Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1842-02-24

irpn 'nef htriiisie adaptation 10 that use. and gov.
srninen's only aaded the legal rate OF Valus. aud
he stamp or certificate ofpuu,y and den9minatiou
Tor convenience in Counting aud in passing from
naal % hand.
Rni the precious metals themselves. in addition
to Their use for coin. are hkcwis-. whether coined OF
uRcoined.a eommDJity, Or ar,iele Ct production.
CONSUMPTION. and nerchandise. Themselves are a
part OF That general property OF the community; Of
all me rest oi which they are the measures; and
they are Of actual value dinsrent ~ dir. sent places.
according 10 the contingencies of government or
eomneree. TAeir aggregate quantity 10 subject 10
he di"aushsd by casual destruction or ahssrrsion ia
me arts OF manuis'ture. or o. be Diminished or ar.
gnment ~ the greater or less number or rr1duc.
uve'ess OF mines. anl thus their aggregate value
relative tn other commodities isliahlc To perpetual
change. Tho in1 ienee OF these facts upon prices.
upon public affus anu udpn m u visible
IN all the hnanicle history ormdsrn times
tesides which cIin ~ subjec, 10 debasem mt. or
tn DO % a legal tender ~ a rate exceeding IA.
actual value. by the arbitrary aci Of tLe government
winch controls IT'S cutinfe and prcscfibes is legal
value. In iimes. when the uses Of a paper c.rron.
~. AID .. pnbhc stocks. were not unlcr.i7,l or
~ p~rlctisSd. aud cOzn nunities hal MT begun To re
sort to 4 plper sytujN or njm.nal representative Of
money capable Of beng Gbncc'"d al will the adul
ieraiion of cJin instead or It. was a. IN W." Al0Nn'
he frequent eNlsdientpf puhlic necessity Or public
N"f'''9 y" Wv 10 u pFsaMlo lSsdHlify tm'
baras.meut.
Moreover the prsriou, m ,tals. though Of less
bulk IN Proportion h tlisir Valne than mist other
commodities. you cannot be tramp 'ried fmm place
t. place. without est or trust or riss; coin ~ suhjsct
Ia he stolen or lot. and IN that case cannot easily
be identified ~ a. 10 be reclaimed; The continual
counting of a. in large sum H. ncnnvsnieni; IL would
he unsafe. aud would ciuso IN Ich m ,ney to remain
IDLE and unimitlul ifevcry merchant kept constant.
~ nu han "A sum nT a ,t. Gr all hls fran.,rtt,Y. .r.I
the displacement Of large amnunis Of coin. IL " ms
Ter from the CONN unity Or Que cOuntrs 10 aapiher
- liable 10 occasiln nhctuaiio Is ia the value Of prop.
erty uni lab Z an 10 cmh IRA c1nn ,r-i1l opera.
tnus. AMI there Is ~ neco Siiy that. Tor each an
every CEN nerciti Transaction between two IN iivid.
ual' or twI c mmIniue there 81 ,ulI be a tr4a.le:
of com from one To the other to nuke payment
therefor. The mutual dealings OF all the members
of community, or OF two se.nra'e communities.
Will, IN n certain degree, produce a slate of reciprs
GU Indebtedness OF the one balancing more or less
thai Of The other. and the excess only of which neeIr
Ia be paid ia roin. AMI TO rele 80 individuals and
from the Inconvenience attending the
continual personal custody and hand ing. AMI the
unnecessary transportation OF specie from ons Mace
to another. hi'lsoi exchange. blnks and other estab-
lisAmcnis for dealing in bills anil m1ney. and re-
ceiving money in dsprsits, and for the adjustment
ct comm .rcial aud other accounts 10y bank credits.
checks, and bills, came into use. and became frod
ingredients in oil the monetary operations Of the
mOdern civilized world.
BIllsof exchange, II i obvious. though performing
the functions OF n medium Of exchange like money.
ARE not money. They are. Tor the most part. and
an their proper use. only The representative of tho
money or ofthe value sfIhe merchandise on which
they are drawn; and in this respect they are VI 81 IN
unlYarsa'ly admitted utility asl TO render esrIain
their continued employment in The ubsiues, OF sci.
ETY.
