Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1819-07-02

a. Jvcn NFawn OacA win proft 10 thiS
c"untry. lie does not think that more
'hLn three nlllions of British property
Sle permanently invrs,r;- IN French stock
andis 81 opinion. thai II it advances IN
rricc, u considerable .ortinu of that " ill
be Withdrawn; aud ihai there is no pip-
hueiiiy HAL any considerable sum all
lac remiiicd from this county, in couse-
cuencc OF loans now contracted lar "a
broad.
Your Committee are uf opinion, that
lac future elect upon The exchanges Of
rCmittancrs on account al Foreign Loans,
Mil he very Hunted: that preparations,
For the resumption al cash payments will
tend 10 diminish thai effect and that
subsequently 10 their resumption IL will
he subject to CONSTANTLY opesaiin. con
Irol, la rOrroharaiiou OF this opinion,
ihe Committee feicr 10 the mauner II,
wit,Ch the exchanges of France and Hot
'aal tc"un'r.cs having a metallic -currcn-
~ ha,ebeCh Affected 10y similar remit
lducts.
The Dutch caniialists have embarked
ioa very considerable extent in The Fo-
reign loans that have recently been a.ate,
anh are supposed. tn have taken nearly
!hreetourtis OF those male by Russia:
but no sensible cs.ci has beca produced
upon the exchanges 81 currency al i!ot-
land. France notwithstanding the great
eN,eul ct contributions 10 Foreign Pow
erS, winch itave been dslrayed by that
country, has naiDiained an ample metal
lie currency. IL appears III the evidence
Of Mr.. Holland aud Mr.. irving, thai the
Price al gold LAS remained nearly STA
iionary a, Paris fer The last four years
That IN 1897. When there was in this
country Nariiil"n III lis pri t. TO the eX-
.tut al per crn'. ,nc!c was hnuc in
.'arIs anu t;I"t between The 5.h October
aud the - December last. whist the
variation ~ the Exchanges between Paris
aud !his country amounted TO 4 per cent.
The greatest variation beiweeH Paris and
any c"un'rr. - iiich hal "A metallic curren-
cy, dill 'Ip' exceed one half per cent.
Mr.. Hothscilli being examined, as 10
tht ctIrci OF the contributors which
france has paid 10 foreign countries,
Upon her exchanges, rep!ied, =" Perhaps
from one 10 one and hall per ceut."
When your CommilieG consider the
eAftni srd value at the eXpnrtdii!e pro-
dGct oil tins country, thry can have no
doubt of lis ability io command such u
portion of the precious metals AS NAV be
aecessary 'orihc purposes OF iuirrnalc,r-
ranci, aud I'D maIniain them in circulation
by '@e same means by which they are
maintained In other countries where, from
an Imperfect state Of credit and conf
dencc, and The absence of banking rsiab
iishinenis, mach larger mc,a!lic cur
r"h"y Is necessary than This country
VIII require, IN proportion TO lis Tor.
eigu Trade ami iuiernal commercial
dealings.
Difficulties mast he encountered din
ring The preparations for the resumption
OF payments in specie but those dill.
c4liiies IN the esiiuiailoh of your COM
mitite, onfwcighed by the important aud
permanent benefit OF restoring that stan
dard by which, previously Ia the wear
10Y, the value of commodities was
treasured, amt which, though variable i'm
a certain degree, Is much less exposed
10 furtuall"u than any other That eau
br devised
Your Committee abstain from entering
more at large mao Ills Important iopic,
from consideration, that Tie Legislature
mas on various occasions, expressly pro
nounced lis oplmiOn on The policy al re-
establishing the metallic standard of va
ine ana HAT the duiy which If has de- |
voivrd oil your Committee is no other
than that OF considering at what prrind
aud by what means, that great oh eel can |
be best effected. Ihey see n thing i'm |
HE circumstances OF His country, ar of |
Europe, which can render II eXpe,iIeni 10 |
postpone preparations tor the resumption |
OF cash payments; and by ihus DIFFERING |
III osi probably aggrayaie HE difficulties |
WHICH may be lnsephrdbleirom that meas
ure. Ii, however, TIA COMMITTEE can suc-
gfsf to The iouSe any plan by which |
lii Their opinion The pressure OF such diff
ticuities may be greatly relieved, and
at tile sdme Time The most important Of /
the advantages which would accompany
return 10 cash payments can be real
ICED, they trust they shall not be consid-
cred 10 exceed the powers committed to
tlien by The House, by the suggestion
oil such plan, thoagI II NAV involve a
temporary departure from the laws WHICH
regulated our curTeAcy previously 10 Tie
restriction.
\ plau of This nature has been under
lie consideration of your Committee
aud before they explain It's details, or as
sign the grounds OH which they are dis
posed 10 Iecommendlh the several measures
wlic!i torn part ut il, they will present.
thr general Outline To the House.
They propose, that after lie l>t MAJ.
1921, the Bank shall DE liable To deliver
a quantity of gold, not less than 90 QUIZ
ces, OF standard iincness to be first assaycd
and stamped at his Majesiys Mini, AT
the established Miut-prIce ot FL lis lOjd.
per oupc", III exchange for sucIl an a.
mount OF notes presented 10 thrm, as
shall represent at that rate the yaiuc of
the gold demanded.
That this liability Of the Bank lodcliver
gold i'll exchange for their noics, shall
continue tor not less than two nor more
han three years from The Isl Of May,
1921, aud that al lie end of that period
cash payments shall be resumed.
That ou day TO be llxcd by parlia-
nent, not later fiidn the lst OF February,