Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1820-03-28


dollars. which The banks would still have
occasion 10 ase,t which our citizens have
been accustomed and which constitutes
TIL stapte article in the Eas, India trade.
We doubt much whether under the
proposed regulation, the banks reuld al
lord TO import the Spanish coiu required
Tor the China aud East India trade
Wouid they not be compelled 10 ptirchas,
mus oil exchange, or articles (wLeihrr
produce or public stocks) witch will
command specie in The foreign markets ?
Win what are they To make these. pur.
chascs but then ora noteS, Will i!.-Sn,alI
profit they may make, justify he risk
They run Of losing their specie by the pre-
scniaiion OF this new issue vt paper before
The arrival al that expected from abroad +?
The impOria!lons of specie which have
been already made by banks, were attend.
ed with such heavy l.isscs, as 10 defer
them from repeating The experiment.
Are They AK competent 10 conduct with
advantage purely mercantile operation,
as those who make IL their vocation We
believe that whenever the demand for
Spanish dollars Will Justly 4, they will
De imported 10y the merchants, in return
for their outward cargoes.-Should their
ejaculation III the u. States, be checked
ny any legal regulation, thry will, prObd.
bly,, be imported exclusively tor the India
trade, III which they ave wu,ll 10 per cent
more Than The American coin. One
might suppose that this difference in va
lne, would protect our coin against eApor.
ialion but Spanish dollars have beer,
comparatively scarce /; and the profits OF
The india trade so great, as 10 make d few
per cent, no object, compared With The
DELAY aud uncertainty OF procuring iIen.
The second measure proposed for
procuring supply OF specie is, JAat tie
raiue of g0M bs,augme,ted flee per cent-an
relation 10 that IF Sirer.
Ihl-, II Is supposed, would cause
gold 10 he imported in quantities sui
" hcicn, 10 pe,iorm all tie (rnctions 0f
" currency. As il IL not used To any consid
cradle rXirut as primary arti le "a
" commerce, The fluctuations 10 which
" The silver curreHcy l. snblrc' iron, HAT
cause, would NOT affect IL. II would be
exported only " len the raie OF exchange
against the country should exceed HE
expence of expiration. In ordinary
= circumstances such a state of exchange
would nat he u! long continuance. Ii
Is believed that gold, when Compared
with silver, has been for MANY wears,
appreclaiing ~ value, and, now, every
where commands IN the money mar.
keis, higher value than that which
" has been assigned 10 ii IN states where
" us relative value is greatest"
la England, an ouucc of gold is equal
in value I" 1872 ounces Of silvrr-iu
France, 10 l5.5-in Spain 81 Portugal, TO
10. aud i'll The United Sid,es 10 Is Dunes.
)" that lis relative value is less in this
country, than in any otiIer.-It is propns
ed 10 increase IL la 1873. This measure
will remove the objection which has
heretofore existed to ils Importation
The bauks in their importations of spe-
Gle found they had 10 give in foreign
countries more for gold than silver. Thy,
cons queDily, procured less Of the for.
mer than they had wished. Ii VIII be
recoilecied that during the late demands
Tor specie on accoun, OF The India trade,
large sums were received IN gold, and
exchanged in foreign ports for silver at IA
profit
MIR. Crawford has also suggested that
an improvement might he made in the
copper coinage, by compounding copp-r
and silver and IL II should not be found
10 answer, II might be substituted by a
mixture of silver and zinc. DR.. Dollman
has proposed a coinage Of pIaiina. We
-
in what countries and under what reeula-
tlons g" Ibis kind OF coinage had been
adopted with great misunderstanding
scheme wosid be a good one, prorided The
coin cannot be initiated by baser metal,
pr0rided The quality Of The metal iu The
coin passes only for little more Than il
would, N the raw state, sell fo'IiuIthe mar
ket, aud that little scarCly more than the
expense oi coming ii, and prOpided il
should Ice received rs legal tender ONLY
for small sums. We cauuO! see whV
with these requisites some metal between
silver and copper may not be employed
at the mint. II ~ has value i'll Itself, ii
may become the measure of value for
other articles but care Must be taken.
that il be not adulterafed, or too little Of
II given IN coin lest we should incurthe
impuia lions which Mr. G.. has Justly
thrown upon The coinage OF every other
| naiIOn--the history OF which, be saws. j.
lille more than detail of tie frauds
| which have been practised by govern
mrnis upon the people" Care should also
| be taken moi only 10 revise the ratlo oil
these metals frequently hut 10 restrain
| Tie legal tender Of the new coin. oely IA
| small sums for az the value of the me,
! tails, which enter into these coins, is no
| so veil established as gold aud silver, ai4d
as lis value may be more Hgctuaiing than
theirs, injustice might be done 10 The
creditors without such protection. Nav
an injury may be done TO the whoe coin
for II two metals may he made in ever,
| quality TO interchange for each other, ia,
fiuciualion in the value OF The one ma,
affect the other. The gold coin become,
| debased by the zinc com which suppliei
It's place. The scheme of Mr. C.. if prac
ticable, would certainly have this gooc
effect that, by using baser metal, IS,
stand III need OF ls s. gold and silver TO