Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1857-01-27
zen. In the morning, u. an carly hour. the iherm"'
meter on balu street ranged ut eight degrees 5sor
4 SOCND CURRENCY.

A SOUND CURRENCY.
The last able report OF the Seorenryo Of the Ire"'
sury, sbounds In interesting aud instructive tae'''
From 1t we learn that in 1914 before the gold mine
OF California were discovered, the amount ot sos"
snd silver, 10 the country, was es,m ,ted at one hum
drei millions Of dollars. The imports and the re'
oepts OF bullion at the mint from our mines, alter de
Quoting the exports, up to the 3Oth September lo'
have added at least hundred and fifty millions OF
d,llars 10 the amount of gold and silver In ihe eouh
try, without taking into consideration the ameuh'
brought In by emigrauts and returning travellers
nor the amount carried out by travellers ana n'er'
chanis, not entered at the custom house, nor the
amount used In our manufactures or employed IN Ind
arts. The gold and silver remaining in tile country
Is estimated by the Superintendent OF the mint al
soO,OUO,OOO; and by the Treasury Department 81
$3.50 1900 900. This large ipcrsase oi gold ana ''e'
the Secretary regards a. furnishing satisfactory pfoo
that $50 600 Of snall.no,s circulation coald be
supplied from our own mines, In the ""''rse "' tntes
or four years, without derapgng tho currency OF oP
pressing any branch OF productive Industry 'he
ouly difference, strongly argues tho secfe1sf!
"would be the supply OF home demand instead, o'
q foreign demand, and the consumption OF les'
amount Of foreign merchandise Thls, healthy ope
ration OF trade would accomplish IL remains u
inquire, In what manner, PROVISION can De mace u
have tho small nots circulation ~'tbdra~n' ana
prohibited In some of the States there are no char
tered banks, and othsr OF the states hhVc not
authorized the is,us Of small notes; whilst
others. undsr conviction Of the i'll ea=ci upon the
CURRENCY and upon thsr productive interest, have
prohibited tke!, issue and caused sher withdrawal
This Is the result Of oorrac. and correcteu P"o'
sentiment, and may be expected. sooner or atrr' ~
extend itself 10 the other States and thus acoonpsh
the entire withdrawal Of small notes and the subst'-
tuition Of gold and silver in thelr stead. for all h'
small daily transactions including the payment ~
wuges. This may not he accomplished tor years :
but ustlca TO those compelled to use small noie an
10 tho,e States that hav. used or have prohibited
their use, In connexion with the ossss, failure !"
redeem then, on demand, always iudic!. upon labor.
or such use OF than, us to render preseh1a''n i"'
payment impraccabl and tho ludction OF ihe
luss may well induce an amendment Of the consfitu'
ton, giving Congress authority to prohibit and re-
strain their use, and Induce such an amendment !"
be called for by the States that have no used or have
oe aaed to use, thsm At present An attempt 10 pro
hibit and restrain the issue aud circulation oi smG
notes. by resort 10 taxation, or by applying ban'i'
run, laws 10 those corporations, would be premature
In my former reports the ,nbec. haa been brought to
the attention Of Congress, with vlsw to the full Don
sidera,lou Of the svil and danger to our currency
from their continued use under the hope that Con.
gress, or the States authorizing thelr Issue. would
take action 10 extend the restriction and make u gen.
eral. If the small notes Withdrawn and prohibit.
ed it Is believed the operations OF the treasury, In tho
collection and disbursement OF the national revenue,
would be a. salutary restraint upon the banks and
upon commercial transactions could be inierposed,
and asufcent to secure a. sound, healthy and uni.
form currency as i, Is practicable TO have"
We do NO, see why the evil Of shin-plaster circula.
,on cannot be rene4ied by the action OF the several
States, instead Of rssortng TO the hazardous e1per.
ment of amending the United State. Constitution.-
The door once thrown open for modifying the Con,i-
tuition 10 euy one respect fanatics and traitors wou
rush in. end brood OF evils would be engendered to
perver and destroy the noble Instrument bequeaihed
to by the great 1ud pure fathers OF tha oouieGers
cy. Better 10 submit to tie of shin pasers IN
some OF the Sts:es than to ncu, inevitable nschefs
at tbs bands Of bunsns designing tinkeTs oil the
Constitution. But the experience Of Virginia, Mary
land and other Stasa, demonstrates The practicable
ty of dispensing With email note circulation. Who
does not remember the fierce opposition made to the
movements in the Virginia Legislature for relieving
the evil: Sclf.in.oroot va, buslly at work. and al
the weapons Of eloquent sarcasm and rldicuIe were
lsvelled at the champions Of a sound currency. At
ter many hard fought battles, the cause Of right pre-
vailed and the conden, predictions Of the apologs''
Of small notes have been faslaed by the result. We
have an abundance Of small gold and silver circula
ton for the wants Of the communiyi the shin paster'
OF other States have been bani.hed from clrculuton
the laboring man feels that he has full and sod
ward for his eIertons instead Of being compelled "a
sacrifice portion all OF his recelpts In the shepe
of small notes Of worthless foreign corporations oil
individual bankers and there is 6 universal Cen6.
deucs in the community. Why cannot all the other
States profit by the example and, by cautious but en-
ergetio action, all up the smaller channels Of trade
from the surpsrabundsnt stream flowing from golden
California;