Daily Richmond Whig. [volume] (Richmond, Va.) 1861-1862, 1861-10-21
THE RICHMOND WHIG.
REMARKS ON THE PROPOSED II.
SUE OF TREASURY NOTES.

OOnieuertte oAtes propose 10 contrary atiOhu-
fifty millions OF dola's OF which twenty millions Of del
lars 10 be 10 the shape Of Treasury Notes whou; inter
est but receivable In payment OF public dues aud con
verible Into Bones. hearing eight psr cent interest. II
Is proposed that the States and cies towns counte.
of the several Sa.ea shall make these notes receivable
for ts xes and that the lnks and lroad Companies
shsl receive them ard pay them currency. The
question 10 be sdered Can such notes be made
reDcy equal 10 spec.
The constitution gives TO Congress power "to con
msney and regulate ths value thereof and Of foreign
coin, aud declares that State Z" Il make anyEhi
but gold aud silver coin tender in payment cf debts
Therefore nothing but gold and silver is money. Yet
Bank notes, which paid on demand in specie, are
accounted end used as money; and such notes have
rgan aud again been used when the Banks itsa
leg them authorized by Law to suspend specie pay
ment Tie Bank of Epgland was required, by oil
Paa ent 10 suspend In 1897 and did not resume un'
ill 1925; and the Banks In the United States hav, been
permitted 10 suspend payment ofep and for such Pc
RODS that the confidence Of the public In Bank noes
and the value of paper currency. mast be admitted.
Adam Smith says
"Tho god and silver which crculate5 in any country,
ard by of which the prodIcs Of land aud labor
ia annually circulated and distributed TO the proper
sumtrs IT, in the slime manner The ready money OF
the dealer all dead stock IL Is very valuable part oi
tho csptS Of the country which produces nc ing 10
the country. The judcious operaij of banking by
substituting paper in the room OF great part OF this
gold and silver enables the ccuntry to convert great
part of the stock into active and productive stock
which produces something to the country"
Again, he says
- paper money, consisting in b nix notes, issued ty
peope Of undoubted credit, payable on demand With
out auy condition. aud ia fact awsys readily paid IS
presented Is in every respect equal in value TO
gold and silver money"
Ricardo says:
III there perfect security that the power Of i-s
pg paper money would not Dc abus, that is II there
perfect security for s being ufei such quantities
as preserve ils value rra iy y To the mass Of crcu
atirg commodities nearly uniform the precious metals
might be entirely discaried from cIcula lou"
An able British writer has said
"a variety Of circumstance contribute 10 make taxa
on oppressive at srenl period such embarrassed
trade depr cIted prices OF productions, dearnets OF
curn panic In the money market H.; and adds "the
only remtdy for such state Of things is general die
rboiiOn Of labor. good supply Of corn, aud money
market undlstuIbed by continual n ictuations.'
The constitution not ouy gives 10 Congress the power
10 coin money and regulate its value but alo to "kI
standard Of weights and measures" The parpoee OF
giving these powers 10 Coz gresI was TO secure far
practicable certain, fixed, vaae Of property by pre-
venting fluctuations In the value Of money. It TO
enable the seller TO know how much he ij 10 receive
and the purchaser to know how much he is 10 give Ii
10 establish usce and right in the Transactions b,
Tween and maj; aud tho States forbidden 10
make hiag o!se gold and silver tender 10 pay
nenl OF debts because IL SUI posed that the lintt
quantity of these metals caused them 10 uctuate in val
Us less than other commodities.
But IL is apparent that in forbidding the States 10
make any thing else than gold and silver q tender in
payment Of bts it less the purpose Of the
stu)n 10 strengthen and increase the value Of credit
than TO give certain and fixed value money For
thor could be no debts without previous Of credit
the regulation which requires the payment TO be made
in gold ard silver coin, the value Of which had been
regrted by Congress- tends to give the value 70
credit ~ TO these coins.
The Confederate States propose to borrow money. Have
they the meansoi payment, and will they pay they
promise to dor We believe that the people Of these
States have ample within themselves 10 advance
themselves all the funds which they may require, and
dat as the deb. will be due from themselves 10 them
4rlyea there srprehend that they will
rot pay tLemse,eL II the value OF credit depends OIL
the ability Of the debtor 10 pay aud the cersntl OF
payment when the debt becomes due and Tie people of
the Confederate States become thS sse yea the creditors
Of themselves then thers eoul be no stronger basis
credit than that Of the proposed ioaa,
The use OF public credit % OF comparatively recent
origin. ihe .tent 10 which Ii may be used by an
ghteed people is illustrated by the progress OF the
PUBLic DEBr oY ExGLiSp. We are indebted to Ayres'
Fosacisl ,gstsr Of 1851 for series Of tabl derived
from official The following table shoss ise az
gregae amount Of the Public Debt Of tEo United King.
dom at different periods. sitA ;ha amount Of the pubic
rsvenue: