Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1824-06-22

same articles Iud products AT the same prtces they
stand thus
IL lGel S45,6i3,i75
1879 As 1872 ,295
1928 b5S634yI
Mr. Speaker has taken the very extraordinary
OF 1908, aud, adding 70 the exploration OF that
year, what he thinks ought Ia have been Just aug.
nienauon III proportion 10 the increase Of our popm-
''ion bc swels The result TO "a magnitude, which,
when compared with our actual exports, would ex-
h5h great deficiency. But is there any justice in
this code Of calculation In the first place. as be-
fore observed, :he year 1908 was year Of ex,raor-
binary exploration. BY reference TO the accounts,
an export tina; year Of 900, 900 baires hut the
very next year il fell to 100000, and the next
year 10 700 OO0 la the next place, there never was
any reason to expect that the increase Of our exports
u agricultural products, would keep pace with the
| increase oi our population. THAT would he against
all experience. IL is, indeed, most desirable tina,
here should be an augmented demand for the pro-
ducts oil agriculture but, nevertheless, the official
| returns Of our exports do not show that absolute
want Of all foreign market, which has been SO srong-
y siaicd.
the general condition Of the people. The quan,, of
the means Of subsistence consumed or, to make use
o phraseology better suited TO the condition oil our
own people, the quantity OF the comforts Of life
Joyed, is ono OF those means. II so happens, in
deed, that is not easy in this country ms else
where, 10 ascertain facts, Of this sort with
Where most OF the articles Of subsistence, and mos,
OF the Comforts OF iie are taxed, there s of course
great facility IN ascertaing, from official
The amount OF consumption. But, in this country
mos! fortunately, The Government neither knows,
nor - concerned TO know, the annual consnnpiion
anc estimates can only be formed in another mode.
and IN reference only 10 few articles or these
arcIes, tea 10 one Its use is quite luxury and
yet is something above the absolute necessaries of
lie. lis consumption, therefore, will be diminished
IN times OF adversely, and augmented in times Of
prosperity. BY deducing the annual export from
the annual import, and taking a number Of years
together, we may arrive az a probable estimate of
consumption. The average OF eieveu years. from
1880, TO 1900 inclusive will he found TO be two mill
lions and half of pounds. From 1901 to 1912, in.
aud the average OF the last three years, 10 wit 1921
1929, and 1928, five millions and a half HAVING
made Just allowance for the increase Of our mum,
bers, shall still find, think, from these s,a,s
menIs, that there is distress v hch has limited r
means Of subsistence and ENJOYMENT
In forming an opinion Of the degree OF general
prosperity, we may regard, likewise, the progress Of
internal improvemenis--,he investment of capital in
roads, bridges, and canals. All these prove a bal
Ancc OF income over expenditure (; they are evidence
lhai there !: surplus Of profits, which The present
next Ii cannot be denied thai, in this particular
the progress. OF the country is steady and rapid.
we may look, too, 10 the expenses Of educ ation-
Are our Colleges deserted Do fathers 6n1 ,ha,,
selves less able than usual 10 educate he;, ck,I,s
u VIII he touml, l imagine, that the amount paid for
The purpose oil education, is constantly increa.,no
ana mat me schools and colleges were never more
tnl than at the present moment. may add that the
endowment oil public charities, the contributions IN
objects Of general benevoience, wheiher Core;oo NJ
domestic The mun'ficence OF individuals towards
whatever promises 10 benefit the community are ali
so many proofs OF national prosperity And FINALLY
there rs no defacation Of revenue, no pressure Of
taxation.
The general result, therefore. ola fair ex,m;,..
tion Of the presea, condition of things seems TO me
10 be, that there is n considerable depression Of
prices, anu curfailmen OF profit and, in some parts
o. me country, must be admitted, there is great
degree oil pecuniary embarrassment, arising from the
dincnty OF paying debts which were cootrac,ed
when prices were high. With these oua6ca,;ons.
me general state OF the country may he said 10 be
prosperous aud these ara not sufficient to give IN
me whole face Of affairs any appearance of general
distress. s"''"'
Surprising the evil, then, TO he a d.pre,s;on Of
pcss and partial pecuniary pressure, the next in.
curry mo the causes Of that evil and appears 10
me maj mere are several-and, in this respect I
think, TOO much has been imputed, by Mr. Sne,keer
10 ne single cause OF The imipuion Of exports Con.
neced, as we are. with all the commercial oa,ions
OF The world and having observed great changes 10
lake piase elsewhere, we .Lrn!d consider wj,srhe,
The causes OF these changes have not reached ms.
ana whe'her we are not suffering by the operation
OF those causes, in common with others UnJnnh,.J
~, there has been great fall inthe price of ali com
modHies throughout the commercial world, IN con.
a o, me 'esoraon OF state of peace. When
me aiies entered France in 1914, prices rose as
ionish'ngly fast and very high. Colonial p,odnce
Tor instances in The poris OF this coun,ry as we'll s
elsewhere, sprung up suddenly from the loves, e,
Se highest extreme. new and va 81 demand was
g 'a'ed Tor The commodities Of trade. These were
'csnniurai consequences OF the great political CHANG
es which then took place in Europe
wy are 10 consider, too, that our war ere ated
new demand, and that a Government exne ns';,nr. oe
70 100000 OF 80 900, 900 year, had lie usuaI ~
'ec oi enhancing prices. We are OBLIGED IN afId
ih,' me paper issues Of Banks carried te same
t"ec, s''' Inf'her. appreciated currency existed
~ great p'r' OF the country deprecated to such
an extent as that, al one time, exchange hct,yss H.,
GENRE ana the north, was rs high as 90 per oent -
The Bank Of the United States was instituted - 80,
rect tins EVIL bur, Tor causes which il is not
now TO enumeiaie, II did moi for Soma vears h,,.y
back the currency OF the country IN a so.nJ 49,, s
lhis depreciation OF the Circulating cu,renny -.
so much, of course, added to the Nominal ""s
commodities, and these prices us unoa,urai,v h,,
seemed 10 those who looked only M the 80
10 indicate great prosperity l,ut such nrnsns;'
more spec,ous than real Ii would have been be,
ter probably the shock would have been Ices r.
p'ices had ialfo sooner. AT length, however ,l,ev
@ u, 10 mere IS i''iIe doubt that certain events
W Europe hal an Influence in determining the time
~ winch THIS tall should take place, 1 will advert
shorty 70 some oiihe principal Of those events
In May, 1919, the British House of Commoos
Oeciheo, oy an unanimous votc that the resumption
OF cash payments by the Bank Of England should
not he deferred beyond the ensuing Februa,v Tire
RESTRICTION had been continued from time 10 fine
and from year 10 gear, Parliament always pro(ess;ny
TO look 10 The restoration Of specie currency when.
ever u should he found practicable. Having been
in Jnly 1918, continued TO July, 1879 il was nnJer
siood that, ~ the interim, the important question of
the time at which cash payments should be resumed
should lie finally seuied. IN The latter part of the
year l8, the ejaculation OF the Bank had been q eat
y reduced aud = severe scarcity Of money was fell
IN The London market. Such was The state Of things
IN England. On The Continent, other important
esfuis took place. The French Indemnify Loan
had been negotiated IN the Of 1919, and the
utoSoriiOn Of IL belonging 10 Aos,,ia russia am,
Prussi,, had been sold. This cre.,ed An uonaaI do
MANI Tor gold and silver in ihese Eastern S,a,es of
EUROPE. ihas been stated, that the amount OF the