The enquirer. [volume] (Richmond, Va.) 1804-1815, 1814-12-31


the expence of G.. Britain will be treble that
OF America, ii the annual expence of the latter
be 800, 600 600.
III the existing debt of the two nations, or
that which the war may produce to each, be
contrasted, and their respective capacity to
redeem principal and interest by actual paw
raent OF both, shall be weighed by a sound
and impartial judgment, doubtless the credit
OF tie United States would clearly appear
to be superior to that of Britain.
lfdoubts as to the permanent existence of
either of the TIVE governments enter into the
question-On the one hand, we have a Gov
ernmens burthened with a debt which it 7,er-
eT can pay, corrupt in TIE extreme, which
has established priviledged orders of men, &
Priviledged sect of religion, whose people
are ground to the earth with taxes, ar;sto-
cratic insoience and kidnapping improvements
"A Government powerful and ambitious, &
viewed, with jealous eye by all the Great
Powers of the earth--A Government who
borrows to pay the In-erest Of its debt
On the other hand, we behold nation go
verncd by the People through their Repre-
sentauvcs-A Government unCorrupt where
are no privikdgcd orders, nor any priviletlged
sects OF religion. no impress warrants, no in
solent Lordiing, who my tread the free man
beneath hisno6tc foot--A Government and a
People unambitious, indisposed to war; and of
whom other nations are not jealous, whose
whole debt, it its present am, ant shall be dou-
bied by the existing war, will not exceed two
years Eterest on the actual National Debt
OF Great-Britain--A Government which is at
TINS moment, during war, making provision
ny taxes not only to pay the Interest, but to
redeem the principal Of its debt. On this
contrast, what fair, impartial and sound iutlg-
ment will fail to give preference to Ameri-
can Public Credit.
But the Treasury Notes ofthe United States
are generally redeemed at the Banks, with
their paper ; SO are not the Exchequer Bills
ot the Government 1.-THE Bank of England.
30 tar, the credit of the Treasury Notes of
America is better than that of the British
Exchequer Bills Yet, individuals are found
IN our country, who, at this distance from
London, would prefer an EXchequer Bill to
treasury n ote bearing interest * payable
at short period. at the City of Washington.
and always receivable for any duties, taxes,
or debts due to the u States
1 ms. Cannot be the result of sound and i'm
partial Judgment.
But admit the Excheauer bills roere re-
deemable at the Bank of Englan,l!by Notes of
that Bank; the same individuals would pre-
ter Notes OF the Bank of England to Notes of
the Nnginl, Banks--ior what reason, a sound
judgment could not easily determine unless,
leasing to be impartial, it should suspect want
OF patriotism In those, who in time of National
difficulty endeavor TO depreciate t.le public
credit, and the credit of Banks which have
so much contributed to the National wei
fare.
But the National credit of G. Britain, is the
CRITERION by which, with these individuals that
OF all other nations is to be tried. Let us see
wh9i Claim to credit that nation has beyond
that OF America by cmquiring into the value If
the Notes NJ the Bank Of England, (Which CON
stitute the great circulating medium of the ma
ton) In thI precious metals, and among them
selves and contrast it with the value of the
NuteS OF tie Virginia banks OF with the Trea-
sury Notes IN the same metals.
1st--it viii not be denied that the vaults
OF The Bank of Englanddo not hold one per
centun OF guld and silver on the amount of
Notes issued by them, and to secure the little
Remainder OF specie which they contain, Par
lament Has lntcrfered tc prohibit the paw
ment IN 6ald or silver, Of any Notes above
the value OF -
Neither viii it be doubted that the Banks of
Virginia hold in their vaults, even now, spe-
Gle equal to more than 20 pr. Ct ON their ca
pitai, and that their issue of paper has been
always less than the law would have permit
ted. it IS true, they have on account of the
peculiar current of trade, since the war.
been compelled to refuse specie payments
but t:.s:;s .s nc Gtv-eii.i,stit,i interference
1t results from no incapacity to pay. but from
a peculiar temporary state of merce &
from an unWiiilngness to Cypress tiiU.. custom
ers by Calling in their debts at this time-Ihe
refusal IT, pay specie at the Banks, has obliged
SO re individuals I'm order to get change) 10
Seg su@Ahote, nov * then, at less than par.
IL IS believed that there is not All Instance
OF the sale Of a Virginia Bank Note at less
than par, except to obtain small change
But what is the credit OF the Note of the
Bank of England in London
In January last, an ounce of gold, could not
be purchased in London,- for less than G5 12s
sterling, equal to S24 So cents) Of the Notes
OF the Bank Of England, yet an ounce of gold
IS worth III Notes of the Banks of Virginia
only sly rs cents---A golden guinea was also
then worth in London 1928 9s sterling of Bank
Notes, equal to So 50 cents and the same
guinea would only purchase 81 e. cents of
the Notes of the Bank of Virginia
Before the depreciation of this paper of the
Bank OF England, the ounce of gold was equal
to about sly Is Cents Of our money, or 81 90.
SterllnG and tine guinea was equal to 2is.
sterling, or about S4 81 cents of our monet
Our Bank paper yet purchases the oun e or
the guinea Of gold at the par price, which
from the depreciation Of the Notes of the
Bank of England, it requires rear fey .r.
cent advance above the par price to get gold.
In the same month Of this year silver was to