Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-06-08

the General Govefnment. rapidly tendirx - IN
: eOnsummssics of proverb. by-wesd smoax N
n.,ious of ,ke eartk- psssc ming a spsciscs rareil
seen upon the eivEizsd globe. A eouassy Of seven
teen millions Of peopie-aearly seventy years Old
pro,sssiar much wisdom. and actually Pessessssl
smpsralsisd advantages and resources, physieal
marsI and in,sllecsuai; in time Of profound peace
. I've should be ashamed to name the Florida war.
| overwhelmed in debt, ut home and abroad. not onl,
| without money to pay with. but actually upon tn
eve Of universal bankruptcy, without any legal con
st,tutional currency whateseri We have little con
stitutoni gold and silver il Is true, but by no ega
enactment, Of either Federal or State Governments
has this coin been made currency. Such Go
vernment IS not only curse at home, TO any PEG
pie but unavoid bly,, also, repcnaeh abroad. We
have made "hasfe 20 Be rich" without suiting the
means to the end. Even with adequate means. the
end would have been unsancthed. Our efforts
have led usup to a deep fountain Of corruption and
distress II is legitimate-it is but the operation o
cause and effect; and will again and again recur,
unless take other steps. As before remsrked, u
has been proposed TO take up the OF hardmonsy
oniy that is, real money. Had this plan been car
ried little further, il appears to the writer that Il
| would have redeemed us speedily. As proposed,
the remedy, or rather preventive, should have been
assigned not only its true qualities, but likewise its
| proper function. Gold and silver should be made
| the currency OF the nation, to be used a. money
should be- and il was in its original design, used.
Il is highly convenient and useful in its original 10
sign; and would be, consequently, always abun
dainty admired and crsved But still the real wealth
of every nation-houses-l hocks-produc-
tons of the SOIL Sc. would bear a superior compa
ra'ive value in the estimation OF mankind. But
when countries and individuals discovered that the
abuse OF money and of every thing else thereby,
would make il desirable than the possession OF
property. the world became unduly attached to IL,
and this lors Of money. above other things, became
the prolific root OF extensive evil. IL we WOULD
attain TO the greatest benefits Of money, must 20
back 10 the right use of IT, The root OF evil must
be eytrpated. Can Mr. Benton's "hard money"
plan do the work. think not. We want some
thing adical-permanrnt-and,h need be, peculiar.
As a nation pr fess TO be independent;-we are
fully able TO be so: and TO throw around ourselves
Governmental protection, which would not only en-
sure our happiness and prosperity at home, but
constitute us truly great among the nations o the
earth. We want more OF what might he termed
American'zed systems-naion,l systems Of our
own; not only to tariff, but particularly as
To n currency. We want course OF Government
and policy which shall ensure TO us safety, rs far
human sagnety and circumstances may reasonably
Justify, in all our rights and blessings. For wears
past have been vessel on n stormy either
mountain high on tue tide OF prosperity, or deeply
"froughed" in waters of adversely. Good money,
and the right use oft, Is what We noed-bad money,
and abuse of II, through inordinate love Of IT,
has brought us 70 the present crisis. Corruption
prevails in high and low places. and ruin stares the
people ia their faces. Mr. Benton's pan is tot "a
deal; it caves The root, to spring forth again II
would cripple incorporated banking operations i,
their m'schevous uOngs for while only-we should
soon have private banking, and other agencies,
pdly swelling the tide OF indebtedness by interest,
legal ard Illegal upon the proper and constitutional
currency of the nation. IL seems TO the writer to
be utterly impracticable TO attain to any thing like
stability IN our monetary system and its operation
while every hundred million is allowed 10 inhi,e II
SELF in consideration Of the simple of it, into six
million per annum, in form of interest II the
hundred million be sufficient for domestic and foreign
in the first year of the operation of this system
It will need increase IN the second; and in the six
teenth 1t must amount to something like two hun.
dred millions, or some distressing vacuum be produ-
ced. Constant changes in the value of property,
far exceeding what is natural and proper, and en-
tlrelY Incompatible with a Of prosperity, must
be one OF the consequences OF the operation OF this
plan.
