Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1812-03-09

| chant M london, to q Gentleman of this
city, dated Dec. 1874, 1871.
Communicated for the Democratic Press. !
American Stocks have declined from
their high prices from some alteration in
Your exchange, bit are still above their va
| lue. Six per cents. 1l2 three per cents. II.
Bank 93l. los. 94i their scarceness and the
demand for American account will make all
your funds maintain high prices the de-
| rangement of your commerce drives YOU into
surrounding evils. You svdI export your
grain and you muse DC reimbursed. To draw
on Europe is destructive and to be RENTED
in Your stock VIII throw such an amount back
upon you, that youi capitalists viii not be a.
lie to retain CT, year merchants 70 sell, so
tnat your country VII be glutted with it.
ohouid commercial intercourse revive, ex-
pect it back again here to purchase Dry
| Goods, but it viii never sell here at high
prices, unless our country should be under
alarm and capitalists buy to divide hroi,er1y,
as was the case some years ago The bulk
OF the people here are blind to the dangers
o. the Country, the rich see it but dare not
shew 1t from policy, and brand every man
as diSloyal who dares 20 reason with them on
the power OF our enemy or the destructive
tendency of our Paper Currency which pro
duces to Them all heIuxuries they want.
=" II you can confne your country's atten-
ton TO the Plough and to the Loom for ano-
Their year, your Independence is made more
secure. You may quote Franklin and WASH
ington to sanction 1t, but it viii require chcr-
gy to enforce it.
hope Politics between us is harmonic
ing, we certainly should have sent men of
more rank in public capacities, to your coun-
try, bat suppEse we were fearful that men
OF that range in life would rot have been
match foryour able politicians"
We recommend to the perusal and serious
reflection of our fellow citizens the proceed
ing letter. The very respectable source and
thorough knowledge which the writer has Of
the subject, fully entities him to our utmost
confidence.
The prices orr funds and of the stock of
the late Bauk Of United States, will necessa-
rily create some surprise, particularly when
compared with their rate III the u. States.
The SIX per cents. which at London com
mands 1l2, will barely bring par in our own
stock markets. The value of the three per
cents i'll London, which coAtrasted with It's
ruling price here, is still more surprising rs
they command Il, whilst they are worth 10
| more than 81 in America. The writer APP
pears to consider the high price uf our stocks
/ rs influenced by the course Of exchange be-
| tween the two countries and there can be no
doubt but that it has very considerable in
| Huence, but we nevertheless, think the depre-
citation of their paper currency is the princi-
pal cause of the high price of our funds in
London: 1000 dollars 1t 5 per cent. will
command in London 10 dollars payable in
bank notes--whcreas when this stock is sent
to the United States, it will only bring 6lO
dollars, making loss Of II per cent. but then
n !,
dollars if sent to England will command in
| stead of four shillings and six pence sterling
fhcfr Ualae at har, five shillings and six pence
sterling, making an advance ofnearly 90 per
| cent.
The stock of the late Bank ofUnited States
is stated at 94l. sterling per share, each share
was originally. 400 dollars-now Cd pounds
| sterling at par is Ais dollars and 20 cents,
| whereas the stock will scarcely command
| more than 80 per cent. or 356 per share in
the United States.
There can be no doubt but the expectati-
| on OF obtaining charter had operated on the
! nominal value of the stock but it is neuer-
theless evident that their paper currency, be-
| ing now their only circulating medium, will
| necessarily tend to increase the value of
| auyfunded property which can be readily sold
for specie.
| We are underno apprehension Of our funds
being sent to London in order to pay for Bril-
! tish dry goods--nor are we the least afraid
OF their prices declining here indeed our
funded debt is tooinsignifcantina amount to de-
| press the market, and as for the stock Oft
| late Bank of United States seven-tehths gifts
original capital is now in specie in their vaults.
In their last exhibit they stated the discount
ted paper still depending in this city, some
what onder 100000 dollars, and this has
since been considerably so that when
the Trustees pay off in part, which is expect
| ed 20 be within a few months, a very large
sum Of specie will again come into circulate
on, and as long as the course of exchange is
| as favorable TO RENTERS as it now is, there is
| no danger of the bullion leaving US
| We have no doubt but that the capitalists
in England, improve every opportunity of
| placing their property in our funded, and o.
Their monicd Institutions-they are then sure
Of having something left :, but as long as we
cease to import her goods we shall continue
to hold an important balance in orr hands,
and IT is this which creates so much uneasi-
ness in England. IF they could only have the
United States for a Customer once more, they
woUldliterally inundate the market with their
Manufactures.
The wretched state Of Paper Currency in
| England may continue for some time-j,it il
cannot stand the test of a general pcacc--nor
viii * long survive an cfcctual non-intcr-
course with this country--it well then be
found that Paper Money however useful Il
may be, properly limited, yet such as it. nov
IS W that devoted country, eventually carries
! with il sure destruction,