, 1840-05-23
THE JOURNAL.
SATURDAY, MAY %, 1910.
~ We have a word or two to say to our cores


~ We have a word or two to sayto our cores
pondonts, " D:ane" and "Juuius."
So long a. this discussion was conducted in a pro-
per spirit, we have taken pleasure in placing their
communications before our readers. 1t has now de-
generated into a contest in which abusive personali-
ties, and degrading ~epithets are more conspicuous than
calm and dignifed discussion. We shall therefore in
sist upon c~oufning them to the issue, or else they
must seek some other medium to appear before the
public. We wished to have given the whole OF Du-
aue's reply to Jrnius in this weeks paper, but its
great length has renderd it altogether imPractics5ie.
This would have prevented its publication, but for the
fact that Duane seems to think that he has been un-
justly a~ssailed-nnd, therefore, entitled to a reply.
THE CUaEExcY.-TLe subject OF the currency has
for several years attracted the attention OF the people
of this country, almost TO the exclusion OF every
thing else. No question is entitled to more conside-
ration, and il behooves every friend of his country. to
cast aside ~PaItiznn spirit, aud better recrimination,
and look into the causes tina, have produced the pre-
sent arrangement, and apply the remedy il one is to
be had. Every motive of interest, and every desire
for the prosperity and growth OF the nation requires
NV " Pu"iS hH"N III t"S'NN w.
well as in this country has been occupied with it ior
some years past, and the expiration of the charter of
the Bank of England in 1911, will afford a fayora-
bic occasion for investigating this abstruse branch OF
political economy. Like America, England has to
coJnPlainoi the same unsteadiness and fluctuations in
her currency the same expansion and contractions-
the same alternate plenty and scarcity OF money,
and this too, notwithstanding the influence Of her
great regulator. Other remedies then must be sought
for than are afforded by this great balance wheel for
the acknowledged and flr-reachins evils OF a ~dcranged
circulation.
Constituted as most Of the banks Of this country
are, they have every inducemcnt to produce the state
of things for which a cure must be found. Without
any ofthe restraints, which operate upon Individuals,
their avarice and ~cupidi;y present the only limit to
their ability TO do mischief. Having the power, and
the means Of making money plenty or scarce. it woull
be expecting too much Of human nature 10 suppose
that they would want the viii. These are evils com
mon 10 all banking Institutions, state and national:
and it seems TO US idle TO suppose that a national in
'iitution can be free from defects Inherent in their We
~ mature aud Constitution. Experience demonstrates
that legislative cnactiuents exercise no check upon
them, aGi convenience and expectancy are sulicIcn;
reasOns fs The violation Of all law. Has no; the
history of tais country and of England shcwn that
orr banks have not answered one at least OF the
great ends Of their institution, in furnishing us with
4 sound and steady medium Of circulation! Are
they not now productive Of more evil than good!
II this view Of the snbjec, be correct, the detect is
more in the system itself than in its regulation. We
mus, then reform the ~system-we must commence
anew-we must start with difsren; principles. We
must divest our banks of the VICE of MONOPOLY, and
BY a little legislation to increase the specie basis, we
shall to a great extent remedy existing evils.
We must plrcc banking upon the same footing with
any other branch OF business. Take the power OF
from legalizcd hands, and let every company or asso-
ciaton OF individuals that find i; to their interest to
do so, hank to any extent they may desire. Abolish
all restraints upon the employment Of credit and CAPT
tai, and c!othe the banker with no more privileges
than the merchant. Do away with the monopoly,
and we shall have a currency for the larger operations
Of trade, that will adapt itself to the wants Of the
public, aud will furnish its own checks and balances.
1t is one OF the worst features of our system of
~ 1890 'y 49," ~ $50
late upon matters that would do better without lesis-
lation than with il. The world is governed too much,
is a maxim as true as it is triic. But much as
we admire ii in theory, we practice it but little. All
that the legislature has to co with the currency, is to
let it alone; 10 coin money and regulate its value il
as much asnced be done. The natural laws of trade
and commerce will do the remainder. The maker of
the universe has furnished US with regulators, and
balance wheels infinitely superior to any of the work
mauship of man, and his regulation will be as far SUI
perior to human resulF ton as tho works Of nature are
superior to those of art, and as far as he is superior
to man in wisdom and knowledge.
VIRGINIA Observation-Disclosures the thousand con-
f~icting and contradictory statements in relation to
the state Of parties in the Old Dominion, we have
found some difficulty in arriving at any certain con-