Bnak credits. checks. or bills. though they also
perform > INC "f Ihe functions Of m ,nsy. and conslI.
iule a circulation currency. are not money. They
arc nothing but prcmises or o,5srs for lhs papmrn;
of mnncy according Ia their tenor. And whilst pa
per-, actually mil truly r~edsemable ia coin on de-
mand, = not mrn"v, sill less is that paper in sany
srnsn money whth. Nhsihsr profa- so lly or not. Is
pet in point Of { CT not r~edeSmabls IN coin on de.
mani.
B,nk paper. lit st,al. o "a 81 III specie basis. ~.
circulation by re ,s11 n! Us cmgcnIeIcs. AMI a.. he.
I 3 thsreinre preferred To the coin itSe'L Tlis pre-.
Ference IN y cun'inIe to eIi.t - a. 10 have ia, Of
iect 81 keeping $ ISp-nlsd ia circulation n all lime.
y certain quantity nithe paper. an l., free the sank-
from The necessity Of retaining always on hand an
amount Of specie squal 20 the amnuai o! p,pgr is.
sued. And thus n cheap medium nj Circulation is
supplied ia place nj dear ono. AMI ifihr reIsm2-
lion oi JIG aiiis he continually emf,rcsd aud HE prn-
dsnce Of lis cendueI necessarily tesisl anil scared
the Opsraii m IL a useful one To the Community as
we'll a. } profitable Ons 10 The bank.
But in IhIk way the bank acquires the faculty. not
indeed Of creating at will that with cImm ,nds val
tie. II is temPted by The ~cupility Of gam To expand
its is't-r. The reiesm1biliiy in coin set forth on
the face ofis paper comes TO be q fiction or a false
SaoJ. u the Goysrnme Il OF the country $40 ut 10
permit 'his operation togo on. or the people mad err
Isntly aequisSce in IL, the grandusl expansion sf Tho
currency stimulates to ala artificial excitement in bu-
Siness; properly rises in nominal value; il Is quickly
exchanged for That which has 40 Intrinsic value and
avery hing wears tho ASPECT thigh Property ,un-
ul the bubble Of a paper circulatinns barsts,
throwing all the currency into confusion. suddenly
reducing prices. arresiins business, and filling the
community with bankruptcy and distress.
Hence, If IL be nesdful TO legislatc concerning
The coined standard Of value. it is equally. aud for
The same reasons. needful IN legislate concerning
that which takes its place. performs its functions
nugmenIs is nominal quantity affects its value. and
acts potentially on NIL The relSIious Of labor and pro-
~. Its idle to forbid individuals to coin N ,ney.
il they be len 10 make At will that winch usurps oil
lhe uses Of mnaey. And. acc 'riingly. in ihoss
countries where Tho issues OF paper to circulate as
m0nsy exists 10y permission and under EQUATION OF
Government.
And u speedily beeomesa government question 10
another and a still more important point OF view
To issne paper having currency As money. is Iu Cc
10 bprrow money, AID command rOmmercIul values
At will. Why .ihen,~hould individuals or cJrpor iion,
have the exclusive enjoyment fthis wealth creating
poweR Why shopld not Government itself parici
pate in u, or take it 10 itself u has done 40. -.
The issue Of bills Of credit or ~assignais. Il his, unde
The pressure of war and foreign INVASION, ahsorIs,
al the labor and property Of the community or pub
lie uses.
There u no difference IN principle between bill
not redermSblo ia specie issued by tho GJyemmen
FOR circulation as currency, and SIN lar bulls Issue,
in the same way by corporations or by individual
except that Government may have The pIwer q
make Them a forced legal tender. Nor is il mAtsri
ni. if they be not actually redeem ,hlc in specie
whether they bs issued on faith and cred.
only. like The common promiss:onary notes q
individuals. or whether they he nominally secure,
by the pledge Of lands or effects at apart Tor the
redemption. In either case, such bills constitute o.
act Of borroBing, uot mn emission Of money. In bot
cases the course Of things Is Inc same, whether The
be issued on public or private responsibility. The
continue 90 have currency as m1nty. 80 long a
from ignnrance. or necessity mon voluntarily receiv
hem. But under the most favorable ciTcumsiaucs
possible. and when suck bills are issued upon IN