Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-09-10

$50 COO; Virginia ony S3o3,GGU, ana one year a -,
the Tariff Of lo2S, which, as we have sa,o: gave ra
sn.bno stroke: Virginia mporlatons had tniien cD !"
1915 600 This being too when The operations Oh '',e
limited Sat.s Bank were most tIttnStrc ana SUCCESSFUL
a coincidence too remarkable 10 need comment
We have given the banking system far trial. WIN
the IT, s. Bank at its head; aud VIC are no" 'r ~
the bitter fruits Can you contemplate the rune ia''
~ tho Ia,. II : Bank-its usurpatIons OF power an"
valuations If its charier-and wish 10 iasen he u"
sutnn on the country for twenty years 80 =
and common rrpuGia'c the ioe' ,''u :, ~ 1t
more efficient and tangible regulator ohaii te Da'"
h,r,,;o,s If the States be pleaded rs an. excuse "
erve his Government from its pr"prety, or 'nuucs
ne like crazy charlaans, 10 attempt to cure one o'u.
der Inv committing another | hope tiis iiouse a.:
I see the folly Of angnehtng the nahh "ui,'a, I
; ro,n n d.ranaed paper currency, by incorporating
mammoth papcr establishment IN tins District Is
abou, as wise turning the lion ID 'he s"esPii "
project them against The wolves ihe remedy 10 ~.
d,sordered of the currency must he louu
I, svsle,n antoronistra TO our paper currency LEI
honorable Gentlemen bear in mind that we are caeu OH
10 eyslue for the producing and consuming classes,
and not especially TO enact laws to aggrandze lhe
stock iobbrrs, bank men, and paper-shnVers. he
many of the country want SOUND and substantial cur
,eucr the specuators and capitalists demand bank mo-
nonnes 10 enable them TO snhsidze The meIcehary an"
xtnrt tribute from the working classes, ana hhay 70
lard over both the Government and the people gu
e called on one side by the capitalists 10 enable them
10 verify the remark of distinguished man, that I'm.
corporated wealth is the dynasty OF modern States;
and on the other hand the sturdy yeomanry require at
your hands ",le constitutional money at home, ana the
lera currency all over the world
Nest candid men of both political parties admit al
we have too little specie in circulation Now, when
is proposed to nusa larger amount INTO Tue &c hiai
operations Of commerce., b. confnln5 the Fefera 20.
vrrnmrni To the constitutional currency gentlemen, u
they do not scout The idea, al least In take lne nes'
course To defeat lis accomplishment. StdbHHy III the
al.
innate the spere standard the more certain are you 10
secure that desirable object In confederation OF my
opinions on this deeply interesting subject beg leave
Ia cite few remarks from several distinguished sources
Igh authorities should be frequently relied on, ~
lien of the crudities much the fashion ot the
dsy If gentlemen would give more frequent evidence
If their information on this subject, should IN all
likelihood have escaped many Of the allacies oil the pa
pcr system notwithstanding the stale arguments against
hard 7a0neu and favor OF an fIrusire paper curren
cy As sam as il is proposed To augment the guam
tiy If gold and silver in circulation, out comes the
scnsccss cry that he is against all banks and IS real
hardin man But is not the converse OF this pro-
position much frequently true? Surely the sdro-
Gates Of increased specie circulation can with much
more propricty, charge their opponents with beng
friendly 10 exclusive paper currency. vi The wv"
cxlemrs which think you the country would prefer
the oniire hard NANCY system, or an ffrurf currency
IF iredsenaabie Bau6 rnpfr' Can any rational man
doubt that tie former would be preferred IL
as fair when hear any gentleman rIdiculing gold
and silver currency 10 stgmaze HIM as being friendly
irredcemabe Bank paper circulation, as tor the
Bank men pronounce all those whoa for conning
The Federal Government to hard money the uncon-
ditional enemies Of all Banks, both State and national
! SIR A. Gallan in 1891 remarked, that 'it IS of
primary importance that the commodity or substitute
which may be selected for that purpose should be OF
value as permanent practicable, and the same IN
every part nf The country and it is also highly
desirable that the circulating medium should hc
common TO al countries connected By commerce Gold
and silver the only substances winch have been, and
continue be, the universal currency OF civilized na
lions In speaking Of the currency of France, the
same author says ain France, where great pains have
been taken 10 ascertain the facts, far it IS prac
cable ancnhs, a, least, of the currency, consists ."
