Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1815-04-29
From Our Correspondent.
NEw HAvrN Anr;I

FfUW ouT CoTTeSH0HdenE.
NEW HAVEN, April 81.
Ine British schooner Susannah, captain
Gilliard, arrived here yesterday, in 2sdays
from Trinidad, with cargo of sugar, mos
lasses, &c; Touched at St. Croix, and sail.
ed from there on the I'd ult The sloop Ca
gle, Thompson, of this port, arrived at St.
Croix, March 81, in Is days passage. No
other American vessels at Trinidad. St.
Croix was given up 20 the Danes on the LIST
OF hPrl.. St. Thomas was to be given up
on the 3rd. Lsguira, and the whole pro,
vince OF venezuela, was in quiet possession
OF the Ksyaists, and all the ports open TO
British trade. On Tuesday last back of T..
/. so miles from Montaug. passed fr;pa,e
with an American ensign at her peak. sun,
posed to be the Consultation, stauiine for
the Hook. This vessel has probably arriv i.
sd in your port before this, and we feel a
sanguiue hope that it is The Constitution. as
Capt. @ says he is well acquainted with
that frigate, and confidently believes it TO
be her. He also states several ciceumstan,
ces corroborative of his opinion. We have
some Trinidad papers which contain no.
thing interesting ...E. Post
Frsns the Philadelphia Register, .Apyii %.
Al meeting of the Merchants and Traders
OF the city OF Philadelphia, he'd pursuant IN
public notice on Tuesday the 18th instant. n
committee was appointed to take into consider.
alton the serious Inconvenience experienced nv
the mercantile part of the corimunity from IN .
present unsettled state of the exchange hes
tween this city, the western country and sontb.
ern states which committee were directed TO
report future meeting whether any and
what remedy can be applied to this truly alarm
iag evil.
AT an adjourned meeting held on Friday the
2ist instant, a report was received from the
committee appointed on the 18th instant, in the
words following, viz -
The Committee appointed at meeting of the
Traders Interested in the western business.
to consider the present rate of exchange; and
devise some means to equalize it,
REPORT:
That having given to the subject the consf.
dera ion the time allowed them 10 report All
mitted, they have only convinced themselves OF
the difficulties which are toAbe encountered in
an attempt to remove the evil complained of
the disorder We believe 20 be deeply seated
and requires the application Of remedies no,
placed in the hands or at the disposal of the
community at large The want of a gene raj
circulating medium is the true and only s urce
OF the difference of exchange between the DIFF
fcrent states. The absence of this equaIiz;np
principle. which specie is, places the states in
the relative situation Of foreign countries, the
value OF whose money is regulated and affect
| ed by balances OF trade those states aea;ps,
| which balances Of trade arise must have tbei,
| paper ct depreciation in the states to which
they are indebted; until their balances are paid
| Such is the condition Of the Southern States
! such, too, is the condition of the Banks Of the
Western part of this state with respect to phi.
ladelphis--and this is the cause of the presen,
sSio between PhiadeIphia and the sohtherr
| Bank Notes
Many persons have censured the Banks, ant
attributed TO them the present depreciation n
Southern and western paper.-Wa th;nk N,
| charge unjust. It is true that if the Bark,
we're to receive southern and western paper a,
formerly, the agio would be removed but IN,
| whole balance now due TO individuals. an,
which is continually augmenting, would res
solely on he,Banks. The amount OF FOREIGN note
would accumulate so rapidly as to lock an tb,
funds OF our own Banks would compel then
to contract their discounts or to discount O,
foreign psper would in fact reduce them /,
tue state OF branches OF the southern and ives
tern banks, and make their eventual safety de
pendant on the discretion, prudence - iniegri
~ oi those institutions over whose conductthe
can have no control. The committee cannn
therefore but consider the refusal OF our Bank
70 receive southern and western paper in An
present state of affairs, as the result of mere
~, and dictatediby prudence.
The committee, viewing the subject in mi
light are compelled TO report, that they bny
not been abe to devise any means which. couI
promise TO effect change in the present stat
OF the paper money. II is national -pH b,
howf.r The interference of the national govern
ment De necessary, or whether any thing b.
the resumption Of speciepsyments by the Bank
can remove the difficulties sudcr which W
TABOR snd whether, Il this opinion be correc
the Philadelphia Banks ought not to ,;ntins,
ito The public such an intention, and thus Jus