Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1838-04-20

that one part of this circulation is com.
and the other part paper resting upon coin,
and intended to be convertible. is he whole
mass more than may be fairly Judged
necessary to represent the property. the
TRANSACTIONS and the business of the coun.
try? Or. in order to sustain such an
amount of circulation, and to keep that
part of it which is composed Of paper in
snfr state, should we be obliged to attempt
to draw to ourselves more than our Just
proportion of that metallic money, which
is in the use of all the commercial nations
These questions appear to me to to but
d,ff'ren, modes Of stating the same inquiry
Upon this subject we may perhaps, form
some general idea, by comparing ourselves
with others. Various things, no doubt,
exist. in different places and countries, to
mobility either by enlarging or diminishing
the demand for money or currency in the
transactions Of business; still the amount
of trade and commerce may furnish gen
eral element Of comparison between differ
ent States or nations. The aggregate Of
American imports and exports in 1886 was
| three hundred and eighteen millions; that
of England, reckoning the pound sterling
at "a go, again, was four hundred and
eighty millions az near as can ascertain;
the currency Of England being, as already
stated sixty millions sterling, or two hun
drod and eighty eight millions of dollars
If we work out sesult from these proper.
ilons. the currency Of the United Sta,es,
it will be found. should be one hundred
ard ninety millions, in order to be equal
to that of Eng gland; but, according to the
estimates of the Treasury, it did not. even
in that year, exceed one hundred and
eighty millions.
Our population is about equal to that Of
England and Wales, The amount of our
mercantile Tonnage, perhaps, one fifth less.
Bat then we are TO consider that our cnun.
try is vastly wider; and our facilities of in.
ternal exchange, by means of bills Of ex
change greatly less. Indeed, there are
branches Of our intercourse. 10 which re
mt ances cannot be well nlad,, except in
currency. Take ona example: The agt.
cultural products Of Kentucky are sold t.
the South; her purchases Of commodities
made at tho North. There can be- there.
, lore, very lr''le of direct exchange between
her and the places of purchase and sa
The trade goes round IN circle. There
, fore, while the Bank Of the United State.
existed, payments were made to vas
amount in the North and Eas' by citizen.
. Of Kentucky, and Of the States similarly
situated not in bills OF exchange, but il
u the notes of the Bank.
y These considerations augment the de
!, mand for currency. More than all. tn,
: country is new, sir; almost the entr;
nF, IL - i
u amount of property. in the aggregate
% rapidly increasing. 10 the last three year
If thirty seven millions Of acres of land nav,
hnve been separated from the wilderness
o purchased, paid tor, and become subject It
,f private individual ownership, to transfe
4 and sale, and oil other dispositions to whc
!. other real estate is subject. 1t has thu
20 become property, to b, bough, and sol
!. for money: whereas, while IN the hands q
- Governments, it called for no eXpendlt ore
r formed the basis of no transactions, an
10 created no demand for currency. With,
a hat short period our people have bough
IN from Government a territory as large o
" the whole Of England and Wales, ant
A. taken together, far more fertile by Nature
). This seems incredible, yet The return
n
NJ bought at the minimum price of dpla
n and quarter per acre; and suppose tn
a. value TO be increased IN the common rati
" in which we know the value Of land
W. increased, by such purchase. and by tn
= preliminary steps and beginnings of cult
~ valion; an immense augmentation. it WI
~ READILY be perceived, Is made, even
d. so short time, of the aggregate of proI
Of erly, IN nominal price, and, to great e,
4 tent, IN real value also.
) On the whole, sir, ! confess ! know r
to standard by which ! can decide that o,
i circulation is a, present in excess
v no, believe II is so. Nor was there as
IN think, any depreciation in the value
~ money, up to the moment Of he suspensit
n, of specie payments by the banks, eompa
n, ING our currency with the currency
of other ma ions. An American paper dolli
ch would buv a silver dollar in England. d.
k Quoting only the charge of trans porting
NJ dollar across the ocean, because it con
ef. nandcd silver dollar here, There mi
,ls be excess, however, admit, where there
at no present depreciation, in the sense
Ell which now use the term.
y" 1t Is hardly necessary 10 dwell, nj
~ President, on the evils Of suddenly d
on preciated circulation. 1t arrests bushes
he puts an end to it, and overwhelms all deb
ay ors, by depression and downfall of price
S.. Aud even if we reduce clrculation-u
d suddenly, but still reduce it farther than
90 necessary to keep it within just and re
n sonable limls-we produce many M
IN chiefs; we augment the necessity of fc
IS egn loans; we contract business, dlscou
- age enterprise, slacken the activity of ca
'an ital, and restrain the commercial spirit
oy the country 1t 10 very important to
!" remembered, sir, that in our intercoul
INT with other nations we are aciing on n mr.
INA clple Of equality; that is to say, we do |