Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1840-03-03

those who arc engaged m Transporting and Ch-
changing The prUsncis of The other classes arc
commercial These great divisions OF man
Kind are founded on no law bui that Of cisih-
gcd social crisience. In our coun,ry. al least.
each snd every person NAV pursue any OF all
kinds Of business. But experience teaches
~ the necessity Of these divisions, for wool,
COTTON and FAX are Of little value tail turned
laio CLOTH bot jhc farmer would find II difficult
g. run mil 90 make cloths, or TO build and
sail ship 90 take has produce 90 market. We
mus, have food aud clothing. and we must Oh
tan them hy an exchange OF the products OF
laloT but We cannot exchange a horse or
watch ior boigd OF eat, OF icr pair OF shoes,
such property must frat he broken into parts,
and ,hs Is the peculiar office and almost the
only use Of money. II measures the value of
property, and hrings 1t into a form suited TO
our convcuience This is the relation which
II bears 10 business, and no other .and, while
] admit It's great importance. ] deny that It
lics AZ The foundation, and is the great regula-
tor OF The affairs az men. as seems here 10 be
supposed The friends Of this bill, ! know.
assume That we have an imitation, and that
money rules. guides aud regulates business :;
when, N truth, the inquiries ought 10 be, first,
how much IS necessary as a circulating medi-
um. that We canJudge Whether there is an ex-
cess and, second, does paper necessarily create
an expansion, or unnecessary enlargement ef
the currency, that we may Judge whether It
ought 10 lie abandoned These matters, which
are assumed, are precisely what ought TO be
proved. The Senators assume as evident
truth what is not apparent. They affirm that
paper becomes redundant, excessive, inflated.
But they do tot attempt 10 establish the fact
by any proof Since the first OF January, 1898
our circulation has not much exceeded one
hundred millions II may, at some periods,
have reached one hundred and twenty, inclu-
slyc OF metal and paper. is this excessive
Has II reached point above the urgent ne
cessiiics OF business for two wears past lit
has, how much is enough Some days ago,
put this inquiry distinctly 10 the Senate, and
u remains, and will remain, unanswered II
Il can be proved that we have too much, il is
not difficult 10 ascertain. with sufficient ex-
acincss, what amount is necessary. | desire
Senators 10 make known the process by which
ihey arrive at their conclusion in so vitality an
important matter They seem to take il for
granted that there is no evil bu, expansion 10
fear while nothing is more certain than that
too small a circulating medium works gu, as
great, II not greater injuries than one too large
We have heard much defamation about
bloa,ed credit, gambling and speculation, but
If the existence Of all these were established
at this moment by unquesiionable proof, i,
would have little tendency TO establish the
TACT OF exccssive circulation, for they have no
necessary connexion, but each may exist in
dependent Of the other
Nillthe Senator maintain the proposition
that paper cannot and has not circulated with
out imitation or excessive credits in trade gen.
orally go further, and ask him if excess
Is anything more than an occasional occur
renee, growing out of markets quickened into
activity by events rather casual than perma-
neit is there any excess of paper in the u
sual course OF business from sound banks who
redeem and are able tn redeem their paper al
sight, dollar for dollar, in metal II is no, ca
sy TO see how excess ever exists under such
circumstances. can go to-day into any bank
IN Boston or New York, and draw out a dol
lar with the same amount of paper, and that
dollar is as good, and will buy az much, in
France or Germany, as any dollar there. The
paper, then, is clearly worth as much as the
SILVER, for u buys il. II the paper of banks is
maintained AT this value, and so redeemed a,
all times, It is not easy 10 comprehend how il
rs inflated, or that more is in circulation than
Is needed for use. The idea of imitation pre-
supposes some unsoundncss All money.
metallic as well as paper, does and will fuc-
iuate in value. and. il this be imitation, then
gold and silver IS no more exempt from il than
paper il is by 10 means easy to determine
which fuctuates oftentimes--money or proper- |
~ Cotton IS forty dollars a bale to-day. TO-
morrow il is ,hirty-6ye, and next day forty
i've 1t does not follow that the cotton alone
has huciuated, or that it has fiuciuated at all
for gold and silver may be so abundan, as 10
depress the value Of properly, or so scarce as
10 depress the value of property, or so scarce |
as 10 raise II II rs every DAVIS occurrence TO |
iind gold and silver iluctuating in value. COM |
al one Tine premium, and then |
none nay, under some circumstances, falling |
eelow good paper. No matter what we have 4
Tor currency, there viii be fluctuations in lis |
value greatly affecting trade, as a circulating
medium OF uniform amount cannot be main
lained, any more than YOU can limit business /
to al exact amoun, This all proves what 1
seems not 10 he well understood or Senators
would reason diiieren,ly-ihai there is but one i
way 10 determine how much circulation is |
necessary II Is impossible 10 ascertain how 4
much money may he necessary for each mem
her OF the Senate for The current wear. and il 4
= equally impossible 10 anticipate the wants
Of the great Public. The question is left. 1
therefore, 10 lie settled 10y the laws Of trade.
- al other matiers Of business We learn
Row much flour and corn are required annual
~ ey The demand inT them. Just so we learn
low much money is required 10 carry forward
business, by the ability OF men 10 buy IT, So
much Is nee sssary, he the amount erea, or
small and, IA a growing country, It would be 4
usi a. wise 10 limit the amount Of produce as
He amount oimonetary capital Surely moth.
ng can he more absurd than 10 ATTEMPT 10 de-
crInine the amount, without reference to tho
exigeneies Of the countD--to say tia, eiobty
millions OF any other arbitrary amour, q =.