Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1847-06-22

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notes sunk as low as 50 l-2 per cent, below par
All government stocks were al discount and, in
iacl, Inc war had 10 stop-a drawn battle had 10
oc maze OF it-for want OF money 10 carry il on.
lhis was The consequence of the error OF The cm-
Ihenl men oil l5iI who only did their work a
good worI, by the haf-pu: down one currency
without putting up better.
he saw this error oil 1871, and determined to
AVOID II IN putting IN end 10 The second National
BANK. tie determined in selli3g rid OF one se-
ncla, currency 10 enscavor 10 gel possession Of
another and beler. God was thai other, and
peter; but Il had been dead for thirty years; and
u.e proposal 10 revive il was looked upon with
PIT oy some, ridicuc by others, despair by al
most all. Generai Jackson was an exception
ne seized lie grand idea al once made i, an ad-
miHislialiCn measure, and brought 10 il all HE
strength which followed his great name. Sill
mere were great dihcul!ifs S.me -re,'sa d
The Bank, haunted the imaeinaiions OF many emit
nent men, and there was glea. danger OF sliding
from one species OF paper 10 another. lie (Colo
mel b. tool. a dead stand against that, declaring
thai he would prefer National Bank paper 10 Ma
lional Government paper; and giving reasons Tor
! lhe preference no; Necessary 10 be repeated here
E'Iaal!y, Government paper was given up, and
| geld agreed uPon bal new and insugmountabe
difficulties seemed 10 pIessn; themselves. Al!
agreed that the relative statute value Of gold 10
silver Q5 IN y was wrong, but no agreement
could b. had as II shat was right. An error, il
was known, would Danish one CT lie other oflhe
curlcncies-;he che against which The error
should be committed.
An over-value OF gold would Danish silver from
the country; an undcr-valne Of ii, though quite
small, would leave gold as il was-an exile from
our land. The smallest amount Of error, iIac-
tion Of cent on the hundred dollars worth,
wou! send the whole Of the over-valued meal
10 The brokers' counter 10 be purchased al pre-
MUM. And in this necessity for absolute preci-
| sion, there was room ior all the diverses ii the
human mind, and Tor all the rash OF limd ca,cn-
la,ions oil Inc f.ariul or sansuinc Fifteen and
hall, and fractions between that and sixteen, was
the field oi debate, without coming 10 conclu-
siors Tine eighteen bank presidents OF The city
OF New York, headed by Mir. Gallain, memoli-
allied Congress in favor OF ID and haf and
fractions. All were asans, l6. lie (Mr. b.
! took his stand fIr Ii 10 |. Without embarrassing
| Eimsci. with inlermnable calculations, ne took
( the practical, commercial view Of line question
| H. locked IL the countries which had SO sue
cecdcd in cqnaizing the two cufrencles as 10
make them circulate together; and found The dou-
bic circulation in those countries oaiy which had
taken lie ratio Of Is 10 |. In all where The va
iua,icn va, above thai ratio a il Cuba silver
disanpeage,.-only The Pisiareen, quarter dollar,
ami lis pa,ls being sscn there. Where The vare
was fraction below sixteen, as IN France. soid
commanded small premium; and in England,
where the ratio was little below that Of Fran c,
geld was projected against silver b. law-ihe la
Ter being only 10! change, and not legal tender
ior larger sum than forty shillirss. Sixteen 10
one then, appeared 10 be The rue relative pro-
norton between the .wo metals, and al that il
was fixed in III. bill OF 1924, but net without The
greatest excriion IN his parr, backed by tie whole
intiucncc OF lhe President, and sustained BY dai-
" and energetic articles in the Globe newspaper,
he official administration paper.
