Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1861-07-04
Finance and Currency.

hama, We have transcribed 1t elsewhere verbatim for the
bep,, OF our readers As this subject, at the present
time il of such vast importance to Us as Nation, we in
,,e an attentive perusal as 1t may pave the way for
sopna pocy and give rise to tho adoption of plan by
,bs Executive that sha be satisfactory 10 our People
We urge the Southern Press generally to give IL the
wdes, possible circulation, BY transferring 70 'oe'r
columns as the writer evidently practical man. shows
tina, he undsrs.ards the subject upon which be trea~
and il NAV cause those in the Confederate States who
are qualified 10 enter into the discussion to lend their
assistance through the Press foe the contamination oil
some arrangement, which shall secure to ourselves
healthy and sound circulating medium, SO much needed
in our present altered circumstances.
IBE pERAaGRMENT OF TIE CURRENCY AND THE
REMEDY.
Is WILLIAM STREET, NEw YORK.
24lh October, 1851.
To his Esoellency JANIS BUCHANAN,
President of the United Statss.
sIR.-If an apology be needed for my troubling you
with this letter. have only to refer TO the singular die
urbspce lately ruling In the money and business circles
NJ This country which continued TO level without DIS
netou all who were caught in the trommels OF credit
,ote, whether they originated OF themselves or through
their cusomers and matter TO be dreaded has now
laid hold of the leviatban moDicd interest
IN not my intention 10 give minute statement OF the
p.Ibabe cau.es which have produced sseh unheard
OF state Of it. for the present 10 cay that
the devastation then going on was ony TO pc compared
TO vide spread lepsoay Ineh no fssedy could possibly
cure The disease had got beyond control shd the only
thing visible was to let it itset out as all ampefing
could only tend 10 make bad worse.
Tho universal credit system OF the internal trade Of
this touhry WITH tie psest2 # sending back for re-
demphn eli Country bank tHs. or GScdea. mVuey,
moment they fail into the hands Of the banks Or money
changers Of Se~ York. being the two main springs Of
the gigantic erp, en- Ferssaied shall Be eoncgrfei
sb when add il il the Duty Of the executive Ct any
-~nniry when sach catastrophe happens, to come ef
ss~,. -"-s "f hs p:crle, as soon as plan be
poia,ed GU. which will prevent a rsc,urs,.. :, :
,crf calamity striking down so many merchants and
having bare the Iouudstons of every public moned ns
tuto In the country with the terrible prospective result
of affecting the general population throughout lhe ap
preaching winter Under such dreul circumstances the
political standing of this country certainly ought not to
be permitted 10 oppose aud prevent the way Of positive
r. lief 10 the people, il that relief cannot only be obtain
ed without infringing upon the interests OF trade aud
commerce they now exist nor touch The independent
action Of the several States but actually sustain all egt
innate interest in their full integrity and give stability
10 the general money market OF the Union, never yet
known 10 any country. II 10 no sudden idea--neher
h.s IL bse rp-ght about by what hear every side
but |, forms psrt OF plan wish sgbri'ted to tie Eng
sh Government some ten years since shortly after the
saus of my pamphlet finance, in December, ls45,
copy o. which Forwarded two years since 10 the late
Mr. Marcy, Shen Secretary Of Sste shich, believe,
handed by him to the Treasury Department. 81 Wash.
ington.
The most manifest evil for the general population
OF auy country is to have numberess small banks Of
ssR vao2a instructive tendency being to work TO their
own interest In their oYn distinct "Latss dad phaerer
nav ]; said 10 s contrary against all similar ns
10 other "States naturally Keeps the psbc mind in an
incessant turmoil 10 ascertain what Is good end what
bd-what to refuse and what 10 receive in payment
besides sording every encouragement TO the establish
ment of banks On false basis, where selinterest do
tss: aud through which the rick Of forged bills Is null
tipbed
Taking review Of the whole subject, and without at
temp,ing 10 combat the foolish jealousy Of the several
ESTATES" to be nterfsred With in their banking business
proceed at to the only pemedy which can be de-
vised to relieve the people Of e Unon from future de-
rangemeni and 10 pu. the common currency Of the
try upon ootng, altogether beyond The reach
of ay fluctuations in trad. The pure metals Of gold
and silver will then take their proper place aud regulate
themselves by supply and demand point being 10
y,lievs the general public from the pancstricken fear,
which carries every thing into confusion even worse
than total destruction.
