The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-11-02
PUBLIus.
ON CURRENCY.

Ma. ALLEs-It needs neither Prophet, nor Ma.
gacian TO discover that The attempt 10 found Ma
tionai Currency on the RersnHs" would ead in sbol-
ton The amount required, anticipated by your
Baltimore correspondent, CONE OF THE PEG
PIE" Is obviously excessive as the greater part Of
the Revenue is paid in New York And no ndi,i-
dual having duties to pay would take the trouble and
incur the cost Of buying 1.-THE Currency" at a pre-
MUM whilst Bank notes. convertible into coin would
answer his purpose. II is clear indeed, to all
versant with mercantile affairs that the demand for
such currency would be mainly limited To remit
tances from indebted sections of,he country, and IL
would only be current whilst in ransitu. So that,
in reality ], would be currency To practical men
circulating medium only be sustained in the
tive discharge Of its proper functions by considerations
induced from convenience and benefit, forced or
excessive circulation Immediately tends 10 reduction
in value illustrated in the Continental money
of the Revolution-the Treasury notes OF the last
with Britain, and the Railroad notes Of the present
day. The latter were desirable so long demanded
by the public convenience but, the supply exceeding
the demand the accumulation is subject 10 depeca-
ton
Money may be kened unto the human blood
which is kept in saiutary circulation by the natural
action Of arteries and veins-and the iux and re-
fux of the tdes-or, to the centrifugal and
centripetal principles Of the solar system which
equally essential TO the Wholesome action Of the
tary. And the counteracting powers Of those ele-
ments constantly tending to equilibrium, found
in the principles Of discount and deposit. The for
mer however, is not recognized in the ceded rights o
the sovereign States, and consequently is reserved
to the States TO the People" And its exercise by
corporation has been found replete with dreful mis-
chiefs Such being conceded and VIGOROUSLY true il
is believed to be constitutional practicable and expe-
dent to create currency of value for the
use Of the People, which may be made sufficient for
every purpose Of accommodation-to equaze the ex-
changes-stimulate industry-and to nvigorate the
faculties of the body polite throughout its remotes,
ramifcations.
To perfect the system in contemplation, the simuta-
neous operation of three descriptions of currency will
be required viz:
| |. That Of the States for immediate and local
uses.
2 The National to be made receivable in all public
payments, whether Federal, State, or Municipa-aso
for remittances and all purposes within the Union
g. The International the precious metals, to set
tie balances with other nations and all exterior ope
| rations.
But the practicability of preserving sufficient sup
ply of the latter may be questioned SO long New
York maintains the monopoly Of foreign trade; and
is in practice, depot Of British fabrics, hel
factory at Canton, from whose absorptons extortioni
and Vaccinations bloody war has been induced
against pacific and patriarchal people. But this il
matter for funconsries having in charge tn,
national interests in that regard-and it will doubt
less, be duly considered.
sTATIsTICUs.