Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-08-27

-, / fiji, nh IL sol,e with nfrt sion. as the uucstol
how IA, tie diminished supply of the precious me tails
from the Mexican and South American mines since
1870 has affected rlicr value, OF which Is the same
ng. has affected the ptices Of other commodities.
The falling 90 has been enormous--consideia ably
more than one half, on an average, of the yearly pro
duee OF the same mines from 500 to 1910 and upwards
oftaeuty millions OF doafspe anpum, amounting n
tie whole perod mentioned, TO fully s6gO000 QUO.
Tie wear tear OF the metals loss by casually At,
nut also lie aiken INTO tie account an annual d.
uiauon from these causes, Is estimated At one pei
cent, making the whole stock oi gold aud SILVER,
very large amount. SO much Tor the supply
Whllc tins has been rapidly diminishing, the de
m1ud for Them has been lust Is rapidly Increasing
First from The increase OF population, according TO
IN admitted puuetpic Great Bnialn, which IA
lsoo counted only - millions Of inhabitants had, III
1890 NJ les than y millions. Prussia, which atthe
peace oi IsI5 received something more than ! o mi
lions. Il thnkl now boasts oi her ID millions,
Russia has grown II least rapidly; OF phcr
uons. Mnh our own extraordinary progress IN that
way you familiar. Then. as 10 productive pow
er, another important element ia determining the
value al gold and silver, need not mention that II has
been everywhere immensely augmented, and with II,
al course, tho mass Of commodities 10 be circulated
BY money. Look Al the cotton uade Tor example.
Lastly, the consumption Of The piccinas metals IN
furniture and manufactures Is become immense, aud
ever, day on the increase; moi, rs has been sud,
N tile course of his tiIscushion because they have
paper; but necessary consequence Of the pio-
efrss Of commerce and inches, aud the elevation Of
the standard al comloi among all classes oil society
he ctals demand commodities, precisely
because they are precious. We uW have them At
any ptIcc because the oi them required by the
cNsng state ol cisilzdtion and because the mighty
fortunes acquired by industry Transmitted 10y III
hetttauce, put 1t In the power OF thousands aud ten
oithousands to obtain them now, where lens hun
dIcds formerly could Compare England W.T.
france IN tins respect aud you will be struck with
tn, apparently singular, but really natural aud IN
stturiWc result. France has III cIruldtlon much
noft than twice. " even Il rec times tue amount al
gold aud slYrr that England has, estimating the spe
tuIrucs oil the lltr II 900, 00UL but III pdte,
utututc Dc, the tables aIo exactly lulned, aud
England possesses twice lllce much rs France.
Tins does not show that the metals are deprecated
1T ihc iuinel country ; but The very reverse. There
Is a greater demand Tor them, because there Is IN
compardbly greater opulencc aud luxury III The
ounlly ol banks aud paper on'y, than III tie conn-
tfs ol an exclusive metallic circulation. THIS Is,
the Iitsem condition Of snocly, an inevitable elect
utf Etc1l accumulation oil capitol, which can only be
prevented by sumptuaiy and agl@1nn l'ws-a - stem
OF legislation familiar enough IN antiquity, bat quite
inconsistent with our modern IDEAS OF individual lib
city and personal accommodation.
know 10 wtltrr VINO las recently" denied that
the lill OF pIlccs universal WITHIN the LIST
years has been OWING, ~ some degree, to The dunn
Isbcd supply OF the precious metals, or what comes
to the sdIur thue, who lfetends that those metals
hate been deprecated by the paper currency subsll-
tutrd Tor hem III some counties, rs some members
ot Congress have iouudly asserted, without any
means al asccrtanng the state oi iacis, on even
delgniug 10 consider In IN at all. Mctullock, who
thlnAs that very exaggerated Importance has been
attached totho effects ulllat dlmnnon, stIl admits
that may have operated To the extent o ttom ) To
3 PEI cent.l The author oil olcyn Iule treatise 10
winch had occasion frequently toleier III my speech
ut the oxlia session, hesltatcs not To .aiim that
within the rcuod Just mentioned, thousands have by
tbs cause alone, been precpnalcd Into lneNIuoabe
cmbltlssments, OF the secret sources IT which the,
had no spspciun.l My own oplnon, II may ven.
tufe advance ono on such subject, Is thdl,
nIhstaudlnr all that has been sand of the cessation nj
the specie tladc with the East, the breaking up ol
boards consequence OF loug peace aud established
social order the eeonumslng OF The metals by means
OF paper circulation, Nc. such Il the Immense de
vclopcmcm OF commerce, industry, population and
uehes, that the demand .ol gold and SILVER both fol
currency and Tor furniture aud manufactures, WILDE
ioIe many years become greatly dsaproportioucd to
the probable supply of them. some other means OF
conducting the exchanges OF the trading world. wall
become indispensable; At least, the use oil gold aud
silver, Ton any Other purpose than standard for
the ultimate COMPARISON u prices, will be superseded
aud the great bulk OF every orcnlaton, like that OF
England aud the utrd States, viii CONSIST ot bank
notes aud pIVate paper. Fan nom thinking that the
credit system OF these Two great commercial nations
with then advanced civilization, mere accident,
an anomaly, which is to be exploded IN a few ,eals,
moidcr 10 lcturato the old Dutch plan, | CONSIDER
ias the natural fun that CIVILIZATION, aud expect
10 see them H1uus together IN the Of things,
ON olhci and less congculll SOILS. The bank noc
payable on demand, VAS as great an Improvement. at
homc, as the bi ol exchange, when the Iombdtty
merchants INST learned to dispense with specie m
The theH rtnlItdnces, from country 10 county aud
ana 1t Mcic Just as rational to wish b,ing socleiy
back to the cvIzatIOn OF the 10th or lilh century
when paymenls between distant places weie made
only N specr, as 10 wish 10 explode the money aud
labor. saving ontlhnnces OF Lombard street by winch
transactions to the amount of untold ,,lIIuns are
carried on almost without n show of coin. Com
inclcc is m exchange OF commodities: viii, erculn-
bet tins SIMPLE operation, iuther than is absolutely
necessary, by introducing lhud co motlt, like thr
the precious metals, Of which The value or rcl,,on
10 all other products, is continually calculating, IN
greater OF less degree !
fIo be corciq3td IN our acrtl
Nhoatlf did 50 about lint, years ago.
tnmmercul Dictionary Pro, ous metals.
! houuN and ITS YlrisStuocs m ,nlnr.
sN%S