The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1843-03-24
A GREAT REGULATOR.

The cry for this panacea for the ills Of the fnan.
cia world, which has been the rally ing word Tor IL
large portion Of one Of the party divisions in This
country, has been completely meslnerized by the
stead, healthy march of circumstances. Seldom
has any glcal question been asllaied ,the arguments
in favor Of winch have been so completely rcluted
by time and crcunislancest las this. The idea that
amy institution, however powerful, could regulate
exchanges in anlngohlsni To the natural and irres-
islhle laws that govern trade, is too ridiculous, il;
would be SUPPOSED, I" be seriously entertained by
any person at all conyeIsanl with those laws; and
any interference on the part of such an Institutions
n any particular point, 10 ple,en, The rates Of en-
change following the natural bias give them by the
situation OF the balances OF trade, must only re-.
suit in increased disorder aud lucualun. The
Ia,eS oi exchange between spccle-payng points,
will be governed by the supply and demand. but
confined within certain lmnt, which will be the
cost Of transporting specie between the two points
Between spece.p,ying and non specie. pa ing
pont it is futile TO expect regularity, us crcuiii-
stances enney beyond the prevention of any
pseudo ''regnlalns' institution may at any mo.
nent appreciate or deprecalc the uncomfortable
bank paper, and Of course in the same ratio the
rate Of exchange, TO show the flacy of the
arguments in favor of II great National Bank or
Exchequci, or whatever other Pruiens shape it
II
tor Of exchanges, it Is only necessary to look at
the ruling rates now, as compared with rates when
the United States Bank was in full blast Win
the exception Of Alabama, we have now basis of
coin for the facilities Of commerce in every i'm
pur,ant section Of the country; aud the price If
bills, as seen in the following statement, are -
UNIFORM and rs low rs at any time since, 1926, un-
der the regulation of the Monster:
Rcyulai,d Rates Non R,eLricA
l526. 1880. lc?i, 1885. lsi3.
Boston nt'i LEA dis La ia par par p'ra l-8d
Bal, lea 81 l.a1 81 l.sal,l 3.s l.sa
S E,cLH q. al lsai is s,s Ila, La
s,vnh . aa l.a l.2qa 9 a. ii al l-2l.sa
S Mons a' al @!lsi Is, , Isl 4,
In 1898. when the Great Regulator became
sadly in want of regulating itself, the rates wen, up
to 3 "A 10 per cent, and on some points 10 Ii II 20
per cent. discount 1t will hc seen by the above
table. that person having money at almost any
Important pon, in the United States, can place il
in New York, by sale of bills, much cheaper than
he can transport the coin. The merchant a, the
South or West can buy his goods without being
exposed 10 the chance of being obliged 10 pay The
most runou, rates Of exchange at maturity of his
notes. Tho friend, Of the New World. in all
pats Of the country, can onjny the pleasure of lis
weekly visits without sending us Inscription mon.
ey at Is 10 20 per cert dlsc0u. And the most
inporlan! fact IN the present equality and cheap
ness of exchanges is, that the currency of the cOnn.
try il now in such position, that, as Car ~ j,
is possible for hum n foresight 10 Judge, this
chenpness and equality will remain undlslurb-
ed, To- any material extent, for years, D GOrern-
ment or mamOuM priruie institutions wW bni
lei the currency diOaei We have had, since Gen.
Jacksnns upoheosis "A sutiicicncy OF inkcring
with the currency for n century AT least and the
currency -mungers. from the Hero hilherward have
kept the budy polite in state Of depletion 10 be
vigorously avoided in future. We now ask simply
to he let uioac--lhat the exchange he left to The
regulation Of the lnmuinbr laws Of trade Things
are well now; lei Us be content with this. lest, il
endrayoring To make them better, the patient die.
Some advantages, it il true, would accrue on the
establishment, Of u national institution, as, for ex-
ample, convertible Representative OF com, uni.
form in value and freely current in all parts of the
country. but this advantage could be easily oh
tanned by issuing Treasury notes Of the tenoinina-
tons Of So and $40. Another point of usefulness
in such an institution would be the facility il would
offer foi the sale Of time bills, 80 50 days, on
distant points. Such bills are now difficulty Of he.
goliaiion. This arises from the fact that the ex.
change business il in the heads OF individuals Who
are unwilling to lock up their funds in time hills,
prefrrring to turn their money often. rhi. facili-
~ Of negotiation, which would be truly desirable.
could, however, be secured by institutions not
national nor extended in their character aud which
would be content 10 follow rather hpn lead the
course Of exchanges. Again We say, that all we
now need to secure q uniform state of exchanges
good enough for all purposes OF business, is supply
TO be let alone; and we pray our Legislators AT
Washington TO so look upon this vital question.
.New UorH.