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


sion is unphosophical, untechnical, and Isl in fact,
confusion. There is essential difference between
currency and circulation. A mixed currency of coin
and paper, is figure of speech. There IS
no affinity between them. The possesses real .
vauethc other is in itself valueess and is only an
evidence of debt-a title TO much real money, rs it
promises to pay, and because it is executed by
an artificial person called a corporation, it is
less promise. Gold and silver have in them
selves an exchangeabe value not dependent upon the
fidelity ability of any one-and, like every other spe
ces OF property ITS value must depend upon the supply
IL IS true other products of human labor have also
changeable value; but gold and silver more uniformly
require given quantity of labor to produce hem and
are therefore Of more permanent value, and have been
adopted money, that universal property winch is
readily exchanged by all persons, and in all countres
is currcnt-t passes everywhereand all that govern
nent can lawfully is, to assay and weigh and stamp
IFS quality and weight; that is, for the ycre
timatinn the quantity of pure ne.- ~ -. !, ,lo
need i; IN the pastoral ages; but even III my
tim. of the patrinrchs shekels gold and shckeis o. s
yer were money the merchant, ana De'ng u
ahtyessa! vsue he ONLY y salIeRR egp nations
II the medium Of exchange FOR the silks OF France the
iron and cloths of England, and the teas OF CHINA
Trade and CONNIE rec but exchanges Of valuable COM
modes, and gold and silver IS universally valuable
the farmer sells his wheat for money he has that kind OF
property which he readily exchange Tor any other lie
NAV want When one sells his property he expects other
property in exchange. No parts with his property
unless he feels assured he is to receive its value Buta
bill oil bank but promise 10 deliver that universal
popcry-moncy; and II depends entirely upon the abb
y ofthe bank whether the promise will be fulfilled so
that selling for paper is parting with real property and
taking in lieu Of the promise Of corporation II tins
nromse is puncually performed, all wcllf not, the
seller loses his property and has IN place OF 1t paper
picture scarcely tit for playthng Tor his chdren mat
any Government bound 10 create such currencys
discovery the credit of which entirely due 10 the lead
or of the Wing party To create currency, implies,
necessarily the po,cr OF making tender IN payment
ofdebs It's the very height tyranny Tor any Govern
unent TO compel citizen to receive IN payment oil Z
debt any thing but valuable property The relation oil
debtor and creditor simply, that one man has
property which belongs to another, and lis restoration
alone can discharge the obligation. To compel the
creditor TO receive, instead the promise oil corpora
on is directly interfering with the obligation OF con-
tracts, and has never been resorted TO but in Of
the last necessity In England, when the pressure ol
The wars of Napoleon compelled the Bank OF England
TO suspend specie payments, her bills were made legal
tender If the government itself became resPonsoie
for the payment of the bills OF bank would LOOK
something like creating Il national paper currency-and
MIR Webster seems to sqaat rcry hard that way, when
he talks SO shylv and says" do not mean to say there
is only one mode, or two modes, To accomplish ms
great national object. do not mean 10 say that Tue
institution of n bank is the only mode-nor do wish 10
st limits 20 the wisdom, or the ,ngcauayo' the govern
men but | do mean say, that the currency OF tie
country should, in part to certain eLtcnf De ""o"a-
i.cd aud that currency should TO certain extern,
ha Sc NATIONAL counenancc, or be IN some way national
Iypd
business and circulation" What does all THIS mean:
l. il National Bank-bills ofcrcdt-ora circulation
based upon the revenue: What mighty revolution -
n land That Some change is designed, winch VIII
dcranrc ali the business OF the merchant anu Inc s
nutacturer and again throw all the elements OF society
into disorder paipable and yet the people, without
anv EXPLANATIONS any open avowal OF measures-1eh.
