Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1843-02-24

speculation CONJECTURE busy the dtnniuon al
causes and suggestion Of remedies, for their unoransts
and fatal effects. With de faith IN most % the
which have been recommended for the public stomach,
have none whatever IN the last speeous alternative which
has been heraded, by yourselves and Others with such
flourish Of uunPet:l alude the proposed increase
Bank circulation by means OF small bills under Legislative
sare9n grant, for the sake OF argument that our Banks
IN the lace OF specie payments, will avail themselves OF the
pTivcg, expand.
Money has two functions Pcrformit is the
as well the representative OF value. When by law
tain thing adopted medium OF trade, this thing per-
forms the functions Ut money, because its circulation i
arbary-not conventional: For eNamplo-A buys OF h a
ct land for Sl000A has the right without any pre-
vicus stipulation discharge the debt by the delivery of
ten oSon-Eye thing used trade which requires pre-
vious bargain TO make il available in payment
tona mcdium Such thing does perform the func-
tons OF money-it may represent, but does
value much 1t has be measured itself according
TO daily occurrences
In the early sges, (says Adam Smith, before know.
ledge OF the precious metals existed values measured
and represented by bulls and cattle generally After
the lapse OF years. when labour became necessary
for the support of the human the cultivation of grain
extended, and the quantity raised, exceeding in value the
hive stock retained, grain became the and repre-
sentative OF value This OF things continued long at
ter the coinage OF the precious metals and their adaptation
To trade indeed, until after the adoption OF the Banking
system, when Bank medium combined with the coinage Of
the eas exceeded in value the quantity OF grain
NJ this the standard OF value became regulated by the
circulating medium. Hence, If the circulation is redun-
dan prices rise, and circumscrbed, they fall. Ii Is
clearly them the province OF Government preserve
nearly possible uniform circulation. Ii matters not
what the circulation OF particular country
If 1t exceeds certain point in prices will above
the other markets OF the world; which orders
from abroad for the products Of such country will
The exports then confined the operations of her
chants prices based upon inflated currency On reach
ing distant market such operations longer
ed by expanded currency but by another OF less
fston. trade OF this character 5000, orlae, bring
upon the greater portion OF the merchants engaged
therein. There another side OF this picture, which will
call u view The OF your currency having the cf
feet IN like rauO OF cevaung the prices of foreign pro
ducts the grade with your foreigners
by enabled reap good profits, which forthwith taken
out of the country IN slaves produce, but in specie,
It's equivalent in bills In this way your imports will
exceed the of exports, until the State
time becomes bankrupt The necessary and proper
amount OF circulating medium for country aboutwhich
Isuch diversity OF opinion IS found exist hold
be- equal 10 the average annual export of the
products OF such country. Countries and States govern
cd by the laws OF trade which govern individual
II purchases for himself and family any year
10 the eNten OF 81 900 more than ne sells such individual
part with that OF his property reserved
funds meet his surplus purchases. :" with State
Country which puts into circulation an amount greater than
is equivalent to It's exports. surplus OF import created,
and specie reserved property balance the diff
ference. As be asked what 10 become Of the inn
home trade it the currency be thus circumscri-
bed, will observe, that Wills, the domestic trade is Tor
times large the foreign yet II will be found be far
easily adjusted by OF inland bills bonds, book
aud barter, together with very large
conventional circulation, such State and Corporation
Stocks &c. Ii farther proof wanting OF the imPropriey
OF an undue currency, allow refer YOU the history
the Union, which emitted 10 excess
for the result OF their experiments
And in that the banks will avail them
selves Of the privilege alluded even allowed - do
beg leave aPPrise hs the produce Of
IT. could command abroad al his price adequate
operations thern, there scarcity Of means for such
end nov under their coniTol:or the ivti know - be,
that legitimate business paper, sufficient emp
means, this time be touId dsarbought
experience taught these Institutions tine prcPety Of
serving every dollar for the active business vi country
instead Of placing the such hands will 10
give ceoIs value property and products, only
BY the double force OF inflated export and import
trade.
To relieve Agricultural and Trading iueres; 81 home
much possible, till such economy, aided BY
the products Of the country, them from
the duty every and bcaef-cai statesman;
TINS result certain attained this moment
by any agency OF our banks, provided their
continuance OF specie paymtu' and II effected through
suspension II will only be shit OF the burhen from
another. No legislation in when NAV in.
duge make England any other country, pay
for produce thar they de-, (Which, excepting To.
bacco little nothing, considering expenses Transport
lOn and unless they advance their prices nothing smore
that banks and ought not 10 interfere
for the advanced. Sspreseryann after the ex
Penenee OF the last few years should now be TO them holy
law.
To conclude, would say the Legislator lin the ab-
Of good National Institution which according my
den, the beau ideal OF what require coaesce the
scattered and equeny unavailable means OF our whole
counuy build up the credit oiyour State stable ioun-
dauon the end, that her bonds will entce capital from
distance, anu perhaps a. OF Old at premium This DONE
and individual capital, which seeks investment in
State obligations, because discount the exclusion of
the private bidder, will the walks OF trade
other department OF business The planter and property
holder will then experience difficulty, pledge Of CT
hclent security, in obtaining what he the pay
of MS debts and thus be saved the degradation "a pro
per term in my opinion OF dancing attendance the d.
rectors Of Banks for the loan OF money, which should only
be used by these Institutions aid Of the exports the
country, and udeious Of the proceeds thereof
Sincerely asking forgiveness, for this respass your
time and patience, with promise sin in ike
manner, subscribe myself 4.