The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-04-16
EXCHANGE AND CURRENCY.

EXCHANGE AND CURRENCY.
That the currency is deranged and ruinously
deprecated, and Exchange interrupted II not
destroyed, is proposition which no sane man
will contradict. The evil is so great and inJuri-
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 will deny
But il is not so much the power and control OF
the Government over this subject, which consti-
tute topics Of inquiry and soctude, as the nature
and the form ofthe remedy to be provided.
The Government is in want OF fiscal agent
the people desire well regulated system Of Ex-
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 il one of the first
and most important subjects which willcome be-
fore them TO be investigated and settled.
AT the present time, it cannot be denied, ex-
tensive ignorance on this subject prevails. And
it arises as well from the inricaces of its nature
as from the fact that knowledge Of il, 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
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
a 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 of
familiar letters. The answers will be found to
be full and able, yet concise, and interesting and
valuable. We commend them for the study of
the reader, and particularly request that he 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.
RlcHM oND, April TO- lS4l.
DEAR SR-Your kind, and very complimentary
letter of the I'd inst received in due course OF
mail, and the melancholy event we have
just witnessed would permit hasten to say that you
have much overrated the amount of information can
communicate to you relative to the peculiar situation
of the local well general trade of our 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 Of vital
interest to the welfare Of country and the
perpetuity of the Union. feel that l am now too
much retired from the active business of life and am
too far advanced in years to wish for any nooiety
The only condition, therefore, upon which con-
sent to your questions is, that shall be
,rc iiauoOr your cofrcsponuun,. yvu
willing to comply, as man of honor, with these
terms, will reply, from time to tme TO such inter-
rogatores you or your correspondents may put to
me- touching the situation of the monetary condition
Of the country and the natural and easy remedy that
is pointed by the laws of trade according the
perience of the past If these conditions satsfac-
tory you liberty to insert the enclosed in your
paper.