Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1819-06-25

amount of gold previous TO the restriction
Is variouSiy estimated at from 20 10 81
millions. Mr.. A. Barring thinks from 90
to % millions ought TO be in the country,
before cash payments are resumed. The
stock of gold now in England is very H.
mied. Any quantity of gold may be
procured but SD much Of the capital OF
the country must be Withdrawn from
productive employment and the value
OF metals is rising over Europr.vli is
however not SO much the treasure The
Bank has, as the state OF the foreign ex-
, changes previously and subsequently, Ia
The resumption of payments, and 90 the
degree OF certainty that the market price
OF gold eau be reduced TO and made TO
CONFORM To the mint price" BY a eau.
hous reduction of It's paper currency,
there Is no reason to believe but that
The remaining paper will rise ani gra,iu-
ally come To the par Of gold.--By way
OF smoothing away the difficulties, expe-
diimg the return Of cash payments aud
realizing most of its benefits, The Report
recommends MIR. Ricardo's plan. so much
applanded in the last Edlnburg Review,
W. instead of coin, To pay IN 6ars or
6nWon) Of gold. at "A certain price--under
~ The following arrangements proposed
Feb. 1920, HAT the bank should begin
topay their notes in bars If gold, uo, less
Than 60 oz. nj standard Emcupss, first
assayed anti stamped at The mint the
bank to pay them ont at the prcSeal mar
kei pr,,e of gold, & Is per az. On or
before the LIST Oct. 1920, the rate per or
should be reduced TO f. 3 los Cd; and on
| the Isl May 1921, TO be reduced tn IN"
| mint price of e3 Us lnJd. After the Isl
May 1897, the bank NAV he liable TO deli
yer quantity of this gold, mo, less than
! To oZ. al the mint price, In exchange for
sucii AN amount ofDotes pre'en;eh To hem
| as shall represent at Tia, rate ihevaiur If
the gold demanded; Ina, " Mis GaLiGsy
to detiuer gold ia erciaAge for thar mites,
shall continue far not Tess han tno nor
more Than three gears 'front.' the LIST lHay 1921
! and that at Tie end Of that period. cash pay
nienis shall be resumed" OF course,
| bullion To be paid from Feb. 1920 till May
| 1923 or 1924, when coin is 10 he paid Tor
MS noies. In the mean time, /, may l,aye
an opportunity of drawing in ills issues Of
paper. reducing exchanges, and accumu-
laiIng specie Ia pay It's notes with safely =
+ 100000 of bullion is s,ppo. ed 10 be
sufficient for This purpose. According to
| tliis bullion system, coin would not he
1 So'u wi DuEtn'Scs III tIltTUdt clTCNtd
(Which might he supplied by the small
noies now outi-the expense of purchas-
ing coin in lieu Of these small notes IS
thus saved: and III case of pane, there
would not be sucha chance Of runs upon
the bank, which are generally sudden,
local, and sometimes made by ignorant
persons IN mement of alarm. The Re-
port estimates the amount Of country
Bank notes payable in Bank OF England
| paper now IN circulation, at aboHt & 20,
O00,000-ihe resumption of cash pay
ments Is calculated 10 produce a proper
tlOnaie reduction of this country paper
| We forbear offering any opinion on this
| elaborate report. Ii demands time for
election. Mr. Ricarde's plan for
paper founded on bullion basis is ably,
and ingenlously supported in the EdIn-
burgh Review.
| There are two facts in this Report,
which particularly demand the notice Of
the Americans: LIST. That "the govern
ments OF other countries III Europe are
noU occupied IN substituting metallic,
fora large portion of the paper currency
which the necessities of war compelled
them 10 establish and THAT the supply OF
gold and silver imported into Europe Of
late years, has been diminished in conse-
| quence ofthe disturbed state o. the Span
| lsi colonies :" both which causes are
increasing the value Of the precious
metals" 2d. That an idle eXpedient Of
/ some American Missionaries is again ex-
| ploded by the example of England the
committee recommend the total repeal
OF the laws which prohibit tue melting or
erportati0n of the coin of the reani"-tley
are wholly Intellectual offering icmpta-
lions 10 perjury and fraud, and giving
| those who violate the law an unfair a,!vdn-
| tage over those who respect it,"
| The Canton brings us an interesting
debat- IN the House If Peers on the cases
OF Arbutlinot and Ambrsier. The Mi.
nisters give the question the gO.by i; and
we are glad Of it. They conieud thai
G.Briiain had no right tOinterfere between
these two men and ourselves il was an
| affair only between Spain and the UHIted
Stafes-(thls is the correct ground ) but
they also urge a less chivalrous ground
for their own justification that II they
had pressed us f,r satisfaction, they could
not have retracIed, fWe woud not, and
war might have been the result. Tile
motion for papers vas lost, and thus
The whole matter is happily at rest be-
tween England and America. Both sides
of the House, however, concur i'm de
nouncing the conduct of Gen. Jackson.
TO THE EDITOR OF THE ENQUIRER.
SIR-The laudable wish you have ex-
pressed to add TO the stock of practical
and useful knowledge, and most especial
| ly in that branch now become so impor
iani, POLITICAL ECONOMY, induces me
once more TO address you OH tie subject.
| In December last, did so. Yonr civil
liiy then, adds la the former inducemeni,
and again intrude upon you.
You will recoliect the object of my first
letter enquirer 10Th Deco was TO prove
that il would be we'll 10 look To roads. as
1 nall 81 -s..fe 81