Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-11-13

In "A
by men, and under temptations men ",.i D
oahlo ey,ed;ent promised by this great hnanc'eF IL
Ia tokc away all the profits OF the pahN oNei -
Gun, But who will take the stock, ana run inc 'sn V.
all the losses and have no change al Inc Pio"'s.
NJ ,l lenf out of the book of experience, ana We
In 500 how far human nature is to be trusted IN money
matters The late President OF the late on,'eo eu.
Rank and The Directors, were OIL course an
mon and are now the very elite oil tne wings. ~
had entombed in their vaults, at Ihiiaaeiphia so.'c
nanolled or redeemed bills of the first united states
p,nL ,ybich had been called in and paid me panN
Ind ceased TO exist, the bills were out Oh citcuu'
,hcy had no specie basis they were Inc promises u m
da,5 Vol these bills TO the amount OF millions, were
ueau' ~ Withdrawn from the vaults. Every one
nnscd thai when the brains were out the man "ouiu
AZ : An That rave them vitality or value was tie'l
sncce basis that had been distributed or passed AVA"
Il is in vain to say the present BANK was Dounu 20 N
,, ,ben, they had done so, and the obligation was
,.r-n,aJ These useless cancelled bills were sent TO
H. SIT, and the West, and passed away Tor cotton,
onnno,no the business Of the regular merchant, ana
m lime they actually passed current ior the sole fea
son mentioned by Mr. Webster, that Dill OF 'he sus
aandsd rhlodephia Bank did pass in preference to The
blI of tle specie paying New York Bank-(a act' oy
,h NAV that must have been put on that gentleman as
o,;z hey passed because "they had an oaoT 81 W.
t;noy;ty about them but in short time TINS oaor
80 ~, puprent and people began TO lind out thal
smelt very strong of a certain offence against
me neo,e aud dignity of the State, called obtaining
oo n,ler false pretences, and they very soon crawl
ed into their graves again, and since that inns "oaor
has no, been esteemed quite SO sweet smeilns say,
49, :, ,s thought at first; and BY this time the door OF
ITod States Bank bill is deemed of very suspicious
cb,racer as will be eminenty exhibited the tfs Gay
The DORIS of the Bank opened for their redemplo
when il is expected they will be accumulated III such
numbers rs Will quite overcome VIC 'e" " ~ f
dent Nd directors -,
Another instance. When hard pressed they issued
tested Yei these were the very sec Sa
gers Laws are cobwebs to men urged by pccuniary
difficulties The test of daily redemption which the
Independent Treasury affords, is much better secnri-
IT, At least government will not be sale with It's iunds
i'm such hands.
Voc as 10 loc priccs-What is the cause of the pre-
sent state Of the market: II is common charge
against the Administration that their measures will re-
duce all property TO specie price, and that VIII
lower the property of the CITIZEN and reduce the wages
of labor And the sympathzing Wings have gone
among the farmers and working people, amentlng their
deporabe situation, and promising them better days II
they will desert their old party and vote for Harrison
WE'LL if what the Wings say is true, the Democrats de-
serve to be beaten In the first place. il is not likely
that Democratic Administration would Cypress their
own men, that the Wings would very sincerely Ia
mcnt the result of any measures which would make
the allegation the most monstrous perverson OF truth
that desperate party could resort to- and Is bold
pertinent. on what the Wings rely, the ignorance Of
the people. will lay this daring effort to deludc the
Democracy, and induce them 10 desert those who ne
yet failed to vindcae The cause oil honcst industry
nanst the juggerics of those who would contrve 10
spiri, away its hard earned fruits. Let then come 10
admi;tcd principles Mr. Webster admits that the cir
cula,ion to he sound must be based specie That ali
paper circulation must be convertible into specie de-
mand othe holder That being conceded let what
is the difference between specie currency and paper
convertible demand, on the prices OF property and
thus get at this charge of the Whgs that shall ruin
the country by reducing every mans property TO its
| specie price. will not offer my opinion. will
10 admitted authority, as the people must be set
right on this head Weath consists of all objects which
have exchangeable value and the price of any ar
tice ofweah is merely its power to procure money Mo-
ncy, them being the common measure OF all wealth, II
follows that men are not rich or poor according to The
measure by which their estates estimated, not by the
quantity of cxchangeabe valuable property they pos
sess And the money price Of all articles bear tic
relation to each other Thus, shortly after the Revolu.
tion old soldier who had been paid off in continental
money! paid hundred dollars for pair of boots; but
bootmaking then more prosperous Very like be.
fore the boomaker was ready TO spend his money fell
again. and he had give the same hundred dollars for
cord of wood. When the circulation is thus inflated
men are only deceived by numbers If we counted as the
French do, by francs instead of dollars, whose
house is worth one thousand dollars, would he est-
mated at Ave thousand francs 1t is not the number
but the question is what is the worth Of paper pro-
misses, Why, if man is satisfied with the count and
will take any paper counts large he may raise his
prices at once. Let tailor advertise that he takes
my Dddler in the community will get new sni
of clothes, and the tailor will get rich in promises
You see then if paper money is not cxchangeable Il,
Will for specie, IT takes so much the more OF IT. &C.
cording 10 the chance of lis being paid And
he who sells pair Of boots for hundred dollars
continental money! gets in fact more than just 50
much specie that paper is worth. IT five dollars in
specie would buy hundred paper dollars, it is mma
cral whether the shoemaker gets the hundred dollars
of paper the five of specie. 1t is the money that is
cheap not the boots that are high priced Any other
idea is pure deception, because currency, as money,
from its very nature must be itself property All pro-
perry valuable proportion to the labor il costs
Gold and silver cost labor, and therefore valuable
have shown that paper circulation ever passes be-
yond the limits Of the country that creates IT. simply be-
cause it is promise, and no, value.
Listen now to few fundamental truths ponder on
them and you will know much about money and cur
rency those conjurcrs who conrve by head work 10
ret hold of much of the fruits of the labor of your
hands Here is the doctrine "In order TO rcndcrany
substance available circulating medium, the essen
al quality required s that it be universally desired as
such. It's object is TO facilitate exchanges, but it can
accomplish this object only by means of the willingness
of the whole community TO exchange for every thing
which they are willing TO part with. If one individual
OF community prefers substance, and another in
dvdua another, exchanges will be embarrassed by
necessary multiplication, and by the useless consnmp
ton of time And il, on the other hand, any substance
be thus universally desired account of the great IA
ctics which it offers, and the great saving OF labor
which it effects it will be Immediately used for this
purpose. And it viii be SO used without any agency
Of Government: and ercn Mough Gorernmcnt dtd not
eaist just will any other instrument for
increasing the productvencss of his labor soon as
he procure it, and simply for the that is TO
his advantage. If the exchanges of country were
wholly internal, it would be sufficient that such cir
cuating medium universally acceptable in that
country alone. But inasmuch every nation has i'm
porant and extensive exchanges with other nations, it
is additional advantage to have the substance
as circulating medium By all" Here see that no
Legislation in America affect the currency, because
all the rest Of the world must be consulted. All our
imports are bought at specie prccs-French silks, En-
gsh brcadclo,hs are all bought for specie its equ
valent. Suppose, then, we had paper money ten per
cent below specie, would not the importer at put
ten per cent 10 bring up the price to currency
Ask merchant; he will not deny it. If the farmer
wants silk gown for his wife, he would have TO pay
ten per cent more merely because he paid in depreci-
nod Pa par. Tho e. unloes hank paper below
par it is just rs good specie but then every thing
reduced 10 its specie ra'ue.