The precious metals
"Wr believe that the total amount Of currency in Ell.
rome and America may be- estimated at two thousand 10
Two thousand three hundred millions Of dollars three.
four,hs of which consists Of the precious metals, and
,,,c rce,Jue of hank 1o,rs sin
countries where artificial substitute has rendered The
tas! more difficult and where specie is the sole or pr'n
cpal currency, although there may be occasional va.
reties in lis value, they OF rare occurrence, aud
restrained within limits; and an actual want OF
/, specie is hardly ever known
rhe substitution Of bank paper currency to the pre-
cnis metals does not appear To be attended with any
other substantial advantage than lis cheapness
RI "We cannot conceal from ourselves that
banks only exposed 10 extraordinary drains from
abroad but are also occasionally controlled by moral
causes The feet Of which cannot he calculated, nor
without great skill and discretion he always prevented
These nrrer affect meta!ic currency winch has an
intrinsic value varying less than that OF any other
comlnody and all depending, as paper on con-
frncc, fear conjecture, or any OF the fluctuations o.
public np,nion.
Mr. Barring in his violence in March, 1Sl9, before a
committee Of The British Parliament had the following
/, question proPounded TO HIM
Oucs,ion Has not France, after years oil great scar
CITY IN corn and years Of foreign contribution been
I ALL hut n
10 the wants ol Russia and Aus,ria?
/ "7ns,ra Undoubtedly, the precious menals have
been supplied from France TO Russia and Austria, and
spprd IL considerable amount 10 America, notwIth-
@ standing the payments TO foreign powers, and very
large nnvmens for imported whilst, al the same
time ,rine having alu:os, Otay aed for several years
past they were deprived Of the most essential OF their
c exports.
n And in reference TO these payments, in the peced-
inr answer Mr. Barring states that they "produced no
dernngtmcrt rhattrr Of The circulation OF that coh
!. Mr. Tooke observes, at may not be unmporunt
farther 10 remark that tie state OF the currency IN
France, since the suppression OF the assgna's'
appears to be decisre Of the great adronngfS attend
e inr metaic circulation tunes Of political dithcnlty
and danger On no one great occasion did her Efforts
appear be paralyzed even restricted by any De
. rannement of the currency and III the two instances
/ of her territory being occupied by an invading army
there do not appear have been any material iiucln-
atoms in It's value" MIR. Webster remarked, IN the
II debate on the Bank bill IN 1916, that ihe cfeo'
3 and circulation Of Bank paper the IttciS, rather
than the causes of profitable commerce and well
>, ordered system of finance The Bank which will
be erected by the bill, if it should pass in lis pre-
sent form, of most extraordinary, and, as 'nER
= alarming nature. The interests TO be affected by
this measure-ihe finances, the public credit, and thr
:. circulating medium Of the connlry-are too important
= N be ha.arded in schemes like these. il we wish I"
restore The public credit, and 10 reesabsi the imam
ces, have The beaten road before rs All true analo
gy all experience and just knowledge of ourselves and
n our condition, point way wise and systematic
= economy and n settled and substantial revenue, are
the be relied on; not excessive issues OF oahR
= notes forced circuaton and all the miserable con
e ivances to which political toiiy can resort with The
tde expectation Of giving 10 me piper the quality Of
money These are The inventions of shcrt sighted po
. iicy yexet and goatcd by the necessities OF The mo-
mcnt and thinking less Of permanent remedy than Of
r shifts and rxrrrn,s 10 AVOID the present distress
. with receipt of ferry millions year, (Mr w SAID
If the Government fahJu to itself and 10 The IN
H. rr,lI