The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-04-14

the fluctuations 9 rs amount Nth s0haf would hare
been the Fluctuations totih metallic circulation.
"Some degree Of Inconvenience and pressure must
arise under any system whaieyes for the manage
ment OF the circulation. IL is the price which must
be paid for protection against the far more serious
evils which would attend a continuous depreciation
OF the currencyi and Il will therefore be cheerfully
submitted TO by every intelligent and honest com
munity. But system of depreciating the currency
must have its limit IL is process which cannot be
carried on to an indefinite extent. Whenever that
\ limit Is reached then will necessarily commence
the difficulty and pressure connected with the meas
ures requisite for checking further depreciation of
the currency by limiting It's amount These evils
cannot, upon any plan, be ultimately avoided; The
pOspone1eai Of the accessory contraction oiil, ho,o-
srer, greatly increase The intensity Of them; by super
inducing that ruinous injustice To extensive classes,
| and that general confusion and alarm which the
certain consequences of any of action which
hampers with, and endangers the stability OF, the
liked standard OF value IN a country. BY what
means the necessary regulation of the amount Of
the issues may be enforced how the standard value
OF our currency may be secured against every dans
GER with the least sacrifice the part of the pub
ic 10 the question now before The present sys-
tenn relies upon delay and expedients; II endeay
TO NY from, rather than 10 meet and overcome, diff
| cultles; It shrnks from the prompt and manly APP
pllcaton OF the remedies, painful at 6rst but safe
and etfectua in the end, which science dictates.
alt is now proposed to adopt a different course.
The difficulty is heneeforth TO be met at the very
moment Of It's commencement, and the corrective
measures, founded upon Ineligible and well-ascer-
tanned principles to be applied without Interrupt
ton, until the evil has been subdued.
"The result remains to be ascertained but all rea-
soning confirms the soundness Of the grounds upon
which this experiment is founded, and ustifes a
sanguine expectation, that, by close and steady
adherence TO principle, the safety Of our monetary
system will be more efectualy secured"
| | have extracted at some length from this pam.
phlet the IDEAS Of having the greatest practical
experience, and which, believe, have never been
printed in this country.
Written for another state Of the question: their ap.
pcabity to the present time is proof that the laws
Of trade and currency act with similar force in al
countries, and that, although influenced, yet they
cannot be governed by partial Legislation or loea
| causes.
To those who object to any examination Of this
subject, and, under the idea of present prosperity
DESTROYS Of "lettng we'll alone" it can only b,
said that if there are any who perceive yet in ex
stenee the OF the last panic silently but ye
certainly at work preparing for US another period o.
distress and humiliation, they are bound to Civ,
warning, however feeble and Ineffective such warn
| ing may be-
Already foreign exchanges are at the point Of spe
Gle shipment. Superficial minds will attribute thi.
to large imports Of foreign goods but it is necessary
to look beyond and examine into the causes of hes,
large imports.
have the honor to be, dear sir,
With much res pect,
| Your friend and servant,
| SIDNEY HOMER.