Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1837-04-24

Of Justice weighed nothing in the scale when opposed
IN the glory of " the Constitutional currency" Oh
ders France, To transmit the amount q
the four lnstalments of the indemnity pafl in Feb
rnary. 1886, amounting 10 nearly four millions q
dollars, IN gotd To procure this quantity OF gold,
dfait was made upon the London market, which, "
II did not create, nj least assisted to augment THAI
pressure upon the British currency which commcnj
eed III April, and which every knows has beet1
continued with occasional fluctuations up To the IN
oi March, 1897, the date ui The last advices, and
which has been laiterlv augmented by The additional
de"dnd tor nearly another million Of dollars, the
amount OF the 9Th mstalmcnt of the indemnity pait
by rance IN February last. II is pretended II
that thc whole pressure on tho English money mar
hel within the last year has been oceasioned by the
lasf mentioned a. humble efforts" 10 restore Tho
constitutional currency" Other demands for GOLD
have existed, and amongst them one by the Bank o.
Amri1ea the principal depo'itc bank in New
York, and one BY the Bank oil the United States
rendered cSprdcn by the rapid return Of her notes
Tor payment in the early part OF $50, owing to the
substitution III then place throughout the Western
aud Southwestern country. Of the notes OF some oil
oenota Jacksous three hundred aud fifty seven new
hanks
Oh the practical operations Of these two " humhlc
efforts upon the immediate Interests OF the clti-
1ens ol the United States. ii bchooycs ia now to
speak.
The contraction Of the Brush currency. as every
Intelligent observer knows, has been 10 create pr s.
sntc ion money IN England, which has produced tho
following results
l. The market rate of interest has been atlvano ed
lfom 10 per cent. per anunm ON first rate
commercial paper which had a tendency 10 keen
money IN England winch wonld otherwise have
sought investment III the /. States.
= british merchants are prevented from nc
coping with thcr accustomed freedom the bills of
exchange dawn upon shipments Of American pro \
duce
}. British capitalists are less able than before 10
make advance, oi loans, the security oi Ameri-
can stocks which GUS of a large source fiom whleh
capital has been heretofore supplied for our various
intrtnal Improvements.
!. BRUSH manufacturers are less able than here
totorc 10 give credit To such OF our importing mer.
chants require II.
!. The prlec of cotton has fallen since the lst Of
January Last or cents per pound, IN England by
winch Nmerean shippers will loose 90 % per ct.
upon the stocks goncior"ard aud by which our col
Ion planters will be deprived Of y corresponding or
greater amunnl, Tie tail of prices at the south has
already made evident.
And nov II only -cmains for 10 inquire, how
have these "hunh!e efforts" tended TO restore the
constitutional currency p Has the importation of
tbriy millions Of gold aud silver pushed any paper
ont OF circulation So far from it, the amount of
paper has augmented, as We have shcwn 10 an
incredible amount, The banks all seem to have
acted upon the principle, thai their power to emit
aud keep their notes IN profitable circulation was
lust In proportion TO the specie they had on hand
and accordingly We have seru, that j,,s IN the mea-
sure thai General Jackson supplied them with one
mIon oi d"llai' IN CON- they supplied tho public
with thec millions Of dollars paper.s SO much for
the sohaaaeSs OF tins constitutional currency; and
now for IT'S uniformity.
On the I'd III Jauarv, 1880, when Gen. Jackson
IA his message to Congress- in reference 10 the Bank
ol the United States, sand THAI 1t nus be admit
ted by all, thai has f,iied IN The treat end of esfab-
hsh,ag .outorm and sJund carreaey" the rates
III domestic exchange. as follows, as appears
from the New York Shipping and Conn ercial
List