324 



THE FARMERS' REGISTER. 



^ucts — the business o\' a statistical commissioner ; 

 'ihey are to collect and digest such facts in relation 

 to the improvement and culiivaiion ol' the soil 

 and the best modes of preparing its various pro- 

 ducts for their appropriate uses as they may think 

 would aflbrd uselul inlbrmaiion to the agricultural 

 community — the business of statistic collectors, 

 agricultural chemists, practical larniers, tnanulac- 

 turers and mechanics, and withal men ol' pro- 

 found judgment in these branches ot knowledge 

 and art ; they are to report the relative loreign 

 and domestic encouragement given to the varioud 

 products of agriculture and to suggest such mea- 

 sures to the legislature as may be necessary to 

 rievelope (he resources and promote the general in- 

 terests of agriculture — the business ol merchants, 

 pohiical economists, tariffites, Iree-lradeites and 

 statesmen. Now what, gentle reader, do you 

 suppose the legislature of Virginia otters in com- j 

 pensation for the perlormance of these vnst und 

 important labors'? A million annually 1 For 

 surely, vvell performed, they would be worth that 

 sum. O no; important as the preamble rates 

 them ; the enacting clauses of the law do not va- 

 lue ihem a farthing! Well now this is just of a 

 piece vvilk the whole course of American leij;isla- 

 lion on the subject of direct encourajzement o( 

 agricultural improvement — lor ever making paper 

 concessions — never eH'eciivelv doing any thinir. 

 Massachusetts and perhaps New York should be 

 excepted Irom this sweeping denunciation ; they 

 have certainly done a little — and but a very little — 

 lor this great interest. 



The'labcrs designed by government to proriiote 

 the agriculiural interests, should be assigned a 

 bureau, if not an independent department, with 

 executive or ministerial powers adequate to the 

 end. 



Now to conclude — for we have extended our re- 

 marks further than intended — the primary source 

 of all the shamelul netilect of agriculture by go- 

 vernment, lies in the supineness of the people, 

 the farmers themselves. Until theycea^e lending 

 themselves to the blind and subservient idolatry of 

 party ; till they, instead of tying themselves to 

 the tails ol' the paltry demagogues of politics, de- 

 "mand action from their political agents in the ex- 

 ecution of trusts solemnly delegated lor the pro- 

 tection of their interests, they maysiill expect a 

 kick whenever they present themselves at the door 

 ol legislation asking any means lor their promo- 

 lion. Let the larmer appreciate more highly his 

 political rights and his piolessional dignity and 

 interests ; let him be the master of his servant, 

 iioi the slave of his bondman ; let him understand 

 his own interests and urge his rights as becomes 

 one endowed with wisdom and judgment and will ; 

 and we shall see the spirit of justice anjj liberality 

 Id negleciedj, abused, injured agriculture awakened 

 in the halls of legislation. All depends on the 

 farmers themselves — they may pay if they choose, 

 all the revenues, and permit them to be expended 

 in any thing but promoting their direct interests — 

 even in insulting their interests — they may do 

 ^his ; or they may reform the legislation of the 

 country. They have a power which they may 

 exert for their own weal or woe ; let them choose 

 iheir own policy. 



DEJSULl'ORY OUSERV^TXONS ON THE BAIVK- 

 IMG SYSTEM OF THIS COUNTRY, AND THE 

 EFJ<ECTS OF ITS DIFFERENT MODES OF 

 OPERATION. ADDRESSED TO THE CONSI- 

 DERATION OF THE AGRICULTURAL INTE- 

 R EST. 



Continued from page 286. 



JCF. The loss and gain of banking to the banking 

 interest, and to the wh<de community, compared. 

 Results of the depreciated currency of solvent 

 banks. 



In the last number, the course of the banking 

 system ol this country was traced Irom the high- 

 est possible stale oi' prut^perity, and o( ihe great- 

 est safety, to its sul^)sequent and inevitable result 

 of suspension of specie payments. Now let us 

 sec what has been, and will be, lost by the com- 

 munity, lor the purpose ol' furnit^hing gain to the 

 banking and borrowing interest, by the issue of 

 paper money, and lor maintaining unjust profits 

 by means ol suspension of" payiiients. 



As depreciation ol' the paper circulation, com- 

 pared to that of' specie, (which is the only stan- 

 dard rate of value,) is the necessary precursor 

 and immediate caus"e of the banks' stopping pay- 

 ments, so that stoppage becomes the cause of still 

 greaier d<^|ireciaiii)n of the ditshonored paper 

 money. The hank notes that were but a half of 

 one per cent, less in market value than specie, 

 (while the banks paid the amounts promised by 

 the notes,) the dav belore the banks stopped pay- 

 ment, would fall 5 or perhaps 10 per cent, the 

 day alter the stoppage. The degree of deprecia- 

 tion would vary with circumstances — such as 

 the expected nearer or remoter time of resuming 

 payments, or the greaier or less excess of paper 

 issued, or the degree of public confidence in the 

 ultimate solvency of the bank>'. In the suspen- 

 sion of 1837. the notes of the Virginia banks fell, 

 as soon as the suspension was declared, 10 per 

 cent, below specie in market price, and altei wards 

 declined still more. At this time, they are only 

 4 per cent. ; and in the suspension of 181.3, city 

 bank notes, (that is, those in best credit,) were 

 20 per cent, and country bank notes liom 20 to 

 50 per cent, below the value of specie. Yet 

 all those were banks reputed solvent — or believed 

 to have the means of ultimately paying all their 

 notes and other deb's. If supposed to be insol- 

 vent, as many other banks have been, and now 

 are, the depreciation would have been much 

 greaier. The fluctuation alone of the rate of 

 depreciation adds very much to ihe tax of its 

 amount ; thus, if sometimes at 4 per cent., then 

 20, and then but 4 again, and next 10, these 

 changes would be much worse lor the suffering 

 and ignorant community (though not perhaps 

 for belter informed gambling stock-jobbers and 

 speculators.) than a steady average depreciation 

 of 10 or 12 per cent. This truth is so obvious as 

 to need no proof. But as it is impossible to ex- 

 hibit truly the evils of a depreciated currency 

 continually changing in value, let us suppose to 

 exist, and observe the efliects of, the lesser degree 

 of evil, presented by a steady and uniform rate 

 of depreciation. And, from the estimation of this 

 lesser evil, the reader may afterwards infer how 

 much more it would be increased by continual 



