, 1841-05-15
From the n. Y. Journal Of Commerce (whig.)
THE CURRENCY.

FROM 'he ~. &. Journal OF Comme Whig.)
THE CURRENCY.
If the people Of the country would avoid
the evils of the governments tampering with
the currency. they must require the govern.
ment 10 let the currency alone. Oh! GER
tain'y, says every body. only let them fix it
10 suit my theory, and then by all means,
they should let i, alone. But. this is the
time to let the currency alone. We are
down now, and if let alone shall have no fall.
The great agony Of transition from u frti
liouS 10 a natural system is past. and aflirs
are going rapidly through the process of dis.
case towards heal,h. On every hand we
see the evils of legislation. The shore is
sirewed with the wrecks of Banks built BY
legislation. but too frIIl Il navigaie the ocean
al business. The work of united and con-
cen'raied wisdom from the days Of hleyan-
der Hamilton 10 the present time, has come
To nothing and carried thousands of more
substantial matters with it, To nothing. OF
the immense sums which have been paid IT,,
rs bank capital, from the Incorporation of
the late United States Bank To the present
moment, we do not believe ten cents on Il
dollar remains in existence. Ii is Il favOrIte
resort With man who are obliged TO give
up their parriaiilv for the late U. S. Bank
but still adhere 10 the SYSTEM: to say that
the institution worked well while il was 4
National Bank. But no opinion could be
wider from the truth. fever the exposition
Is made. il will he found that more than half
The cIpiiai lr0s SWak uhikc TIE carter erisled.
IL will also be seen that the subsequent nal
action nf the Bank, under the state charter,
WIS chiefly but the laundering OF n monster
m0r;aIlv wounded. We have good reason
Ia believe, that one of the most respectable
of 1.-Two D'rc,'1-. "'ii!c the Question az n3
timing Il state charter was under discussion
in the Board. Siripd his belief that the good
aSSeis If the Bunk did at exceed fifteen
millions Of dollars, and that. to 20 IN under
Il state charter with such n mass of rotten
ness attached IL what there might he OF
snundnes<, would be certain destruction to
the whole. We beg our readers TO noie
these facts and Ia give them the Importance
they deserve. was while acting nndcr the
cGpqcity Of n National Bank, that tic inSiitu-
tioR ,ras desLrpr9. In fact it is doubtful
whether ut any time after the great losses
sustained. in the first moments Of the Bank.
It's stock was ever sound. Ii might Shew i
large surplus on paper. for. old debts good
for nothing are represented by rs many f.
ures rs they were in their youth and vig,r.
The opinion that the late B:nk during It's
existence produced greater SfeldineSs in the
currency By lis regulating pnwer than would
otherwise have existed. is quite erroneous.
It's effect in derangine the currency was very
apparent nj several periods. In It's first start
~ Sn InfnfaA thu tnpa, u. p,1rtnt tl,s /, rar0
lurinn ensucd which swept off the merchants
of the day like flies, and came within Il hairs
breadth of breaking the Bank. 1t WAS able
however Ivy breaking every thing else To save
itself. We need not prove that Mr.. Biddle's
sudden expansion from Il discount line of
inr'v-iivc millions 10 one of seventv-five
millions. was enough 10 ruin half the traders
Of the dav. There were various other &C.
~casinnS when the derancing innuenue al the
Bank was distinctly and ruinouSly ieli. In
fact the very nature of the institution makes
il certain To produce disorder. The steady
operation of supply and demand. regulates
The exchanges and currency of the country
by well known and healthy principles. Dis
orders under >ucl Efiuences are soon seen
and cnunreracIcd. But the very design of
NV A''i'N ''' W "NS"'N " oNtAN VI ltN
more perfect than that which natures law
secured; an effort which in the verv nature
Of the case must counteract itself, for the
system of natural laws produces the highest
possible degree of regularity. A firti'inus
regulator can but cover over irregularities.
AMI prcvruf the facts from ting seen. sn
that one part of the country my I've indrbr-
ed To another part and not know il. until the
indie htcdneSs becomes 81 great us Ia hurst
from the control at the regulator with an in
crease Of mischievouS power prnpnrti"ned
la that which has been exeried la restrain IT,.
We have The best possible svS.em of r~e.r,Ia-
iion in the laws of trade. They uill wo.k
ont a sale drlivrrance for lis in the end, and
place us beyond The reach Of great disorders.
But If NOT content with the system which
Gnd has made. we insist an having another
King set over us. we shall deserve. ana gu
a. ildren will not importantly feel. Il most dis
sig. lis reproof for so great an evil.
F."m the report Of the Secretary Of State