e, profiting by their present tuition, are learning
wisdom by the things which they suffer in the defence and enforcement of
right.

Of a specie-currency the defect is want of constancy. This defect,
derived from its material element, has a particular and a general
aspect. The particular is the reduction of the quantity of metal in
coins. The Roman money-unit--the _as_--consisted originally of a pound
of bronze; that of England--the pound sterling--and that of France--the
livre--consisted each of a pound of silver. The first Punic war caused
the pound of bronze to be reduced to two ounces; the second caused its
further reduction to half an ounce; and what now is the weight of the
pound sterling? where now is the livre? and what of coins generally?
Like these individuals, types of the class, they depreciate. The general
aspect is, the occasional reduction of the quantity of coin in
circulation. The merchant, believing it to be more immediately
profitable, exports the coin,--that is, finding the currency to consist
of an article of merchandise that suits his immediate purpose, he treats
it accordingly,--though by so doing he causes a rise of prices where he
buys and a fall where he sells, and to that extent nullifies his own
business-intentions, and deranges those of others. If this derangement
be sufficient, hoarding commences; and as this action multiplies itself,
the currency is soon reduced to its minimum quantity, and business of
every kind with it, until the industry of the country is reduced to a
state of atrophy, until a mere commercial derangement is converted into
an immense loss; because the rise in the value of the currency, due to
its scarcity, causes a corresponding fall in the value of all the wealth
of the country, and thus checks industry and stays production.

These defects are not pointed out for the purpose of preventing the
adoption of a specie-currency. There is no probability of such a
currency ever prevailing in this country, except in the neighborhood of
the mines, and there only for a time. Much is said about it, as is
usually the case with subjects that are little understood; but the
driblets of specie that may be seen occasionally are not a currency;
neither are those larger quantities held by banks and brokers. Indeed, a
specie-currency in the presence of bank-notes is an impossibility,
because the notes proclaim their own inferiority; consequently, the
specie is retained and the notes circul