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 therebuke comes from that source.
twill produce the desired effect The 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 a circulating medium,
fall back Immediately upon the original
principle of commerce-exehange in kind
this need not be the result for why should
not snuii-box procure pair Of boots. a
/ pound of coffee, a beeisteak? Why should
not cutlery and carpeting, hosiery and cattle
! grain and brOadcloth, timber and glass and
carthenware come to all understanding with
each other Why should not the different
professions and trades accommodate each
other upon the basis OF some honest natural
bargain, without the aid of artifice and
painting and architecture. arithmetic and
dancing, law and medicine, foreign languages
and jcwery, millinery and the accomplish
ments, the classics and old china, come to
mutual arrangement. Bat a. people can
not fall back at once from an artificial
medium upon a natural one, the fail
ure OF the former is the cessation of exchange;
it is taEtamount to Il tremendou, chasm over
! which nothing can leap. SO that every article
and material is obliged TO stay on lis own
side of the bank. "The grain Still STAYS in
/ the West; there are no more ircights to he
carried on any terms, and the boat. are living,
more than a mile of smokees, fumes. idle
at the quays OF st. Louis" But in the
midst Of this awful stand-sti the American
mind continues cool and nothing disturbs
its self possession. The whole affair is taken
as an lnconvsnlence-a very great inconvc-
nience, like the loss OF your carpe, bag, but
not as ruin, and hardly as adversely. The
bank "cashes under protest = the railway
concludes to pass its dividend. - ,. g. not
to pay the shareholders ar,hing. The
policy OF suspension is declared through.
ont the Union
This GOODNESS is, when we examine il, the
result Of constant atmosphere Of risk, in
which the American tr;desmau. even in
quiet times, lives. His oriinary system
Is pitched to higher point 10 the scale OF
risk than that of the European is This is
one of the remarkable DISCLOSURES in which
the present panic has resulted; il has brought
this fact familiar enough with the world of
trade and the well-iniormcd world-promi-
nently forward. and put il before the eye Of
the whole public; so that perhaps this com
mercal crisis, heavy AS il il, is not 50 i'm
portant to the spectator As its Own account
a. Oh account OF the ordinary state Of things
which il has brought 10 light. The nncou.
.rol'cd issue of local paper money in the
United States has given to the whole me.
] dunn Of exchange the same uncertainty
/ which corrupt coinage gave 70 the European
medium in the middle ages.
/ y 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, A bit OF paper is handel TO him,
it Is note, issued by the Incorporated
+ Butchers or Boo'makcrs;" he farms it
, over. hold, It To the light, and with the sig
nltcant question " You have nothing else
goes TO his Dctector il book which. a.
our correspondent saws, is Itself commep,
on the whole system to SEE if he can find
anything about hi. new paper acquaintance
there. II that inter erpurgaf1yius-that
black list Of broken banks. eu.pen.ious
and known countcrfcits does not include
tie offered note, he accepts il, but stiIl re-
luctanty and suspicously, Every store
keeper IN the Union is thoroughly familiar
with its process he repeats it many times
every day.
The uncontrolled issue Of Local paper
money is the cause of this. The federal GOV
eminent, while it reserves 10 itself the priv
ilege OF coming, practically leaves every
State OF the Union 10 paper coinage Of il
own, the consequence Of which liberty j. the
greatest difference Of value between III. notes
OF different States. And when there is diff.
ference OF value there ia also-what il the
worst part OF it-a great uncertainty as 10
what that difference /. So that. in fact. no.
body IN America exactly knows, when he is
PAD Tor any thing. what AMI how much,is
paid HIM. five pound note is five pound
note IN this country; every body knows what
1t Is; but five pound note in America is
not five pound note. - Dot absolutely
one. but with a qualifications is Lou
lsiana, ora"south Carolina or AT Ohio"
or Missouri" or "Main- or an Ala
bama" five pound note. The paper coin Of
the different "Soverelgutes ha. all its diff
ferent value aud it. VARYING valle. And,
If tor the express purpose Of Increasing the
uncertainty in the value OF notes the rivalry
OF the different States comes in 70 make q
Factions and arbitrary d!tferauce. even when
there i none on really commerce. grounds.
II Is easy to see how such q circulating
medium must affect trade. Government ard
the great monopolists can insure specie, but
the ordinary ,ra,iesman depends on Huc,u.