The daily union. [volume] (Washington [D.C.]) 1845-1857, 1853-02-20
Rank Notes-Gov. Bigler,s Message.

The following extract from Governor Bger's message
10 The Pennsy vania legislature administers just rebuke
10 the disposition manifested throughout The country 10
increase the of paper circulation. The increased
production of gold has had much effect on credit.
a, is generally supposed. A large amount OF bullion has
been received from California bat great portion OF II
has been exported while large amounts OF coin have been
sent 10 the Pacific coast to be used there as circulating
medium Until California was supplied with coin for cir
euaon her export Of gold dust only served when coined
to replace the sums sent from The Atlantic Much that Is
attributed exclusively to the increase in the production OF
gold to the great prosperity OF the country caused
by the operation OF democratic measures Prices are
sustained not by limited supplies, but by increased
demand caused bv an increase in the wealth and
number of consumers, who have been made more
wealthy and numerous by liberal commercial
and sound financial policy. General and pervading
prosperity creates confidence and speculation and credit
springs from confidence. When speculation and credit
lead to the Multiplication OF banks and the manufacture
Of fictitious money furnish the means for reckless en-
,erprises com nercal revuson may be expected in de-
spite Of prosperity Banks only give capital improper
advantages labor and enable the rich 10 obtain an
undue share oil the national production by means oil pa
per Credits bu, they tend 10 increase speculation TO pro-
duce evusons, and to make them more distressing when
they by driving specie from the country The re-
marks of Governor Biser dictated by wise fore
cast Now is the time supply liD whole country with
sound and sufficient specie circulation but unfonu-
naely there seems be disposition 10 all quarters,
growing out OF prosperity and confidence, 10 encourage
the creation OF banks and TO tolerate the issue OF small
notes. The independent treasury is great check /;
bat lie power is of necessity limited by the amount
collected al the houses, and retained in the
treasury The best system may be broken down
by rscklessness; and if banking corporations should
drive the specie from circulation, make State
and federal Indebtedness the basis for worthless is
sues, food the country with circulating medium OF
intrinsic value. and thus produce exuavagance over
trading. and speculation, and their natural resua CON-
mercal revusion,he very men who produced the evil
will be the FIRST TO charge on freerade principles and
the Independent, treasury. But canno, pursue this
subject further at the present time We therefore con.
tlude our remarks for the present by inviting attention
to the following extract from Governor Bigers mes
nge.
The currency Of the State generally - be In
ound cond ton, and to DO sufficient in the aggregate
amoant the ends OF trade and commerce The
legitimate ends OF business do demand such
commerce An increase OF paper circulation Il this time
WOULD my opinion, be wise policy. Indes the fact
cannot be that, TO considerable extent pres
an upward tendency in the prices Of goods and property
the cooseq Ience OF tho abundance OF money This sd
vance in nominal values 10 rapidly approaching
ual elevation and should excite jealousy rather than
hdencc The indications that we the eve OF dan
gerous nh alton OF prices and artificial expansion 10
omnsrcAi and other business affairs 100 clear, It
eems to me, To be misunderstood This tendency should
NOT DC stimulated by increase 81 paper money IL is he
peH Oh wisdom 10 restrain rather Than hegben this excite
ment. 10 the Influence OF the unparalleled amount OF
ao'd nIhsoeo 10 the world by the OF Caorpa aud
A"suahs aonng the last year may undoubtedly be attfib
used IN no noonsderabe degree, the production OF TINS
state oil pomioai values The careless observer may
ssrd this result real advance in the value of goods
and property, when in fact only ches pening of the
rsndsrd by which these things are measured Like all
other commodities money will depreca,o so coon as an
frcess OF il be plac, IN the msket.
"A DOM mon effort, II seems me- might bo wisely
made throughout vast country prepare the ohso.
nss OF circulation f,r tnis great inofra-e OF coin B,os
notes Of ie-. demo hvs doats nov ocenpy
nv arse spsc. Ia these snueis. ,hou,d be freed -
sve way ior he precious metals. Peonsyfvans an.
nhdent, will most cnccfpy. now and hereafter perform
@r share Of this great work and hope witness. st no
Amo'e period. Se~esi mopss~t Of al fAs States th,