Daily Richmond Whig. [volume] (Richmond, Va.) 1828-1831, 1830-04-21


and all this amazing deXtcrity-cqua in its kind to
the tumblcr in Drury Lane PantomiInc, wa, bcs,ow-
ed uron composition of at least twenty minutes
duration, which did no, contain single thought
worth hearing.
! .uusic.-M. D. Solomon. musical proI;essor y,
Iars, has just invented lit lie machine, by which
all instruments may be tuned without difficulty cyen
| ny the youngest musician.
From The Journal n Cor1,nercc
The date of the subioined letter is not ycr recent
out such is the nature of its contents that notlipu
has been lost by the delay.
| correspondence of the Journal of Commerce.
LONDON, 9th March 1880.
! Among the modes of attack resorted TO in Pnrlio
ment by the opponents of the ministry that one
winch has for It's Object depreciation of the c,ron
cy hy aooishing the gold standard and the prohibit
toh OF small bank notes, both Of which are nnriS or
The system adopted under the auspices and he tho
strenuous efforts of Mr.. Peel is more likely tban
any Oh the rest, IN case it succeeds, to have pow
eIlui influence on the commercial ind rGoncd con-
Germs of the United States
At present silver is a lcral tender oulv IN = s,,,
amount, (t2;) no banl; notes of less Geuomin,,;c,
than nve pounds are allowed 20 he issrrJ ~, ,,,
| oank III England, and all notes aic re!eem,l,le hy
gold alone. Small notes however sill Ci-ruI,tc :,
Ireland and in Scotland but owinr 20 their nr,vo,.
anu their intlmate conOcX'on wish this country ~
ccI 10 the circumstance that all nujes are pa,iL' -
SoIc on demand, neither Scotland nor Ireland Is 50
much oYeTw hcincd with paper circulation ,s liz,
were when paper alone was tic circ,,,al,nT ,,,i;J
OF England. Daring that period the pnpSr iss . :.
the Bank Of England frequently reached go 600 GOO
and the price of gold was times rs high as - IL
Cd the ounce. The suppression of small rc,., oj
The establishment OF gold circulation have brnuobt
the amount of ISSUES b. the bank TO bout 90 or.
ana the price OF gold to 60 lis %, which is III
lower than The standard mint value.
To any ono acquainted with the rclario,,s s,,L-;..
ing between money and commodities it cannon mo n
subject OF surprlzc that the price OF the a,c- bo,J
nave noTnnai!y deprecated IN consequence Of n re-
turn OF specie payments, and still further h., tho
tincton OF that portion of the circulating medium
which had previously supplied the place OF ihe gnId
coin OF tile country. But enormous rs has brrf' rI,
apparent change IN the value of comp,oJ:f;os and
property of every kind, from these causes tbera t
many others, silently, hut powerfully cunduc,ye
20 still greater change; of them incidnp,
TO n state of general peace, others IN tbo noc
liar and dsproportionate or UNEQUAL 6istr,b,,
ton OF wealth; and others again aris;po, ~, =
the spirit OF eager competition that anirno;cs
every nation CT the clvl'lzed world Under Tho on
Grafton OF this accumulation Of difficulties and ig
iments, she IS atihis moment, ox1 crencnr much oc
tuai and t,e r-----> " todinns as 10 Tie
the landed interest and al the industrious
complaining of uneXamPled distress and inef ctnoiI
praying for investigation and relief The number oF
tie poor increase,-paupers demand right and m
some instances it'll c.amor and violence Tba liz
ance which formerly doled out to them "a cbo;
ty and fayor,-he agricultural capitalist trc,nbcs
for the safety 6 MS monopoly and the confinr
ance OF ms rent,-tbe fund holder is equally fearful
that by some necessary measure Of finance his divi
dends will be ubrdged,-and the manufacturer Tint
the little surplus profit realized, will before lone
cease altogether. IS
These circumstances have led many Of tho sta,oa-
men and political economists of this country 20
about for some device that might serve as an cypn
dent TO ward off the impending danger or in some d.
gree to reevet the present Distress and thcv min, tn
the currency the efficient cause of both.
Mr. Alexander Barry's theory il, to unite 4 silver
standard with the present gold one. The extremely
sensible views which be entertains on this bcod SoI
will find in the Times published about ten davs ago
Ills system resembles that in practice in the Uned
States and in most other countries; and il NAV he
said Of 1t, that is best wherever moned institutions
ere strictly responsible for the redemption Of their
per by payments in gold or silver. When this resnon
sIbty is trhed with or not enforced as has bnnpen
cd here as well as in parts of the United St5tcs
there is no security TOR property from one day to an
other.
II is not certain that either this measure or my
other innovation will be effected during this session
Of Parliament, but If distress increases who can fore
tell what desperate men will not do, One tbipp
however seems to be decided on although it cannot
go into immediate operation. The Bank of ENGLAND
whose charter will expire in 1893, has the monopoy
OF banking, or rather of issuing notes within 65
miles OF London. 1t is intended to refuse TO renev
the charter with the clause giving this monopoly.
and the substitute proposed in lieu of his exclusive
privilege, IS TO allow Joint stock banks with any put,
Der OF partners now limited to six TO be established
at pleasure