The Jeffersonian. [volume] (Stroudsburg, Pa.) 1853-1911, 1854-01-12

ia. III vain Snaii we seek 10 QlSSemlDat
! coins throughout the country, and Undue
! their circulation at points remote fror
the atlantic cities, SO long as small pape
is permitted to exist. If notes of the de
nomination of FIVE dollars were withdraw
from the channels of circulation, the va
cunm thus created would be rapidly sup
piled with gold and silver, and SO alst
with those of a greater nominal value
But so long as this paper medium is per
mitted to circulate, it will be impractical
BILE to induce the general diffusion of coin
The people inquire why it is, that will
the vast increase of gold $50 little is seen
The answer is, that bank notes always in
tervene. The trader, merchant, and 9th
ers, retain the coin and pay out the paper
and the only remedy is to be found in the
removal of the latter. There is, perhaps
no principle applicable to this question
better settled, than that which proves
that two kinds of currency, differing in
value, will not circulate together. The
least valuable will constantly be obtruded
whilst the more precious will be dis
placed. The gradual withdrawal of the
smaller denomination of paper, presents
to my mind, the greatest practical reform
that can be applied to our system of cur
rency. The exchange of one paper sys-
tenn for another, and the incorporation OF
restrictions on this or that point of the
one we have, although often right and
necessary, can never eradicate the evil.
| would not, however, be understood
as favoring very sudden alteration in
our system of currency, regarding as
do, all violent changes in the policy of
government as unjust and oppressive
All the business arrangement of the coun-
try are based upon our present plan, and
it is so interviewer with the general af-
airs of life as to forbid its rapid with
drawel. But the beginning should be made,
and We should prepare to throw off a
system which will in the future, to great
er extent, perhaps, than in the past, rem
der our country tributary to her rivals,
and make our people "hewcrs of wood
and drawers of water to other nations"
No other reform in the political policy of
this nation, [ sincerely believe, would
have such direct tendency to promote
all the great interests of the American
people. A practical, safe and efficient
mode of carrying out this work, is to be
found in the gradual extinguishment of
bank notes of a small denomination.
This reform, however, to be complete,
and to give the people the full benefit OF
its salutary effects upon our commercial
operations with other nations, must be
common to the whole country The eff
forts of single member of the confeder-
acy, however thorough and well directed
can achieve but partial success. Even
in local point ofview they can scarcely
exercise controlling influence. For in
stance, vacums in the channels of paper
in one State are too liable to
be supplied by the issues of others, inter-
dicted, though the circulation of the latter
may be, by positive law These consid-
erations have suggested the Importance of
a simultaneous action of the States on the
subject, and it has occurred to my mind.
that "a convention of delegates from each,
by the respective Legislatures,
might be good mode of directing public
attention to the subject, and securing cf- +,
6cicnt action.
In the meantime, our State can take
the lead in this work, as she can also
carefully restrict the evil tendencies of
the present system, by requiring the in
stitutions now in existence to make more
settlements, and reader more ef-
ticlent her present system, by con-
fining the amount of banking capital,
as basis of paper issues, to the lowest
point consistent with the demands of le-
gitimate business. l believe the a
mount We now have comes up to this stan
dard, and that the best interests of the
people require that it should not be in
creased.
Efforts, extensive, energetic, and high
ly commedable are being made in all
parts cf the country to advance the inter-
ests of agriculture, by the dissemination
of correct information concerning this
great pursuit, and in this way bestow u
pom the farmer the blessings of scientific
as we'll as a greatly refined, practical un-
derstanding of the noble work in which
he is engaged.
Pennsylvania, SO eminently an agricul-
tural State, and therefore so deeply in
cannot be Indifferent to the mer-
its of this enterprise. Her best energies
may wisely be exercised to secure its sue
cess. Already much has been accom-
plished in the way of removing prejudices
heretofore extensively cherished against
any system of agricultural education, and
by the extinguishment of doubts as to the
utility, or even the practicability, of ap-
plying the principles of science to the bu-
siness of farming.
The belief that these principles can
be applied, | am gratifed to perceive is
rapidly gaining popular favor. Indeed,
the experiments which have been made in
this country and in Europe, clearly es-
tablish the utility of scientific farming. and
in both, the necessity for such system
is manifest.
A proper understanding of the constit-
Il. IL Al