The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-02-10

We commend for the perusal and consideration OF
our readers the following "Call TO the Nation" en-
bracing plan for "an universal currency based upon
property" II comes TO us from the pen of distin'
guished citizen, who has much of the embarrass
ment Of the financial concerns of the age, al home ana
abroad. His views will be found remarkao'e 'or
their boldness and originality well IN the rencuy
they prescribe for existing evils as IN the iacii'y
with which they propose to remove all oos'acies IN
the way of supplying the wants Of the country ana
securing adequate relief TO the people Whatever
may be our own preconceyed opinions, or those of
Others ON this subject il is yet certain that nothing
can be lost by a comparison Of notes. and free dis
cusson.
A CALL TO THE NATION.
Fslloo-eitsens: We appeal to you, as the source
of power, the origin of the legislative system and
as the absolute and uncontrolled executive of all just
government
The country is laboring and oppressed with the in
cubus of an nconstant Legislature. The depued priv-
leges of your sovereignty are merged in friyoity !;
they compromised by ndecorous vituperatons, or
sa, ;ficed to indecent personalities amongst your re-
representatives.. To yourselves, therefore, we propose
remedy for existing fiscal distress It's for you TO
ponder and decide thereon, and express to Congress-
in united voice, the necessity of instant provision
against the continued devastation of non-legislating
system. Twelve millions of dollars which IS the
amount of interest due upon our foreign debt have
annually left the country in gold and silver payments
In addition to this, if speedy measures are not adopt
ed prevent the expectation of specie, all the pre-
metals will quickly be distracted in liquidation
of the capital Of foreign claims the holders sell out
their corp and tho country become without medi-
um of fiscal interchange. Men Of merit and discern
ment have read and approved of our plan, others
have objected, without maintaining their position
far the most numerous prefer inadequate schemes,
because they the results of their concretions
h,to a
tive necessity for unanmity, decision and permanent
cy of purpose. We submit to the consideration of
our iellow-citizens
PLAN FOR AN UNIVERSAL CURRENCY, POUNDED
UPON PROPERTY.
Incompetent securites-a fictitious banking system
without capital-loans to foreign creditors-exhaus-
tion of the precious metals, and numerous cooperating
causes, have forced distress and ruin upon the Amer
can family, and CONFUSION of the community is
threatened, to obyiate which demands instant action
These evils spring from inefficient legislation and the
remedy lies in an opposite process. Order will result
from just and expedient system. When our plan of
finance is established the chaotic elements of confu-
sion which now involve all our interests and
relations, will cease henceforth and forever. We re-
quire President who will propose the measure we
adopt, and Congress which will legislate for OUR
principle of Exchequer relief WE, THE PEOPLE
and NO PARrY-willit it; and the voice of the People
is the voice of God.
felOW-clllZenS the recent appalling incidents OF
inefficiency in our banking system awaken all of us
to the necessity of delberation for the future
ment Of our fiscal agencies We have a OF
dearly bought experience attested by the of des
titute widows and orphans, which shall direct
pursuit of measures for the reestablishing the no.
and credit of the country and all our experience
results in the fact that credit without capital rving
only temporary purpose, sooner later involves in
inextrcabe confusion and ultimate defalcatIon and
ruin the community which relies upon any other ba-
sig han fiscal inf : 10
cple Of finance that credit should only give currency
to the measure OF value, and not be itself substitute
for that To effect the first condition what,
ever may be the measure fvaue, must be based upon
property, otherwise the principle that originates
rency, substituted for property and credit pro-
mise to pay becomes the circulating medium, and then
follows the consequences we have verified by the
failure of the late Bank Of the United States Of Penn
sylvania the Cincinnati Banks the Grard Bank, the
Bank of Pennsylvania, and have no hesitation in
adding, the stoppage of all the City Banks, which
will expednously ensue. Banks have been opened
on the principle of bond and mortgage security but
owing TO the deficiency Of practical Knowledge the
part Of their conductors their local extent and conse
quent want of business, they have closed their ac-
counts, and is strong argument in favor of such in
stitutions, that they have wound up their affairs by
redeeming their issues Here, then, is just transac
ton, without gold silver-he medium Of circulation
paper, the base real estate; the precious IaetaIs
are, therefore, only useful property, but in them
selves they not sufficient to represent the full
amount required for our monetary Transactions local
peculiares suggest preference fol gold and silver
SUCH for instance the facilities Of DIVISION and not
their intrinsic transcendant value over other less
divisable property. But in speaking of the ralue of
gold what is the medium of estimation ? Gold can
not be valued by gold. Such an application of mea
sure would be merely an exchange but coined gold
may affect the valuation of bullion, that is, the coin
or image of impress being the representative of ma
tional faith or credit, is the medium of valuation
Then why shall we not stamp the impression upon
mn - .,.I
for locomotive purposes and extend the operation to
the limit ofour necessities SO long we have gold or
silver, or real estate, public revenue, public domain,
or any other form of convertible property as offset
the paper currency2 This we may do and it is the
object of my proposition "An universal paper cur
rency based upon property" We mean by properly
real estate and the developments of human labor in
every form, directed by intellect and by value the
timalion of property whether elaborated by labor
real esate-this estimation is the result Of the
supply. We do not admit that, in circulating
system the demand regulates the value; though the
demand and supply may regulate each other. Ask
the Arab in the desert if it is not the supply which
establishes the value: "alas says the wanderer in
sterile waste what shall quench my thirst or relieve
my hunger; would to Heaven the silver and the
pearls which fall from my grde were boiled turnips
and parched con-or that those Sparkling gems were
dstiilng drops of fluid upon my parched lips" HUI
labor causes the production of the Vegetable world,
the earth is ertilised and the seed is by man
the stroke of the human streams gush forth to
riigate the soil; the pck-axe and the spade in the
hands of man dig out The minerals of the earth, and
give value to every product by the extent to which
labor produces supply; and thus it is the first prin
cipe Of political economy is promulgated by the fiat
{" In the sweat of thy face shalt thou eat bread"
We advocate the law for prohibiting the exporta
ton of gold and silver to preserve the equilibrium of
our currency Not that we object to gold and silver
being carried Of the country if were assured of
its receiving circulation. The supply ofgod and silver
ismed and must therefore be protected the supply Of
agraran produce proceeds from aregenerang and
paravey unlimited principle, and, therefore, protects
Itself. Ii the Exchequer bills of our plan were uni
versaly and incontestibly current medium, there
would exist no occasion for prohibtory act Here
tofore America has been depot of the precious me-