The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1842-01-28
COIN AND PAPER.

down, down, like Judas, 10 their own pace-to n
miserable minority:
COIN AND PAPER.
| The advocates OF paper currency say that we can
not have II currency exclusively metallic, because
The world does not contain coin enough to afford
US our due proportion Of circulation. They esli-
mate the coin of the world ut four thousand mill
ions Of dollars; though how they ascertain the
amount in China and Africa, is beyond our COM
prehenslon. They say that if this coin be divided
according to population, our shlre will not be slf-
hcien for business, Let US see. Estimating the
population Of The globe II! one THOUSAND millions,
we have four dollars for each human being. Some
writers estimate the population us eight hundred
million, which estimate gives five for each Either
estimate is more, we suppose, than can be claimed
| for the African Negro tribe, the North America In
daus, the nations Of the South Sea Islands, or the
Tartar tribes Of Middle Asia Blu, if we allow four
thousand millions Of dollars to Europe, tho United
States, and SOvth America, whose united pnpua-
ton does not exceed three hundred millions The
proportion Is thirteen dollars aud third to each 49,
At no time since 1887 has the circulation Of the
United States exceeded two hundred millions, coin
and paper included; and this gives thirteen dollars
aud II third 10 euch Now allowing four thousand
millions for the world, and population Of eight
hundred millions, which estimate gives five doaIs
to each, we shall find that the world has enough,
without the addition Of any paper
Thoguh most Of the banks in Massachusetts, are
sound, ye, no sound political economist will dnny
that the people Of that State have too much crcu.
Iaton. Yet they have only eight dollars for each
person. Every body will allow tina, the currency
Of Britain Is too much expanded Yet i, is only
about nine dollars to each person. Then il eyht
or nine be too much, five we .,ould suppose, would
he enough, Thc'elorowe should have coin enough,
II the Tour thousand nnlOns belong to the whole
world ana II they belong to Europe and America,
we shou'h nave too much, Tor each would have
thirteen dc.inrs and third, as much as we had of
paper Ind cola in our widest period Of expansion
sl.ce 1897. But wha, Is The gold aud silver coin
Of Flance J Six hundred and siAly millions of dol
lars, which, with population of thirty three mil
lions, gives twenty dollars to each person. Surely
it the French can keep twenty dollars for each per-
son, we can FIVE, il not thirteen. Upon either
estimate, that Of -four thousand millions for the
world, or the same Of Europe and America France
has too much How does she get ~ Because
she sells more than she buys. How does she keep
~ Because she issues no paper TO drive it away |;
her paper circulation being only nbout forty-6ve
millions of dollars, and in notes for no, less than
one hundred dollars.
eight dollars, as enough Of the Union, though we
say It is too mucli,our whole coin would amount to
one hundred and ,hrty-fve millions Of dollars. -
Cannot we get and keep this, ms easily rs the
French can get and Keep six hundred and sixty
millions! But allowing ten dollars for each per-
son, we shall have, upon population Of seventeen
millions, one hundred and seventy millions almost
as much as the expanded paper Of 1888 and 1880.
! We can keep this ~ easily Is the French can twen
ty dollars per head, and beng almost equal to our
great paper expansion, it is more thln we wan,-
In short, whatever be our estimate Of coin and pop
ualion in the word, we shall find no difficulty in
procuring and keeping CON cnough,by pursuing the
proper couse, which is the Punishment Of bank pm
per. The French coinage Of gold and silver is
nearly ten millions Of dollars annually.
Not enough What il enough, We saw, any
sum, great or small. If coin be abudan,; prices
ARE higher, If scarce, prices are low. Therefore If
all paper were banished from the world ,one ,hous.
and millions would serve the world as well as four
thousand millions.
| But even our banks do not always augment the
circulation, but sometimes render it les, than it
would be, had we no paper. The lhee bank, of
i'ilslhurs, specie paying banks, now have in CIR
culation 1921 ,407 in notes and their vaults, S420-
] 254 in coin. We know not the circulation and
coin of the New York and Boston banks; but as
they are surrounded by " breakers and moving
very cautiously, we do not believe their excess of
notes equal 10 the excess Of coin in Ptsburg. And
what are these sound Pitsburg banks doing for
their crcuation' Reducing it below The standard
of coin. Do they help us TO circulating medium
Do they supply the deficiency caused BY the wan,
Of coin in the world
Without regard 10 the quantity Of coin in the
world. il will 20 where it is most wanted and it is
most wanted in that country whose balances Of
trade is mos, in its favor, and which furnishes no
substitute for coin. And in spite of balance in
favor ola country. coin wiH disappear when sub
stitutrs are furnished as is the case of England -
But the tendency ofpaper ia to turn a balance a.
gainst country, by rendering currency cheap and
prices high, aud thus preventing expectation and
encouraging importation. With these views we aver
that If every bank in our country were closed for
ever, and no more paper allowed, our prosperity
would be greatly promoted. With banks we can
not have steady currency. In periods Of expan-
sion, they will extend the circulation far beyond
a specie standard, rs in 1887 and 1899, and in
contraction will reduce it far below that standard,
as the Pittsburgh banks do now