Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1842-04-05

The advocates Of paper currency say that we can
not have currency exclusively metallic, because
the world does not contain coin enough TO afford ms
our due proportion of circulation. They estimate
the coin of the world at four thousand millions of
dollars though how they ascertain the amount IN
CRlEa and Africa, is beyond our comprehension.
Ihev say that II this be divided according to
populations share Will re sufficient for BUSH
ness Let US see. Estimating the population OF
ta.. globe a. one thousand millions, NC have four
dollars for each human bong. Some writers esti-
mate tie population eight hundred millions wa'ch
estimate gives i've for each. Lither estimate u
more we suppose, than can be claimed for the A.
rcan Negro TRIBE. the North American Indians
the nai.oes The South Sea Islands, or the Tartar
tribes OF Middle Asia But if we allow four thou
sand millions Of dollars 10 Europe. the tnited Sta e.
and South America, whose united populton does
not ex coed three hundred millions. THE proportion
IS thirteen dollars and thru TO each Al no time.
since ls:'1 has the circulation Of tue United States
exceeded two hundred millions. com and paper m
Guided and this gives thirteen collars aud thira
10 each. Now allowing four thousand millions Tor
the world. and Il population of eight hundred mil
lions which estimate gives five dollars 10 each, W.
shall fnd the world has enough, without the
add tion of any paper.
Though most Of the banks in Massachusetts,
sound vet no sound political economist VIII deny
that the people OF that State have too much circu-
la,ion. Yet they have only eight dollars Tor each
person Every body will allow that the currency
OF Britain l. too much expanded. Yet 1t s only
about nine dollars 10 each person. Then II eight
or nine be too much, 1--WE We should suppose, would
be enough Therefore we should have coin enough,
| ifthe four thousand millions belong 10 the whole
world and fthey belong Europe and America.
we should have much, for each would have
thirteen dollars and third, as much rs We had O
! pa per and coin in widest period OF expansions
since 1871. But what rs the gold and silver com
of France SIX hundred and SIXTY millions OF dol
ffrf r-fin
hons. gives twenty dollars to each person Streiy
If the French can keep twenty dollars for each per-
son. we five, If not thirteen. Upon either es
innate that of four thousand millions Tor the world.
or the same OF Europe and America, France has
too much. How does she get 1t Because she
sells more than she buys. How does she keep II !
Because she issues paper to drive IT away her
paper circulation being only about foriy-h'e NIL
hons of dollars and IN notes Tor not less than one
hundred dollars.
| Assuming the circulation of Massachusetts, or
eight dollars, as enough for the Union, though we
say II is too much, whole coin would amount 10
one hundred and thirty five millions OF dollars Can
not get and keep tins, as easily as the French
can get and keep hundred and sixty millions f!
But allowing ten dollars for each person, we shall
have, upon population OF seventeen millions. one
hundred and seventy millions, almost much "a
the expanded paper of 1888 and 1899. We can keep
this az easily as the French twenty dollars per
head and being almost equal To our great paper
expansion, u is more than want. In short.
Whatever be our estimate OF coin and population in
the word, snail find difficulty IN procuring
and keeping com enough, by pursuing the proper
course winch Is the Punishment OF bank paper. The
French coinage OF gold and silver is nearly ten mil-
lions of dollars annually.
Not enough What is enough We say, any
sum, great or small. Ii com be abundant; prices
higher, ii scarce, prices are low. Therefore II
all paper banlshed from the world one thou
,t,a Y,rld t,ur
Thousand millions.
But even orr banks do not always augment the
circulation. but sometimes render 1t less than II
would be, had we no paper. The three banHs Il
Pttsburg, specie paying banks, now have IN circn'
lition SD! io7 IN notes, aud the vaults, $40
25i coin We know not the circulation and COL
of the New York aud Boston banks but as they
are surrounded by .-breaiers," ard moving very
cautiously We do not believe their excess OF note,
equal to the of coin IN Plttsburs. And what
sound P,tts6urg banks DONG fos heir CIR
culaton. Reducing 1t below the standard OF con-
DO they help Us 10 Z circulating medium Do they
supply the deficiency caused by the want OF CON
. IN the world
Without regard to the quantity Of coin in the
world 1t VIII 60 where 1T 10 most wanted aud 1t II
most wanted in that country whose balances OF trade
is most in it, favor and which furnishes substitute
for coin. Aad III spite of a baiaDcc in favor OF
Country coin will disappear when substitutes are
furnished as In the of England. But the ten
dency OF paper to turn BALANCE against the coun-
; try, by rendering currency cheap and hcn pricer
and thus preventing expectation and encouraging
importation. With these views we that 4
every bank in country closed forever, and
no more paper allowed our prospcrsywould be great
" promoted. With banks we cannot have a steady
currency. In periods of expansion, they wall ex-
, tend their circulation far beyond specie standard
as in 1897 and 1899, and in A contraction viii re-
duce far below that standard, the Pittsburgh
, banks do now.