Besides MIR Benion's plan, it has been proposed
By Congress TO try the effects OF another u Suites
Bank. The late U. S. Bank, appeared 10 exert
saluiary influence over the monetary system of the
country. Whether its influence was really TO be
desired or not, Is now, to say the least of some
what doubtful. IL gave US the sembance Of pros
perity, If not the substance And wthal il, prcba-
bly,, gave us some very bad habits, growing out of
this apparent prosperity. At present, however feel
confident thatno Bank, OF any description though il
should issue paper, collar FOR dollar, OF specie only
can possibly present future embarrassment, or re-
leve present distress. Any such institution must in
fate the currency unavoicaby; and the local or
national II IS made, the verse /, would I've. Sup.
pose Bank Of the U. 5. to be chartered with n
dollar only, and six solvent borrowers, take up on
loan for twelve months, al per cent, the whole
amount; at the end Of the year the debtors return
70 make payment, bringing, with that intention
every dollar borrowed: Can they pay their debts?
They lack a million each; and 10 be able TO nav M
tbs same Bank must provide suitable amount of
false monsy-paper, representing nothing FIc
NEUTRALITY-SUSPICIOUS. Is the life of Banking
insututions-and the fruitful parent Of incaculable
evils IN our country. | think the Banking plan
0anrcrOus- u tVnu "a
less permanency, than MIR Benion's
Inc EHchequer, appears 10 me 10 be a much
better plan, than the mass OF our counlrymen
judging by its reception in Congress, seem to think
Should the country ever think proper to adopt the
plan proposed by the writer, II is probable that a
modification Of the Exchequer Nigh, be found use
in' IN connection with Il. In one feature at least
II not IN several, MIR Talmadge's plan would re-
quire radical amendment. Nothing should ever
again IN this country, be honored with the ephet-
money, which was not really money. IL appears 10
the writer, that exchanges from proper agencies duly
scattered over the country would be highly useful in
carrying on remote transactions among the citizens.
Remiitanees could in this case be made much
more conveniently than in gold or silver. These
drafts might pass from hand TO hand, as individual
bonds now pass, with great cOnvenence-without
lsssisnment-and without being recognized as
money itself, at all. Such plan should be placed
as fully as practicable under the control OF the DO.
pular branch OF Congress, and as far as praclca.
ole, fron Executive use.
As before shown, Congress has n constitutional
right to coin money, goo0 money, to wit gold and
silver but neither Congress, the States, nor ind
viduals have right TO ma Ike money; that u.s.
any other than gold and silver. Neither the
States ror individuals have any right whatever 10
make either good or bad money Truly then, we
have fallen upon most unconstitutional times and
doIngs Congress is the only legitimate source of
money TO this nation; no other ex 81 under con
siIiurOnal sanctions. This beng fact, ~hich will
hardly be questioned, the right Of Congress Itself
10 grant interest on gold and silver. as popularity
10 this and other countries aIo~ed, will be ex-
amiued. think that Il will be found 10 be an bIse
Of the monty making power, for Congress o allow
interest on money according 10 the present course
Let us look 10 the supreme Inv. Upon the sub
Jet Of interest on money, upon the general use
OF money, the constitution IS silent; the question
seems never 10 have been agiisttd by It's trainers
Ii was deemed by them enure discharge Of their
du'y npoE this sUbisct, point out au'hortstivey
Who shJu d, and who should not make money =
Under these Circumstance the people OF The States
took INTO consideration the subj OF interest," and
according 10 their own views OF propriety md what
they respectively thoughf likely TO promote their
welfare, sdjusted their different scaes of legal IN
teres; ranging from q 10 per centnm, Tor The use
Of money. But " Congress, which IS the only
source Of money, has no right 10 imp interest,
then Il will follow Of course, that the States mot
impose infertst on money. Let US present the ar.
gUment DpOn which ! base my opinion. Congress
has a constitutional right 20 coin money fen year
70 yea, out Of cefiain materials, IN definite pro-
portions, Of specific weixhs, and established value,
10y which process only, can the actual amount Of