Cheraw gazette. [volume] (Cheraw, S.C.) 1835-1838, 1837-04-19

\. B.
Some po. MS and reflections Lcaring on the
momentous discussions on lie Cur-en-
cy and BANKING nooc dsforc tic puJ-
lie.
Baron Humboldt, in his political essay
on the kingdom Of New Spain, (vol. 3, p.
45l,) after very elaborate examination
INTO the production OF The mines of the
new continent, Europe, Asia and Africa,
states the probable annual increase OF the
gold and silver currency of Europe to be
about fifteen millions OF dollars. His cal.
culaton was made at the close Of the 18th
and beginning of the l9:h century. Of
this ninc-tcntts was furnished By America.
Now, if we take into consideration that
since that period many ofthe most produc-
tive mines in South America have been en-.
tircl7 destroyed and abandoned, and the
rest but !ndiifc-ently worked when VIC
consider that the extraordinary increase of
tic use Of tea since that time (abou. 400
per ccnt.) requires greater exports Of the
precious metal to the East Indies and Chi
ma, from whence it seldom or ever returns
when VIC reflect that the extraordinary
growth Of luxury all over tic world, has
since tha. time vastly increased the use OF
silver plate, gold, gded and plated manu-
lactured wares, we may say 10 an almost IN
credible amount, may VIC not safely draw
the conclusion thai this annual increase is
now not only greatly diminished, but has
perhaps entirely ceased
In the Encyclopedia Americana (vo'. 4)
under the article Europe" it is stated that
the public debt Of all the European States
in 1923 amounted TO 12,4O0, ,449,109 gull
ders, or, at 40 cents TIC guilder, S4.96O,-
l79,G43. This immense sum forms a cap
ital to the European, on which, by pledgins
it, he clnu obtain loans with case from the
bankers, &c. 1t is these stocks which are
principally used by banks, private bankers,
&C., 10 cover their issues, instead ofspccic,
and represent the capital upon which they
afford loans and issue paper.
Since the year 1920, these L. States
have paid off their public debt, amounting
then TO about 81 millions of dollars. 4
great part of this amount was owned or
pledged to foreign capitalists, and with tho
addition of a considerable sum Of tho late
United States Bank stock also owned by
foreigners, very large amount has been
Withdrawn from the country within few
years. The great dormant resources of
the United States Bank, rn,il tho affairs
of the old bank arc finally settled, amount.
ing probably to many millions, deserve
great consideration.
The great accumulation oithc surplus re.
venue in the Golfers of Governments, al.
trough partially used by the deposite banks
in short loans % the public, must necessarily
cmbarrass and injurc the circulation, by cre-
atine uncertainty. &c.
The winding up of the L. States Bank
and its branches, and consequence de-
rangemen, oflong established. regular, safe,
easy and rapidly circulating internal cx-
changes, has also largely contributed to dl-
minish the circulating medium.
The withdrawal OF small notes must also
have largely contributed to diminish the
amount of the circulating medium-I do
no, know the exact amount, but Shouts
deem it to be not less than SIX to eight NIL
lions. The - millions of gold coins
lately issued afford the community but lit
tie benefit, as it is to my knowledge gem
orally boarded up, by big and little, for
pocket pieces.
The immense army CT cmigrants from
the old States to the West. no doubt carries
with it and boards MP a vastamountoiSpec'e
and bank notes, which for consil-rahls
time must be kept Out of crculatio2. ihc
forcing Of specie from the sca-b'ar.' % t."
Wcs. in consequence Of the Trca'ory or
der. mus. have had its share in doE2nyc'iis