The mountain sentinel. [volume] (Ebensburg, Pa.) 1844-1853, 1853-01-13
NUMBER Il.

ed.
l hope, therefore, most sincerely, that
the General Assembly, in the exercise of
its wisdom, may devise some mode of brin-
ging about speedy cancellation of these
notes.
The currency Of the State generally,
seems to be in a sound condition, and to
be sufficient in the aggregate amount, to
answer the ends of trade and commerce.
An increase of paper circulation, at this
time, would, in my opinion, be unwiso
policy. The legitimate ends of business
do not seem to demand such increase.
Indeed the fact cannot be disguised, that
to a considerable extent the present up
ward tendency in the prices of goods and
property, is the consequence of the abur.
dance Of money. This advance in nomi-
nal values is rapidly approaching an un-
natural elevation and should excite jealousy
rather than confidence. The indications
that we are on the eve of dangerous IL
fation of prices and an artificial expansion
in commercial and other business affairs,
are too clear, it seems TO me, to be misun-
derstood. This tendency should not be
stimulated by an increase of paper money.
1t is the part of wisdom to restrain, rather
than heighten this excitement. To the in
huence of the unparalleled amount of gold
furnished to the world by the mines of
California and Australia, during the las.
year, may undoubtedly be attributed, in no
inconsiderable degree, the production of
this state of nominal values. The careless
observer may regard this result as a real
advance in the value Of goods and proper
ty, when in fact, it is only cheapening of
the standard by which these things are
measured. Like all other commodities,
money will depreciate so soon as an excess
of 1.-THE placed in the market
a common effort, it seems TO me, might
be wisely made, throughout cur vast ccun-
try to prepare the channels of circulation
for this great increase Of coin. Bank notes
Of less denomination than FIVE dollars,
now occupying a large space in these chan
nels. should be forced to give way for the
precious metals Pennsylvania am con-
fdent, will most checrfully, now and here
after, perform her share of this great work
and l hope to witness, at no remote period,
a general movement of all the States ON
this subject-frst to remove from circula-
tion all notes under five dollars and next
the tivcs also.
am fully aware, that in declaring this
sentiment L am encountering strong ad-
verse feeling, nor am l insensible to the
which would surround its prac-
teal adoption but, entertaining the con-
scious belief, as l do, that it is the truo
policy of our country, as regards her com
mercial rivalry with other nations, Ishould
be unworthy Of your respect, or of the
confidence of the people, if l did not SO do
clare
The dissemination Of the precious met
ais to points remote from our commercial
should be facilitated by every
proper means. Such distribution cannot
be fully accomplished, so long as the chan
nels of circulation are supplied with small
paper issues. Every merchant should en-
deavor to draw coin into the interior Of
the country; not only because it's the best
currency for the people, but because of the
great protection it affords against the con-
sequences Of commercial revulsions. When
these come, and the banks at the seaboard
close, and country paper depreciates, tho
merchant can then fall back on this coin
for relief. But if We desire to have the
precious metals amongst US we must make
room for them. Both VIII not circulate at
the same time, in the same channels
There is, perhaps, no principle in political
economy more completely settled, than
that which demonstrates that two kinds,
of currency, differing in value, cannot cir
culate at the same time. The less valua-
bic of the two will be constantly on the
surface and obtruding itself upon the uss
of the public, whilst the more precious ar.
ticle will retire to private vaults.
The efforts of a single State, however.
il must be apparent, can do but little in
this great reform. 10 be complete. il
must be the work OF the whole country.
Forced vacuums III the channels of nauer
in one State, are readily sur
piled by the issues of another and thus the
effort to introduce coin is defeated. No
other feature in the policy of our country,
[ sincerely believe, SO deeply concerns all
our great interests as this subject of the
currency. In vain will the manufacturer
rely on the tariff laws for protection against
foreign competition, so long as the ncmi-
nal values are greatly inflated by an exees-
sive issue of paper money. All his theo-
rizing about SPECIFIC duties and home VAL
uations viii avail him nothing, If the uD-
ward tendencysof prices out runs the rate
of duty. The paraiyzing effect of an infa.
ted currency upon all our State and nation.
al interests when closely pressed oy for
eign competition cannot lie concealed. ssT