Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1819-02-06


The difficulty of obtaining correct infor-
e nation upon points of this kind. makes
II not improbable that there may have
been some error as TO the state of the
u mint regulations of Europe at the period
: OF the report. But, be this as il may,
the principle hich seems TO be assumed
IN II, that the valuation of gold i'm this
country should be higher than i'm Eu-
rope, would lead TO the conclusion, tina,
the present valuation Of TO Is is too low.
The conclusion is confirmed by the
circumstance of the contract made not
long since, between the Bank of the u.
States and Messrs. Barring aud Reid, for
the supply Of specie. Under this con-
tract. gold and silver were to be furnish.
ed, It'll we're practicable, in equal amounts,
according to the American relative vall.-
alton of 10 10. Upwards of two mil
lions Of dollars of silver have been ac-
cordingly supplied, but not an ounce Of
gold.
As The committee entertain no doubt
that gold is estimated below lis fair rela-
five value, in comparison 10 silver, Dv
the present regulations of the mint and
as il can scarcely be considered as hay-
ing formed material part of our money
circulation for the last 26 years, they
have no hesitatioH in recommending, that
lis valuation shall be raised, So as 10 make
II bear a juster proportion 10 ills price in
the commercial world. But The smallest
change which is likely TO secure this OBJ
ject, Ia just proportion of gold ceins in
our ircuIation) is that which the COM
mittee prefer: aud they believe it sutii-
cient TO restore gold 10 lis original valua-
ton in this country, of 1 TO is 6-lO
But, although The mint regulations may
affect the proportion Of American and
foreign, or of gold and silver coin, in
the country. ii seems difficult to suppose
that they can reduce the general amount
of specie below the quantity which eur
business really requires. And yet, there is.
no complaint more generally made, than
that OF a want of specie, In any shape.
What, then are the circumstances,
which produce this acknowledged diff
Guilty ofretainipg gold and silver coin in
this country ? We are told of the i'm
mense amount of our foreign importa-
tions, aud II is plain enough, that il we
did not import from other countries, we
should not export silver or any thing
else. But we retain, and employ in our
service, among all the articles which we
produce, and all we traffic in, whatever
| suits our wants, convenience, or taste
Warehouses enlarge, and shops multiply,
10 the measure of the augmented de
mand; and even gold and silver, in eve
ry shape but that of money, are import
ed from abroad, or manufactured al h ONE
| and 10 their migratory character when
ever They become plate, and cannot be
exported without loss. The want of god
and silver coin cannot, therefore, pro-
coed from an inability on our part 10
buy, or in oiher countries TO supply Our
wants.
There is, however, one branch of com.
merce which seems obviously connected
with the disappearance of specie, and
which must be admitted to exert a strong
disturbing power on the whole system
OF our currency. The trade of The East
Indies has, in all ages, carried to those
countries the silver of every part of The
world which consumed their produce and
the u. States have very large share of
this trade. The whole amount of our
current coin is not probably more than
double that which has been exported in
a single year TO India, including China in
the general term. Will not an exporia
ton as great as this, go far 10 accountfor
the deficiency of silver i'm our circulation?
And yet, a direct trade with India, iflt
encourage lower consumption of her
produce, gives us that produce at a much
lnwer rate, Fit carry from The country
great amount OF specie. probably adds
by an equal sum 10 our sales in foreign
markets. The annual exports in Amer
can vessels from the United States, and
all other places, to China and the Eas,
Indies, can hardly be estimated at more
than IL millions Of dollars, and it cannot
be doubted that eur sales Of East Indian
articles in Europe, exceed that amount
The value OF merchandise from China and
India, annually consumed in The United
States, is probably equal TO 5 millions of
dollars; and II this be so, the eonsumpIs
ton of East Indian articles by The u. ).
is paid for by the mere profits of the trade.
A branch OF industry in which 5000 men
(fOr this is about the NUMBER OF seamen
rn The India trade) add S 5000, 600 to the
ANIMAL produce of The country, would be
worthy of protection even ii il were not
connected with considerations OF naval
defence. These views may make us
doubt whether The Indian trade tends to
diminish The average quantity Of silver in
the United States. lis effect in the ma
tons which have engaged IN il before
ourselves, has been, generally to encrease \
their specie circulation as well as their
naval strength. And il seems reasonable
that il should have done SO. No man
supposcs that Holland, by supplying the
rest Of Europe with spices, lett her own
wants unsupplied. Nobody apprehends
that our market must be destitute of teas,
because we export millions OF pounds
annually, and why should the dealers in
silver, rather than in spices or teas, make
! no provision for the heme demand b..
When Genoa, Venice, Portugal, Holland,
carried on AN extensive trade i'm East In
lfls.s "a. l..1
lion, they were the repositories Of the
silver of Enrnne When the STATES of