Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-03-02
COMMUNICATIONS.

FOR THE ENQUIRER.
ne Currency-.nr. WcJs'er-The Restraining La,cs.
GOVERNMENTS MAY DisruRB-BUT Cop ALONE CAS-
REGULATE THE CuREENcY.-The very able communi-
cation of Giles, which extensively read and gene.
rally Appreciated has prepared the public mind for the
c!ucidaton Of this proposition. lie very clearly de
monstrates, that prices in foreign markets have
trolling influence prices here-that great and
continued rise Of our exports, especially OF cotton
casons corresponding rise of all kinds of property
with u.s. and induces the necessity for corresponding
increase expansion OF currency. lie shows also,
that great decline in the prices of our exports in TO-
reign markets, produces like decline in the prices Of
all property here, and dimnishes should diminish
proportonay the amount Of our currency.
These facts being established, il is clear, that any
grand Regulator of our currency If 1t proposes 10 fix
The amount OF our circulating medlum must be able to
ccurtcact these natural causes Of the rise and fell Of
prices, and that il only do by excluding all 70.
reign trade. If its province be more humble, aud it
merely proposes TO adapt itself to the rise and fall of
prices occasloned by the trade and intercourse of the
world, ii woald still require the wisdom of Omns-
cece order to foresee and provide for the reyulsons
oil trade occasioned by peace war, drought, plenty
Or famine throughout the universe If Divine wisdom
o;d n"t regulate the Regulator, unexpected within or
caprice Of our antpodes, like The opium affair in China,
producing decline ofprices end great demand for
specie, 10 pay foreign debts would upset the whole
machinery and leave the presnmpuous helmsman,
whether Biddle Webser0 like another Phaeton,
fairly entitled to u similar epitaph:
Ic s,us Pbaeion anriga patcrni,
Quem 81 non tenur, nagnis tamea excidi aisis.
MIR. Webster boasts Of his knowledge of currency
affairs and would have his followers believe, that it
The easiest matter in the world regulate the cur
rency, aud the bounden duty Of Government TO do so
Now, we entertain most exalted estimate Of the in.
teeclual capacity OF Daniel Webster, und believe him
be just much in earnest in this matter as King
Canuie when he commanded the tide to cease 10 flow
He very we'll knows, that the tides of trade are
as uncomfortable, by human power ms the tides
from the Ocean, and that there is as much iinpo
potent profanity in the attempt TO limit and regu-
late the former, as in the attempt TO set bounds 10
the latter. But he also understands that idoatrous
propensity Of mankind which disposes them TO nverrate
the powers of Government, and TO invoke It's aid in ali
their difficulties and he is ready md anxious TO take
advantage Of this prevailing weakness of human ma
;ure Never dad people labor under this delusion 10
greater degree than we have dore for the last 10 years
During that period, all have been waiting 10 be made
rich BY act OF Congress, OF the Legislature
We are fast awalslng now; and Mr.. Webster with the
host OF MINOR temagogues in the Whis ranks who
have been promising Relief, by Law to the people, will
soon find themselves unveiled and exposed TO the in
dignaon and contempt of their hitherto deluded fol-
lowers.
Absurd it would be 10 attempt to regulate the
currency by great "Obsoe,e Idea" or Exchequer il
is still absurd to attempt 10 regulate H. as we
do, by number OF disconnected State Banks In Eng.
land it is true, they have National Bank, and many
other Banks but they have not attempted there Tor
any where else, except in America 10 regulate, BY
law the amount of the currency. Banking with them
is free, with tring exception, for every 10
gage in who chooses and, hence the supply of cur
rency rises and falls with The demand like every thing
else and great dearh of money never exist for
the law interposes obstacle the introduction oil
money, specie, paper, when money is The article
most in demand. Not 50 with us. We have made