers pro-
ductvc instruments OF uniform power, operating
with CERTAIN uniform intensity. Many CIrCum-
stances, by qulckcnIng the activity with which they
are applied, may add immensely the results effect
ed by them. Among these causes. none is perhaps,
more prominent than abundant and especially
"A progressive currency Men labor only to sell and
become riCh-dcprivc them OF Il market, and they
sink into apathy aud idIcncss make the market dull,
diminish the chance of exchanging the products OF
| industry and you discourage ii proporionaby y
| Hence all business Is stand-stIii a
want Of money TO circulate commodities Is felt, and
by diminishing gradually the currency, you would
reduce society," p0Ti pdSSu 10 Incidence. poverty and
! barbarspI.f In tins greatly progreSsirc county,
! above all others, require an equally JrogrcSSirc
currency. or all the effects OF a decreasing IN
older countries would cnsuc, though less disastrous
| IN appearance, because of the commencing infu-
ences OF our youth and vigor.
But to return 10 our immediate topic. Here then
we have State OF facts entirely peculiar, to which
the general principle, 10 the certainty OF procur-
ng all the specie wanted in country, for the pur-
poses of circulation, evidently does not apply. 1t is
one Of the phenomena which philosophical inquirer
will be most anxious to explain TO ms own sasiac
ton. | call your attention to IT, aud that OF the ad-
vocaes OF tins measure, who seem to think they
have nothing to do but to break down banks and
pode their paper, in order to flood the country will
lle precious metals. appeal 10 experience to
show the dangerous character OF then projects.
cite fdci, to be accounted for the principles OF a
sober inducIvc philosophy, not by metaphysical abb
slractions and theories, q priori. The modern
world has abandoned that SOFT o. thing and IL is moi
| asking too much of great men, hope, to eXpcct
that they will tread in the footsteps OF Bacon aud Ga