Mississippi Democrat. (Carrollton, Miss.) 1844-18??, 1845-02-19

Their so secure, when they are thus, as II were
suspended upon the Decadaian wings Of pape
money, as when they travel about upon the So
lid ground of gold and silver. Over and above
the accidents to which they are exposed from
the unskifulness Of the conductors of this paper
money, they ure liable to several others, from
which no prudence or skill of those conductors
can guard them.-( ADAM SmTH's WEALTH OF
NATIONS.
The capital Of Louisiana is the most
important commercial point in our Union
there are few equal to it in the world
It is not stretching the Imagination very
far TO believe that in the course of moi
many years, it will actually exceed any
other on The globe. Our export trade is
now the largest and most valuable in the
Union. II will scarcely be matter OF
surprise, then, that all questions affecting
commerce will receive deep attention
from The trainers of the new Constitution,
and that none will be more maturely con
sidered than the system of paper money,
now wound up in every operation OF com
merce, and vitality affecting every move
ment Of the mercantile world.
Having shown that paper currency, no
matter from what source it may flow, is
forbidden by the National Constitution, we
will offer some remarks to prove that this
restriction, if it we're suffered to prevail in
practice, would be more beneficial to com.
merce, than any other governmental regu.
latlon that could be devised aud this chief
ly as the intelligent reader will at once
perceive, because the effect Of such re-
if enforced, would be to leave
trade in state of freedom, and TO shield
the great mass Of the mercantile commu,
nifty, and Of society, from the grasping
rule of a monopoly, such as paper money,
as a system, must always be.
OfalI commodities the value is determi-
ned by the amount Of labor necessary to
bring them INFO existence, equal quantities
of labor producing equal value: as money
is that commercial commodity which, for
the sake of convenience and facilitating a
division of labor, we employ as a standard
omeasure the value of all others, it is
difficult 10 imagine how any can be brought
TO believe it alone does not require this
quality which labor alone imparts; but
paper money not being created by labor,
can only be kept up 10 its nominal value,
by two circumstances first, its amount
must be limited second, il must be made
a legal tender, either directly by positive
enactment, or virtually, by being received
in payment Of dues to the State, for taxes,
&c. The first of these conditions, it is
clear, can never be attained or secured
while the issue of paper money is in the
hands of companies whose only object is
to make profit for stockholders. In such
circumstances, individuals having an inte-
rest opposed to that of the commercial
community and the people at large, 60
vern the amount of the circulating medi-
UNI, which will therefore rise and fall, and
fluctuate with the views entertained by the
managers Of the banks of their own inte-
rest. This interest of course will be to
have the greatest amount possible of notes
in circulation, for without this there can be
~ nro6,, and tho ovtant % which ,ho i
Nv o no ,n n will ho I;,,;,nI oni,, g.,
eu IS ;pso S% nd ~, ola wy ~
L. L. " ~, is H.. su r.,' - - -" y
So i % Wv 81 ,bo o;ronI.,, -,
ssn S hn, hn Ios,;Io - ,bo nnn, ,oG
oa.'no' wv ~ ~ n.naao.t, anJ W. s"J ~.
~ -. r. -. - .II
-. 49, "a - tho nroG,s or ~ grs,on Iaas,
~ s,ab L of business agsirs l. nroa,os,
ny IaO'' = o19''es' - 0'''No''
AN paper 'noney Is osso".ial,y 'ile 'u'iio'
though IN various socie'ies' assuming Vari-
Gus forms; some1tnes issued ny eta'es'
'ssueu ny .oiPO ', 1l, u
companies uu' a'"ays equany ues'r'c'
i've 10 'eg''llllale commerce, ne exPe-
renee OF one huhureu aho my yearsl 10
AMERICA ana OF centuries IN europe anu
ASIA, SHOWS 'nls 70 oe a iact' Is Is MOI
tune tnen 10 relOfmf III is lar from our