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1 Charles Duncombe, Duncombe's Free Banking: An Essay on Banking, Currency, Finance, Exchanges, and Political Economy 1 (1841)

handle is hein.tera/dncmbes0001 and id is 1 raw text is: MEMORIAL TO CONGRESS UPON THE SUBJECT O REPUBLICAN FREE BANKING. To the Honorable the Senate, and House of 1ejresentatives, in Congress assembled: Youa memorialists, feeling the importance of a sound currency to a nation desirous of maintaining their political independence, and financial and commercial prosperity, and having observed the zealous, though unsuccessful exertions for years past, of the Con- gressof the United Statesand the several State Legislatures,through the agencyofincorporated banking companies, to make bank paper and gold silver at alltimes interchangeablefor each other, and cur- rent throughout the Union; and having witnessed, with painful anxi- ety, the various operations of the present chartered bank system of furnishing paper to rirculale as money, and finding it to be extreme. ly defective,and occasioning the public much inconvenience, as the bank notesissued under it are not uniformly current throughout the Union, thereby making the rates of exchanges highibetween distant parts of the United States, expensive and inconvenient in remitting finds from place to place, and ii defraying travelling expenses. And also, having seen the frequent expansions, contractions and various fluctuations of the circulating medium furnished under this stem, by which the value of property is rendered uncertain, and money looses its peculiar business properties, that ef being a medial commodity, passing freely from one person to another, and as an exact,uniform, and unchangeable a measure of values, for past, present and future times, as standard weights and measures are of quantities, and precisely the same throughout the Union. Your memorialists, theretore, are of the opinion, that there must be something radically wrong in the elementary principles of the

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