Harrison silcnt-Mr. Webster oracular-ready Tor any
lmterp.etation-he people, obedIeni, conhdns-thfo".
inc IN their caps and shouting, "change, change
49, ,bara hal ayn
an who h, ayoW they sioop to eonquf,
initiation to ask the people for 'lhe'r sweet vo'os
Let us look lit lie further into this matter
The Constitution having provided currency, III con-
ormity with that of all other nations, has gwen nation
atty; surely the American eagle IS sufficiently national
for any one who considers the revolution o0cT AN hs
shman 10 be sure, may prefer sovereign No power ~
ren TO CONGRESS to cre0c-nor they IN the nature
Of THINGS create a currency. BY assayng and hxng It's
relative value they do all that can be done, without IN
pairing the obligation Of contracts The Government
of The IT, States SO far from being designed TO create
paner currency was created expressly to AVOID one;
not why was not important power directly confer
red, There is necessity tor paper currency
or circulation between the States TO facilitate exchanges
than for universal paper currency OF equal Value III
every commercial nation oil ihe eaf'h YET ~ Pi'In.'
an mercantile balances are paid in coin. When Eng
land was compelled TO send six millions 10 the continent
TO buv bread notwithstanding her great national bank
she was compelled Ike the o. Jacob Of old TO put
her money in her sacks to send abroad her ghid ana
silver The Bank of England notes would not have
commanded a quarter of wheat. England and France
trade TO the amount of hundreds of millions, yet they
| have no common paper money 30 the Ih''eu 1'''es
and England; and yet we DO not see any Enssh 'ahN
bills circulated here and exchanges are not derah'a'
The fact is, tina; money is chiefly wanted 10 pay "a
l,nco- Rock Keeping is sufficient for the bulk o.
cycbonres If the baker aud shoemaker trade, the
baker charges his bread, and the shoemaker ms shoes
and when they settle, few dollars pays TIE IN
cropce lust SO the merchant IN Boston sencs Inc ma
nutac,urcs Of this State to his correspondent IN New
| Orleans who in tarn, conslgns cotton to hm-tbey
;nierchanr re their accounts current and the paance
only is required in exchange, or money. IL Is wheh
distant banks deal in exchanges not based on properly
transmitted that false and fictitious exchange chokcs
the who'll current and dcTanges legitimate business
I, is when merchant wants money and draws on no.
thinp-ses his bill and thus raises money, ana IT.
reefs his correspondent, when his bill becomes QUE 10
re.draw on him. that exchanges become deranged' ana
bankers and brokers thus profit BY an iiieghae eA'
change. cu.,o,
The nature of bank paper should be fully unde rsood
hank should be based on capital Of gold and silver
But every one acquainted with the machinery o pahn
No socurv ofthe excess based upon the solyency
nj those who borrow the bills OF the bank nus, oai
with capital of million OF dollars issues us n',s ahu
takes merchants notes for them TO tic amount Oh ttec
lons This is safe banking Is 1t not clear mat TWO
,s o,t NJ three of this circulation, has no other sc
crrty than the sovency of the debtors oi me Duh, anu
mat the holders ntwo thirds Of thes" Bank ois nave no
more money than if they held the merchants notes. IN
o'ad Sc ,Ia Ranks, And this is Just true Of tho
hills Of United States Bank State Bank and
to collect the in bills of Bank IS precisely
The same thing as to collect one-thrd III money, ana
t,yo thirds III rood endorsed noes-thus making sne
Government guarantee the paper Of private individuals
for Banks have means to redeem their notes BE-
rd their spccc capital and the notes OF their debt
ors Banks therefore, do not increase money
thew only substitute promissory notes fort; If -four -
made the capital of Bank, and with million barrels te,
paid IN they promises to pay flour in parcels Of cl'
twenty and an hundred barrels TO the amount o. tFe
millions of barres-there is not barrel more h"ur u,
reaity-and if the first million of promises are called
for those who hold the other two million Of promises
snand aour navmens lust as The Banks suspend spe-
then: to be sn sp n se5S Of
ssue ieas o,s - ia TO common intent, beyond
doub. not ony as to sovency, but punetuay Let
u.s. then examine the present actual state of the
rency and see whether new Bank IS wanting 70 N.