The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1842-02-03
VOL. 8 NO. 8, WHOLE NO. IO7
Frsm the Ledger.
COIN AND PAPER.

estimate the coin Of the world at four thousand
millions Of dollars, though how they ascertain
the amount in China and Africa, is bey Ond our
comprehension. They say that if this coin be-
divided according TO population our share viii
not be sufficient for our business. Let US see.
Estimating the population Of the globe at one
thousand millions, we have four dollars for
each human being. Some writer's estimate
il at five dollars TO each. Either estimate
is more We suppose, than can be claimed for
the African Negro tribes the North American
Indians, the nation Of the South Sea Island or
the Tartar tribes ofMiddIe Asia, But If we
allow four thousand millions Of dollars to Eu-
rope The United Sla!es and South America
whose united population does not exceed thir-
Teen dollars and third to each. AT no time
since 1887 has the circulation, the United
Staes exceeded two hundred millions coin aud
paper included and this sum gives thirteen
dollars and third 10 each. Now allowing
four thousand millions for the world and po-
pulation ofeight hundred millions, which esti-
mate gives five dollars 10 each we shall find
that the world have enough without the addi-
ton of any paper.
Though moAt Of the banks in Massachusetts
are sound, ye. no sound political economist
will deny that the people of that State have too
much circulation. Yet they have only eight
dollars 10 each person. Every body will al.
low that the currency Of Britain is too much
expanded. Yet it is only sbou. nine dollars
to each person. Then if Sigh. or nine be too
much, FIVE, we should suppose, would be e.
nough. Therefore We should have coin enough
ftbe four lhoueand millions belong TO the
whole world; and ifihey belong 10 Europe and
America, we should have too much, for each
would have thirteen dollars and a third as much
as we had paper and coin in our wides. per-
iod Of expansion since 1887. But what is the
gold and silver coin of France2 Six hundred
and sixty millions Of dollars, which. with
population Of thirty three milliens, give twenty
dollars 10 each person. Surely Il the French
can keep twenty dollars for each person, We
can five, if not thirteen. Upon either estimate,
that Of four thousand millions for The world, or
the same for Europe and America, France has
too much. How does she get il! Because
she issues no paper 10 drive it away; her paper
circulation being only about forly'6ve millions
Of dollars. and in notes for not less than one
hundred dollars.
Assuming the circulation of Massachusetts,
or eight dollars, as enough for the Union,
our whole coin would amount 10 135
millions? Cannot we get and keep this, as
easily as the French can get and keep Six huns
dred and fifty millions? But allowing ten dol~
lars for each person, we shall have, upon a
population of seventeen millions, one hundred
and seventy millions; almost as much as the
expanded paper Of 1888 and 1889. We Caa
keep this as easily as the French can twenty
dollars per head, and being almost equal to our
great paper expansion, il is more than we want
ln short, whatever be our estimate Of com and
population in The world, we shall find no diff
Guilty in procuring and keeping coin enough, by
pursuing the proper course, which is the bans
ishment Of bank paper. The French coinage
ofgold snd silver is nearly ten millions Of dol.
lars annually.
Not enough? What is enough2 We say,
any sum, great or small. If coin be abundant;
prices are high; if scarce, prices are low,
Therefore ifall paper were banlshed from the
world, one thousand millions would serve the
world as we'll as four thousand millions
But even our banks do not always augment
tho circulation, but sometimes render it less
than il would be, had we no paper. The three
banks Of Pittsburgh, specie paying banks, now
have in circulation 1921 ,4O7 in notes, and
their vaults, $42O,254 in coin. We know not
the circulation and oon ofthe New York and
Boston banks; bu, as they are surrounded by
Breakers and moving very cautiously, we do
not believe their excess Of fnotes equal 10 the
excess Of coin in Pittsburgh. And what are
these sound Pittsburgh banks doing for their
circulation? Reducing it below the standard
Of coin. Do they help US to a circulating mo
dium2 Do they supply the deficiency caused
by the want Of coin in the worldf
Without regard to the quantity Of coin in the
world, 1t will 90 where il s most wanted; and
it is most wanted 10 that country whose bal-
ance Of trade is most in its favor, and which
furnishes no substitute for coin. And in spite
Of balance in favor Of a country, coin will dis
appear when substitutes are furnished, as iB
| the case with England. But the tendency of
psper~isto turn balance against country by
rendering currency cheap and prices high, and
thus preventing expectation and encouraging
importation.
With these views we aver that ifeveFy bank in
our country were closed forever, and no more
paper allowed, our posterity would bs greatly
promoted. With banks we cannot have q
STEADY currency. In periods Of expansion,
they they will extend the circulation
| far havnnd the specie standard, Ha in 1887 and