Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1843-05-11
From tho Baltimore American.
A CURRENCY EXCLUSIVELY METALLIC.

4
Their, The principle implied in the former is
Diverse to all forms of circulation except that i
# gold and silver coin the advocates of a
,ational currency maintain that mixed circu-
alton Of specie aud of paper convertible into
specie, is indispensably requisite for the uses
of trade.
The following extract from letter recen,-
ly published by Hamer S,an6eld, Esq. of Leeds,
will show something of the views entertained
by practical men in England on the subiec. Of
currency exclusively metallic:
"Gold and silver coin simply constitute the
petty cash of the country, aud the idea of car
rying on the foreign trade exclusively with it
would he as absuiedas il a merchant were to
atteippt.to carry on his business with his petty
cash only.
sit has been given in evidence before a COM
'mittee of the House of Commons that tho less
q sum than one thousand millions annually is
exchanged by twenty eight only of the priuci-
pal London bankers, at the Clearing room, and
all the gold and silver wanted to effect this
enormous exchange is about E20 q day Here
il is petty cash indeed
"As it is with the individual so it is with the
nation, which is simply number of individ-
uals; and that the coin of the country is mere
ly its petty cash will be palpable when we
learn from Mr.. Jacob (who wrote on the pre-
cous metals) that the whole amount of coin
is only thirty millions, to carry on trading
transactions that must amount to many thou
sand millions. How many thousand millions
j, would be impossible to say, but guess may
be hazarded.
awe have il IN evidence that tweny-eight
banks only exchange bills and checks repre-
senting sales independent of their transac-
tons over the counter, and transfers from one
account TO another, when two parties bank at
the same house, to the amount annually of
El,000,000,000. Now, take into account
the transactions Of these !wenty-eght banks
over the counter; those of fify-two other
bankers in London; those of the Bank of
England, (for she has clearing room of her
own y those of the Stock Exchange and Share
Market the operations of all the shop keep
ers and merchants the daily expenditure of
two millions of individuals for food and You
will not have less iii London alone, annually,
than a further amount ofeXchanges of e., 000-
100000. Take the rest of the empire at Il
guess (and a very rough one it must be for
want OF data) TO have the same amount of
transactions. as the metropolis, $4,000 ,000-
000--toial, &c, 000,000,000.
ssWe have a total of six thousand millions
carried OH with petty cash of thirty millions,
which is in the same proportion as ESQ to
man who turns over in year $4,000.
Ii is not probable that all who from party
associations are united in favour of the Sub
Treasury, would be willing to go to the ex-
trcme length of utterly destroying all banks
and bank issues. But when men lend their
efforts to establish principle, they can have
Al
follow from its operations, OF to justify them
selves if such operations should be disastrous.
The declared purpose of the Sub-Treasury is
to introduce metallic circulation 10 the entire
extent of the Governments sphere of action.
and 10 Danish all other circulation there
from. A conflict must then of necessity arise
between the Government on the one hand and
the commercial spirit of the country the
other for with all the interests OF commerce,
In all lis diversified ramifcations, the use of a
convertible paper currency is intimately and
indissolubly blended
If it be said that the issue is to be between
Sub-Treasury and National Bank, that
form OF stating the proposition may enlist in
behalf of the former many whose preudices
or constitutional scruples strong against
the establishment of particular institution
called Bank Of the United States. But that
would not be true and complete statement of
the question. The Sub-Treasury in principle
is as hostile to State Banks as to National
Bank. Its aim is to PROSTATE the whole bank
ing system; in word, to introduce a metal
lie currency, and to recognize nothing but
coin as currency.
A National Bank is to be regarded as part
Of a system IL is believed TO be essential to
the completeness of the system and to its
wholesome harmonious operation. The uni
ty of the Republic requires that there should
be nationality i'll the currency; the intercourse
continually going or between the various Sec
tions of the country demands a common me-
dunn of circulation it is the duty of the Ma
tional Government to provide this, because the
State Governments cannot. If it is necessary
that there should be a National Government
at all, il is equally necessary that the functions
of that Government should be exercised-and
of the functions of any Government none are
more importan. than those whicl. relate to the
currency.
There is not then Il mere isolated question
between National Bank and Suo-'freasury,
as to which shall be the form of Government
agency for the collection, safe keeping aud dis
5ursement of the public money. Those in
stitutions are the several representatives of
two sys,ems--of Two adverse systcms-both
of which canno. be e0cciualy operative in The
country at the same time. One represents
mixed currency of gold and silver aud convert
IDLE paper the other a currency exclusively
metallic The conflict, will be between the