Wheeling daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1852-1859, 1857-12-12
ROr the 1n.eliireneer.
CRRBNCY

POr the Intsliseneer.
CURRENCY
The all absorbing topic Just now is money,
and the remedies SUGGESTED for the improve
ment of the currency are as multifaTlous as re-
cipeS for the tooth ache. Whenever this sub
iect is discussed by bankers, brokers and 9th
ers, who ought to be, and no doubt are, the
best judges of financial matters, the public is
apt to suspect, and not without reason, that
their arguments are not likely to rencOunter
with their interests: whilst the opinions Of
the inexperienced man are equally regarded
with distrust, and hence arises one of the dith-
culties which surround the subject. If the gov
ernor of the Bank of England offers an opinion
on the currency question, the public will be told
that he represents deeply interested party,
whose interests he is more likely to consult
than the inteSeSt of the public; and if such men
as Charles Dickens and Douglas Jerrold, ven
ture to write essays on the same subject, it is
said ''literary men know little about such mat
tiers.
Some ten or twelve years ago a series of
excellent articles, on the question of currency,
appeared in Douglas Jerrold's own newspaper,
written by himself and other eminent men; but
for the cause assigned above, it appears, did not
attract the attention it deserved. Douglas Jer-
rold argues that a nation may be rich and pros
porous without having large amount of hoard
ed gold. "Phe average amount of gold, says
y
cellars of the Bank of England, is estimated at
ten million pounds; this vast amount of specie,
being kept ont of circulation, is of no more
benefit to the community than if it were melted
down, cast into bail or cross and placed on
top of St Paul's, nay, in the latter case, every
Briton would have an opportunity to feast his
eyes on this much boosted of evidence of
Englsnd's wealth." He advises the emission of
treasury notes in sufficient quantity, and of
such denomination, as the exigencieS of trade
may require such notes to be illegal tender"
He freely acknowledges that the plan would be
attended with some difficulties; but not, he con-
tends, insurmountable ones 1t is a subject
that in old times and all countries has been be-
set with difficulties. See the comments on the
currency question in the recent Presidents
Message, and particularly note the concluding
paragraph. Alter recommending to Congress
to pass law for the regulation of all banking
institutions throughout the United States, Mr..
q. concludes: "But this say, after long and
much reflection: If experience shall prove it to
be impossible to enjoy the facilities which well
regulated banks might afford, without, at the
same time suffering the calamities which the ex-
cesseS of the banks have heretofore inflicted
upon the country, it Jc0Hld then be far the
lesser erH to deprire them altogether OF the poic-
er to issue paper currency and contine them
TO the functions of banks of deposits and dis
count" The evils resulting from the present
SISlclIl less luail III
the United States, which may be attributed to
the public faith in the stability of the Bank of
England. This confidence is owing, in a great
measure, to the well known facts that the Brit
ish Government is its main debtor, of whose
currency no doubt exists in the public mind
present below few of the reasons assigned
by Mr.. Jerrold, why be prefers government
paper currency than excessive metallic CuTTen-
cy. First-"The natural wear or waste of me-
tal-loss by the fraudulent practices of slee0tiHg
and clipping coin-losS by casualties" The
loss of gold in the United States from these
three causes alone, must amount TO several mil.
lions of dollars annually. paper is more con-
venient to carry" the western merchant who
takes only 81. 600 in specie to New York, can
testify to the truth of this remark.
at (paper) is not drawn out of circulation"
If the foreign merchant requires gold in OK.
change for his merchandise, he may be supplied
with it as easily as with lead, iron tobacco, cot
ton or any other commodity for which he chooses
to barter; but such barter ought not to disturb
the circulating medium" Of which the curren
cy Of the country is comprised
The frauds by forgery upon the present pa
per currency of America have attained fright
full extent whilst in England, counterfeit
note is rarely seen; spurious coin however
is issued there in immense quantities
Every man vino is in the practice of inspecting
bank notes is well aware that he can detect
counterfeit much moro readily on note he is
well acquainted with than strange note
Would a Wheeling tradesman, for instance, be
likely to take counterfeit on the Merchants i
Mechanics Bank of this city? Are not the
faces of the females, the men and the dog, too
familiar to the eye for the best counterfeit TO de-
ceiye him? The notes in circulation at present,
are engraved from upwards of thousand diff
erent plates, and hence the frightful magnitude
of fraud practiced upon the public. V. a.