Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1840-09-03

4 us you StfIke out vi oA'S'ehSc-~" "">"
business in proportion you strike dead
| at the same time and tho business left,
comes down TO the measure Of the me-
dun left Now what is the proportion
of the whole currency, paper and specie
together, to the specie alohE AS SIX
to one at least. That proportion ofthe
business Of the people you strike dead ;
\ five parts out OF six 1t is impossible
to picture the calamitios this would pro-
duce to The people. Think of one class
1 plone--how they would suffer; ] mean
tho laborers. Low wages would not be
their only nor their greatest misfortune;
the want of employ, even at low wages,
would be still greater. The laborer,
instead Of being sought for, must seek
for an employer: must be idle for want
Of one; must siarve from being die
Are the laborcrs class unworthy Of
! your regard They make "A great ma
jority Of tho whole people Of the United
States. Or do you hold that to reduce
the amount of medium is not TO reduce
the amount Of business to be done -
. II so, you have yet to learn the very
first elements Of political economy
For would ash you--was the business
originally done by barter, at all ihcreas-
ed and improved by the introduction Of
medium of exchanged If SO, could n
little amount Of medium answer all the
purposes ola larger amount Then a
thousand dollars would be medium
enough for the whole business Of the
city Of New York.
/ Will the specie in the country, by
being made the sole medium ofexchange
increase in amount For this is the
idle notion of some, and may be yours
that the business of the country will
bring to it the necessary specie for its
support; as if business could preccde
the medium necessary TO be had for its
support. This would be to expect the
natural order of things to be reversed,
and the effect to preccde the cause.
/ 1t is true, additional specie may bo
imported, but if it is, it cannot be re-
tained; for no more can be retained
than the laws Of trade permit For the
specie of tho world is one common
fluid, and is regulated by laws not of
state, but OF trade, and is obedicnt to
those laws in all its Gibbs and flows
The tides of the Ocean arc not more
independent of state control If it is
forced here .sontiary to those laws, it
will rchow, and again occupy its proper
place. Now by those laws, the specie
in the country, instead ofbeing ;rcrcas-
cd in amount, by being made the sole
medium Of exchange, will be decreased
thereby, greatly decreased; and Our
eighty-iive millions will not be half that
amount. Fofby those laws each coun-
try can retain only II certain relative
proportion OF the specie of tho world !;
and that proportion is relative to its IL
mount of business, and its business is
I relative to its amount Of medium. Now
where the medium is partly.specic, and
partly paper, and this equivalent to
/ specie, not only the whole medium is
vastly enlarged, but the specie part too
is vastly enlarged beyond wha. it would
be, if specie alone was the medium
4 This is necessary result from the in
\ creased amount Of business. For what
countries arc found to retain the largest
proportion ofspocie? Precisely those,
whose medium is pauly specie and
partly paper, and this equivalent to
specie, to wit, England and Holland
whose medium is paper redecmable in
specie. The specie of England sus-
tanned all Europe in their contest with
Buonapartc and it seemed incxhausta-
BILE; but the specie, of the specie coun
tries OF Europe were at once exhausted
/ The specie Of England at this moment
shstains the enterprise Of the world. -
! She retains that immense relative pro-
/ portion of specie by her Immense busi=
| ncss--that business is created and sus-
tanned by her immense medium and
| that medium is immense because il is
paper rcdcemable in specie.
4 There can DO 10 doubt therefore, but
the spccic in our country is much great
i or in amount than it would have been
had specie been our sole medium. So
much fit then, must depart iro,p our
country, as has been brought to it, and
retained in it, by the business, which