Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1838-05-03

u'c" ossS 0SS"PoNo"s uepSVin& Nthem
Of the means Of guarding themselves agsios,
the tricksry ofthc world?" We leave him
TO saewer this question for himself But a.
gain we ASK, where is the necessity for thsse
distinctions? Does any s'isbsrins" man Q.
mong US find tia, Bank paper will not buy
as much az the same amount of silver. oven
In present OBSERVATION-DISCLOSURES as specie
has become under the -tinkering of
Mr. Craig aud his party? Then how is he
cksatcG aud dsiuded, as MIR. Craig represents?
Strike out Of existence, however, the whole
of our paper circulation, as we contend will
be the effect Of the Sub. Treasury scheme, il
successful, and what will be the consequence?
The whole sfecie Of the country amounts 10
| but twelfth part Of our circulation. The
result accordingly must be that money will
become twelve times as valuable as it Is now
OF course, labour and property will be
brought down in the same preportion-nay
even In a greater, because an exiravagant
Government, armed with every power 10 en-
force lis exactions, will be sturdy compsti-
tor for the almost entire amount Of the more
pittance OF currency that would be left u.s.
On whom, then, would the blow most heavi
ly fall? AssuredIy on the tailoring classes, y
Mr.. Craig's own favorites. The natural ef
feet would be 10 stop all improvements, and
induce men TO contract their wants into the
narrowest possible compass. Some of the
more densely peeped sections OF the country
have already experienced. TO some extent =,
these bitter fruits OF the hard money mania .
and sorely have The "laboriug classes"
there, suffered for the mistake OF those who
set themselves up, like Mr.. Craig, as the
peculiar guardians of their interests,
The idea which Mr.. Craig advances OF a
pure specie currency being in itselfincapable
OF arrangement, is preposterous under any
circumstances. live had nothing but specie,
we would find its value constantly Huctua,
ting, according TO its abundance or scarcity.
II is an article OF traffic, and IS governed by
the same laws as other commodities More>
over, II we could have purely specie circus
lation, somewhat adequate to our wants, our
revulsions would be much more severe and
more frequent than they have been under the
Banking system. Every operation Of ex,
ternal trade would be made 10 tell imme,
diately on our pockets, and il would be i'm.
possible TO anticipate for six menths together
what would be the state ofthe money market.
Heretofore the banks, which furnished home
circulation, acted as barrier 10 these shocks
and operated to keep our system steady.
The Puisaions OF trade were upon them, and
not upon the people.
Al is really strange TO see with what per.
tirscity Mr.. Craig and his party pursue tbei,
experiments on the currency, professedly ie
improve il, while all their efforts only lend
to make il worse and worse. Their inta,ua.
ton and folly have scarce parallel unless i,
be found in the visionary dreams of the AL
chymists. "Gold, gold"-a better curren.
cy-is still their cry. while every expert
ment throws them farther and farther from
It's possession. When the party came into
power nine years ago they found the country
10 the enjoyment of the best currency which
any people ever had-a currency exactly
suited to our wanIs-paper money that would
circulate at par from one end of the Union
TO The other, and specie commandable to any
extent that the citizen desired it. Andnow
what have they brought US to- They have
expelled almost every hard dollar from our
circulation, and instead of Bank paper of
universal credit, we have nothing but ire
deemable paper Of mere local currency. In
stead Of 300 sound and solvent Banks we
have now near nine hundred, and scarce
specie paying institution among them! Well
may Mr.. Craig say the Currency is wretch.
eddy deranged, 'and talk OF The "hollowness"
OF The Banking system" The people
must be reminded, however, who is 10 blame
for il!
But Mr.. Craig says he is for "positive &C.
ton" in The Government to remedy these
evils. This is certainly well, but what is
that action: Alas, it is only another expo
dent TO avoid the acknowledgment of past
errors, and The adoption Of what experience |
has shown to be the only proper remedy
viz: q United States Bank In no other |
way can The Government properly acquii it, |
self OF the great duty OF regulating the cur