Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1853-01-13
No -.

these notes.
The currency of the State generally,
seems to be in 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 unwise
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 abun-
dance of money. This advance in nomi-
nal values is rapidly approaching an un-
nuatural elevation and should excite Jeal-
ousy rather than confidence. The indi-
; cations that we are on the eve of dan
gerous initiation of prices and an artificial
expansion in commercial and other busi-
ness affairs, are too clear, it seems to me,
to be misunderstood This tendency
should not be stimulated by an increase
of paper money. 1t is the part of wisdom
to restrain, rather than heighten this ex-
citement. To the influence of the unpar-
alleled amount of gold furnished to the
world by the mines of California and Aus
tralia, during the last year, may undoubt-
edly be attributed, in no considerable de-
gree, the production of this state of nom-
inal values. The careless observer may
regard this result as a real advance in
the value of goods and property, when in
fact, it is only cheapening of the stand
ard by which these things are measured.
Like all other commodities, money will
deprecIate so soon as an excess of 1T be
placed in the market.
A common effort, it seems to me might
be wisely made, throughout our vast
country to prepare the channels of circu-
lation for this great increase of COIN
Bank notes of less denomination than
five dollars, now occupying large space
in these channels, should be forced to give
way for the precious metals. Pennsylva-
MIA, am confident, will most cheerfully,
now and hereafter, perform her share of
this great work; and 1 hope to witness,at
no remote period, general movement of
all the States on this subject-frst to re-
move from circulation all notes under FIVE
dollars and next the fives also.
/ am fully aware, that in declaring this
sentiment | am encountering strong
adverse feeling, nor am Iinsensible to the
difficulties which would surround It's prac-
: teal adoption; but, entertaining the con-
scious belief, as l Go that it is the true
policy of our country, as regards her
commercial rivalry with other nations,
should be unworthy of your respect, orof
the confidence of the people, if did not
so declare.
The dissemination of the precious met
ais to points remote from our commercial
emporium 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
endearvor to draw coin into the interior
of the country; not only because it is the
: best currency for the use of the people,
but because of the great protection it af-
: fords against the consequences of CONNER
f. cial revulSionS When these come, and
the banks at the seaboard close and coun-
t try paper depreciates, the merchant can
I then fall back on this coin for relief. But
t if we desire to have the precious metals
r amongst US we must make room for them.
Both will not circulate at the same time,
v in the same channels. There is, perhaps,
no principle in political economy more
D completely settled, than that which de-
I monstrates that two kinds of currenc6,
differing in value, cannot circulate at the
|, same time. The less valuable of the two
I will be constantly on the surface and OBJ
truding itself upon the use of the public,
whilst the more precious article will re:
tire to quiet vaults.
The efforts of single State, however.
, it must be apparent, can do but little in
this great reform. To be complete, it
must be the work of the whole country
Forced vacuums in the channels of paper
circulation in one State, are readily sup
piled by the issues of another and thus
: the effort to introduce coin is defeated
No other feature in the policy of our coun-
try, 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 a
gainst foregn competition, so long as the
/. nominal values are greatly inflated by an
excessive issue of paper money. All his
!; theorizing about specific duties and home
valuations will avail him nothing, if the
upward tendency of prices out runs the
rate of duty. The paralyzing effect of
an inflated currency upon all our State
: and national interests when closely press
ed by foreign competition cannot be con-
cealed. at virtually opens our ports to
invite such rivalry against all these pur-
suits, and no rate of tariff that the wisdom
of Congress can devise, within any rea-
sonable limit, can counteractits influences.
: 1t greatly enhances the nominal prices of