Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-10-24

xlpact m no IN Il
aues " &c ".d"a J;scontnuance aso of the receipt Of
.a; notes in the collection of the revenues OF the U
s. and the substitution of gold and silver; ana the o,s
continuance of the of banks as repositories OF e
nubIic money! and the substitution OF an independent
Treasury have likewise suggested Tor the considela
ton of ngfess the proprety OF placing the upon Tue
same footing other debtors by suhltctg hem 10 he
provisions Of bankrupt lawnot for the purpose OF
depriving them of privileges secured oy sue
70 enable the holders Of their bills TO compel them to
make good their promises, and discharge te i'aoles
they were under according TO those laws MY reasons
for these respective positions before the people of the
u S. who will, doubt not, appreciate them according
TO their deserts, and that is all desire.
The Constitution of the United States prevents any
thing but rod and silver from being made legal ten
der in the States No attempt to change the Sonsttu-
ton in this respect, will trust ever oe
fully am confident it cannot be made. But 1t does
not follow that nothing but gold and silver should be
employed in making the exchanges, and IN transactng
business between man and man portion OF the en-
cnatino medium used for these purposes will always
he composed of bank paper unless lis circulation pro-
bibted by law There are few, if any, who would OBJ
iect that those who have capital should employ III ana
the credit gives them in facilitating the exchanges Of
the country in and upon terms which snail
WELD reasonable advantage to themselves, and AFFORD
secury to the community: whilst all should protest
against permitting those who have 1t not 10 practice
banking under the sanction OF law as continuance %
secure TO themselves living out OF the labor OF others
and also against giving to the business OF banking, 10
of life The question before the country IN relation
10 this subject not whether the business OF banking
shall be permitted but how shall 1t be authorseo ana
upon what it shall be carried on, questions WHICH
il is the province of the people and the Governments OF
The States to decide themselves Wherever these are
so arranged the interests and rights oil the
whole community there can be no objection TO the NIX
ed currency of gold and silver, and bank paper OF whch
YOU speak What should lie the proportions OF each,
cannot be reduced to any precise rule No one who rs
at all disposed consider the subject dspassionaey
can, should suppose after all the experience we nave
had, entertain moments doubt that the rane'oi pro-
perty-the steady employment and adequate COM
pensation of abor-the security and success CT all re-
gular empuyments, and the consequent prosperity OF
The country all essentially promoted bx the posses
sion of stable surrency and that the currency every
where more less stable III proportion 10 The erea'efo
less infusion of the precious metals 1t is therefore Tue
dictate of sound policy well justice TO extend, and
not to devise multiply contrvances TO dlminsh that
portion of circulating medium winch is 10 consist %
gold and silver This shotd he done as far as may be
found practicable, and consistent with convenience
There few subjects, respect to winch more efiohe
GUS opinions are formed those who did not give them
selves the trouble to examine minuey INTO the matter,
than in regard to the amount OF what Us usually Demo
minated currency, Qncludng III the term gold ana s'
and bank paper,l employed IN or necessary 70 .e
transactions OF the whole business Of the country No
one who Sits the matter fully can fail to be struck win
the prevailing msapprehenslons on this SUBJECT Inc
business Of the country in which money! actually useu
bears but small proportion to the whole nose Por-
tons in which it is not employed are, first the foreign
trade almost the whole of which branch OF business
immense as may be, is carried Oh partly by an ex-
change of commodities, but principally by bulls OF ex
change drawn the avas Of our exports and other ac
cumulatons of capital abroad 1t seldom happens tha
what is usually called money employed IN these trans
actions; and when il does happen, ii is only in very H.
mted amounts The same remark is applicable 10 The
immense trade between distant portions OF our own coun
try. Those engaged in it do not ordinarily employ
money to discharge the liabilities that grow out OF IT,
but do so BY draft and domestic bills OF exchange drawn
from place place upon funds previously accumulated
or which are expected to accumulate, from the transfer
of the productions Of the country and other
So too in regard TO large dealings in our cities; we
all know how seldom it is that money is actually EN-
ployed in them. With very limited EXCEPTIONS they
are effected by exchanges, checks, transfers OF credit
IpO7cInl al conducting The more
per currency most aboGnds, and II would ne s' more
generally resorted to, from motives OF convenience, IN
proportion coin shall have been made 10 constitute
an increased portion Of the circulating medium 1t IS
30 also in great degree with large sales OF property
real as we'll personal Strike out these and other
business transactions, standing upon the same loot9,
which might be named and 1t would be seen now niue
is left compared with the whole transactions OF society
for which the use Of money is necessary or in winch 1t
is ordinarily employed The disparity between inc
whole dealings Of the country, the debts which are
made and paid and the money actually employed IN
them, will be still apparent when the average
Is
is contrasted with the average amount OF the business
transactions Of the country The amount CT specie al
this time in the L. S may, supposed be fairly SET
down at ssS00G0G00, and Of paper IN circulation at
500 COO 600 of the specie, not lar from S3oUuu,oUu
is in the vaults of The banks. Add the residue to the
bank notes in circulation and the whole amount OF the
circulating medium of the l. 5. is, at this time, Si3o,-
100000.
Who can estimate the gross amount Of the business
transactions Of the country for the present year,
bo, hundrel ar uprhaDS thousand
Millions it will be- Form to yourselves any idea oil Its
vast amount which mny be regarded as even an aP-
proach to accuracy-comparc il with the amount OF the
circulating medium and you will then be able 10 make
some est mate OF the immense amount oi business which
IS transac ted without tie 81 money, either metallic
or paper Al present. il will be seen that wing TO con-
fractions by the banks the specie IN tie country al
though not all in circulation, is nearly equal to two
thirds Of The whole circulating med'nn Of The I. ).
have alluded to the last topic only .of the purpose
of removing to some extent at least, the groundless
alarm which the measures for nfusng larger proper
ton of coin currency seem 70 haze excited IN
some quarters and not by way OF argument IN favor OF
an exclusive metallic currency. My own views IN re-
laon 10 the policy of increasing the quantity OF com IN
our circulating medium thus given in my letter to
the Hon ShcIrod Williams:
"That gold and silver should constitute much great
rrproporon Of the circulating medium Of the country
than they do is position which few are disposed
to deny. How great the increase, and how rapidly il
ought 10 be effected, questions III regard TO winch
n difference Of opinion may from time TO time arise
amongst men having the same general object in view
No beneficial reform in the affairs Of the world was
ever accomplished, in which similar diversitirs Of OPT
MON were not found among lis advocates. But il is
consolation TO know that embaryassments arising from
that source Ia been overcome, aud may he again To
project the working classes {who, generally speaking,
have no control paper currency, and derive
profit from bank stock against losses arising froi de-
preciation by securing metallic currency s9ticen; ri
least for all minor dcalings-including the payment Of
labor the most important wei! as HE most pressing
use there is for money-to furnish more substantial
specie basis for that part of W currency which consists
OF paper, and thereby The whole community from
loss in consequence of any sudden withdrawal of conf
acnce-s should be our first object it is our impera-
tise duty. am, gentlemen,
Very respectfully, your OBJ seryt,
NJ VAN. BUREN,
To Messrs F.. D. Sweet, Edward Merritt, James
Shields, Henry Meser, John NJ Goring, John Wood,
YIN. Massey w Sweet J. T. Nichols, A. S Mesier