Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1840-03-26

amount OF exchanges, os tne sume sum couIu
be used eight or ten times in one day 10 pay
different debts or amounts, whereas 10 an ex-
tcnsivs country, like the United States, a
man who for instance living in Boston. and
wishing 10 purchase ploce Of land in Hill
nois. wonld collect his specie (say 1000 dol
lars) and keep il out Of circulation perhaps
for SIX months before he purchased and paid
for his land. This same 1000 dollars in so
small a place as Hamburg. woult in that time
have perhaps paid one million dollars Of
debts-or made exchanges TO that amount.
The amount Of currency necessary for n
country, depends as much upon the extent
Of territory its business is diffuscd over, rs il
does on the amount Of business done or the
number Of its inhabitants. This is again at
fected by the facilities OF travelling, and the
consequent means possessed by the people,
Of making quick remittances. Were there
no rail roads or steamboats, in the United
States, it would probably require double the
amount Of currency it now does to do the
same business. Currency represents the
value Of every article of use and it bears the
same relative position 10 the wealth Of na-
lion, as does the tools of a mechanc or
farmer 10 their wenlth, which are worth moth
ing in themselves only as they are applied
TO other useful purposes.
A farmer requires a Wagon to carry his
grain to market, as much as ho does a cur
repcy 10 get his pay for il when sold. Pro
vided he lives one mile from market he will
perhaps get six loads Of grain there in one
day, il he lives six miles from market he viii
require. six Wagons to get as much grain
carted IN the same time as before, and pre-
cisely 80 as II regards currency.-lf, foi
instance, q merchant in New York has q
payment TO make in the city, he draws his
check IN the morning aud pays the debit
The person receiving the check, again pays
other debts with il, and so on to perhaps ten
times the amount OF the first check, IN the
same day. The same merchant having funds
lying IN st. Louis, gives his drait for the
amount. The money at 81. Louis conse
qnenty lies idle until the draft reaches there,
the time OF which may be varied by the
fnclliiies of communication Without rail
roads or steamboats, il would probably be
three times or more as long in reaching st.
Louis ns at present, and consequently require
three times the amount of currency To do the
same amount Of business. Those men who
look at things in their true light, and whose
minds are sufficiently expanded to understand
the relative bearing, the great moving 9rin-
cIples OF country's prosperity have on each
other, will readily perceive that IN the simple
saving OF currency alone, the. rail roads,
canals, steamboats, and other facilities which
have grown. ont Of our False SySiem," as
Mr.. Van Buren calls 1t, will more than com.
rensntc for their whole cost. From the ia
cllliies also Of remittance paper currency
possesses over specie one, The reader will
readily comprehend the great advantages il
possesses especially for distant payments
There is also a corresponding tendency in n
contracted specie currency to contract the
minds OF the communities using II, which
renders it far less efficient in making cx
changes. For instance, Squire Hunks shall
have IN his desk one hundred dollars in
specie, and also one hundred dollars Of sound
bank bills, which he considers as good as
specie, and which he can, readily obtain for
them by riding two miles to the Bank
Nevertheless such is the nature Of man, that
he will readily lend his one hundred dollars
in paper to his neghbor, when at the same
time rather than part with his specie, he
would probably tell direct tulsehood and
deny having it. More especially as il it was
known he kept specie by him, 1t might excite
the cupidhy Of bad men to rob his house.
This last circumstance is OF itself powerful
argument ag,inst specie currency. 1t is
much better to prevent crime than to punish
IT.. Men are by nature weak, and liable to
temptation, and thousands of murders and
rObberies wonld occur were the people OF
this country in the habit Of keeping their
money in their houses instead of the banks.
II has been often stated. that the convicts o!
many of the small pfincipaltles and king.
. GOfns (rpFmnnV rn AL ri In, te
csnntry, there being Contractors who agree
Ia deliver Them here for so much per head
about 20 to 80 dollars each person. These
convcls, to a man, are in favor of specie
currency, If the writer is not pery much mis-
taken, and periodically burra for " Jackson.
Ian Buren," Benton" and do,cn icsh iii,
Bmks."
2nd-BREMEN is a du,chey Of Germany
10 the circle of lower SaxoDy. It formerly
belonged 10 the Swedes, but was ceded 10
the elector of Hanover in 1919 It contains
2,lOO square miles, ard the population amounts
to about 10000, which includes the city of
Bremen, its capital, which stands on the
Weser river ond has population of 10000.
Mr. Joshua Dodge, United States Consul u,
Bremen, writes Mr.. Woodbury. that 4" in the
free and hanseatc city of Bremen, and the
small territory ihereunto belonging. oil taxes
and duties composing the revenue Of the
state are always collected in cash, and all the
laws respecting the same mention that the
amount must be paid in gold, meaning the
Bremen currency. Mr.. Dodge also says tina,
the surplus revenue, which for the nome nj
may not be wanted, he Uhe Treasurer) de.
posites for account Of the state, with the de-
posite and discount office, and takes it back
when wanted for disbursements. The de.
poslte and discount Office Of this city, called
discount cdsse, is a kind OF bank established
here by number Of PRIVATE share holders
who take deposites of money, and discount
bills OF exchange, and who, with capital
stock OF 6OO,CO0 rix dollars, are responsible
for the money deposited with them"
The territory of Bremen is considerably
less than one half the size Of the State o
Connecticut.
3rd-Hesse Cassel. is a small German
state, containing 4,350 square miles, being
somewhatdess than the state of Connecticut
Its population amounted to $4,000 in 1917.
Boronsfeld, the acting United States Con
sui nj this place writes Mr. Woodbury-that
The collection OF public revenues is always
"h' cited IN ready money, either in gold OF
sllycr both, however according to n lawful
tarH; therefore, no particular guidance is
r,qnired IN that respect from the public all.
thufliies."
d 81