Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1855-01-02
THE SCB-TREASCRy.
Correspondence Of tho Washington Union
Nrw YnnE. Dec. ~, 1851

ICoTrCrp OTuouce OF tho w dsDlhSIOn inv"
NEW YORK, Dec. ~, 1881.
P.rbans one OF the mos; marked features Of the
present iinr il tho very general assent accorded 10
those general principles ut commerce ma hhhnSc i'E
which the Democratic party have 80 l"hS ana sue
~Crssfullv con;enG:c. Free trade hHs become RUE,
| aud il some melancholy monnmnnia,l like the fancy
Il rurclnnkcr OF the Tribune, c!in.s 10 the wlims "l
bv-ro.le H.cs, it serves only TO n!n:'=c investigators III
10 the fossil ru,InIls that prevailed when hhsurh laws
upon the s.atuic-hooks We're eratc!v cnactcd 10 make
nIru rich without work. Tho workers have long SINCE
Ike the moor apathccurv, been tod by common sense
that the world can create "Io luw 10 make them rlcL'
Chcnn transportation, freedom OF enterprise, ahh Il
sound currcucv are recognised n the elements oil
prasuyri,v, Individual and En,ioIiaI. Inc experiment
nj free trade WIS fatal 10 protective notions. 80, III
20. has been tie experiment ui the sub-trrasury fats.
10 bank theories. Tia. bcEcf IN the virtues Of banks
aud paper money was hut a few years since more
firmly liked Than even protective notions. The dis.
cus,,on Of sourd principles, illustrated by the sub.
treasury, has 81 thoroughly lurgcd the commercial
circles Of old talIac!"r, that Il reputation greater than
tina, of Daniel Webster. wuul! now b. rIluc,! By the
utcrauce Of such Il speech AZ thnt delivered in Wall
street in lSin, upon the necessity ot a Regulating
bank, with tho Udur OF uut!unaiity.' There has, how
ever. remained Il tolerance oil small notes, il "%rli sc-
cured Tho experience Of the past six months, how.
ever, has 80 completely shaken confidence, that We
find ultra Wlig papers ciamnrcus for their suppression
under Slu, aud for the sound reason that paper money,
when well secured, causes more evil by The tuclua-
lions il causes II The currency, than Il IGcs good when
III process OF cNI'dusiCp. thus, the Louisville jour
nal frankly admit, thu; "slnAIi prics cSpel coin from
tie channels vi circulation" thereby stimulating The
hoariing oi coi1 a; tho moment when rcvulsion uas
been caused by :he cxpor; OF III" specie driven from
th. country. lie nu:er, therefore, even II paid III
full IN the ]iinl!.I-. cause IN moments 81 dtscrcdlt II
Goubio demand tHr com 20 20 mt 81 'rr m7rSrt. This
nonlc demand If lie evil now; bu; i; il m operation
traagLt with la,iiu. good if tn" future iser.e OF snali
notes ral be restrained. The i, q matter apparently
within TIE powr- Of Congress 10 regulate The currcn.
cy, even Oh very ,:rct- construction prime Pies, s;nce
iuc issue 81 phprr r"trS L. circulate Us ;Aoncy Is thc
main scarce oil ;llr Irru:u!nr!ty whence present evils
lnainly flow. !, VIZ, formerly c"i;"ndei that The
operation o. banks wns 10 promote tho iAcustry "i
tie country b. / !ito;in- lh- convenience 81 cAP!-
:al. Some even Eul,:,t the fa!!acr that capital va.
thereby created, ID, II the note' were s." secured
,ta; the poo. 0tGcr. los, nothing, good w"n.t
result. The Lnr hc,u the case IL The present
passing aaa!c. .No:'. have been secured. HaH
holder. are paid N gold. The pressure is, never
rh.l.s., 90 sevoR, iha; ho..c:s are tarDcd oar
~ employ ani losg their wages. OF wht;
use is !: H. the worker ;ha, he :"ts pay for the small
uutc be hoIds. If h" i. turned nut q! employ for TIE
wiu,c. and can earn nothing Tie loss .! wages
this wiu.cr, caused hy HE bank rnuIC, mud the Gcpre.
citation Of the uati.Dnl wcui;h this winter by n"u-
production, would probably pay the face q: oil the
mall uo;es I've times over. SicadIness N, CURRENCY
IL tho Ir,icr1l.w. pml THIS can b. approximate
rulv bv The G.usc -! -nHl! M"'r-. Th- quantity uf
the metals IN ;hc country Is very IrcGt he follows:
III the country III N......--........ Sd ."nN,6@ O
i add al mine. 10 Isl. IL M
------
-: 81 ,GL!