The ratio was established al Iii to !, ard The
even, soon proved that il was light. Gold pour
ed into The United States from al! countries, am
silver was -; driven u.;,. rs much as seven
Teen millions have entered the country IN slH2ie
wear; probably tia; quantity will eE,cr lhi- year
| In the lniteeen years .hat have elapsed sin Inc
! passage Of the bill, nearly one hundred millions
ii gold have been imported, aud ,aa, wilhgai is;
pt!CiH@ an.s.. -! s,s,y D.nh e"""cii aH,i GU
every brokers'. gold is seen YIN. ~ The SIDE 81
silver; YOU take your cho:ce, eXcer; when gold
IS wanted in quantity g 4 remittance IL place o!
a bill If exchange. Then a small premium, but
no. more than the current exchange is paid. The
| bankers have eo'd-ihe brokers have 1.-THE pco-
ple have il. What was once promised, ard
laughed al as ridiculous, is now seen every day as
a reality: gold flows up The Mississippi, ami dit
tc!s through the E!crs;ices .: tie silken purse
Thus il is with The people, The banks, and the
| brokers; and how is il with The federal govern
merit, and especially in The state OF war in which
We lind ourselves? We have war now, and
no national bank; We are as We were in The war
Of 1912, in THAT respect. War tries systems Of
finance, and this war with Mexico is more Sc
we're trial than thai Of 1872 because The expenses
are greater. and the war carried on IN foreign
country, whc;e no paper, bank or government
not even the notes OF The king bank il il still sur
| yiyed. would answer any one purpose. Cold
alone will do ioI the Mexican war; Wilton: il,
The war could not 90 on. Silver would be 100
| cumurous; parer-lrasl. How stands ihr qlcs-
lions OF currency, loans and credit with the iede-
raj government? You have seen how this ques-
lion stood with this government in 1919; You see
how il stands wih them now. On the 10Th
day of ApriI last The government ct loan
eighteen millions OF dollais-ail god, and at
premium! More than ihat-oiiers 10 lend The
same 10 the amour; ut iily-sevcn millions OF dol
lars were made al The same time; and the dis.
APPOINTED oiirrers sricved II their failure, attack
cd The administration in the ncwSp apers for IA
yoritism, and moi giving them iaf chance.
This is rather dili-rcntirom what il was Ia The
war Of 1912 And, as il is with loans, so II IS win
stocks and treasury notes all above par, and all
exchanecable for gold-ihc government paving
-
81 men ,ha, he had seen in Missouri were cou-
ME o. government agents sublrcasurer and pay
mas,cr-bo,h nearly buried up in heaps OF goi!,
and CRYING ont for wagon: 10 come 10 relieve
hor. Who says humbag nowl But he was
aocl natured and compromising. lie was will
ling 10 compromise they would keep the gold
now thew have got H. he would never remind any
body al the times when his arrva! in village
would be announced about thus: Ire gold hHai-
Il r-,,f
angry then. and nc laughed now; but still he had
ans hing 10 ask, and that was that The people
Would keep the gold currency now they had il
and 10 10 that ,hcy must Danish paper, small pa.
per. as he had urged them TO do so long. Gold
cannot live long in The atmosphere Of small pa
ner: il cannot endure The smell Q! lampblack and
rags.
The revival of Tie god currency was one OF
The elories Of The Jackson administrations With
on, his powerful cooperation The great measure
could not have been carried TIL. independent
Treasury, the handmade and Indispensable com
n,ement 10 the gold currency was glory OF the
administration Of Mr.. Van Buren,. The tornado
of The Tyler inlcrregnum, a tempest in Tea Pot,
had oyeribrown that institutions; il was now re es-
rabIishcd under The Polk Administration, and
was d,ipc well, II was severely tried a; The START
the state Of war then existing, which so severe.
IL tries The virtue of all institutions, and especial
" of finance. The ln!ependen, treasury was
doing well, and would Continue 10 do well while
Democracy was triumphant.
II was founded on The nature of things and was
an indispensable complement, iulfmen' OF the
gold currency system. L was founded in he ma
lure Of things, for public and private moncT
should never be mixed; public money should
never be embarked in the hazard of trade, s7ecn-
lation or banking; it should never be pu; where
The government, could net command it, where
The government hand could not be laid upen it al
anv moment. !. is necessary 10 the syslem Of
The gold currency, for i, pays out, without Pfemi-
UNI, the gold which it receives, and thus d;s!rl-
bules it among the people Not so The hahEs.-
Even the bes! OF them, and The king bank above
all, acted diilsrenlyi they took me goveshmen,.
gold to themselves, considered it their own-soid
il for premium or exported it-and then paid
he government creditors in their own notes.
The Independent Treasury coFTecis Ibis pro-
cedure, aud is The only lhlns mat can co.r.e. H.
Il is The only thing that can cause The Goveln.
mon, cold 10 be naid ont 10 The people; il is The