Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1853-04-22
RICHMOND ENQUIRER.
PROSPECT OF A metallic CURRENCY.

s PROSPECT OF A METALLIC CURkkNoi.
s The news is tha, silver is pouring Into e mint IN
III teiruped streams. from all parts of the Union Du'Ns
first fifteen days after the passage OF the a't VI
i relation the subject, less than szooU'ooO - w
Sc was received at the mint The Banks oi "''' .'''
nS us those OF all other sections oi inc o'O'' 80,
splied with this new coin Its value Us newly oo'"' -
E,adpcsd no - nraven lis commanding any longer le ias
E;r ,h,b h,ve made il object win brokers' !
,or sac and exporta'ioni anu caused i's al
ns mos, total withdrawal from c'rcuia''''i'
yH rho min, il actively work under The ne" 'h" :" o'
In the preparaton OF silver change r'' So0 "
will conine operations 10 'he - u''
dollars II is aso still busy In preparing III
i, d,l,,s nnd is forwarding large quantities OF ina
10 All parts Of the Union. These three denomination
small change will soon be possessed IN snnceh iaf
where 10 supply all the wants oil Tue couh
and 10 dispense WITH and drive Of circulation lh
sspuous shin plaster currency nestng hs comnuni
Bly, If the people will but resolve upon this result vii
Ebe very speedily accomplished Ii the Wing party OF Flr
aeinia will but make half the effort TO nd the country OF tn
snuisapce which they make scatter the nuisance abroad
and 10 throw the odium of its circulation upon the Demo
cratic pary and Legislature the sight OF shnplaser WI
Ebe thing Of The past.
q The course of the Wing party In the Legislature
EanJ now in the spring canvass, upon the subject o
Hsmai noes s All illustration of their proneness TO Ie
SORT 10 expedens which only aggravale The evil wlcl
H,bcv nr,,end 10 remedy Their plan for the uboshing
m, notes is to let Virginia Banks Issue batch
Eand precpatc avalanche of them upon the country
srhev advocate this expeden the very law Of Con
es is going into operation which will supply The want o
silver and al very time when the abundance OF the gold
production and tho rapid coinage OF gold dollars renders
their expedient than useless Their policy on this
and all subjects Is srpdisncy-e for
4 fever. They stand up strongly and perseHrr"ely
aagainst an evil They attack it with remedy a!
goes 10 s root and They quack treatment
paatves and The futile conces and inventions OF
enprcsm They only aggravale the sores on the body
poic and because the Democratic party will not Join them
in their dangerous foies and angs-lhey lay the tame Of
ehe own failures long the evil exists at their doors
Lei the hanks supply themselves with .ha gold dol
Srs and The silver dimes and quarters Let them pay
them out freely their counters Then will they rid Inc
country OF the spurious currency which floods H. and
cure for themselves the profits OF the circulation which Tie
spurious paper has usurped Tine banks of Virginia by
free use of the coins have the remedy OF the existing
5ev entirely in their hands They render The
OF tte shin plaster currency unnecessary lon The IA"
against small can be enforced Then Their own en-
cuation will full sway in The State Then viii The pr'
Die be supplied with Democratic currency Then viii
the banks and The Wing party find their expedient OF su
Ing small notes useless. Then vii! the Democratic party
lend its powerful support 10 The SOUND ana SUCCESSFUL oa
ing system OF Virginia
We publish the following excellent article from lhe lok
Journa Of Commerce. sustaining the views and policy of
the Democratic party in Virginia The banks and the
4cans know that views and that policy have been The
scorect ones Their organ, the Journal Of Commerce
speass their sentiment the subject
SMALL B,LLs--iu The war waged against small bills
me tweny yea ago. the Jouruu of Commerce defended
them. ths gaRnd that they were public cOnSeefnr
4crcuation, and silver dollars being 100 @ n -
carried in the pocket, Moreover the small hs e ~ ci
ulaon were generally issued by sonnd hones specie
BANKS located al the places rheTs their business l0aS
carried on, and were, 10 al ih'en'' 'ho pu'p' ~ Nr
sentative OF specie i, ,;- So. .,,.
