Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1843-05-16
Prom the BALTIMORE American
A CURRENCY EXCLUSIVELY METAL.

principle implied in the former is adverse TO oil
forms OF circulation except hs, Of gold and silver
CON- the advocates OF national currency rnnin-
tam that mixed circulation Of specie and Of pa
per convertible into specie, is indispcnsably re-,
qusite for the uses Of trade
he following extrac, from letter recently
published by Hamer S,ans6eld, Esq. of Leeds
will show something Of the views entertained by
practical men in England on the subject Of cur.
reney exclusively metallic
"Gold and silver coin simply constitute the pet
'y cash OF the country, and the idea of carrying
on the foreign trade exclusively with j, would be
as absurd as If merchant were to attempt to car.
ry on his business with his petty cash only
III has been given in evidence before commit
tee OF the House Of Commons tha, no less a sum
than one thousand millions annually is exchanged
by iwenty-elght only OF the principal London
bankers, at the Clearing room, and all the gold
and silver wanted to effect this enormous exchange
is about 20t day. Here is petty cash INDEED
"As II is with the individual so L is with the ma
ton, which is simply number of individuals =
and that the coin Of the country is merely its net
ty cash will be palpabie when'we learn from Mr..
Jacob (who wrote on the precious metals) that the
whole amount of coin is only thirty millions, to
carry on trading transactions that must amount to
many thousand millions How many thousand
millions it wouidibe impossible to say, but guess
may be hazarded
1--WE have II in evidence that ,weniy-eight banks
only exchange bills and checks representing sales
Independent OF their transactions over the counter
and transfers from one account to another, when
Two parties bank at the same house) to the amount
annually OF El,000,000 900. Now take into ac.
coun: the transactions Of the twenty -eigh, banks
over the counter those Of fiftv.,wo other bankers
in London; those Of the Bank of England, flor
she has p clearing room of her own J those of
the Stock Exchange and Share Market; the ope.
ratlons OF all the shop keepers and merchants -
the daily expenditure of two millions Of ndivid.
uaS for food; and you will not have less in Lon.
don alone, annually, than further amount of ex.
changes of C2,000000,o0O Take the rest of
the empire a, guess land very rough one it
must be for want of da,a) to have the same amount
OF transactions as the metropolis, $4,000 900 900,
total, E6,000,000O00
1--WE have total of six thousand millions car.
ried on with petty cash of thirty millions, which
IS IN the same proportion as $50 to man who
turns over in year 10000
1t is not probable that all who from party asso-
Citations united in favor of the Sub.Treasurv.
would be willing TO 60 to the extreme length of
utterly destroying all banks and bank issues But
when men lend their efforts to establish princi.
pie, they can have no reason to complain of the
results which follow from its operations or to JUS
thy themselves If such operations should re disas.
trous. The declared purpose of the Sub-Treasu.
ry is to Introduce metallic circulation to the en-
tire extent of the Governments sphere of action.
and to Danish all other circulation therefrom. A
conflict must then of necessity arise between the
Government! on the one hand and the commercial
spirit oil the country on the other for with all the
interests OF commerce. in all ITS diversified ramif.
cations: the use of convertible paper currency is
intimately and ndssolubly blended
II 1t be said that the issue is to be between a
Sub Treasury and National Bank, that form of
stating the proposition may enlist in behalf of the
former many whose prejudces or constitutional
scruples are strong against the establishment of
particular institution called Bank of the United
States Blu. that would not be a true and complete
statement Of the question. The Sub-Treasury in
principle is as hostile TO the State Banks as 10
National Bank It's aim is to PROSTATE the whole
banking system in a word to introduce a metal
nc currency, and to recognize nothing but coin as
currency.
National Bank is to be regarded as part of
system, II IS believed TO be essential to the COM
pleieness OF the system and TO Its wholesome har.
monous operation. The unity of the Repulicb
| requires that there should be nationality in the
currency the intercourse continually going on
between the various sections of the country de-
hahus common medium of circulation il is the
DUTY oil The National Government 10 provide this
because the State Governments cannot II il is
necessary that there should he National Govern.
ment at all 1t is equally necessary that the func.
tons OF that Government should be exercised
and oil the functions of any Government, none ire
more important than those which relate 10 the cur.
rency There IS not then a more isolated cues
ton between National Bank and Sub Treasu.
ry as to which shall be the form of Govern.
mens agency for the collection, safe,kceping and
disbursement Of the public money Those ins-
tu.ions are the several representatives of two sys
tems-of two adverse systems-b0h of which
cannot be efiectuslly operative in the country at
the same time. One represents mixed currency
OF gold and silver and convertible paper the 9th
er currency exclusively me.lic. The conhic,
will be between the systems and it would be well
for all who to take par, in it, TO consider the
question in It's real principles.
One would think that me country had suffered
enough already from the hostility of the Govern.
ment towards the great interests Of the country
It's industry and productive energy, which il is the
duty Of government TO uphold and protect But,
if the project Of reestablishing The Sub Treasury
is to succeed, and if with its revival il shall be
endued with the vital energy Of Government
sustained by the popular will, TO enable it to
pu. forth its influence to its iull extent the suffer
ings which have been endured thus far will be bet
the beginning OF affection.