The Lancaster ledger. [volume] (Lancaster, S.C.) 1852-1905, 1862-02-19
COMMUNICATIONS.
IFoR THE LANCASTER LEDGER.1
No. VII.

The paper issues Of Banks, whose Oh.
legation to redeem their promssory notes,
payable on demand by coin, is not per
formed, depend on Legislative authority;
which empowers them to pat such issues
in circulation. Their bills are used rs a
substitute for money, because the evidence
Of the Indebtedness Of Banks is prefera.
bic to that Of individuals, in the general
estimation of the people. This is found
ed on habit and custom; and a genera.
inattention to the meaning Of the new
words, "the suspension Of specie pay
ments"; which have been introduced in
lieu Of the more homely and simple
phrase that one "can't pay his debts"
There is also general consciousness
among the principal holders Of property,
and OF the evidences Of indebtedness,
usually denominated securities" that, if
the supposed wealth Of all, were placed
in the scales Of justice, many would read
the handwriting on the walls Of their
halls, "thou art weighed in the balance
and found wanting" 1t is strange how
words have been perverted things that
men regard as doubtful. are now termed
."securlies" and TO "reaize," means to
ascertain the actual loss.
The main pillar, however, on which
the vast amounts Of paper currency now
rest,-and with reasonable assurance Of
being sustained, is the Government in
,debtedness in the various forms Of pub
lie stocks, bonds, and treasury notes.
These are all known by the name Scrip,
or the writing Of the Government,-the
authorized agent Of sovereignty. There
Is no intelligent person, who can look
deeper than the surface Of things, that
would not place higher value on this
Scrip, than on the paper issues Of any in
corpora,ed company of persons, or OH the
bonds, or notes Of any individuals; who
were subject 10 the government. There
is no patriotic citizen Of the State, who
would not shame at the suggestion, that
the credit Of such Scrip should be inferior
20 that of any such issues, or securities.
Every one regards with sorrow, and NOR,
tifca'ion, rs a proof Of danger, and em
bsyrassment, the evidence that the credit
OF this Scrip is lower than the catholic
standard Of value, throughout the sphere
Of commerce. In Great Britain,-the
wealthest Of nstiops,-the slightest va
rstions in the price Of consols, are watch
ed with the anxiety ola physician, count
ing the pulse OF his patient.
If Banks were only the fiscal agents OF
government, ard the community knew
that every bank bill was the representa-
tive Of its nominal amount Of State debt,
the currency would be appreciated by all !;
anil however depressed it might become,
in its comparison with gold and silver, i,
would still serve as stable measure OF
value; for domestic traffic. The amount
in circulation would be neither more, nor
less, than enough, to enable the Govern,
ment TO employ the physical and materi
al force Of the people, for ihs common
veal; and for the private business Of so.
ciul life. fhe compensation Of the fiscal
agents, for their services, in manufacture
ing the bills. sud keeping the accounts,
would be moderate aud known to ALL
1t would be a small portion Of the neces-
sary public expenditure, and would be
eheerfully borne. II thoss agents we're
10 take of q discount, from the Scrip