Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-12-28
THE CURRENCY.

THE CURRENCY.
In this spirit we submit few thoughts which oc
cur 70 Us from the perusa Of Mr.. Forwards plan
TO which TOO much praise cannot he awarded for The
simplicity and dlreclness OF its STYLE and the dscn
consideration with which every portion of il was
evidently pondered.
The plan of the Secretary is professedly a me.
d,um between the Sub. Treasury and Bank OF the
UnIitd states, and IS offered rs compromise TO the
iriends OF BOTH Ii challenges the merit of upitin,
the exceoncics, and avoiding the defects of e,nb
Mr.. Forward considers that in the method of cosrt
ing, keeping and discussing tie public revenue. il
possesses all the advantages claimed for the S1b
Treasury, while, in the limited power 10 nurcbos.
bills OF exchange, and IN the supply Of eSchenuer
notes, It vi" take the place Of the Bank and furnish
currency OF equal value in every State and peipb.
borhood the Union.
How far was snngune hopes are we'll found
cd, 10 moro competent to the mercantile com
munltY than TO us to Judge. But we believe II nil
IS accomplished by the scheme that the Sec,otorv
hopes from II, very little will have been effected
towards the relief Of the country The Governnnen,
may secure IT'S JUGS in good money, and protect IT,
sel against the frauds and losses to which il was
liable under the old systems; but the Peopls will
hnd as great difficulty as ever from tho deranoo.
ment OF the currency and the pfostration Of conf.
dence. Exehequer notes may prove a sound cur.
rency, as far as they go, but obviously that will he
out hltle way IhoY will be confined but to few
hands-and those not tho hands Of tho farmer. me.
chanc and laboror. They will aid the wealthy
merchants OF the great cities by securing them
against loss in the Transmission Of their funds he
tween distant points; but the great mass Of Society
VIII reap none OF the benefit They will never see
these eEcheguer notes. ave when one may Il, handed
about ms curiosity. They must continue expos.
cd Sill to the caamitles they endure from non
specie paying Banks and a rotten Currency Tn,
! whole effect will be, that they who are best able 10
pear loss, viii be protected against It. IN efccting
their exchanges, while the Millions remote from ne
agencies. and unable 70 reach them must suffer os
they arc suffering The scheme, perhaps. has no
tendency 10 make the poor poorer, but il appears
TO as an admirable continuance for making tho rich
| richer.
This might be cheorfully submitted TO- II onv
| resulting good was likely TO accrue TO the genera
community from the eHchcqucr notes finally com
ing INTO common circulation. But is IL not blair
that they can come into genera circulation an,
that the scatcer and vaua bic they are the NOR
certainly will they he boarded and reserve,
| exclusively for the use Of the great dealer
Of the great eities7 benefit to A is no iniur,
70 -, unless It be conferred at the expense
OF the latter but bonuses 10 classes unpnrtcipa
ted IN by the general people, or, what is the sam
thing, which they are not in n position TO char,
> are abhoucnt 10 Repulcansm. Its monopoly i
0 effect, Il not IN design.
The Secretary lays down the extraordinary m
sliion, that the oxchequer circulation, so far as
goes, will correct the dreadful evil ola deprecate
Bank currency, which now scourges the America
r People-thatIs II we understand HIM ifhftee
o millions Of eNchcquet notes are thrown into circuls
ton, they will eKpel the same amount Of vicious cur
rencyi We do not know from what school of pc
ucal economy this doctrine emannted, but II ~ RI
J. iuted by all experience. The bad dollar alwaJ
. drives out the good. They cannot circulate {,
, gether-for no man will pay away the better mC
u ney when the worse will discharge his debt: An
n 80 II will be with eIehequer notes-they will
g boarded, or sold, or confined TO the single Office