Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1837-11-02

tile entire currency OF nearly 81 per cent and m
augmentation OF paper circulation OF nearly o6 per
cent Our own culture currency. then. " during HE
Yeas Is3i. ls31, and ls56,' has increased nearly
Va per ceut,, aud our paper circulation dnlinI liz
same period, nearly a6 per cent; whilst the entire
currency of England las Increased about one third
ol one per cent. aud her paper circulation, during
lhat period, having lnetuated mere trtle nj my
une aud sometimes cteH contracted, Is found, al he
end of the period mentioned, have increased only
about II per cent. lie had not given himself the
trouble to be very minute IN the calculations above,
aud ilai used round numbers bat no uee ul authens
tic materials could vary the result more than mere
traction, aud strict accuracy would most likely nlhe
the comparison more unlisotaLlc tothe statement OF
IN equal expansion ia the Two countries during the
pelod referred 10.
Instead oil equality, then. wc had Ter England, an
increase ~ the entire estimated currency at the M
ton OF about one thlrd OF oae per cont.
In the United States, an lncr ase oi about % per
cent.
In England, increase otp,pet currency OF about
IA per cent;
In the United States, an increase oil about % per
cent.
So u,eleh (said Mr. klsa) lot M equal expansion
ei the currency III both countries. As iothc other
siedlts' they were not tlos,hlc. but every nan oi
any observation must kno" that on tbs item we
should suffer IL the conn ariAun more than IN the
othet Credits were teftalul, multiplied ~ En9
Land. in some districts, BY the increase OF the mum
bef of Joint stock banks, Ii which new connexions
were iofned. aud thc number oi checks, drafts, &c
increased, But the increase OF Jont slo'b banks
tdeductuG the private banks melted into teE) beats
no comparison To the increase of bankslu ths cona=
Try, ~ we find from The otticii statements, The
consequent increase ol credits, ,hooeh they cannot
be ascettaued wuh precision ~ tither county, MAY be
compared by Tic result. TIC increase Of ere M m
EaPiani has been b@ttt on Tie same a7''oaat cash
eapHd as appears bg hs Unchanged 9adHhiB u the
currency, as crhibtiei b. Nc hbiCS And that has
4 d Z Is
M F,o}Iee3 no general Soeratdh,c rtSe u prices
10 Sp'1b ~ Il redundancy NJ currency On credit,
ftea no Sgflat,t3tc rtSG coanao 1tteS has tak0.
Piiec, rs PcJea Nonsense. Nhcle facts have bfan
stated and not proved, have taken lssnc, and dis
proved them BY facts fully established Wlete
11ets lfc conleoucl, will presently Introduce es
drnce 10 prove the conlftinfcs eronndless IN pf5f
ing me dhstaee ~ consequences tatHtabfg connected
tfH them. The only way III which redundancy
oi currency etcdlt depfrciatcs o,oign exchange
by producing spc, ulatne use N prlees, and eon=
sequcnt orerladmg. England hhs not overloaded
IN The CoptfafN she has exported more than size IN
ported, aud lett Us enormously IN hrt debt. lBnf,
Whilst shC had large halapcr against rs. Crchat.g
ieas against h., .ml making continual drnW upon
her bullion THIS strange financial aud commercial
anomaly, 50 embarrassing Ia the English. ! viii
hereafter cNnl4n, after fHmg completed the prooi
on The first proposition.
ilethentead lllc evidence of Mr.. Gafpey, man
of much intelligence aud authority on these ,ub-
mitice lately appointed by PmlmnIcHt Thls vii
ness shows remarkable mlellig rucc the subject ut
finance bat i here strangely embarrassed for want
81 facts Of "hleh he sepnis eui,elY nguurlat.-
/ HIRE Mr.. Is. read the evidence OF Nh. GUGey Is
follows
Etaqxcc II lir G~ocg5.Jo,e The Committee Of Joiot-
.Soth BajkS.
q. "5oe. la, there been any change of late IN
the state OF The London nroary marked
IHtre has teca Eraiadi increase ~ Hc rHue u
mo6tg.
@. 259l 10 What do YOU attribute the altered
stale Of the money marheip London
One causr ha- been ibr cAl ufatiuu oi bullion TO
foreign counifies bat | appttheud the NAH CAUSE
- the circulating medium existing IN Europe and
Ae mercantile paris n dmeJtN () Is mol increased III
proportion 10 the Transactions, aud Ih the same guam
tlfy Of cIrcul,,n, medium perhaps, even re
duced quan;lls, has to ffffipfu much hrecf u
mount .! transactions.
q. e595. Would not ihr cfcct OH flowing 10
thai to which YOU have alluded, be father indicated
iaa tA'l IN the money prefs oi COMMODITIES!
1bdt is Tie ttnloHcyo II; bu thcfr are conflict
ing causes th4t have etieasly uHfaHrI tuo tn
er asct) the value OF commodities Bendl3.
Nj. Quincy Is bll broker who procurcs the
diseouL OF re-d count al country bills III thc Lon
don mar.rt. He WAS therefore, well acquainted
with the act,, aud the subject which lac speaks,
NJ far ~ England was colneucd: aud lac tell Us
that d" the ,dne ri none, bad gradually increased
AID ia ouothef pant OF ms evidence he tells u- that
the Increa e Is about - per cent. lie Lne" tbs as
L Tact, and IN England he WE enabled, ~ some
measure, to account 0f H. Tor 90 kuew hat currency
Ind MT bc,t4Sei whist, from the lfugtcsslye i'll
crease OF natenal wealth, commodities alt3 haRSac-
TRIMS hid lie could, therefore, account iur the
depreciation 81 exchange, and export ol gold 10 y
metca, on no other sup UsIOu than that The cur
leHcy OF the =" commercial paris at Antrird' WIS
even more contracted aud d,spropoiioncd 10 com
uodrtlcs than n England. But Why WIS norlhe ap-
probation OF money Indicated bs tall in the
MONEY prices III couinodific, - fhuugh tins WIS
The natural ''tcndcucy,'' ." conflicting causes MAT
velluu,ly maintained Jrces." " hat were the cot-
ncing causes referred 10 hy Mr.. Gnnicyl Ev- +
ruily The increased ACTIVITY III the manufacturing
districts" By the increased deniInd for tie products
Of English labor Tor American consumption. In
ieprcciaii2a II communities by Me appreciation II I
uoary traS cpVnicrooftd By appreciation u com
aodiiics byda iacrcdaca dtndHd tOr Hcm. Though
the IDEAS of Nh GurieN seem clear, lac seems ior .
want OF facts, To he Involved ~ embarrassment and
apparent contradiction. That the value of nloneS
raised IN England by insuilccncy in quantity,
Vas lnt onssten with the exploration OF gold unless
III America, also the currency WAS contracted. Ind
yet Il c1utraction .thc currency IN imerica tas N
consistent wih our Increased demand tor English
Had The witness, however, kGown
that far from contraction, our currency had EN-
phnded near 100 per cent, aud the exchanges were
N favor whilst there was large balance against /
us that were draining them oi their soll ~ /
defiance Of Til, heavy debt and redundant currency
his embarrassment would have increased until lie /
that performing all these com
morcial miracles under system OF finance, by
which we exchanged our creditor their capital, aud
after going in debt for a large commercial balance,
borro,ced It still greater amonat ard thereby tafhed
Al La. ylrf