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

isto be- found IN the well known fact, that the great
pane a0i pressure for money which III the year ls25
hrou .ht the Bank OF Eng Land Ia the verge oi stop
PING specie payments, and absolutely compelled eigh
" private banks Ia suspend not fell IN the INT
ted States ~ general pressure tor money although
many commercial disasters resulted from ial IN the
prlce OF cotton IN which article heavy spccuauons
had ben cnteed into. Another proof ~ Ia he found
III the condition oi Great Britain during tn period of
6eneial Jacksnns pane above referred 10 w n7t
we die" from hc four millions oi Nifer dollars
III the course ot a year II produced no pressure
whatever iot money in the London market. The
writer remembers noticing that i,ct Al the time OF ITS
occurrence, and he ~ fortunate III heng able to sas
tim It by evidence which will not be disputed. In
the Report ri the Secretary OF the Treasury, winch
ms hrrn hefeioiafe assumed authol, tot most Of
hiS cdeuiaunns there Il table gi,lns the "aggrr-
! ehc amount ot notes elculicd IN England and
NArsh Il, the Il nj, OF Enelu b, pttaie ban,s. and
By JOINT stock Wts and then htluthas," IT the iol
| loving date:
December -, lsa3, when the amount
was SaSG2l,1oi
March =, I23l, d. do. Do as735,a25
June -, l9}l. IL. ID. d.. eapO1.G4g
'rhe lmpattluoa OF dollar, hom Eugl nd TO the
nued States, commenced IN November, LIS. one
month after the remeval 81 the deposll4. aud rutin
urI unnl July, ISL, Wlfn thf news ot tn tl.slpc
ri The gold b r1aehrd thu country, aul vel wc hn
that hftwecnthc eth al December. l-.,}, aud thu
94th 81 lune, lS}l the currency of In ll4nd ~ In
from having been contracted IA consequence al That
unporatlun positively iuciea cd more dian stetB
millions dnd n haif Al i.Y.uS estmanng the pound
sterling at 81 80 This tlom the circumstances
that SILVER dollars were. IN ENGLAND, MIRO atil-
elrs oi mrrchandse aud The abstraction therefore al
few millions al thu Ga iii produce ho moro elect
upon the currency al tleat BnIan, hAn The cXpoi-
tallon oi an equal value IN non lead dry Goods Of
hardware.
Bul tn, Wa5 not all The sfradness of the Eng
hsh cure icy, prevented u l,ll from tak,ue place IN
thr prees OF cotton and other Ame iclu produce,
winch would have oecnslonrda great To American
Shippers whilst At the saint tune IT enabled british
c3pDtd sis 10 rNtcnd lclrt Ia on merchants b, The
acceptance 81 bulls al exchange. an by shipments of
specie.
Iil lhr gold b enacted onlhe osth OF jun. la,
the relative value Of gold aud silerr changed
Is 10 zen lr ounce of gold thr equivalent o about
siNcca ounces of silver Another Law wa. pisSef on
ihe Nlme daN declaring CERTAIN foreign coln4 aleeh
tendcl one ri the effect, ri Which was tonahelhr iri-
tish sovereign, IN gold pound STERLING equal III value
IN about - ~ ri Amrrcan cmrrnr, aud. the
POINT cticr OF the Two, was 10 reader gold the mclet
rel metal on all occasions where mpurtaons oi spc
cir from Europe were called Tor by tho operation, OF
commerce. From the date Of the passage ol these
law, the shipments ltom Europe were ordered 10 be
made IN eoi INSTEAD OF aifcr,f aud the consequence
MS thu tins demand reaching the Golfers OF the
hlnh oi In smd I'll" great depository ol gold in En-
rope, produced an immediate effect upon the curtea-
9 of Great Britain, by compelling the Banksro con
tract then issues Hence we fnd BY the Seerrtuy's
table, above referred To, that contraction took place
III the cncullton Of bank notes III England aud Walas,
So thu on the 9th ScWcmber 1854, the amount
was reduced tor 5o ,i2t., and on the 24th Deem
Der to 27,729, 32ei, being dmnuton OF upwards al
seecn millions of,ioiins.
From these Facts, supported by the documentary
evidence Of The Treasury Department. ~ well rs by
sound reason, is manifest thar the passage OF the
eod bills Identified the Brush aud American cu,ren
tp tllprp itp, Iiablp bp
influenced by tho other. Expansions and conlrac-
IONS can now hardly fail TO be simultaneous and
hencro rh more than at the period when the sentence
was inst pronouucedby Mr.. Gorhan, IN Congress
must be true, that " the barometer ol the Amer
can money market hangs up at the Stock Exchange
III London" ovcr.issucs by the English banks can
MOI fan 10 excite oycr-i'sues by the American banks
tor ~ Great Britain ~ the country in which almost
all our exchange transactions with the orld are con
eentrrea, II the British STANDARD oi currency be dcue
ciaicI below the metal c standard OF the Continent,
We shall feel lis effects in currency without beng
able 10 detect II. " Shat feel did say We
ia dfehiB teel IT and there cannot be question.
that our pr ,rnt peennary enbarassmenis have been
greatly angmcnlcdbS tn operation OF tins cauSe le
snltmg from one ot General Jichsous " humble ei
forts Ia restore the constitutional cur ency.
WITH I'll 80 evidence, bpior' Inn of the practical
oParltton Of = law, "mch nds capable ol producing
the MOI dssnou, results, ten. Jackson, had he
undrt,taod tllr subject would have absr,unrd from
my active participation III rendering il nloic mi
clncYons aud la'a than til" ordinary operations II
commerce would hnpe rcndcrrd 1t. Eut not su.-|
Carried away. IN the pursuit oi h- INNS titHps. his
con ,linuonl cinsncv,' hh arro Ted u h.u,c!t
the r2hi, hv Tie arbitrary exercise fins executive
authority OF imposing tax upon the owners OF the
French indemnity. Those ctizen~ were cntnlcd b.,
treaty 10 The hull amount Of tn sum stipulated BE-
pnd by Frmec, without any deduction NhaI"Frr.
either Tor the purpose ol gloryuI Gcucal Lack
sot, or ior The purpose Of enabling HIM Ia pursue his