Delaware journal., 1828-12-05

which we have been heretofore drugged to surfet I
whenever she has been compelled to take any OF our
products.
Without further preface, we subjoin the article .
as we find it copied into the London Morning Chron-
icle :-JournaL
PROSPECTS OF THE COUNTRY WITH /
RESPECT TO FOOD.
1t is not too much to say that the late harvest has
fallen third below the average.
The question then is, whether the stock on hand
and such imporations we can obtain from the Con-
tinent-wl supply this deficiency
That is to say, whether we can calculate ON four
months consumption from abroad land from the stock
on hands.
What are the prices on the Continent ? We learn
from Scotch paper that wheat is as dear IN DantzlS
as it is in Glasgow. We learn by yesterdays pack
ct that the price of corn has considerably risen in
Warsaw, and that there will be expectations from
Poland
The prices are still rising in France, and Italy is
said to be threatened by serious scarcity.
Such has been the horrible waste and fury OF the
Turks and Egyptians in Greece, that the French
expedition has been obliged to supply itself with
provisions from France
The Russians are also obliged to draw their sup
plies from the Baltic, and from the magazines es-
/ tablished in Lithuanla and Vohunia.
i The black sea is closed as with seal and the
idtuIe, icaol VI tC CtoPo IA A'iiti'"(
| America, has been ascertained.
/ We must, therefore, we think, be obliged to derive
our supplies from the United States. But these are
| at great distance, and the freight and insurance
will necessarily be considerable during the Winter
months.
These difficulties, however, will be overcome, BY
necessity-we must pay high, but we think we shall
have abundance.
Still there is drawback and most serious one.
The American Tariff stands in our way. Instead of
merchantable commodities cloths, and calcoes, and
hardware we can only send them jewellery, trlnk-
cts and some Of the finest articles OF luxury Ill return
for their corn.
But as the bulk of the Americans are not luxuri-
luus, because they not individually wealthy ma
ton, we shall find ourselves under the dsagreeable
necessity of paying for the excess OF our imports with
n soveregns.
: Now these soyereigns are becoming every day
more valuable. The one and two pound notes are
disappearing gradually in England, and their place
n must be supplied BY gold.
l. What is the amount Of gold in the Bank Of En-
!; gland
81 We are told, upon the authority Of Parliam
tary Paper, that il is IL, ,OOOO00l Besides this W.
should suppose there were 10000, ,000t more coined
and portion of these ten millions is, no doubt, III
circulation.
But from the twelve millions in the Bank four OF
H. five at least will be deducted during the next slA
al months to supply the place of the small notes, Whcl
n must be withdrawn by the end Of arch.
: There is, however, another drain on the Bank. l
is certain that the precious metals are leaving TN
country, not perhaps at present IN any large guam
VI titles but certainly they are going G0ld is deare'
ne we use the phrase merely for convenience sake
no lby one and half per cent in Amsterdam than II
N. London This alone would be sufficient to put tn
IT. Bullion Merchants on the alert.
in The question, then, comes to ths-wheher W
shall have sufficient for own circulation in tn
n approaching events, Of the withdrawal OF the sma
IS notes, and for the purchase of loregn grain.
Let us see how the state of the currency stands.
IN We have already said that the Bank boasts Q
having I2 OOO, 900 Of soveregns in its Golfers.
~ The circulation of the Bank itself may be takei
on at twenty three millions
let The balances and deposits in the Bank may be Il
ru ken at seven millions. These, well as the pape
lto are demandable in Gold
nd The Country Bank circulation in large notes h;
VI Ibeen taken at twelve millions.
the The small note circulation has been estimated
Mr.. Goulburn at three millions 1t has been demon
strated that it is, that it was, SIX. Let us tai
Il, en- it, however, at five.
ID p The total of the circulation, then, exclusive
Ks Excheauer Bills, amounts, amounted in July las
hey to AZ, ,OO0,000L
mol That is to say, forty-seven millions of paper.
nor But an export of the precious metals Is certain
cct lin progress. The sovereign is at premium
Hamburg, Amsterdam, Berlin, ST. Petersburg
of and Paris. The profit upon export is from thre
erv- fourths to one and half per cenum.
a ! to Now, how are the Exchanges to be rectlhed
So. How is the gold to be retained!
rin. The Act of last Session. under ordinary crcul
on Stances would adjust the balance, for it will dml
lean ish the circulation
oa to But the country is placed in an extraordinary
Con, dicament. At the very time the prices must Il
there has sDruDn up demand Tor food.
Food cannot be obtained, as we have demonst'
ted above, even from the United States witho
reat gold. >.
fnr Ir tho