Daily Richmond Whig. [volume] (Richmond, Va.) 1861-1862, 1861-11-04
A Currency haslss

The CoumNu1, Ca, E,qairr advocates fnarcisl
oil cy of the same carscr have urged We sug est
hat the views Of the Enquirer would be all the CT n.
elusive If Tobfcso combined with Cotton as bsS
for currency. Tbese two great stpts stand upon very
nearly the same foong Tee fact that so large revenue
derived BIZ lnd and Fsapcs from tobacco makes it
almost as ss>ary them cotton, and Ike cotton
can be pit on hard till needed Without irjnry In
previous article tho E'quirsr had assumed that cotton
va Tbs next best basis" for paper circulating medium
% specie It now says, we meant Ia1er Issued COLI r
for liar, aud cotton held a. cafe valuation. But We
maintain tina, cotton, held Is much better bass thar
ore dollar In coin for three Of paper The attr TIE
basis for the bank siue current In this
eountrya bss whose insecurity Is attested by the 'ot
th,t VII never a aleia crisis" impending and there
l. drges Of "a ruu" upon lie banks they by special
legislation authorized to suspend specie pavmsntt Is
kuo sn that most of them caUnot respond to the demand
We are nov "s )yng" the ben ifs Of such suspen.
slon, aud who can discover that 1t Il her msk's ,oD
more plenty or Increases tho acSommoda;iors and
eI,st ded by the banks The psop If /; docs neither,
10 who's. bln e. does the leg immunity Of the bank
ilur'!
But tho idea upon which we started WAS tba. the deg.
ma that pasie Is the 5isij OF the paper circulation o!
this country s lIsion We verify believe that COT
tan can now more opery be called the basis OF tie
currency Of u banks Of the planting st,tes ard We
are of opinion lha, that currency would be safer If cot;
ION were mads the immediate instead Of the ultimate be.
SIS That it is now he ultms:e basis ia established by
be fact that i: would be iupO,sbiliy Tor tho bank
10 resume sp c. psyuents until the % ton crop can be
sold, and tod 10 FOREIGN purchasers Il isctton that
must bril- the real preventative OF value and ii Is co...
tnu a. nskss a value for most other articles. B. just
a, this time agency tha debas tho exchange OF ev-
Nv standard Of value in tbs country foe the prodrc-
ions of other nations pr vents The realization CT q
y,uc o. cotton. L. is here, however, aud Is star dsrd
,aue no one doubts It's value whenever the key II
found 10 turn the bolt that lo ks it 10 from the reach Of
he hanuisc urers No one doubts tina. the key will
On be found, and DO would now prefer the rsper
mney Of our banks to cotton, If the intent was to lay
10 cit er for three years lorger-hs cotton, at b
esopabe vslualion would be eemed the safest pre-
0. rty, the b s. STANDARD Of value
We advocre merely .iAl recognition Of fact
"a great fact which sophisry cannot cohces' nor agu
meut figures contrad c. be feet that cotton lie ssft
preventative Of vsu AID we 'ocate the APPLICATION
Of this fact to the benefit Of the PIN err the merchant
he mechsuic the government, and the whole people,
How, By the Government controlling the on which
is inability to forward, and is policy, now keep,
lind Looked from the Of the world and giving
is hode,s-bs they planters, merchants specuators
b,pks-certi6cates Of it's value 10 supply circulating
msdium-trsasury notes, II you will The plinter, the
merchant the Spectator could do this, did not the
l,w prevent hin; and f the psopr generally rad conf.
iercs in the honesty aud sovency OF The individual
erer, such notes would readily pass as currency Of IN
doubted v,ue-it would not be distruss Of The value
Of the cotton that would prevsntit The Government
eau undertake this trus; IL has the nfieuce Of The
people, and issues, based upon CO ton contr He'd BY H.
you'd circulate among us be ry best paper currency
as To- as the ocksds LASS and Is lie raise
the Government coni substitute con for the cotton