Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-10-04

h.;ua unknown neither Commerce nor Manuiac-
lures nor grculturc give the least signs OF life
And then LEI them east glance at Great Britain
where Paper Money is the currency, though Specie
the standard Of vdtue as il is with us: and behold
the magical effects ofthe Credit System, in IFS best
possible form of organizaon--a system which has
enabled the :. fast anchored Isle" though but a
speck in the ocean, TO subsidse nearly the whole
Continent Of Europe. to circumvent the genius and
10 resist the egions OF Napoleon, and ultimately to
overthrow the colossal power which long over
Swallowed andihreatened to subvcn the ancient dy
nastics of the old world-which enables her 10 hold
foreiga colonies in subsection, which has gwen her
the command the ocean, which has built up her
sneuui,. ri,s, extended ner commerce, and added
20 the comforts of the aboring classes of her popu-
lation.-Lkc will produce like effects every
where. Overthrow the credit system in this coun-
,ry; and il such thing be possible, reduce to
exclusive hard money currency, and il will be a
rapd stride backwards towards barbarsm, with all its
wants and discomlo,ts. The t'otiea Age, in point
of fact, has but few charms beyond its namc.
In conclusion, deny that iarinsiccuy, gold
and silver constitute good a currency as bank
notes. Legislation, by gvng them = preference,
may indeed make :hem better bat, LEI, to strug-
gle for the mastery, the principle OF Tree uade
and fair competition, paper currency will always be
preferred, because of its gsearr convenience, by the
great body Of the people. The following article
from a late London Chronicle shows indeed, that
from the decrease of the weight OF the gold COIN
caused BY fraud well as by and tear, ii is in
some respects wholly unsuitable for a rcuating me-
,um-a fact which We have hsd the i'll luck to ex.
perience, small scale. by receiving certain 70.
reign gold coins at their nominal valae and afterwards
paying them of by weight. We nv<c attention to
this article:
From the London Chronicle.
THE Gaa Coma ec.---Thc subject Of the gold coin
nge beg ning To attract the serious attention OF the
qryae bankers in the city, its depreciation weight
now causing an immense quantity of sovereiens TO
the rejccledby the Bank of England, the extent.
some persons assert OF one half OF all the daily pay
anenls which are offered AT that establishment. In
this course the Ba,k OF gland justified undoub-
eddy the object Of the regulation being prevent the
practice OF Sweating" the gold coinage, that
furious operation is termed, by which number ofsov-
eteicns are shaken IN bag. which is afterwards bu-
red, aud the gold dust collected from the remains.
Owing principally TO this practice the depreciation in
uhc weight 1.-THE gold coinage is rapid that by
ycrments made al the MINI in the year 1893, il was
found that The soverrigns Of l87 had lost IS l0d in
each hundred lbs; those OF 1871 ,9s Id per hundrcd
those of 1928. Us Sd and hose Of 1920, GS 2i per
hundred whilst upon the halt soveiegns coined in.
1917, the loss, according the same experiments
as great as l6sid per two Iuudrcd OF lS2I l3s
nod; Of lo25, lbs 6id; and of those OF 1929, Il. 81
iper Two hundred half sovcrcignS At tins time the
quantity Of gold rejected by the bank Of England
and by the customs, excise, and stamp Office,
seriously complained olhy the mercantile interests
.,lat remedy for these aud loss
es must he found, IL is thought, before very long
thine. The difficulty in tha is in the dtsput"
which existed between the Treasury and the Bank
OF England as to which parry is bound pay the
perses OF remcng the coinage OF the country, the
Bank OF Eng having urmerly been AT the Of
100000 in reneltiuc The silver coinage, of which
" one half allowed by the Treasury, and theu
after all, the questioned liability had been in dispute
for great number OF years. 1t would certainly APP
rear only just that the government, by whom the
coinage is used should pay the expense OF keeping I
1T the wcish At winch originally sold t
the public; but the other hand. To be cou-
tinally tepaitng the frauds oflhc .sweaers' would
only be an encouragement to tie fraud. However
tins may he arranged between the Treasury and the
Bank ot England, is clear that the loss ought
Gall on the public large and that arrange
should be formed forthwith for the prey enrion
OF the great deransen euts IN payments which is
much co npianed Of by those whose transactions are
extensive with the Bank OF England, the Customs,
and Excise.