Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1818-05-08
EAST INDIA TRADE.

The Virginia Banks in this CITY are
curtallIng transient paper % per ceut.-
The Eastern Banks press upon them
and they press upon their customers
The India merchants press upon the
Eastern Banks, and they upon those of
the South.
The merchants who deal TO the East
Indies, require a considerable sum in
specie, to carry on their operations. Ii is
estimated by an intelligent merchant
that from Salem, Boston, New York, PHI
ladeiphia and Baltimore, about 100 ships
annually sail for the indies. Each ship
takes from 100. 900 10 SOC, 900 dollars i'm
silver their outfit being principally Spa
nish miiled dollars. Put down, then.
l0,000,000 of dollars each year, and the
amount of silver exported almost exceeds
credbil,y.
A large portion Of this sum is necessa-
rlly drawn from the banks-During this
East India season, silverbears premium
In the market Of or 2 per cent. above
gold.-Ii was but the other day that a
principal New York merchant, who deals
largely in the East India trade, exchang-
ed SSo0,O in gold with Mr. Girard. the
banker OF Philadelphia, for silver coin, at
| per cent discOunt.-The Eastern banks
being called on for specie, are under the
as nearly combining their payments TO
gold, instead of silver.
The East India trade thus annually
| sends out of the United States large sum
of silver. The drain must be made ND
from some otherquarter.-And our banks
are thus put to the expence of importing
aunnally quantity of specie 10 supply
| the vacuum.
Is there no danger that this East India
! itself will be everdone hat more goods
will come to be importe than we can
prottably dispose of? S,uch is The enter
| prize Of our merchants, md the general
| facilities of obtaining capital, furnished
! by our numerous banks, that we can en-
| gage in few branches Of speculation
which we do not carry into excess. Mr..
| Maclure used TO amuse himself with an
! extravagant speculation, which was once
carried on in New York in watermeIons.
| There are few cities in the Union. which
lave suffered more by over dealing than
| Richmond The East India rage has not
yet reached her but may not other towns
| yet SITTER BY it2
| Ihatthe English traders view our trade
with the East Indies with some jesIou-
| sy, is no secret TO our merchants butthaf
they seriously mediate some restrictions
| upon our commerce, rs apparent from the
| following extract of Il letter, put into our
hands, dated Liverpool, 2lst February
| last:
| Tho Houses engaged in the East India trade
| are preparing TO have Fill brought into Par.
! lament TO limit the import Of India Cotton 10
| British ships direct from India. IT this snc-
! ceeds, II will reduce that branch Of your carrv.
| ing trade 10 what can be disposed of on f6e
| Continent. There is however no doubt that il
| viii meet with strenuous opposition from In,
| manufacturing interests; but we think il NAV
| be important to you TO know of this intended
| proceeding carly. The American trade are
| fully upon the watch to get as much time "a
possible Give to six mOntbs) to cover such shin
| ments to this country as may be now in opera-
ton or contemplated. This they will efdea.
your 10 accomplish either by compromise with
the supporters of the bill or by actual opposi.
| ton but ia question of British interests il
would appear iBvidious TO attempt any thing
| further"
~ Since writing the above, the mail (of last
| nighD briggs us an Essay in the Boston Ca
zette, which expresses much alarm at the pre-.
sent great and increasing trade to India--'rbe
author makes the following remark
would venture to hazard an opinion that
there Is not asimuch specie in tile banks in
Boston exclusive Of special deposifs) as will
be shipped from here TO India in one mouth
and what's to prevent all this from going away
u dollars can any where be purchased with itS5