Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1843-05-05
The Hard.money System.

them great, plants himself opposition to the establish
ment of the According his estimate the
uaoss to the country every year. taic
cuency-by the and tear of the precious metals,
would fall but little short what would ample for an eco
nomiea administration of the Federal Government. This
is the pecuniary point of view in which this subject
sdered 1t must produce certain loss of many millions
year from the ct the precious metaswhch would
be saved by using cheaper material tor currency and
keeping the specie in back and sustain it.
An experiment much should possess
TO counterbalance this very serious evi-more
than any former period OF the unprecedented
embarassmen OF both the people and their State Govern
mcnts.
But there another aspect in which the economy of the
hard money system may be regarded. Since commerce
first began there has been enough specie
demands In the days OF Homer, bullocks and and
calves the substitutes for gold and silver In more
modern times before the OF Bank notes. the de.
fciency of che spccious metals only supplied by an
admiNturc OF some baser metal. like eNpedient would
have to be resoed TO here, the theorists succeed
in rivetng upon this country their mischievous theories
or this consequence must ensue The currency would be
contracted and the value of meney would be appreciated
Debts which hard pay. would be doubly hard
/ then. This would affect the State Governments-which
are deeply in debt and the great of the People.
But there another IN which this subject is TO be re-
garded opinion OF vastly importance. Its the
direct and inevitable tendency OF the Hard Money system
to make the ch richer and the poor poorer Under
and iron sway the born poverty could never hope
to better his condition Like the sers of Russia and other
| Hard money despotisms-once serf always a ser.
Extract from Mr.. WEBsrERs Speech, March 10. 1898
AS exclusive metallic currency sir the Administra
uon on this point, l. regularly Janus-taccd Out doors
and among the people shows itself "al elpqudnt all in
gold" There, every thing 10 Toe hard moncy-no paper
rages-no deusiye credits, no bank monOpoles-no
in paper OF any kind. But IN the Treasury Department
and IN the Houses of Congress another aspect
mixed appearance partly gold and partly plpcr-god for
/ voice
which heard here allows the absolute of paper
of some Sort and to extent; while the shouts the
community demand the destruction OF all banks and the
final determination Of all paper circulation.
ITO the people the hon asans, paper money in all
the oudness and OF his natural but members
OF Congress he Is more disereot lest be should ghten
them out OF their wis., he here rcsans and moduatcs and
roars las gently any sucking dove it WERE any
nightingale The lmpgactcabIlIty OF exclusive tai
lie currency the absurdy attempting any such thing IN
country like this, Is manifest, that nobody here under
takes 70 support by any reasoning argument All that
Is said m Its favor i general dcnuncIaon Of paper bos-
ferrous oucry against the banks, and defamation aansex
listing Institutions. full sound and fury sEuiiyin nothing
Sir, the moment any considers II. he how H.
uculous any such attempt would be- An exclusive metal
lie circulation for the second commercial country earth
in the nineteenth century SIR, YOU might well propose
TO abolish commerce altogether.
The currency Of England estimated At sixty millions
sterling; and i Mr.. McCuochs calculation that this
currency were all gold, allowing only quarter OF
per cent Tor oI metals, the annual expense attending
such currency would be three millions and a quarter
year, nearly hve per upon the whole. With us this
charge would be much greater The loss Of capital would
be the higher interest; and besides
all TINS Is the OF transportation, which, in country so
would be and not easily calculated
We should also require, proportiolay more specie than
requisite IN England, because system exchange by
means Of bills OF exchange, present. and would be.
der such system proposed, much less perfect and
yenient than that Of England Besides, the English me
ac circulation j. mostly god gold being in England the
standard metal. With silver and gold both are made
Standards at liked relation and ID should succeed
Keep tins relation SO true as 10 preserve both OF the precious
among which indeed, is very probabe) circu
aton would be still more expensive and cumbrous from
the quantity OF silver which il would contain The silver
IN the world Is estimated be fifty times Us much as the
gold IN amount, and consequently something more than
three times in value. II both should therefore
equally proportion value currency would be three
parts silver and gold.
Now, sir, the annual expense Of such circulation upon
the basis Of Mr. McCulochs estimate would exceed the
whole annual expenditure made for army and navy
Consider sir, the Of actual daily payments made
the country. IL Is difficult 10 estimate 1t quite impos.
sibe 10 ascertain with any accuracy But cluiom some
notion of 1t by the daily amount Of payments the banks
IN some OF the cities In times Of prosperous business and
commerce the daily amount Of payments IN the banks OF
y York alone has been equal 10 eight millions, Whether
we cal! this tenth twentieth iltetb part OF all the
payments and receipts made daily in the country
what aggregate result the whole would rise And hov
Is possible that such amount Of receipt and payment could
be performed by actual passing OF gold and silver from hand
10 hand
Such notions, sir, hardly require serious refuraton"
/ The Calhounites tactng out me Van Egreaifss!
The "Chiyay" Of Mobile having routed the "Rorues and
Royaii,ts" in general meeting assembled, and nominated
Delegates favourable to their candidate for Congcss-te
Van Buren, candidate thus rctires from the field:
The igHis fGuus aud the scg,pp are happy couce and
will be cigesed by the "Chiyalr with and pleasure
From hs Register * Journal
TO THE PUBLIC.
My name has among others appeared IN the columns Of
your newspaper probable candidate represent this
Congressional District. As the time j. when seIcc.
ton should be made, aud harmony and unanmiy in the
democratic party Of the first importance success
nothing should be left undonc every obstacle that
might IN the slightest degree interfere with the harmonious
action Of the whole party Nv name. believe s the only
ono among those published, that formerly belonged 10 the
old Jackson and Van Buren, party Of SEQ and 1892 1896
and l-iO and d u Uow rifhdrawH. have been satisfied
with the pure virtues Of democratic administration, and
have felt no inclination pursue lights that might end
ike an igHis tafuus boz swamp To tAose kind and
hearted friends who have within the last twelve months ten
dcrcd me their support IN the Of becoming cand
dlc Tor his district, and who, many former occasions
supported me- take This public method Of returning my
heartfelt ihunks and o. assure them lhu, my health
very feeble and renders u ont of my power think any
thing but Dc restoration. Should it please God
me to health may on some future subscribe my
| sell your public end DEVOTED servant and friend.
}. b. HOGAN.
by no means uncommon 20 hcarof Locos renouncing
the faith and avowing themselves in favor Of Bank The
/ Wing cause Is ONWARD iu Virginia State which, we
regret 10 say IT, has been the chief support Of Locooco-n
Strange the "monster' within her borders, and IL s dead
dead!! rEAu Uncle Sam D. impatient 90 put BIZ f,, ON
his archonemy, and will most a-surcdy do 30 n ~! There
b. no mslknR the signs of ho times. Wings, we need not
/ tell you 10 be Of good cheer iisr. Gaz.
The Locos after Arranging the Congressional Distnc, O.,
suit themselves aTc escaped defeat in several by mai,uts
almost nominal Pick your hins Wbgs, and the gerry
mgndsr may yet bo overcome let u. prrparr nd m events
To- carry ;.e State 10 The Presidential cecion-B.
IL The Locos congratulate tn,n.,Iycs because they
were not utterly destroyed By the Tux bill, at the late cleo.
tons. Not 30 ust, gentlemen. Tho pny.c ha5 uo, ycb
gun d. work Tho aiarr. b1rf t,ir