Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1843-01-12

Ii 49," =.
shpud think already ans ttltd ID, ressonis
aoose and surely vhe1 n b. Is selling h
80 Gems per bushtl corn i 50 BET b1fre
md pork and beef 81 IS 5. IS ,hsl tie n
come Of ihe County Of Clark. s..ll, lhs re,
son becomes the stronger, ard .... Ioeent: hi,
90 portion or that co1lrIci. income shout
Be absorbed ID shaving, ho,oh |1. ttntrarv. III,
every dollar d Il should t4 81 |ho uss Of a ak
i tTessed community al six reI cent. b bronsh
into competition for The valuable rI0per,r iha
= now al every court day. .|if|ed n.|.r n
hammetl Say for example |.- I.| If '.
OU0 Is due By the count, tI.|| ..| .. |
debt, inleEests and cosls % 4. ... " rs
labor Of that county, alien |..... . ~
dust as above siaiedl Al. ... . @.| t|.[
that II thirty or forty per tl| . .|.. 90 70
The shaver, or that dsbf is pti /. f.. sscf,Ice q
bonds aud other credits az s36. ID tkr cent. in
menzelE increasing the mud 'e suits and cost
IN addition e The usury--l ask, lis Il not ciea,
that instead Of the $50 ,000 inleIes. and costs.
hnndred Thousand Or more may be wrung from ]
people, who are selling their products al the rut
nous rates alluded to I this mode OF paving
debts. the shaver will gel all that their wheat a
62t their corn ct 81 so, and their beef and pork
al % 50p will produce, and their bonds. notes
and other credits, mol excepting Estate Stocks
and Bank Stocks,n and Still 90 for a balance
upon heir lands. farming capital, and household
necessaries Can il be wondered at that ruin
and distress are rife in The land, when such ri.
iHous principle is al work I
The second and the remaining paragraphs Of
Hard FINES are devoted 10 an examination Of
me resolutions passed al The meeting. or The LIST
resolution, which affirms shat money or credit.
as ne one or The other may he used, is great
instrument OF social convenience 10 measure the
value OF property and TO change il. and that il
ought 10 be confined 10 that purpose, aad that il
is The right and the defy OF The community so 10
conhne H." he says that il is a istruism an
nounced with all the pomp of new discovery. -
he grants, then. all ihatI WISH for must Ten
him that value tho resolution entireIy because
= states an undeniable prdposiiion, and is III
every sense a"iruism." Itwas not my purpose.
70 slate an enigma, but broad truth Thai every
one would recognise and admit; who he saws.
ever thought Of any other uses OF money! To
what other uses can il be applied2 DO not The
BROKERS and shayers use money al the measure
OF other property, and to change ii are nut bonds
and bank notes as much properly as any other
commodiiyH 1t is certainly tue that brokers
ana shavers do use money.to measure the value.
81 'bsnk notes and bonds, (and they measure
WIN a vengeance, too, and that bonds and
bank notes are species ofpropetly that are so
measured, and about these facts and practices
there is no question. The true and onIy ones.
ton is, whether they should be permitted So to
measure, and whether bonds and bank no,er,
areas proper subjects for traffic and speculation
as other commodities. have, in essays hereto.
tore published, given my reasons why bonds and
bank notes. are not proper subjects OF traffic and
speculation, and should be willing to rest the
question upon these reasons. but as Hard Times,
asks The question Why You would prohibil hin,
WHO holds bond and is unable TO wall The slow
REsSssss ST Jhs law for GqalsSsjoR fr4B
CURRENT bank note from selling it 10 one who can
send il home and collec, the amountn | will,
al The risque Of offending bis fasiidious gorge, Of
fer for his 'Tegurg aIion, few ofthose reasons.
Reversing the order of his question, will an
swer him:--l would 'prohibi;' the shaver from
buying bond Of him who Is sol hard pressed
that he cannot wait the slow process of the law
for lis collection because ID ninety-nine cases
10 an hundred, he will take the advantage Of
his needy neighbour and buy4at great sacrifice,
33t, 40, or so per cent If he can because, if
the trade of shaving is abolished. the same sha.
yer would be compelled to loan his money to his
needy neighbour for six per cent, the full worth
Of it. indeed than the worth, because there
is a temptation 10 The unprincipIed and avari-
cious, while shaving is permitted, 10 disparage
the credit o. their neighbours, that slhey may
buy up claims upon them and haFass them, and
because bonds, notes, and all other credits are
part and parcel Of The credit system, nay the cur
rency Of the country, ID which The people have
agreed TO deal with each other, and 70 use as a
medium Of exchanging their products and proper
~, and therefore to suffer them 10 be the sub
iecis Of unlimited speculation is calculated 10
produce an immense and ruinous fncIuaIion in
the currency, and in lien Of the gradual col
lection Of such credits 10 subject Them TO the com
bined operations ofshayefs, land a prompt and
simultaneous collection which must affect in a
ffighuni manner the prices Of al properly and
prodaeis. Similarsfeaspns apply more strongly
10 brokerage, or The shaving Of bank paper
Thai paper is currently used as money, and Of
course should have as much equality and siabili-
Is as possible These essentials Of money are
necessarily assaled. whenil becomes The subiec:
of traffic and speculation. The broke. has d.
reel temptation, which he never Iesists. SANDER
and depreciaie this paper, fof he then buys ;up,
sends il home 10 The bank and thus narrow The
circulation. and depresses the prices Of products
and property. Il have heretofore said, and !
again repeat j., Without The fec Of contradiction,
that the effect Of or sharing upon paper cnrfen-
cy, is. precisely similar 20 clipping upon a metal
lie currency. Whenever bank paper ISSUES, indl-
yiduaI pape. endorsed and binding. property
goes in.o the bank in.iis place. and If the bank
paper is lsken out Of circulation 81 less guaaii-
~ Of other morey, there viii nolibe enough 10
circulation TO meet and take up he individual
paper which was 10 the 6Ist instance exchanged
for the bank paper, and ihatfiefciency, whatever
il is is as completely clipped from the circulation
cf paper currency, as piece might be clipped
from 40 esgle or silver dollar This sum,
Rhaiever il is, so made BY The broker, comes Of
of The nan Rbo borrowed Of thebank. and thus
in addition ioihe bank interest we pay for thai
kind OF paper TO exchange orr products. We have
imposed on Us this tax Of brokerage. Whenev-
er bank paperi is shaved, that shave falls 90 ths.
productive labor or The country. The bank-note
went abroad as SO much cash. and unless it is
maintained at that value, those who have notes
in the hank must suffer the loss, for their paper
must be redeemed By The same bank paper or BY
cash, and their property is bound for il. 10 the
case where the Bank should speculate lis own
paper out Of riroalaiion. thus leaving deficiency
10 take up The individual paper ppon which il
issues. The injury would be manifest 10 every
one. Such e6nduc, would be high crime 10
bankl-is he evil less When effected By Breksr7
4 certain quantity Of currency and that quanti-
" Is susceptible Of ascerlainment--is essential
10 carry on the exchanges of The products Of
country, AID those exchanges, wiihoni III will Is
surely cone 10 asiand-siili. as a wafer wheel
without The requisite quantity Of water What
that quantity or currency Isl has been differently
esiimsIed hy difefens writer's on political eeeno-
my. Az author of very high suthoriiy lean
Bapsisie Tags estimates y Al l-Soth of Inc snnu