The daily union. [volume] (Washington [D.C.]) 1845-1857, 1845-06-10

when it falls due in August, and that crisis once
passed, the future payment may be counted upon
with entire confidence.
The losses sustained in Ohio, by the Industrial
classes holding the notes of the st. Clair Bank Of
Michigan make every man feel that the solid pros
perity fthe country depends not upon credit prom
ises TO pay, but upon the soundness and stability of
the currency. For all the ordinary transactions of
business, as well as the payment of wages, the me-
dunn of payment should be actual gold and silver
the reality and not the representative. To effect
this object il is clear that paper representatives
of the same denominations the coins of the coun-
try should be permited and it was, therefore, WISE
ly assumed by Congress, during the democratic ad-
minisraton, that all notes under 500 should be re-
fused by the government. II there were no notes
under 800, the eagles, halfeages, quarter-eagles,
dollars, and their subdivisions, in actual con would
form the ordinary circulating medium, and no me-
chanic or laborer would receive in payment for
his wages anything but hard money, and then all
the banks of the country might stop in day, as
they did In 1887, and their hard earnings would be
entirely untouched. Those who subsist by the dali
y labor of their hands, entitled to the strictest
care from the rulers of a republican government.
In Pennsylvania, since 1928, with the exception
of the relief notes,) we have had notes of less
denomination than five dollars, and the consequences
has been that there is solid coin in the possess
sion of the people than in any other State OF the
Union If the relief notes were funded or paid, and
all notes under twenty dollars prohibited here, we
should have an abundant supply of gold and silver,
and the soundest currency in the United States.
The difference between Pennsylvania and New
York and New England, is perceived at once by a
traveller In the latter, one dollar notes are legal,
and they exclude most effeciually from circulation
all but little wornout silver, which form the parts
of dollar. In Boston or New York, you cannot
get change for Eve dollar note in the largest estab
lishment, except in the dollar shinplasters, which
you are almost afraid To touch in warm weather.
1t is the extended circulation of the banks, helped
on by the studious rejection of coin by legislative
enactments, which gives rise to the nearly annual
commissions which disturb both our internal and ex-
ternal commerce, and which make the great body
of the people the prey of few daring and reckless
spectators The government of the United States
has deep interest in the question for is certain
that in the present expanded state of the currency,
six months of war would place every bank in what
is called state of suspension or what is in truth,
war gave her deprecated paper currency for twen-
ty years-her great national paper mint being una
ble during that long interval, TO sustain itself and
pay its just debts. e
These reflections naturally bring me back to the
proposition 10 purchase up, with the surplus reve-
nue., the five per cent. stock of the United States.
It 10 right in principle, and it is most expedient in
the present state of affairs. The public deposits
daily increasing in the State BANKS and they have
now reached dangerous amount. On the oath
March, l645 they were IS, 745, 764 12-on the 18th
May, l845, they were ~ ,422 443 81, being an in
crease of 673,669 80, or 20 per cent in the very
short space of two months and four days.
The accounts from the surrounding country con-
cur in stating that much suffering is experienced for
want of rain. Should the present drought continue
a week or two longer, the grass crops will be I'M
commonly light, and the wheat, rye, and corn, be
seriously affected.
Our new postmaster, DR.. Lehman, has made, as
yet, but very few changes in his office. The col
lector has made number; but am panied to see,
among our party friends, considerable dssatisfac-
ton at several Of the appointments which have been
made. LEON.