The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-05-21


have given attention, belongs opponents,
and to US, submit the gratuous tender d these
suggestions, for the benefit Of all whom it may con
cern.
The doeirne that MONEY like mater finds IL lersi i
sound one, vhen properly applied.
The following statement we believe, would fairly
represent what we conceive to be the wrong sppca-
ton, viz Ihotthe appearance Of an unusual
Of money in any place irW be succeeded By ne
aoring Of Of sufficient quantity the uide fed
Of commerce 10 impart 70 erery section Of that fd IN
proporfionate share and consequently that he
tion Of paper money in this country must necessarily
hare deprived u.s. IN the time, Of an amount Of
specie equal nearly equal 10 the Of entire
mired currency the amount Of an ereiusipe hard
money currency.
The mistakes made in the application Of this doe
trine do arise from any defect Of the theory but
first, from stating il in form that naturally leads to
error, and from being predisposed to And
the error lies in the application. We beg leave state
the doctrine think it ought to be stated, fol.
lows The appearance Of unusual amount Of
money any place, currency must either md
raeuum demanding Il, or other and nee occasions
for the use Of IL than rhat eristed before or else 1t
tpM HdfHFdHy cause P0If0H ~ INC MOHey ~ Het
place 10 op Of 10 other regions irhere il be more
preftabiy employed.
In our own case, as a nation, there a vacuum
there demand, there other and new occa-
sions for the Of money, before this additional sup
ply by the creation Of bank paper arrived Irwas,
indeed, this very vacuum, this very demand, these
other and OCCASIONS which called this new sup
ply of money into being, and therefore it was imme-
datey absorbed in loco in the very field of its
ton, without producing any tendency for money TO
move out ofthe country. Nay, this supply SO in
adequate TO the demsnd, that money, as before, sl
continued 10 come in from abroad.
The Vacuums.
This vast continent, to the extent OF our national
Jurisdiction with all its physical and capa-
bties inherited by our fathers, a great i'm
mense vacuum-in the sense in which we here use
the ierm-demanding the and appropriation of mo-
ney and in the successive periods OF history call
ing for investments of capital the avails Of which
be counted by those only who estimate The pre-
sent greatness and wealth of this nation. Some f.ry
or fifty years ago. almost the entire field ofthst West
portion Of our republican empire, called the Valley
of the Mississippi q vacuum Of the descrp-
ton, making the demands, gradually realizing
wealthy and powerful to constitute empire of itself.
All the present unoccuped portions Of public do
main, every township and every section yet unsold
and every tree standing useless upon the soil and
numbering the ground which has felt the Of
the pioneer, is a vasuum of the same kind. All the
improvements, public and private of which the occu-
pied and unoccned territories Of these United States
are susceptible, attempted and uninterrupted conceived
| 4
facturcs commerce, science, and art, far they may
contribute to augment private and public wealth,
calling for the Of money and the invest
ment of capital Our rivers and harbors, our inland
and long line of coast in their present state
of imperfecton for important commercial purposes
vacuum of the description. The intelligence
and ENTERPRISE the intellectual and moral power this
nation the bone and sinew Of the people, in all tb
they are capable of producing, over this broad and
itch field ny ih.. ..i....- industry, and ru aug
ment the wealth and Importance of the republic
vacuum calling for the use of money. These United
States and the whole American people, with all their
resources and power, individual and combined, and
with all the Of wealth at their disposal, one
great and comprehensive vacuum, requiring and capa-
Bile Of employing capital never yet realized.
So long country continues to develope such
resources material, and of wealth. and so long
the people evince such superior capacity OF making
them productive, will the money and capital of the
world continue TO flow in upon this mighty void, to
fill up this yet capscous vacuum, and raise these low
waters TO a common level.
We may easily see, therefore, why the new crea-
lions Of business capital under the action of the mix
ed currency system of this country have been
diately absorbed, and why, notwithstanding these
large supplies from such quarter, and by such means
money has still continued to flow in from foreign ma
tons. 1t is perfectly consistent with the great doc
trne Of political economy under consideration the
principle of which is the in all forms and these
facts present. at the time, demonstration Of the
truth of the principle and spectacle of the results of
its operation.
Give freedom to the people of this country
which, thank Heaven, have now the prospect
of enjoying-and they will yet, under all the disad-
vantages of having been SO long thwarted vexed and
oppressed by bad Government, carry lightly their
shoulders the burdens thus imposed and be rid
of them.
Hare zee erer had a monetary expansion,
panded circulating medium
II, by expansion, is meant actual excess of me-
dun above the requirements Of business, answer
in the negative. After all that has been said about
the great monetary expansion in 1885, and about that
time, will be- found that in reality there was no such
thing. This may be proved as follows We assume
what il is presumed will controvert, that any
two commercial nations, showing equal aggregate
annual amount Of exports and imports, other things
being equal require equal amount of a circulating
medium o transact such a business. Observe thcn.