Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-05-04

measure OF quantities out Of that which has capac
~ "iu any quantity as to endeavor to make measur
D., Vaues out OF that which has no intrinsic value
Inc precious metals alone can constitute me asure
'a!"es paper money can the value of nothing
not even OF Itself; its value is eernay measured
by It's Ielailon-by its conver,ibty into specie III
want OF intrinsic value lis liability to be made in an,
4nahy OF to be diminished in any quantity and its lu
bly 10 total destruction, entirely dsqualifies tor The
nigh function of measure Of values
~ ihe Constitution Of the United States has vested
congress with authority to prescribe uniform stand
ara OF weights and measures for the whole Union
Soneess mas not exercised that power but the
eeg OF The people has supplied The defect of Federal
! legislation In all parts oil The Union they use the
same weights and measures. A pound is pound. a
bushel is bushel, yard is ward from one end nj the
country to The other The Constitution has also vested
Congress with authority to regulate the yalue-npt o.,
currency Tor there is such word in the Constitution
nor any word which can be made TO include yoUer
| eWrcRcy-but TO regulate the value of the coin Of
our own mint, and also of foreign coin This power
Tor ioy hive years, that is TO say, from 1889 10 1894
was SO enormously exercised 10 under value gold sir
| and wothrds per cent The consequence the 10.
tai exclusion OF gold from circulation In 1884. this
error was cOreced and the quence s that gold
Is IN the full process Of its constitutional
place in our currency With respect 10 foreign coins
instead OF making them current, the Constitution in.
Tended, they nearly all excluded from circulation
by Tie act Of 1910 This false legislation was also cor.
lectd I'D iS34i and foreign oons enter largely into
our circulation. The year lS34-lhe second year of
Gen Jdcksons SECOND Presidential tcrm-will be an
era proud and glorious the history of our con.
situllona currency 1t will be the era of the reforma.
ton OF the metallic currency The year 1896, the last
year OF General Jacksons second term will be another
glorious epoch in our financial history. 1t in that
year That The pr"mlssory nOles OF corporation ceased
10 be lawful tender 10 the United States in discharge
OF all taxes, debts, and duties due 10 her. The year
1856 Is The epoch of this delverance Of the Federal
treasury from the dominion of corporation; but Tie
year 1899 divides the honor with it, for in that wear was
her vein I'D ch Of
iected The dellverance Three noble acts have been
performed; but fourth remains 10 be achieved TO
consunmale the duties Of the Federal Government
IN relation 10 the currency The Of Mr. Madsons
administration at the expiration Of the existence Of the
first Bank Of the United States must be repeated
The notes OF The local banks be made nation.
al currency! That ruined the currency in Icli
and IN 1872 and the repetition of again ruined il ia
1857 Three times, in twenty five years. has that
deprived the Treasury OF its revenues the country of
measure Of values. and rendered nugatory The unform
~ Of weights and measures, in which the whole Union
had agreed The effect upon the community has been
the if every seller had possessed The privilege
and had exercised IT, OF altering his weights and mea
sues at his pleasure; lcngthenng shortening his yard
stick: enlagng or reducing his bushel; diminishing
increasing his pound weight with every sale and pre-.
cscly it suited his own interests in every instance
This IS an enormous and crying evil, the parent
OF nnnumbered lmpositions upon the whole community,
and especially upon the weaker part In paying double
Tor the necessaries of life the effect has been precisely
the if the purchaser had received but half
pound half yard, and half bushel, when he paid for
full pound full yard and full bushe. But, Sir,
drop this dsqulsl'ion The pursuit Of IT would carry
NE too far al the present moment into the workings of
the paper system. drop 1t with emarking that the
brnry drbasement Of The current coin formerly prac
iised by some European Kings and lllterly by some
Turkish Suans, was innocent and harmless compared
TO The mischief done IN country the loss of
Of values. and The consequent or equivalent
destruction of all the Of quantities. The
tnongh'ess and Inconsderae man invested with no ie-
gis!ave character, may sny, that paper money lighter
than gold and silver that paper will buy any thur that
gold and silver will buy that h. i r.! hu, the states.
