Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-04-27
[F'rom the Philadelphia Cazetie.l
OUR FOREIGN EXCHANGES

There is an impression upon the pubic u,isd.
That the foreign exchanges at this time AK last
t.e country, hut this is the feet 1t is true FRAT
we are heavily IN debt to foreigners, and that th.
balance OF trade is It this moment much aea;,,t ~.
But this taance hiss not yet sewn itssifin tn, rsj
prices 81 Bills oil exchange ALTHOUGH their nolitul
U'.iHe is, What is called above par.
Exchanges are Transactions by which man in one
country, transfers 70 il auother = cereal, sum
Of money. Al ,x..angcs hasing relation n, ,no.
ney alone, regulated by fixed standard which
standard is rolR and SiUsi' Exchange is ar 6or,
where man by Syingan Dune: of .goid and sii1ey.
can purc'ase an nrdtr to; an equal quantity Of tIt
same metal delivered in snotl,er eLur.trv Fv
changes have no dependence upon paper curren-
cies tor az these variable la their natur G
and capable ct suelt extensive Representatives, il
would be Impossible to carry commerce by their
a'd, withot r. te cHce To standard posse ssiny IN
tTiiiSiC U4tHc. Now as To the real state OF our sim
alton in respect to Great Britain, the advance. Of Is
per cent on 4 bill OF exchange is scarcely eonaI IN
the dc Representation It ie mon sciitr e. - ere
Tor. ~ OnncC OF silver, u Ill IN the Philadsl-
pAia market, purchase bill upon London for at
least IN equal wei ht OF that metal-nay as IL re-
iates Spanish dol!ars VIII oh are here ut II or IS
per cent premium Tor paper, and IN England at par
~ e7eIl is<, IN exchange for their bau! paper in
which bills of exchange paid, there would
be profit OF two o. three per ceAt II! our E.uou.
by ncgpcis+on OF excia ge.
The present nominal rates CT exchange upon
France, whcre coin is pad, and upon Hamburg and
Amsterdam, where 6Gnh n!0Eey is equivalent 10
bullion, con. tilui's the medium, ard confirm the
SAME position IN either case, an ounce Of silver
com in Philadelphia will purchase an order for an p
Gnal amount in either of these countries which set.
ties tine point hey ond dispute, iat foreisn exciangss
are not against tbs country.
Commerce in It's general natureis an eceiEage
Of egHiJGLsHfS. Ills we know to &c the c-se. in
the WEES India, East Ipdia and China trade " hence
each vessel usually brings hO.ae the value of tbe
of M isttt
pean trad wnere the imports are made by DIFF
serent class III merchants, from those who export
although the trade ~ thc long run is an exchange
of equivalents, yet is liable at particular times to
occasional arrangements IN some years, the *
p'tF5 exceed tie Imports, and III some they fall
short, and according the result, exchanges are ci-
tbcr below or above par.
Now between two countries VIII 70 sound curren-
cies exist, the advance bill Of tx ciaagc ca ne
rereXceed tie eXpeusa OK Transporting COIN from
one place to the othrr, including the freight s,a-
risk and interest, tcg der with moderate profit
n the undertaken Ter tine person who wishes TO
remit, will !" preference TO paying higher premi-
Nm, slip It himself There may indeed be occasi-
on. dcraituresiro from this rule, but they can only
happen whcrc mcrcaantsdo not unders,snd their
own interest. An eSehaugethen Oifoarteen or Ill
teen per cent between ti.is country and Europe,
when tie expences Of transporting coin would n,
exceed five, rs one Of the strongest proofs Of a de-
preciqted currency, and arise from nothing else
10 aii siueiOn 10 DiC al 10 that we have
NOT pIUpertv topaz for whst We have imported.
Ii sc have nOt domestic prOiucc enough, We c,r-
t'iuly have the very goods for which VIC owe The
debt lut the nation stands in relation tn Ia.
reign countries, rs the merchants 10 ~ relation to
the banks. We have property enough to pay Our
debts, but il nut ir-t be converted iniO that kid
Vt properly which foreigners want. II we cannot
pay them Immediately, can do il by aud bye
and in the mean time otr foreign creditors must
exte 81 tleir credits, and content Themselves wiki
charging interest ior the o. lay Of iheir fuuds
Within The East year, considerable amcuHt Of
stock has beer RENTED % Engl1ud This is n,t
paying CUT debts, bui performing them, as st - sp.
ply changing dit alrcNi5 due by an idivdual
laro.e due by lie sO.C.u uCnt, which is Mt psra-
III until q distant Gay. Hsd &c not been fer thcse
transfers. our balance IS payments cl,t have been
against us ia tie yeCirste Of cxchar ge aud il u
upon similar transfers OF stock to European eapi
tasts, that must calculate tor a composition Of
prereft debts, for tlDsc more distant. Our ration
~ debt IS TOO ieayy IN amount 10 be entirely owned
IN this country. \ vas. pCrtin Of il must lc held
by ioreig crs, anti as the national currency approx
iAa;es more nearly to the uuiycrsi STANDARD ~
c,u it viii be more srugl after abroad. We shall
thus borrow csritd from foreign countries. not
merely 10 iquidstc orr present mercantile deIts
JOY ore ot the nOs, certain modes OF promoting the
national wealth. h.
Nofe.-1be f1llosing are tie present rates Of
exchange at Pbiladelphia, payable ia bank paper.
Bills on I.oudon--Idto ls advance.
d iWbirrl-5s CTS. in. 10. 90. 90 about rs
hinsterdafu-i5 cts. per ~uild ~
France 81 it perdOiiar, 15L
Dollars arc sometimes below DIR i Frrl.nd lecarse tl