Wheeling compiler. [volume] (Wheeling, Va. [i.e. W. Va.]) 1829-1831, 1830-04-21

.or 1900 miles, to tue Atlantic cities, and
there receive for them an equivalent a
mount ofslyer, without any expense what
ever: and in no possible event an expense
beyond a quarter Of one per cent. 1t, how
ever citizen does not wish 10 incur the
anxiety Of carrying these notes with him,
receive draught, payable to himself or
ms AGENT alone, so as TO insure the recent
of an equal amount, at an expense Of MOI
one halfand often not one fourth, OF the ac-
nlaI cost ofcarryng the silver. The OWN
or or funds. for instance, at St Louis or
Nashville, can transfer them TO Philadci
pbja for one half per cent; from New Or
leans, generally, without any charge at
all-at most, one hal. per cent; from No
bile, from par to one half per cent; from
Savannah, at one halfPer cent; and from
Charleston, at from par TO one quarter per-
cent.
This seems to present a state Of cur
rcucy approaching as near to perfection as
could be desired; Tor here Is "a currency Is
sueG at twenty four different parts Of the
Union. obtainable by any citizen who has
money or credit When in his possession
# is couiYalentto silver in all his dealing
with aiI the 5000 agents of the government
throuobou, the Union. In all his dealings
with The interior II is better than silver; III
all his dealings with the commercial cIucs'
equal TO silver; and If, for any purpose he
desres the silver with which he bought It,
il is at his disposal, almost universally,
wiihout any dimiuution, and never more
than d,miaution Of one quarter per cent
Il is not easy TO imagine, It is scarcely ne
cessary to desire, any currency better than
this.
II is not among its least advantages,
that 1t bears a proper relation to the real
business and exchanges OF the country;
b. mo issued only TO those whose crccI
emile Them TO il. increasing with The wants
ofthe active operations of the society, ard
diminishing as these subalde, into comaa-
ative nactiyi,y-whilei it's arsdIcal wee
an government paper 70 be ISSUED "Hna'
regard TO tho business of the community
and to be governed eho'ir by c1's'a.i.-,
.5-s If convenience 20 he governments
After escaping $50 recently ram .a" d. .
5sf..o. Ola jeprcclted p.p'g el'1
..a committee Wo..d s5stal. from std .
ta..g winch might howe or remotely,
rteu Ta, period s. 30, remote 'a a..
.. ..- ......-a of;ae late Secretary oiIur
Ere.s..r. .ae country was oppressed tY a
...re.-. ,aho.. any basis Of cola, oroih- f.
.r .F .,.a check ard Of no value. as "a
medium OF of remittance or exchange, be- /
r.rd the jurisdictions the State whence I
li had been issued currency that not
lutraoueutly imposed upon the Treasury F.
the ncces,itv Of meeting, by eX'rav@E1nt
premiums. the mere act oftransioruog 'he .
revenue collected at one point, to def y .
uHavoid bic expenses uf another IL Is .
still within the recollection Of the Senate, .
when. at the seat Of Government itself |
specie could only be had az % or - pc' f.
cent. in exchange for the bank paper prom .
iscs to pay specie; ,ht for bank notes OF
Baltimore, , per cent were paid; for those
Of Philadelphia. 6 TO 7 per cent; for those
Of New York, - TO l6 Der cent; and for
those of Boston, 20 TO p per cent; ruin
GUS inequalities, which have now happily
disappeared.
Sd. The soundnoss ofthe currency may
be further illustrated by the present cond'-
ton of the foreign exchanges.
Exchange on England is, at the present
moment. more than one per cent under par;
that Is, more than one per cent 10 favor ct
the United States. This beng the real
TACT. disguised by common forms OF quot
ing exchange on England at between o%9
per cent premium.
Il would lead the commiUcc too far from
its present purpose to explain that the OH
cinal estimate Of the American dollar as
being worth four shlIngs and sIXPcnce,
and lhattherefore, the English pound ster .
ling is worth 81 "A, is wholly erroneous, .
and occasions a constant mlSapprchension
of the real state Of our intercourse with
Great Britain. The Spanish dollar, has
not, for a century, been worth four and
sixpence: the American dollar never was;
and whatever artificial value sc may as |
Sion to our coins. is wholly unayallng to
them in the cruciblcs of London or Paris.
According to the latest accounts from Lon
don. at the close of December last, the
Spanish dollar, instead of beng worth four
shillmgs and sixpence. or 81 pence, was
worth only 10 l , pence; the American
dollar at least one fourth per cent less; So
that to produce ono hundred times four aod
six pence. il would be necessary 90 scIc go +
England. rot only 100 dollars. but lO9 I
Is spanish dollars. or IO9l-4 Of the I'm
ted States dollars. Ito this be added The
expenses and charges Of scaalng the mou-
ey and converting It INTO English gold. il
will cost III. en- that III Is. az this mo- T.