Mobile daily commercial register and patriot., 1841-10-29

the niue period of it's naiona existence, nhcli was \ fraction above S1 ,000 900. We may safely eF- tinate the whole amount of bank paper currency 10 be employ ed hereafter in the business operations of the countrv t something near 10000 O00' he sum of $l1 poo, 900 Is the one-tenth part. Thus il appears that the onenh part only of the currency oi the country is to be furnished by this bank that s, every tenth may have his money in U. 5. Bank paper or every may have one-tenth of hIs mo- ney in such paper, after paying the necessary prem ium for it. (,Ohat uH naost certainly 6e he easel few men-a small class of men, comparatively-wlii monopolize the whole amount, and the mass oi the people be left, they now 10 use the local pa per of the local banks. And, siI will this be ful- fllment of your olrepeaed promises of ''a plenty oi money,'' and ssof good money too," to the peoplei And do you further that, nasuch as all gov ment payments will be made in the paper of this bank, (which will also diminish the amount for circulation amongst the people,) you expose yourselves to the old hackneyed objection, often unustly urged against the Independent Treasury system--thai of providing one currency for oifce-hoders and another for the people United States Bank paper for the oi- 6ce-holders, and State bank paper for the laborng classesi
 It must be apparent, too, to all those who have bestow ed the slightest reflection upon the subject, and who have the least knowledge of the nature and operations of currency, that 1t will be utterly impos- sibe for this bank to keep in circulation any portion vhateper of its paper in those sections of the unlon where the state banks in state of suspension.- The depreciated paper of those bank so long as the degree of their depreciation should not be great as to amount to entire dscredi, will continue to oc- cupy the channels of circulation, to the exclusion of the more valuable paper of national institution The very same law of currency that drove out of cr- culaton silver change, when the miserable shin plas- ter trash that is now scattered through the country was permitted be issued, will eectually drive from circulation as rapidly it may be issued, the pa per of any specie paying bank, national or state, 50 long as non specie paying banks are permitted to
 Il, ,l,o.r mt nf bank paper in circulation at this time ranges some where between 100 and $il0 900, which, whether we consider the actual value of the mass, its no- ina amount s abundantly sufficient for all the ppsi- ness of the country. The demand for currency is demand for so mnch erehangea6fe pdiue, without rel erence to the nominal aRonnt of tbe substance oof which the medium of circulation may be compoFed
 If inc country require one hundred millions of sound
 specie par currency, and it's bank paper be depreci- ated fifty per beloE par, f plain that two hun
 ,red millions of such depreriued paper will be re- auired to answer the business demands for money and if the value of such deprecated paper should be restored to level with specie by the resumption o
 specie payments by the banks issuing t, il is egna,
 y plain that half of it In thai event would leave the channels of circulation, and find employment l somewhere else-thus leaving in circulation one hundred millions of sound currency, the amount re- quired by tbe business wanls pf lhe country. The amount of currency employed in the bnsiness of \ country is regulated and controlled by laws of trade, as sceriaH and ineSonbe iR their operation as the laws which govern the physical world, There pan- not remain for any considerable length o time any community, a greater amount of circulating money,
 in properflon to the lrade and business of that enln' munty than circulates in other communities in pro- portion to their business and trade. A greater amount of money in one community, m proportion to
 it's businers wants, than exists n others, In propor.
 ton to their business wants, will have the effect ol raising the prices of property in such community, aboye the level ofprlces tn other commpnities. The effect of this will be 10 nglte excessive mpor.ations of foreign commodities nlo the community where PIT ces are highest. to be exchanged directly or indirectly for specie (which will he exported to countries where t can be exchanged for the largest of commercial commodities, Cor where those commodities at the
 lowest price ) be again imported and sold for specie in the community where money is most abundant and prices highest. The effect of such natural, Gertain and unavoidable operations of trade, will be to with draw the excess of currency money from the com munity where there ls the greatest supply and dis tribute it amongst those colnmnnies where there IS the greatest deficiency, until finally, just proportion of circulating money in relation to the business wants of each community, will be obtalned by each, and prices brought as near to level amongst all as pe- nefcjal exchange of Ieir commodities will admit of. | Under these wise, beneicent and just laws of trade how vain and frpitess win be Jbe efforts of congress and state legislatures, through the multi- plcation of banks, stale national, to make money more abundant, and thus relieve what Is called the
 
 like the act of pouring additional quantity of wa ter in d vessel already full and oveowing; all that l you pour in will run over, and in great measure be l wasted. Sir, you may convert ihe federal govern ment into vast system of federal banking you may | make your vast public domain, your custom house revenue, and all other sources of reyenue the fou- dation of an immense public debt--an lmlpense mass of public stocks to be exchanged for banking capital the state egis ature. may do the with the state governments, and the resources of their people, un til finally the whole spirit and mind of the people 1 shall become engrossed and absorbed by bank infu- ence, and the spectape presented 10 ie world of \ stupepdous system of government and popular bank | machinery unequalled and unknown heretofore-stil | the wise man will laugh al your foy-the irressti
 bic operations of trade will undermine your edifpe
 and the eternal principles of justice and equity do | away the work of your hands,
 It is wise provision of the moral law, that no man shall be entitled to the goods of another, unless by the exchange of an equivalent; and to get this equivalent, the energies of labor and industry must | be brought into requistion. The amount nf money to which each member of society is entitled, is to bs determined by the amount of the product of his labor and industry. The pnrspit of labar and adpsr, makes valuable members of society, ameliorates tho condition of man, makes man the friend of man, and eeyates him in the eyes of his Maker. .a-,nlt
 The same rale s equally applicable to nations o' communities, One cahmunity is not entitled to tht money property of another, without the exphangt of an equivalent. To get that equivalent, the pro
 ductiye energies of such community must be brough
 into requistion and thus it appears that the | of money which communities are entitled to, mus depend upon the aggregate amount of the product their labor spd industry, and not upon banking sys tens bank 6nanaIeringr It is, indeed, happ. and wise law, that nations, as well as inalVidnas | should pay such price for money. The encourage
 men and practice of labor and industry tend mak, states wealthy, powerful and prosperous-to elevate | them in the scale of nations, and weld an ameliora | ting influence upon all communities with which the, | maintain social or commercial intercourse, ' a | If the currency of country consist in the pape
 of specie paying banks, and its amount be excessive reduction will take place by return of the paper upon the banks for redemption in specie, which vii be exported abroad. If it consist In tbe paper non.spece paying banks and be excessive in amount the reduction will take place by depreciation .ir the value of such paper, t plain, then. that rad' will, In spite of Legislation and bank hnanoierIng | limit and determine the amount and paue of the cur rency employed in the business of every community
 Banks may, for while, and often do, by their mis- management, stimulate, confuse or embarraas ths operations of trade; but finally they are compelled | to yield obedience to its laws. -
 | 1t may be supposed that the bank which it is now proposed to establish, in consequence of the greater value and higher credit of the paper it may issue
 will be enabled to force the paper of the state bank out of crculation and substitute it's own. But sir
 it will be precisely tor that that the bank wil fail in it's attempt. If its paper be more valuable than the notes of the state banks in the South ant West, it will be bought up as rapidly as it may bs issued, just as bills of exchange are by merchants brokers traders and country banks for the purposes of remittance to the North and East, in payment o
 the commercial debts and bank balances due in those sections of the union. It never circulate amongs the mass of the people in the South or, West, ol any other section of the union, until the solvent oca