Weekly national intelligencer., 1851-05-03

with England make the which have gveI
rise to them an object Of earnest inquiry and to induce US,
possible, 10 find means for their prevention.
The pess in France and in England, Is much occupiet
BY this extraordinary event. and has attributed il deen
causes-to that, among Others of the importation of large
quantity Of grain but we had with no publication II
which the inquiry had been pushed TO the very
to speak, Of the question: and in which the general and per
of these great perlurbstons in the economy
nations indicated We happy have il in ou
power to announce writing published Ia Belgium lss Apr
(ls39) in which this is found clearly exposed.
NJ CRIrTI, late Professor Of Political Economy has treat
ed the question Of n,nca crises in volume Of small size
He attributes these almost periodical drawbacks which
prosperity of the richest and most industrious people expo
riencs the impeecon Of the monetary SYSTEM and the
necessity Of employing money monetary signs,
suitable than money ITSELF fulfil the functions of medium
OF exchange; and he proposes consequently the only eff
cacous of putting stop to financial crser, the reform
Of the existing monetary system, and the substitution Of
more perfect money ia room Of q metallic.
The author considers these crises from very elevated point
of vew He only himself with which carry
disorder into every branch Of industry, and into oil the
meca operations Of nation. such the fall Of Laws sys
the depreciation Of the assgnas in Frances the fail
Of 1925 and 1926 in England and abstans from speak
ing of those financial troubles, of that industrial maasc
which affects but for the moment certain classes Of producers
and the outous and variable of which the in
vesgaons science To endeavor seek these causes
in order free the labor Of from their noxous action is
to endeavor observes the auho to drive away all the ply
sical, moral and political evils which sfct humanity.
,
being itself very succnct analysis Of the economical doc
nes with which the monetary question is connected We
should limit ourselves announcing that rapidly
throwing however, much light upon matters which have for
their object value, credit saving and capitals that it sells
forth, these difficult Subjects and just IDEAS which
regret but scarcely indicated the author perhaps
ing their development for work Of greater exen which
would embrace all parts Of political science.
Speaking of pal after having observed that originates
exchange that bag Of wheat being exchanged for ten ellis Of
cloth for twenty oneanc pieces is said that ten ellis Of
cloth or twenty francs the value of bag Of wheat and
vice M. Chitt adds Value wealth only
relation Wealth is the possession Of useful hngs and value
is only the cipher the in accordance with which
full things exchanged Writers of every school have,
nevertheless COMPOUNDED value with wealth and it is this
confusion which has caused many contradictory opinions
TO arise fundamental and al the time most simple
questions concerning the economy Of nations and has
dered unfuitful doctrines concerning wealth
In the chapter capital the author draws the distinction
between capital and productive forces Capital he observes
the result of abstinence it is those products which the
abssins from enjoying and which he almost always
lends to third person, but which this third des
tine to consumption styled unproductve well to that
which aims TO be productive. Productive forces the
tray are things destined exclusively to be productive
country can be rich in capital and poor in productive forces
Witness Holland, that has the disposition Of immense capital
and finds profitable 10 place out the country than
convert into productive forces to foster and extend indus
Try home And do not think that these distinctions are
Improbable subees 1t is precisely through their miscon
cepon that the question still pending to know if be
favorable to the public prosperity to unproducvey
all the revenue, to lay by much OF It as possible con-
vering the part saved into capital and desnng to produc
ton. In fact say Save, reduce your unproductive
consumpons extend, the contrary, the productive con-
sumpons that to say create much possible products
but be very careful not to enjoy hem and thus you shall
augment your private foune and at the time The pub
c Others say Consume all your revenue foster,
by your expenses labor and production and thus while
a. the time you procuring yourself pleasures you
deserve well Ct your couny-you acquire claim public
gratitude seeing that by expenditures you give bread
to workmen, employment to capital and afford the Of
disposng Of its produce There is truth in both Of
these opinions but the SCIENCE in its present condition. offers
solution sufficiently selfevident unite all opinions.
We should be glad cite other ideas the fundamental
doctrines Of the science, which with hazard the
little volume engaging attention but hasten to
mence the principal object Of the interesting publication.
We give in few words NJ Chts theory Of crises and Of
the means ofpreventng them. The financial crisis is consi-
dered by him the result of exaggerated extension given
the industrial and commercial enterprises Of nation This
eIaggeraton Of enterprises ITSELF in his vew the result of
the excessive issue money bank notes. other
seeing tnat this paper See thrown into circulation In great
amounts and decouvet that is say, without there being
in cash, the coin Of which should be the representative
sign, inspires belief of the existence Of capital which
had existence Of power Of dsposng Of productive forces
which the country had, overstimulates the industrial
and commercial activity Of tie nation, and nces it engage
in enterprises out Of oil with the real means of
ecution which in its power And lei add that this
overe1citement Of productive forces giving greater
humber OF pecuniary transactions and consequently TO the
employment of larger amount Of money, becomes in it's turn,
aer having been the effect the of issues Of paper
money. The country is thus drawn, by power unknown
and irresistible and with rapidly ncreas ng, beyond
the bounds Of reality and stops In its unhoughor march
only AZ that moment when, its real capital exhausted per-
teves, unhapply too late, that it has embarked
terprses beyond its is then obliged settle
counts and to declare general bankruptcy, which the
name crisis given, perhaps the disgrace which
attached TO the declaration Of inability fulfil engagements
too hastily contracted.
This the remedy proposed by the author for preventing
this great calamity. Since crises result from the excessive
Issue OF paper moEey decourer the remedy appears
sany consist in preventing hee issues decty which
would be unjust and neicacious, seeing that the power
which gives circulation paper money Of the power Of
the legislator but indirectly, and this is the method
Having the choice of receiving bank con why
qurss much trouble and counting, and much space in
keeping, while notes light occupy little space and with
them the sums they represent easily quickly be count
ed The preference then given the effect Of their
superiority over coin What then be done to puta
stop to this preference, which the Of the circulation
of notes, which is itself the Of crises Coin have
o employ more general money must have the
properties which notes have is necessary give
the same form and to construct Of the material
necessary, in short to make money of paper II certain
that according to this way Of thinking. when money shall
have the qualities which establish superiority
coin only the motive for issuing shall cease
hut the money shall be preferred notes, will then
be nconestaby superior them In fact the note being
the sign and the money the thing, the being promise
and the money the accomplishment every shall prefer,
circumstances being the samr the thing the sign repre-
sen'iDg 1.-THE accomplishment 10 the promise.
cannot be denied that this reasoning logical simple and
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