Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1838-08-23

by GOvprnnlent authority, u IS buItton or
plate; when stamped, it is mnueS: Bat
the 10Th section ni the constitution sfhe bes,
cnn,ncurnry on this clause and leaves IN,
room for argument, mo State shall coin
money. cmi, bills "f credit. or make any.
thing but gold umd silver coin attehiter in
;ay,nrnr al lrtis." To make money or n
paper substitute is thus entirely taken from
rhr STATES. Now, lis it reasonable 10 sup
pose. that tho constitution intentleil,6 lake
away i,nm The States the power ofiniiking
money. or any legal suh>il,u,e.s y aud vel, 10
recognise as moucy, ,hc paper@sof pri
va'e h'"k,n= corporations cstai,iisIied bv
Tho stat Can r;ai he money. which
~ authority ia this country, neiiEer4 tho
States nnr the Gcnerai Govcrmueiit, can
~ Is" tender in payment Of debts 10 !,
single man within the jurisdiction Ofl either!
What il Il hank note! II docs moi on its
fac" pretend to Ec money, hut Is. a mere
promise J" pny nancy II differs in no re-
Sprci ft"h the prnni,sory mite of an;indi
Vldu"!: excepting. thar IL is in general, "A
better. although IL IS sometimes II worse Sc
rur''y for money. But admit the position
at M gentleman. that coin is only tn.
>ihnhiri nf monoV.-ire ha k notes ms in
'iliIhs\ equal iOr0in, their standard. ~ tn.
yard stick "r the pound wcia hi, tn theirs! II
they are. whether The constitution asrna,ir
m"nry or not, i, hut nI lirle consequence.
AMI may admit thar they nuyh, to be recc-
we'd III raynirIi oI the public dues Bu,
what hank in tins country "r in any oiier, is
,hl" alw ,NS. infilliblv tn redeem its notes
with >prr.r dollar for dollar. By their
charters they are generally authorized IN
issue note" Ia three tmrs :hc amount of their
capital: and even the Eank OF England the
@nun'lrS b'nk in the world, supmiscs its
d"'y 10 til pm 'Iic p"rinr.nrh.hv retaining in
i:s rnnsiS sp"ci" ar bullion to the amount of
one third OF lis issues The truth is. no
hank notes III th,s country. represent \ ;rcic.
TREY are issued upon the faith Of the pa.
p'i of in'li. lual,. which the hunks Receive
tnr 'ii"ir mates: md if this paper was all 10
ln'i. every bank in This country would i'm.
n,cdiatcly W. ruined Bank nntes, ,ben. ,lo
NOT rrnrcs'nf specie. and are not equal 10
the >tnnh I'd of specie They represent
credit. and c"nsriu g a par, of the currency,
nut are ""' IT," m"ncy"t the country
Oiallthc devices invented iurgivinc capiral
III" aNcrndanry over Labor. The tlukinp sys-
TEN IL grnrrall> existing. is the mosl,subtle
aud c"'n"!c'". The Interests of labor re
CURE n certain, steady, aud limited ci,rren-
"E. tiur'nai"ns in the currency. hy
winch the rewards of labor become gamh-
''nS nnh speculative, are r,inous to- snbrr
inin>'rr. Let ilI" proportion Of means 10
Their ends he rert:in: AMI labor then idapts
lis c''nrts and expenditures To IFS object,
ana l'"nrsr industry isccr'aiu of its 'eward
ih" currr.:cy, To effect this end, slioull be
''mifrd-"'l'licrh below than nhov" theswants
oi the c"mmun V. II is common deiusion
In fI,,tt tl .l,l,
Increased by rnlar.ino its curreiicy.5 tSnp.
pose thousand a .,llars used To inlerr1asner
the pr0r!nciivc la'.nr for a comn,uniIf: and
suddenly iih"u' any increase insti,e pro-
durtiOn, thousand dollars inOr,t Sii-z,hr
shape of hank, norcs, is added to thaSirri,-
ia'inh--FH Uar s. <arssf
the FIRST t,lnrc. tho issucr of the Haii ynOfJs
will certainly have II in his power to ap-
prnpriate {" iIn,Srlf.'a large portion of The
production of III" community: hLI not n
dollar will he added To its wealth. Every
'hIn;. will lr Immediately dubbed in price:
tn'! 81 will II" used, where was used be-
Tore, I" interchange iiir same prodnc,ihns of
!ah"r. Nnn'nai!S, every one will he richer,
i"cauSc every Thing ~ i'll hr doubled in n. ice:
hut. III reality, the relative price Of thing.
Will he exactly ,lir same To each other, and
'h" wealth at the "nniuIliiy the same, OK
c''n'in.. indeed. that p"rIion off abstract
ed by the not i>>,icr 10 hinIst lf, FOR " hic!,
ihc community nave his printed paper -
Labor clearly gains nothing b> >uch nm en-
lnr,rmrnI nI' the clrculaiion. On che cou
'rary. independently of the injury il will
sustain in other Respects, it's direct lnss will
he immense, IL its Industry is To compc,c
with The industry of other cn,nnun,it. ~
.."'nc .ud abroad. Bv the initiation Of the
currency. al the productions, of iu,iu,,ry
Will he rum up toa high price; and, ofcourse
III hc reimbursed. the producer must sell
II; Il high price. Th" ciicct is inevitable
IN cuu.pciinS with the foreign proiurcr
W'i",r currency abroad is not SD inU,,cl-
the hous pru,luccr mus he undrrsojd Of
home AMI abroad. and be ruined. Tariff
laws for prn'cciI"i, may thus be rendered
vain, Though tho mere ourrailnu of ,I,e cur
rr"ry; aud the legislation Oi the country.
hr defeated by The banks. In This view.
nnt only Labor. hut capital in all other mr.
suits. II S:iri,iicrd TO thai V, stru i'm hanks
F"riuna!ri. inr us.ircr OF debt and N ncuc,
with the Whole nnrh, the Untcd S,n,cs.
nave the ahihi\ which lew nations po,sess
Of reducing lE"ir currency to Il safe and
iiniiIrd standard. Enol;iud, our ur.:,t ri
val. dare non 10 1t, From the late c,n,r,c-
tons IN The currency by the bank of En-
gland. me r"v"nn" of the Government has
tal.'n"il upw ards oiiwo lnIIiuus of pu,,nd,
Increased TAXATION is therefore the ,,c., ,.ss.,
~ result ot any permanent cnn,rac,ion i'm
her currency. wnich her over hardened nro
p" cannot bear. N"l only the interests
"i labor, hut "f capital also. require, m the
U. =, il iinilrd and stable currency.
Th" gentleman from Mississippi in the
course "t his :r.uiLcni on his noin, nh
served, that labor could no; poiut f., tho
constitution ami charge it with u,r,;,,,;,v
Or hostility Ia iis interests. | anree vim