The enquirer. [volume] (Richmond, Va.) 1804-1815, 1811-08-13

was III the UaDi, OF SilppihS tarr: quantities
of Cotton yarn ID the continent. and conse-
uuen,iy, wanted our raw material To manu-
tacture; that in the same direction. she
found market for much ct our tobacco
THIS trade is now ~ an end Besides, ut pre-
sent she receives considerable Cotton from
Serre Leone, on the coast OF Africa, and
from the Spanish & Portuguese settlements
in South America; whereas, III 1907. she
received none iron, either of the settlements
above alluded 10 From these circumstan
ces combined, is may be fairly Concluded
that t.,enty jfve millions of dollars OF Ame-
rioin produce Imported into her territories
il, one year. would ovcrstock the market.
Every cent boy ond that amount would be-
come a drug. and comparatively speaking,
OF no value in that country. This, however.
would still leave Us in debt to her AZ the
end OF the year, thirty millions of dollars.
In what manner, then. we repeat the
question, is this enormous balance To be
paid G.. Britain p, evions 10 the French
DEGREES and British orders in Council. orr
trade to the continent, both in col NAL and
our own produce, was very extensive, aud
lett large balances in our favor. which was
retnitted to England. and thus we dischars-
cd the debts We had contracted with her
merchants. Or, in moce intelligibie Ian
guagc, we pu, chased of G. Britain, in 1907.
fifty FIVE millions of dollars in her manu-.
faotured goods, and sold her thirty millions
OF our produce. During the same period.
we purchased of France, Spain, Holland,
&c. &c. ten millions Tor any other given,
sunny of their goods. and sold them 35 mil,
lions of ours Ehe balance due us, we car
ried or RENTED 20 England, TO pay tha dsbt
we owed tn her. Thus our accounts were
liquidated with a. Europe. without draw,
ing FROM the y. States enc specie dollar.
But these iiFOes have passed away, and o.
theirs have come. As heretofore, we fail in
debt to Great Britain thirty millions of do,
lars in ont year but t,e continent If Eu
rope is impoverished. and unable to pur-
chase our rawniaterials. The products G 9
the West Indies are excluded, by the most
rigorous edicts, from their territories. From
this quarter, therefore, we Can no longer
receive any portion of the means of paying
our British debts. France will EXCHANGE
commodities with us; bat, contrary to cur
former system, she insists upon our taking
large proportion or our pay, for any thing
ne receives from US, in the products OF
her industry Thus VIC are driven to the
necessity, in 1912, OF paving the balance of
our British debts. say thirty millions of dol
lars in specie. because the commercial, re-
latons of the worit. are SO far changed thar
we can no longer fnd a trade in Europe,
that will balance our account with Great
Britain WHAT en- are we to apprehend.
from unrestricted intercourse with her
We answer that our cotton, our tobacco, our
rice, our lumber, our every thing, would be
SACRIFICED in her markets and that the u.
States would be draine of their specie ca
pial, already very small in proportion 10
their bank paper If we should fail IN debt
10 her thirty millions Of dollars, all the gold
and silver of our country. employed as a cir
cuiatins medium, Of we may be permitted
to use thatphrase when applied TO shecie,)
would notpay one half the amount.
Even 1.-THE present moment when eX
change is fifteen per cent, under par, il is
avery bad calculation TIC purchase bills in
preference TO remitting specie. Because
the extreme scarcity OF the precious metals
IA CreaI Britain, is such, that It's value has
enhanced nearly thirty per cent. Il strue,
the celebrated bullion committee, appointed
by the House of Commons, and whose re-
port was printed in June. 1910, deny that
this advance OH specie arises from its scar
city: but ascribe it tothc large emission OF
paper by the back which they are not
bound 70 redeem IN gold or silver. The
cause of this enhanced value on bdllon we
shall not discuss. ], is sufficient fer us that
we know the fact.
Let Us s,a.e case which all our readers
viii understand and from which they may
draw their own conclusion rs 20 the SITUATE
on OF that infatuated country.
IN American merchant is Indebted to O
British merchant one hundred hounds. He
wishes 10 remit funds o pay that debt. He
can goto the COTE House and purchase a
bill of EXchang- Cor dratt) on London for
the above sum un paying eighty .fUe pounds
IN Spanish dollars lie Ihus gains fifteen
pounds by the operation. But ii he srips 20
London seUenfy far pounds Spanish dollars,
he caa purchase with this money. one hun
dred pounds in notes Of the Bank of En-
gland, and pay his debt. He would, there
ffc gam ten honndS more than be would
nave gained by renting exchange, de-
ductiag The Insurance on his money. which
in our epin,on. 1t Ike presens iuncture, is a.
liau: equal 20 a guarantee on the bills. il is
evident. from this view OF the savjcc:, that
an unrestricted intercourse ust draw from
,he nation esefy specie dollar; rdthat bills
of exchange, ~ the present murlcnt, are
selling ten per cent. above relative value
Open the trade. Import an amount e
quail to that o. 1906 or 1907, every bank
il the nation would feel and understand its
eff'c's lie as the apprehension NAV APP
pear, we should cUnsd sr their existence
rs jeopardised, ifcertain ruin did not attend
them.
We conclude, therefore, that our mpor
tations would be so large, that the means
Ut paying ipr them would not be within our
control without a scene Of Inconvenience and
public distress, SURPRISING all the CONNER
cial emb.grassme1.5 We have yet suffered