i nnG han may talk IN ,"s ,atd Of
torcd by his he commits greatslr6 and
inn;rIs great injury uppn the entire community We
have lost that mcasure The Federal Government has
occnsuncd It's loss The o! paper at the Federal
Treasury has banshed con-hls set an example wnch
has heen G,lluwed by all the States and by every Ind
vidual-un paper has bauished coin, and made sei'
forced tender in every payment Paper money Is now
the actual currency of tie land II is e lneuiu OF Ill
payments. and being no measure OF values 'nrte Nv
stability Of prices Every thing iuctuates lra'@ IS
subjected to the hazards OF gambling. Inc rene
DIV for this cvil-the means Tor the reestao''sh"e".
ri The measure of valuess for the Federal Government
tn u. the true measure itself In supplying itself with
the trnp measure will the whole country 10 oc
sn,nI;sd No nation can saturae itself with go!d ana
silver more easily than the U. s. The hundred m''l"hs
r ,nor,ae products annually sent abroad-to say no
,h;nI of domestic mines and the supplies brought IN by
e;Gron,s-wiIl bring back annual supply Of ~ or ID
nilo,s We have but 10 invite its presence, by Great
ing demand for it, and or ten millions OF lh's amount
will annually remain with US until The nat''nai supply
is full and complete. IL. 4, ,b
NJ u ,vopid examine some Of the objections to the
r-onosed Lill The able speeches which had been deh
ve,rd by the numerous friends oil Tie measure
his labor in this respect, and he shoud cohhe "."e
f. hr;ef notices If few Of the principal points Al ihe
LJ NJ these objections stands the imposing assumption
bo, the passaue of the bill will miict severe wouha
upon the State Banks, and entirely disable ith 10 re-
srme snecie payments This assertion IS mace Oy he
whole body OF the speakers on the opposite SIDE Out
,h, JsaI IN assertion only No explanation is given TO
iusifv il and TO show how it is that an array OF e'gnl
hundred banks TO be thus mysterlousy ana PoweTI
lv affected The amendment Ut the Senator rom VIZ
gni, mir RivesI only proposes 10 distribute the orpo
s;,s .mopr twenty five banks so that seven hundred
and seventy five would remain unproVidrd LOT anu con
seouently subject 10 ruin under 'bat pan nu' 'e'
,der answer to this objection. The bill only proposes
n remj, these banks TO the condition they were III u'n
IT, Ininion Of The Bank Of the u. S. They were then
~ comne,c state of divorce from the Federal Govern
ment having share Of The public dPPosI'es, OF any
share in the privilege Of paying The feoerai revenue wv"
,her notes They were cOnented with mat cohu't'o",
I'D ,f;,n thai they hourished under it and such 81
,b,,, ,s wish for the establishment OF Natohai pam
ore still in favor of that condition. and OF oehs o'
from The Government The only difference s tha' my
;II epbmit to n divorce imposed by tie bylaws Oh re
d,,I p,nk hut will resist it coming from Congress
,rbe answer is enough 10 explode the onIecu"n' ~ nv
only nuts an end 10 II, but makes II rIdcuioos: W.
tber answer is necessary 10 be- given; but lutte a
swcr is a, hand, and will be given II comes from az
authoritative source. The report OF the comm'Iee "
the banks of New York, on the resumption OF spec
payments, made the 2oh Of February as!' anu c Sp
proved in a general meeting of the banks OF TIE ey'
holds this language: ;o ,,y
=" In contemplation of the resumption Of specie pay
rnen,s by the banks of the city of New YORK; on OF De-
fore the tenth of May next aud under the ~ ,h
,ingencv of a simultaneous early resumption oy .'e
hanks of some of the other great commercial cues 10
ncunben, on those of New York to adopt all !e mea
snrcs within the limits OF their resources "hicn may
enable them not only 10 resume but also 10 n'ana'"
specie payments.
Tbe fall in the rate of foreign exchanges now eohsl.