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


tBSiaie Increase Increase per cent.
Cotton lbs. 72.3ls16s 2o.ao nearly
Sdk.raa l.o257l7 80. do
thrown " l2o1GG 30. do
Wou 1o,Gi1,a4G 3D. do :
Table q, tie produce aud manufactures OF Grea, Br'-
tam exported to foreign parts. calculated NJ VIC eh-
cad and declared rate OF valuation,
Official Jataatoa.
Is3l 1885 la36
oaog3s,3 .s.495,5a5 :. 77.o3a,6l6
Increase official v.lne, 3D.
Declared rsaatioa.
is3l is35 le36 1887
3930o,5l2 Il,ee65ol, n.la7la3 467o6e37
Increase declared value. 1919.
By Tie above ofiit al tables, Mr.. X. said it would
clearly appear thai the national wealth aud industry
had gfeatly increased tlkt hecHffeacg had remain
CT at,at siaiioaarg as prerjoasiy established. Mrk
thought he la July Established that tile enrren
cy of England hid not been equally expanded with
our own but on the contrary there had been actually
"a grdaad increase "a the rdiac " money
The serotd proposition mir X. said) scarcely
needed proof from its close conDexion With the hrst
lie would pui the maiter at rest however by The pro-
ducliuu OF evidence that ought 10 BIZ satisfactory 10
all. THIS evidence MS The pcjfe d9fetm|h. on ms
pniut Of Mr. llolsry Palmer aud AIR. Knowles IN
ia .r cohttp,rr.y concerning the action oi the JOINT
,tock banls aAd the conduct of the Bank Ut England.
Nh Palmer, sihng loi the psiaclion o' 'ho
bank. aud alluug the causes &c, says: III Is ne
haze dtisfa t}0H osdfnefag0t any a9d@e g7ee@fatre
adrooec monumental pric,S," Mr. knowles. how
eyer,l4 not satp-del alh this alms3to but, wishing
the fact established hr>ond doubt ht asserts hesdne
Ting, aud rctrts Ia The pfoofS. Mr. Knowles, alter
pfovn. that the legitimate demand for currency had
been increased b, Ile increase ol national wealth.
aals; =" / table n Ptefs, hart t@f II prepare one
romd P,ole bg3ad question Hdt SO jar Jom rise 4"
prices e6atHy, ia mapg eases there has btead fall ren
,cjM .ttfea4iag Stock; fact quite incompatible with
over ,ssue and deportation oi the currency
While, IL, where rise IN prices has taken place.
Is distinctly tcGbte 10 causes rosFefhtctygfeeit"g
he H,arktt "a H. sgppig." Some fluctuations were
doubtless exhibited ~ the manufacturing districts ia
particular articles, anl especially Ia articles Tor Amt
lican consumption, which, FROM tle heavy Increased
demand io hcn could uotbe readily supplied by es-
istlug establishments. This however us distinctly
frrrrhie 10 caussHaiten9 the market rs 10 supply"
tui vas ~ evidence vi a redundancy OF the cfcula-
ton. le distinction m elt always be settled by
obtcreatan Of lac following rules thai "llent,ertfe
Is giCM luctuatiuB ~ the value oi particular art
cl cemnoddy iaaiisi ne rdiHe n ttc proPerty ~
the couatrg efaera.j rtnas QnaBtcfcd. we may take
II ion Rtaled that the lacualion - owing 10 change
IN the relation between the demand aud supply. FOR
nNaHcc. II illcre be shoit crop oi corn the supply
vii ill short OF the demand, aud The mice OF corn VII
rlsr whilst al uthaf commodities may stand bri--
1hi. Is oeca,ioned by the change in the relation
bctWrea tie supply aud demand. But II We find the
price Of csriy commodity raised 10 an unusual eleva-
lion, tis lately ia the Inted Slatos,) may take It
the relation bcwt currency aud commodities; Ill
other words that currency ortredi, or BOTH has been
greatly Increased aud consequently derrccated This
part al and heal Ueiuation then. "hcrei existed, a
mounted II nothing, a II was trifng aud PARTIAL aud
attributed 10 Uuttu tlon between supply atd de-
mand--a llucuaiiou 10 be found 10 some extent all
Countries and At att tines Doubtless some adilnion
al activity wts oceasioued by artificial aud credit
demand for manufactures attended also with an in
crease oil manufacturing stock. II was very likely,
al N1fiIp Ip4l II
occasionel by the large profits thry derived from
the discount of American securities aud credits 10 sup
ply credit demand fr money iof under our pre-
postelous sy,ttin adopted IN 1884, d importing bur-
iowcd lnone, 10 multiply credits npon, we have been
" lngit takc Ill tleif oash rs well rs their comnodi
te,, and give more thin amy bndN else tor them. II
ia y would oHl, let u have them on credit. These
partial nueiualiuns wcte uicctal aud uninpoftan'.
and, til thcy did exist, IT AT ALL are easily ac-
coun'cd lo aud principally, if not entirely, to be at. :.
tibuttd IL = coaueNlon with us. In no view OF tho
subject could hcy be USED evidence of national
redundancy OF currency or credit, or OF national
oyrrirddiug. neither OF which, We have seen, had
lahcu Place.
Mr.. II. sad lhe Later part of the second PROPOSE
ilop. and ihr whole al the hd seemed TO be estab
llshcd bv Inference from the positions already rsiab-
lj-bed aud The proofs already addnced. 1he only
Im hui prot That could be deemed necessary ON
ihcse points to establish the fact that al the very
tinc VIC mtru importing large sums OF specie under
lsn cement OF the wise policy oi the EAeeu-
1--WE, II called. we were enormously indebted,
not uuI, on conuIerealbalanc bat also ior money
b2yoefd N tie very face Of this CONNER, al balances
as dust Us.
Mr., X. said, il here again became his unpleasant
duty To NOW Dist the President mistaken III hts
q ttnHte 81 tie amount OF our foreign dcbt. Ii wa"
% notice this mistake witlianoher VIEW.
We would not act ia reference true situation rs
Debtors II We believed we owed nothing. The PRESS
deut gives the estimate of foreign debt in March
last At thirty millions OF dollars. The President could
have had no unworthy object his underestimate;
but still il IS mistake and that should he notic-
ed aud corrected II the estimate OF the President
we're Correct, the debt had evidently been pad, and
oycrplJ. lie had seen estimate more than two
months arc, which seemed reasonable. aud probable
IN ali rs details. which estimated the liquidation OF
mentS at So 900 900. W. had been emittlng specie.
and Xchanse aud shipping cotton ever sine and he
had the slightest idea that We had paid asd iqui-
daied in different Ways, since March last less Than
forty five, and perhaps fifty millions OF dollars; anu
yet find the exchanges heavily against us. lie
hoped, then our banks would not begin to expand,
aud people userlrae. on the resumpt'on that
Europe was lade6tcd to as.
Mr.. k said 10 one could pretend TO accuracy as to
The amount of foreign debt III March last hui bs
thought he could satisfy the Senate that II every spe-
Gle, of oblia alton taken iuto account was much
nearer one hundred and thirty than thirty millions OF
dollars.
Nj. X. then Proceeded 20 furnish the Senate with
81 eli evidence rs he had 10 offer this subject In
the first place he took the commercial balance aloo
for the wear 1885, as reported b, the Secretary Of the