.od The abundant supply of gold from California,
@ H.. rant conversion OF by the mint into single dollars
the necessity Of loading the pocKets win se
I'M, absence OF small bills; and The miserable as "hlc
5,w N LARGE extent fills the channels OF snaltli cifcn
,;n I least in this vicinity instead OF commanding pub
liz vor by its uudoubted safety ana rtaoy coh'efuy
coin creates disgust and thing ut the very se OF u
,aa than this the process goes on, II s inevitable
crash will come which will sweep the most OF ese
@ ma out OF The world leaving their promises
and redeemabe on the hands oil the pubic 10
omn Of milons for which the operators will have re-
eved value and with which they may be rolling IN spendo
Willie their victims suffering for want oil the necessares
3nr life. Almost all the swinoing
4much the larger part of it Consists oi bus below
s,hs dsnominaiiun Of five dollars. The advantage 10 hs
swndler is that small bill is less kely 10 De REUSED
n bv those who doubt ils safety than large one anu
s.snaciaIv because small bills most Hey 10 circulate
the poorer classes who are mol JUDGES 81 money anu
snuny of whom obliged 10 take ~haeSet ea, ei'y
100 ,hen, OF course when the bubble bursts las II
2,ev wl The poor will be the greatest sufferers ana WI"
forth The loudest against me Banhs 10 which,
without much discrimination hoy WI, @ duh,ss be
s.yils These curses many o Inc operators WIN o
willing 10 bear if by OF suspension or
hev can buy up their rags al small per cenlase VI
nominal value and lhen resume pay h'c"'' az" - ~ -
Cousra Jacksons "spccie circular" which excited 50
murh indignation among the spectators OF $780, was 10
: tho rv
,,a 70 nreyen The catastrophe 1t by concerted move
among the different States the issue and circulation el
bills under S. could now DC Pronoe" ano e P h
, and especially in New York, the effect would De
st sautary both in purifying the currency anu IN cecS
snu EXPANSION extravaganza and Jolly lhee never was
whom The measure could be conveniently, safcy ana
sbenefcially accomplished as al present. ., -, .
Z II the small circulation were feplacou WI" s"u, =
Rnt manic would be less likely TO happens ana IL siiou'u
h,nn,n woud be TO The banhs ana Tess m
surous 10 The public Especially the poorer classes "o
generally the greatest sufferers oy sucn calal,
sbe comparatively unhamed Moreover the vast aeeeeae
G GOLD in circulation would be resource 10 e bahhe ~
case ~ need as they could easily contrlve to turn
nj il into her Golfers Prohibit small bills oy an elnceh
md goI1 will take their place matter OF course
sWe know il will be said by some and hoped oy othels M
feuch law if passed. would be dead letter. IKE 'na "n
enacted twenty years ago. prohibiting the circulation
sma,I hills from other SkdtcS This does not iooW ro
"a we have said before the oil Inc case are GU
I;rcv changed The law Of 1880 W that was the year.
NOT demanded by any public exgency, mucn less oy puo
rm.nt II was not a law against small bills as such ou
against tho small bills OF other States many Of Whet
sod higher in The public estimation and were at less
Ecoun, in This market the bills of our own interior
sbanks. That law, therefore, was loeta uhncghooy aI
t enforced would have been followed by reahaton ~ u
S,xciuaed States il was contrary 10 the spirit OF our s
urions The proposed would be liable 10 none OF 'es'
s"hlectons On the contrary demanded by the public
hasey and the public necessity If there were any oange
It's becoming imperative societies would dououess oe
bsan'zed to enforce it, The principle involved would pc
e SOUND Currency Shnpastesi" principle worm & con
h.enahg io all The employed throughout the land "ou'
IN The change; and liberal minded employers "out
Jpee 10 H. TOO With 100000 600 arriving annually IRON
we ought ohave the soundest currency in 'h
wou whereas In point of fact have in the matter
dn proper about the large part OF lt-ai
The VIA "a! portion "i its discount at the place
dcluai compared with with Bank notes re
Hdcemabe win specie Ii is said 10 be secured by stocks
lands; but what TINS security 10 we shall
mo. II IL sufficient protect the bills at par
6experiment will chow II.
The plan proposed by the petitioners to tho Legislature
for law forbidding any Bank in State 10 receive mo
n ncy deposi, at greater dscoun, than Of one pc
mt will mitigate The evil IN respect bu
another by increasing The of discount on tho Wi
sCa currency What is wanted is some system which vii
ween the whole thing by the board law Prohibiting IN
mr. circulation of bills of less than s5 under suEcjen