The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-01-13
From the Philadelphia North American.
MONEY AND CURRENCY.

MONEY AND CURRENCY.
and immediate interest that of the circulating me
dunn. II is the Of value for the income OF the
rich and the product of the labor Of the poor mere
fore, Of the highest importance that II should mann
tain stable value. That has not been the case ior
some years past. Ever since 1884, the country mas
been subject to constant fluctuations IN the amount
and value of the currency in which its general bush
ness has been conducted Expansions ana cohtrac-
tions have succeeded each other a NUMBER Oh times
since that period Individuals have seen their prop
ertv assume in a sudden manner extraordinary
high value and almost suddenly recede again 10 Its
original value and often far below it. They have
found too their property of certain kinds, gradually
wasting away and disappearing without being able 10
discover the cause which led TO it.
Every change in the value of the currency OF a
country proves hurtful to its citizens. The greater
the fluctuations that take place in the currency, the
greater the evils which are caused by them
Finance we regard as branch of science in itself
Of higher importance than almost any other yet,
perhaps, is less understood than any other that can
be named The study Of and effect, as connect
ed with that branch of science has engaged the at
tenton of but small portion of those whose inter-
ests are indssolubly connected herewith
Entertaining these views, we believe that there IS
no subject on which the press treat at the pres
ent time, in which the public will take SO deep an m
terest that of the currency and objects coialera
but closely connected with it. II IS subject, now
wise than in calm and dispassionae manner. This,
il our intention do, as far as we shall discuss the
subject.
In the articles we may publish with the above
head, we shall observe most rigid adherence To
truth on all occasions--we shall never make stale
ment that we do not believe to be founded on fact
We shall at all times be ready 10 correct any error
that we may inadvertently fall into; believing that
press be useful those who read It and to exert
the influence for which il designed, must main
tas,, ,har EnrI icaa mat
ton. To do this, however, requires the exercise Of
independence; in doing which II may not DE
possible to please every one We know That men
think differently frequently on the same SUBJECT
while all thus differing entertain the belief that they
are right. We are fully satisfied that the great mass
of the readers Of newspapers more highly approve OF
manly independence exhibited by those who con
duct hem rather than obsequious subserviency being
manifested to all interests, however opposite they
may be to each other
The banking system Of the country is an object
that engages public attention at this time to an extern
sve degree. That it has been abused to baeiul de-
gree during few years past, and brought heavy re-
proaches upon it in consequence from every quarter,
no one can gainsay
We are Notwithstanding, the advocates Of the
banks, when conducted on legitimate banking prnci-
pies. We go for reforming the evil practices which
have crept into their management; not Tor annhila-
ting the banks. We believe that resumption oil
specie payments by the banks, at early day, inds-
pensable to their future interests, as well as to
the welfare of the community Accumulated evil
dence proves that the longer the resumption is delay
ed the more the interests of the stockholders of the
banks become impaired; and consequently, they will
be promoted by such banks going into liquidation as
without the ability to resume after reasonable
notice, to give time for preparation
Whatever opinion we may entertain individually,
in regard to National Bank, we consider that the
people have on than occasion declared their
opposition to the establishing Of such institution,
in the most emphatic manner. So also, in. regard to
the Sub-Treasury scheme the people recently con-
demned it, and demanded its repeal by an over
whelmng majority Both of these institutions which
have existed therefore regard altogether out Of
the question. As
The existing necessities of the country call loudly
for circulating medium of equal value throughout
the country, and equalization of the exchanges.
6ntil these things accomplished, there cannot be
established either regularity inagricutura manufac-
turing commercial pursuits, stability in the value
Of property. Being fully persuaded after duly exam
lining the subject, that, the Exchequcr plan submitted
by the President to Congress, with some modifca-
tions can be made capable of performing the func
tons supplying sound currency of uniform value,
and Of equalzing the exchanges of the country, we
shall give our support to that measure "
With these brief explanations of our views on some
Of the subjects Of which intend to treat, will
only remark in this Introductory article that shall
endeayor to submit something daily, which shall
prove both interesting and useful to our readers
Our study will be that labors shall be productive
Of the ''greatest good to the greatest number"