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

after This sysicm shall be adopted for the
use of Goycrnmen', there will still be pa
per currency in the country for the use Of
the people?
And if there shall still be a paper cur
rencv, will that currency consist of ire.
deemable Government paper, or of CONVEX
iibc bank notes, such as have circulated
hcre'oforc' These questions must be on.
swcred, before we can judge Of the opera.
ton Of this bill.
Asto an exclusive metallic currency. sir
the Administration on this point is rcgu.
lary Janusi0ccd. Out doors, and among
the people, it shows itself'nIl ciinquani, all
in goId.' There, every thlrg is to be hard
moncy-no paper rags-no decisive credits
no bank monOpoIlcs.-n no trust IN paper
of any kind. But in the Treasury Depart
ment, and in the Houses of Congress, we
see another aspect-.mXed appearance.
partly gold and partly paper; gold for Gov
eminent, and paper for the people. The
small voice which is heard here. allows the
absolute necessity of paper of some sort,
and to some extent. But the shouts in the
community demand the destruction Of all
banks, and the final determination Of all
paper circulation.
To The people, the lion roars against pa
per money in all the loudGess and terror Of
his natural voice; but to members Of Con
gross, he is more dlscreet lest he should
brighten them on, Of their wits, he here
restraints and modulates, and roars "as gen
tlv gale" The impraclicabIli'y Of an oX.
elusive metallic currency, the absurdty of
attempting any such thing in q country like
this, are so manifest that nobody here IN.
derlakes to support it by any reasoning or
argument. a that is said in its favor, is
general denuncatinn of paper, general ont.
cry against tho banks, and defamation
against existing Institutions, full of sound
and fury sgniiyng nothing.
The moment any one considers it, he
sees how ridiculous any such attempt
would be. An exclusive metallic crcua-
ton for the second commercial country on
earth, in the nineteenth century! Sir,
you nigh, as well propose 10 abolish COM
merce altogether.
The currency Of EgIand is estimated at
sixty millions sterling; and it is Mr.. Nc
Cnloch's calculation, that il this currency
were all gold, allowing only one quarter OF
one per cent. for wear of metals, the an.
nual expense, attending such currency
would be three millions and quarter a year,
or nearly five per cent. upon the whole
With us, this charge would be much great
er. The loss Of capital would be more,
owing to the higher rate of interest; and
besides all this, is the cost Transportation.
which, in a country so extensive as ours,
would be vast, and not easily calculated.
We should also require, proporllonally,
moro specie than is requisite in England,
because our system Of exchange, by means
ofbls Of exchange, is, at present, aud
would be. under such a system as is pro
Uosed, much less perfect and convenicn,
than that Of England. Besides, the Eng.
lish metallic circulation is mostly gold,
gold being in England the standard metal.
With us, silver and gold both are made
standards, at n fixed relations: and if we
should succeed to keep this relation so true
as to preserve both Of the precious metals
among us, (which, indeed, is not very
probable.) our circulation would be still
more expensive and cumbrous, from the
Quantity Of silver which it would contain.
The silver in the world is estimated to be
fifty times that of gold in amount, and
consequently something more than three
times in value. If both should circulate.
therefore, equally. in proportion to value,
the currency would be three parts silver,
and one of gold.
Now, sir, the annual expense Of such a
circulation, upon the basis Of Mr.. McCuI-
]och's estimate, would exceed the whole
annual expenditure made for our army and
our navy. Consider, sir, the amount OF
actual daily payments made in the country
1t is difficult TO estimate it, and quite ln-
possible to ascertalnit, with any accuracy
But we can form some notion of it, by the
daily amount OF payments in the banks in
some of The cities. In times Of prospercu,
business and commerce, the daily amount
of payments in the banks Of New York
alone. has been equal to eight millions
Whether we call tins tenth, twentieth
ora fifie,h part Of all payments and re.
cepis made daily in the country, we see lc
VIVA, an aggregate result the whole would
rise. And how is it possible that such a!
amount of receipt and payment could b.
performed by an actual passing of gold an'
silver from hnnd to hand'
Such notions, sir. hardly require serou
refutaton.
Mr.. President, an entire metallic cur
rency would necessarily create banks i'm
medla,cly. Where would the money b
kept, or how could it be RENTED? Bank
of doposle must and would be Instant
provided for it, Would merchants of tn
cities be seen. in their daily walks If bus
ness, with servants behind them, with bag
of gold and kegs of silver on their wheel
barrows' What folly is great enough t
imagine this It .here were not now
bank note, nor bank in the country, an
if there should be an exclusive specie cu'
rency to morrow morning at nine o'clocl
ahcre would be fifty banks before sunsc
From necessity, there would be created
once places of deposile; and persons ha,