Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1852-02-23
SMALL, CHANGE.

Az sel snid by Mr. Wallace OF Petersburg, In his
excellent speech against small notes. great evil with
which we have contend is the scarcity OF silver Is
becoming scace and every day. as circulating me-
ium remedy ia sketched out by the Hartford Tunes,
which strikes us having much force AS that paper says
tho enormous addition The supply OF gold from entirely
now sources has relatively increased the value Of silver
and made the established standard OF value between the two
metals false one. Silver has much advanced in value
compared with gold that commands premium Of from two
10 four per cent for export The consequence is that the
Banks having the option Of paying either silver or gold
their paper they PREFER pay out gold with the excep
ton of very small amounts OF silver which they some'nrs
paw out for their small bills special favor As the lave
regulating the currency stands the Banks are not 10 be
blamed for this course They would he Obliged 10 pay
large premium procure silver enough TO supply the denc
for circulation and the law them the right OF paying
their bills either in gold silver they may judge most
advantageous. Formerly it most profitable I" therI T.
paw out silver but discoveries in California the Ia
hles turned and has become most profitable TO pay
out god and gold exclusively The fault is not with The
Banks but with the njudicous laws by which the metallic
currency of the country regulated The legal relative value
of silver 10 gold is fixed by law at about sixteen t.
one whereas the actual relative value fixed By the Law Of
supply and demand does exceed fifteen to one and under
the continued influx OF gold constantly diminishing Inc
consequence of this state of things is an Unparalleled scar
city Of silver con and noerabe annoyance to the MASSES
Of population in the transaction OF their ordinary COM
mercial business.
One remedy for this very needless and ve1aous evil sug
gested by the Hartford Times the alteration by Congress
relative standard OF value between silver and god and
its adjustment the diminished supply of one Of these
metals and The increased supply Of the other This remedy
however, Is very imperfect Owing the uctuatins
production Of the metals different periods this
dy Is necessarily Of transient and temporary character Ii
requires constant shifting backwards and forwards. In
another year, the standard might require be moved still
further in the direction shifted back TO the point
where it stood before.
The only thorough and permanent remedy for the difficult
~ is to be found in making regulations similar those
adopted by Great Britain with respect TO her metallic
rcncy By the laws of that country gold has, for many years
been made the ony legal tender for the payment OF all
exceeding forty shlngs about ten dollars BY this
clent regulation the Inconvenience resulting from two d.
erent trades in consequence Of the ucann
their relative values is entirely avoided. II has been fonni
to work perfectly vel! in practice there and there MT the
least doubt that it would work equally We'll IN our
country especially with the abundant supply OF gold
which one of our own States has already yeded-and will
for long time, in all probability, continue to yield The
question than arises gold being the only legal tender in Eng
land for exceeding forty shings how Is sufhclen-
cy of silver currency obtained there for the ordinary Pupo-
OF traffic and circulation This object Is amply secufen
by very simple expedien, There we'll here the right
of coming very properly vested exclusively in the govern
ment All the silver coin Of Great Britain Is aoyed in the
coinage exactly that degree which necessary prevent
it's export and retain it at all times sufficient quantities for
general circulation When hundred shngs worth OF sill
yer bullion, by weight taken the British mint to be
coined the mint returns the hundred coined
hings containing nine parts of silver and part OF al
loy-,he mint retaining the remaining tenth of the silver
as the fee for coming Nine pounds silver bullion
coined into ten pounds Of British crowns and sxpences In
cuding the alloy but tho mint retains one pound OF the