The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-04-17
EXCHANGE AND CURRENCY.

ues Vi the states, this whole matter, we trust,
will be duly appreciated.
EXCHANGE AND CURRENCY.
That the currency is deranged and ruinously
deprecated, and Exchange interrupted IL not
destroyed, is proposition which no sane man
will contradict. The evil is so great and inJurl-
Gus, that an immediate remedy is absolutely ne
cessary, and loudly demanded. That this Gov
eminent is competent, and indeed in duty bound,
to provide remedy, none but the most narrow
minded viii deny.
But it is not so much the power and control OF
the Government over this subject, which constl-
tute topics Of inquiry and solicitude, as the nature
and the form of the remedy to be provided.
The Government is in want OF fiscal agent
the people desire well regulated system Of Elk
change, and sound and uniform currency.
These are wanted speedily. How they shall be
obtained, is branch of inquiry, which is begin
ming to claim very comprehensive share of
anxious public attention. 1t is even now discus
sed in social circles, and in the public journals
and the next Congress will find it one of the first
and most important subjects which willcome be-
.
AT the present time, il cannot be denied, ex-
tensve ignorance on this subject prevails. And
it arises as well from the ntricacies of its nature,
as from the fact that knowledge Of it, derived
from practical experience, or long observation, is
confined to few only.
For ourself, we confess our inability to con-
tribute much from our own stock of information,
to enlighten the public mind. Fortunately, how
ever, time and experience have garnered up a
store elsewhere, which, we are happy to find
| is not to continue hidden under a bushel, nor to
be buried altogether when its possessor dies. In
series of inquiries, on various branches of the
subjects Of exchange and currency, addressed to
distinguished gentleman now in Richmond,
consecutive answers have been received, calcu-
lated in our judgment to throw light much need
ed before the country We are glad that the
authors modesty has yielded to the claims Of
the crisis, and that he will permit us to lay some
of the results of his long observation and pract.
cal experience, before our readers, in series o.
familiar letters. The answers will be found tc
be full and able, yet concise, and interesting ant
valuable. We commend them for the study o
the reader, and particularly request that ne may
pursue the train of argument TO the conclusion
1t will be observed that the author very kindly
promises to answer any interrogatories on this
subject, which may be put to him by our cores
pondents.
i " RICHMOND, April 10, ls4l.
i DEAR SIR:-Your kind, and very complimentary
letter of the I'd inst. received in due course
mail and as soon as the melancholy event we hav
Just witnessed would permit hasten to say that yo
have much overrated the amount of information cal
communicate to you relative to the peculiar situation
of the local well general trade of country
and the of the inability of the banking system
to continue commercial intercourse with any section
of our country, and resume specie payments.
The subjects referred to in your letter are of vita
interest to the welfare of country and tn
perpetuity Of the Union feel that am now to-
much retired from the active business of life and
far advanced in years TO wish for any notoriety
The only condition. therefore, upon which can con
sent to your questions is, that shall
informed of the name of your correspondent. If 20
are willing to comply, M . man Of honor, with thee
terms / will reply, from time to time TO such intel
rogatories as you or your correspondents may put
me- touching the situation Of the monetary conditio
Of the country and the natural and easy remedy tha
is pointed by the laws of trade according to the
perience of the past If these conditions satisfat
tory you at liberty to insert the enclosed in you
paper.