The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1858-01-05

worthy of being enQrafted on better stock But send
IL with no particular object request, but to use II
you please Suppress It, suggest IT, sound opinions OF
ANYTHING else at WILL only keeping my name unnen-
toned for which purpose 1t is copied In another hand
being ever solctous 10 avoid all offence which Is heavily
felt when retired from the hustle and contentious oil the
world IL we suffer the moral Of the present lesson 10
mass AWAY without improvement by the eternal suppres
sion of bank Paper then, indeed, the condition Of our
country desperate until the slow advance OF public in
sruction shall give to unctionares the wisdom OF
their station Yale hh persuade carsssna1n e nihi
Plan for Reducing the Creala."g Mcia@
The plethora Of circulating medium which raised the
prices OF everything TO several times their ordinary and
Standard value in which state Of things many and heavy
debts we're contracted and the sudden withdrawing too
great proportion of that medium, and reduction OF
prices far below that standard constitute the disease I'M
der which we are laborng, and which must end ma
general revolution of property If some remedy Is not ap
piled That remedy clearly gradual reduction OF the
medium to its standard lcvethat to say to the level
which metallic medium will always nnd for Itself, 70 o.
10 be In equbio with that Of the nations with which
we have commerce, .ssa-. "a e - ~
To effect this, let the whole of the present paper me
dunn suspended in its circulation after certain and
not distant day sgsts tHt if est
Ascertain by proper inquiry the greatest Of which
| has at any one time been in actual circulation
Take a certain term Of years for its gradual rcduc
tion suppose it to be 6ve years then let the solvent
banks issue of that amount In now notes to
he sttested by public officer, security that neither
less issued and to be given out IN exchange
for the suspended notes. and the surplus in discount
Let fifth Of these notes bear their face that tho
bank viii discharge them with specie at the end Of
wear another fifth at the end of two years third NTH
at the end of three years and 30 of the fourth and NTH
They will BIO to be brought In at their respective
periods of redemption. -ft5 q .i1 v.--...
Mako it high offence to receive pass within this
State note Of any other. tass II 1872 ~
There is little doubt that banks will agree readily
to this operation If they refuse declare their charters
forfeited by their former irregularities, and give sumrna
nv process against them for the suspended notes
The Bank of the United States will probably concur
If not shut their doors and join the other states
ia respectful but Arm applications to Congress to concur
in constituting tribunal Ia special convention 81 Tor
settling amicaby the question of their right TO institute
q bank and that also Of the States to do the same
stay-law for the suspension Of executions and their
discharge FIVE annual instruments should b accom-
| modated to these measures.
Interdict forever, to both the State aud national
governments the power OF establishing any paper bank
for without this Introduction shall have the same GIBBS
and flows of medium and the same revolutions Of prop
crty to go through every twenty or thirty years.
In this way the value Of property keeping pace nearly
with the Of circulating medium VIII descend graz
uay to its proper level at the rate OF about oncfth
every YEAR the sacrifices of what shall be sold or pay
ment Of the first instaments of debts will be moderate
time will be given for economy and industry 70 come
in aid of those subsequent Certainly nation ever be-
fore abandoned the avarice and juggngs OF private
individuals to regulate according to their own Interests
the auantum of circulating medium for the nation, to in
fate by deluges Of paper the nominal prices Of
md then to buy up that property at shilling In the
pound having first Withdrawn the floating medium which
might endanger competition In purchase Iet TINS IS
what has been DONE and will be done unless stayed by
the protecting hand of the Legislature The evil has
been produced by the of their sanction OF this
| ruinous machinery Of banks and justice, wisdom.
duty all require that they should interpose and arrest
before the schemes plumber and spoaton desolate the
country 1t believed that harpics are already boarding
their money to these scenes the separation
Of the legislature and know that lands have been
already sold under the hammer for less than year
| rent.