The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-05-22

bad footing with the rest of the world 70 ski
and tact in drawing to ourselves large share
part of mixed currency. But a. the onus pyobandi
on this point, well the other to which we
have given some attention, belongs to opponents
and not us submit the gratuitous tender Of these
suggestions, for the benefit of all whom il may con-
Germ.
The doctrine, that money like soatsr finds its isps e
sound one, ~hsn properly applied.
The following statement, we believe would fairly
represent what conceive TO be the wrong applca-
ton, viz; Ihafhs appearance Of an unusual amount
Of money In any one place qoH be succeeded by the
foDing Of Of sufficient quantity oper the wids field
Of commerce TO imPart to epery section Of that field s
Proporfionafe share and, consequently that the crea-
fion Of paper money in this country must necessarily
hare deprived US, in the Time of an amount Of
specie equal or nearly equal to the Of our entire
mired currency the amount Of on exclusive hard
money currency.
The mistakes made in the application Of this doc
trine do not arise from any defect Of the theory. but
frst from stating il in form that naturally leads to
error, and next from being predsposed to error And
the error lies in the application We beg leave 10 state
lows: The appearance Of an unusual amount Of
money in any place, currency must eithsrfnd
a pacuum demanding IL or other and neio occasions
for Me use Of than lohat eristsd before, or else u
l0iH naturally cause portion Of the money Of that
place 70 o0 of 10 other regions hers IL DO more
prcftabiy employed
In our own case, as nation, there pas a vacuum,
there was demand, there were other and new occa-
sions for the of money, before this additional sup
ply by the creation Of bank paper arrived. II was,
indeed, this very vacuum, this very demand, these
other and new OCCASIONS which called this new sup
ply Of money into being, and therefore it imme-
datey absorbed in loco in the very field of its
ton, without producing any tendency for money to
move out the country Nay, this supply was SO in
adequate to the demand, that money, as before still
continued to come in from abroad.
The Hacuums
This vast continent, to the extent Of our national
jurisdiction, with all its physical resources and capa
bties, was inherited by our fathers great an i'm
mense min the sense in which we here use
the termdemanding the and appropriation Of mo-
ney and in the successive periods Of our history CALI
ing for investments of capital the avails Of which can
be counted by those only who ca estimate the pre-
sent greatness and wealth ofthis nation Some forty
fifty years ago. almost the entire field of that West
portion of republican empire called the Valley
Of the Mississippi, Of the same descrip-
ton, making the demands, gradually realizing
them, and as consequence, il now sufficiently
wealthy and powerful to constitute empire Of ITSELF
All the present unoccupied portions of public do
main, every township and every section yet unsod,
and every tree standing useless upon the soil and
numbering the ground which has never felt the axe Of
the pioneer, is vacuum of the same kind. All the
improvements public and private, of which the occu-
pied and unoccnped territories of these United States
are susceptible attempted and uninterrupted conceived
and unconceived for purposes Of agriculture, manu-
factures commerce. SCIENCE and art far they may
contribute to augment private and public wealth. are
vacuum calling for the use Of money and the invest
ment Of capital Our rivers and harbors, our inland
and long line Of coast in their present state
Of imperfection for important commercial purposes
vacuum of the same description The intelligence
and ENTERPRISE the intellectual and moral power Of this
nation, the bone and snew of the people, in all that
they are capable Of producing, this broad and
rich field, by their talents, industry and TOLL aug
ment the wealth and Importance of the republic are
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 are one
great and comprehensive vacuum requiring and capa-
bic Of employing capital never yet realized.
So long country continues to develope such
resources, material and means Of wealth. and long
as the people evnce such superior capacity of making
them productive, will the money and capital Of the
world continue TO flow in upon this mighty void to
fiji up this yet capaccus vacuum and raise these low
waters to common level.
We may easily see, therefore why the new crea-
tons Of business capital under the action Of the mix
ed currency system Of this country, have been imme
diately absorbed, and why notwithstanding these
large supplies from such quarter and by such MEANS
money has still continued to flow in from foreign
tons II is perfectly consistent with the great doc
trine 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, we have now the prospect
of enjoying -and they will yet under all the disad-
yantages of having been long thwarted vexed and
oppressed by had Government carry lightly on their
shoulders the burdens thus imposed and soon be rid
Of them.
Hare Oe eoer had a monetary expansion, or an err
panded circulating medium ?
Ifby expansion, is meant actual excess Of me-
dunn above the requirements Of business, we answer
in the negative. After all that has been said about
the great monetary expansion in 1885, and about that
time, it will be- found that in reality there such
thing. This may be proved as follows We assume
what il is presumed will controvert that any
two commercial nations, showing an equal aggregate
annual amount Of exports and imports, other things
being equal require equal amount Of circulating
medium TO transact such business. Observe, them
that in 1886 the aggregate OF the exports and mports