The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1857-12-17

very plain terms. That our fictitious sys-
TEN Of paper promises, certificates of debt,
constitute the very worst and most mische-
vous system of currency in the world, no
sensible person will deny. We commend
the following to the numerous admirers in
our country Of everything that is English
perhaps, as the rcbuke comes from tina, source
twill produce the desired effect Tie leader
/ in the Times is as follows:
/ Our translantic neighbors take the con-
vulsion Of their money market with their
accustomed GOODNESS. Their trade is for the
time, indeed almost dead. Could people
/ upon the failure OF q circulating medium,
fall back Immediately upon the original
/ principle OF commerce-eXchange 10 kind
this need not be the result for why should
not snuii-box procure a pair Of boots, a
/ pound of coffee, a beefsteak? Why should
not cutlery and carpeting, hosiery and cattle
! grain and brOadcloth, timber and glass and
earthenware come to an understanding with
each other Why should not the different
/ professions and trades accommodate each
other upon the basi. of some honest natural
bargain, without the aid of artifce and
painting and architecture, arithmetic and
dancing, law and medicine, foreign languages
and jewelry, millinery and the accomplish
ments, the classics and old china, come to
J mutual arrangement? But % PEOPLE can,
not fall back at once from au artificial
/ medium upon a natural one, the fail
ure of the former is the cessation of exchange;
/ it is tartamount to tremendous chasm over
which nothing can leap, SO that every article
/ and material is obliged TO stav on lis own
| side of the bank. "Thc grain Still STAYS in
! the W est; there are no more irc.ghts TO he
carried on any terms, and the boat, are living,
more than mile of smokcess tunnels idle
at the quays OF st. Louis" But in the
midst Of this awful stand-stil the American
mind continues cool and nothing dis,urbs
its self possession. The whole affair il taken
as an ineonvenlence-a very great inconvc-
nience, like the loss OF your carpet bag. but
not as ruin, and hardly as adversely. The
bank 'cashes under protest = the railway
" concludes to pass its dividends :. g. not
to pay the shareholders farthing. The
policy OF suspension is declared through
out the Union"
This GOODNESS is. when we examine it, the
result OF constant atmosphere OF risk, in
which the American traiesman, even in
! quiet times, lives. Ili- ordinary system
Is pitched to higher point 10 the scale of
risk than that Of the European is This is
one OF the remarkable disclosure in which
the present panic has resulted; it has brought
! this iact--famIliar enough with the world Of
Z la bn uafl inf. !,
nently forward. and put il before the eye Of
the whole public; so tina, perhaps this com.
mercia crisis heavy as il il, is not 50 i'm
portant to the spectator rs its own account
as oil account OF the ordinary stat, Of things
which it has brought TO light The nncon.
trolled issue of local paper none in the
! United States has given 10 the whole me.
/ dunn OF exchange the same uncertainty
1 which corrupt coinage gave 10 the European
/ medium in the middle ages.
/ n man who sells an article in shop lite.
! rally does not know what the thing called
money which he receives in exchange for il
IS worth. bit OF paper is handel to him,
1t Is note, issued by the Incorporated
butchers or Bootmakers:" he turns it
over, hold, it TO the light, and with the sig.
nlhcant question. You have nothing else"
GOES TO his lDetector "a book which, a,
our correspondent saws ." is itself comment
on the whole system to see if he can find
anything about his new paper acquaintance
there. If that ,aaer erpurgq'9rips-that
black list Of i" broken banks, SUSPENSIONS
and known countcrfets does not include
the offered note, he accepts il, but still re
uctantly and suspciously Every store
keeper IN the Union is thoroughly familiar
with Its process he repeats it many times
every day.
The uncontrolled issue OF loca! paper
money is the cause Of this The federal COZ.
eminent, while il reserves 10 itself the priv
iIege OF coming, practically leaves every
State OF the Union TO a paper coinage Of it,
own. the consequence Of which liberty /, the
greatest difference Of value between the notes
of different States And when there il DIFF
ference OF value there ia also-what j. the
worst part OF ia great uncertainty as to
what that difference Is So that in fact. no.
body in America exactly knows. when he is
paid for any thing. what and how much,is
paid hum \ five pound note j. FIVE pound
note IN this country: every body knows what
II IS but five pound note in America is
not FIVE pound note. Q. 10, absolutely
one. bu, with qualifications is Lou
lSlana, ora"Souih Carolina, or AZ Ohio"
or Missouri, or Maine or an Ala.
bana' five pound note. The paper coin OF
the different "Soveregu,ies ha. all It's diff
ferent value and its VARYING value. And
f'or the express purpose Of Increasing the
uncertainty in the value Of notes. the rivalry
OF the different States comes 10 20 make
facetious and arbitrary Difference. even when .
there Is none on really commerce. grounds.
II Is easy 10 see how such circulating
medium must affect trade. Goyerauent and
the great monopoists can insure specie, bu,
the ordinary traiesman depends on 9uctu.