would suggest frst, that nothing be disturbed which
now exists Let things remain precisely they 70
,oork their BY :hs nsg process, which is-that
the "Fsierai Government practicable be su.
thorized TO establish simply "BInk Of IsHs' for the
entire of the "Unitsd States" from which tie
sew raj banks, moned institutions and general pubc
NAV be supplied with coin and bank bills for such secu-
rites special Law may provide This FEDERAL Onion
Bdsk of Issas Of e United States should be perfectly
distinct and separae from the political or executive de-
partmcnt Of tho Government An EdrPeHdent inS;itu-
ton |gr he people. and presided over permdaely by
gentleman versed In finance and practical merchant
not "pye banker" whose rSne should appear on every
bill aud which bills should exhibit the Federal govern
ment az Iia5s for Ne value The effect Of such In
sutior upon the public mind and all other countries is
seen glance, aud Tor whioh one illustration amongst
the many will trader at Chicago wishes &c re-
NIT the amount Of his debt TO New York To do this 10
easy tines he finds himself compelled to give premium
20 thai peighbor who may be able TO give him draft on
New York TO enable him TO pay just debt and this on
the came Continent, and to trader living under the
identical came government is this just We have
right plead custom and the balance OF trade In such
clse araongS. the citizens. The principle involved
il false and should be got rid Of as quickly as possible
The CRY in the confusion ruling, H. that there
remitters New York; through which collections every
where are at stand still, and New York crushed and
this because the currency in one Slate is virtually good
for nothing In another although existing under Fed
eral Head. The "Fsdsral Bank Of hsue" would put all
the ESTATES" and traders upon equal footing Money
would be RENTED and collections made everywhere.-
The designing and the crafty would have 70 fall into the
ranks Of the honorable sink TO the level their actions
merit. Federal Bank bills would drive all excuses to the
Wind and annihiste all such eIorbtaut and unnatural
charges upon the industry of the honest trader.
The question whether any bills smaller Than "Fivs
Dollars" should be iszued would be for consideration
my opinion beiog that coin should represent all values
under the "Fre Dollar Bill" vii! now imagine the
money world Just il is aud the announcement made
that such Bank Of Issue" is opeued, free fran oil
TRADING operations and that the Bills" OF all the good
Banks OF the Union in circulation be taken from the
people In. exchange for the federal BIS" coin as
NAV be required by the holders. The ccuatenance of
.vnnll hriDb Ruaiu
themselves relieved from every shaokle except their
folly and IL voud hasten stability Of respectability
the circulation, which would be felt in every quarter Of
the globe and the "Five Dollar Bills" Of the United
States would be found with the so called Bank of
England Noss in all tho commercial cities Of the world
An enormous benefit to the commerce OF the world and
especially the community OF the vas. Union" and ob
tanned by the most simple means.
As the "BilLs" of the several Banks appeared for
change at the federal Bank Of Issue by concert Of
action they could be presented for payment at the Bank
indic,ted cancelled aud Federal bills or coin of gold
silver "copper" received from them for their value until
the whole circulation Of bills in existence through
out the "Unio" should bs Withdrawn aud the "Banks"
become what such institutions really ought only to be-
"srosit Banks" for the convenience Of customers re-
al zng profits by letters of credit diseounts loans and
all the various ways by which banks make money with
their capital
The phrase "D.rangs,asnt of he Currency" would
then pass into oblivion The produce OF the Union
whatever point would be removed to al parts of the
Union, the regular demand appeared-;he FEDERAL
BInt Bis alwsys providing for It's value, and ths
changes Of the several States W any) would then indeed
be regulated by that true degree OF credit which settles
all legitimate mercantile transactons-he laws OF sup
ply and demand.
The change would necessarily create gigantic Ins;
tuition vet very simple In its construction, perhaps in
volviug branch in each Ssatethe details and arrange
msn Of which need no, be entered upon here only to
say that the "Presdent Of tie United Std!ss" should
have an oversight while the Chief presiding officer Of