Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1839-10-21
Correspondence Of The Richmond Hhie.
On BoAEp I'M LiyrRrooL STranfn,
1cInhrI = lEal


October +, 1889.
Geotlemen--A. thc news which this ship is
carving 10 the United States, - likely 10 have
considerable effect the prices both OF flour and
the public stocks. ! have honghi could not make
a better use of a cessation of the bosterous weather,
which has hitherto attended our voyage. i1an IN pre-
pairing TO rive you he earliest notice OF the impor-
intelligence.
II rs now astenained that the present crop OF
Great Britain il \ short ONE. The rains which ire
quently interrupted aud injured the harvest in the
more southern counties. have lately been Inees-
SAINT, and thought TO have destroyed at least
hall OF the crop in the nor,hefn portion OF tho Unit
red Kingdom. have been IN 20 counties OF Eng
land aud ! have come Ia this conclusion both from
personal observation and The opinions of tho on
whose Judgment ! had confidence. About the fact
then baye no doubt. The price OF corn must,
srquenlly, be sufficiently high 10 invite The impona
Ton OF foreign gram. Every one who knows that
The duty foreign era isa varying one, aud fall
my Tie ptice Uses, II becomes merely nominal,
81 about cents bushel, when the average prIee
lhrougho the Kingdom amounts to 10 shings
prr quarter, winch Is equivalent SO lC per bush
e IL must, however. he borne IN mind that this
refers to the imperiat bushel, which ~ about 32d
par near per cent mntc than the old VIM
chester bushel, which is the bushel Of ihe ULited
States.
The average price, when leit Liverpool. was
70s 81 per quarter, and as the market had been
gradually rising to this point, IT seemed not npfo
bable II would rise yethlgher. Yet, II would be
n"H"iuous' ~ prs M 10 MAKE purchases VI snip
mt"'s ipu""sd on Tue expectation OF such RISE OF
even Oh 'he continuance o' the present prices, IL
has been strongly, III some Of the public Journals
recommended 10 tue f'nRsh farmers 10 send III Their
"o's' ""'"' h's'' Tor 'he purpose o, reducing me
general average by when The duty WI be proper
u"naily enhaneen and tue pioh's ., importation be
~ tue same degree diminished. should tins recon-
meudation be extensively adopted 1t will for time
P'o"pee us 'h'euueu eheet OF iessen'ng' u moi OF
p'e'ehlnp' 'aielen competition 'ot some months
bu' ~ Tue same oegree hai ths selfish poiicy low
els ne "e'hge Pnee al hfst II must raise II alter
wards "hen only Inc better qualities OF wheat ie-
,n'n 10 ne seh' 10 market SO ho' lis only efee VIII
be 10 'aisc me Pilco next year as mneh as II Is De
pressed III lIs' Our gram growers then, II they are
prudent are pfr''y sure OF geung good price iot
men hour aud no" mat happily Tor themselves and
England 'hes nave made Food crop receive
some compensation l"I uIe seVeia ban hafvess they
have experienced OF late years
lie probable stale OF Foreign Exchange Is also
lhel, 10 make a sun iuither advance on the prices
OF exporable bread SUITS. The Bills OF the Bank
OF The United States, drawn on great Banking
House IN P1ts' the iloitineues, TO the amount OF
neaii, 1,oO00n0 hsfrs OF more than million and
quarter OF dollars, were refused acceptance. II Is
understood that these bills we,e drawn The edit
ol American stocks ana secuIi'les RENTED by the
Bank aud for which There no longer being any sale,
Vhe European market being euued win them,) the
BANKERS did no mud II safe or convenient TO make
so large an advance THIS species OF remittance,
whIch mas been so much resored 10 oil late years,
/ hcing no longer practicable, and our payments to
/ Europe, enhanced AS they are by some or Q mil
lions OF interest on the money we have borrowed,
being now corhned ~ merchandise and specie ex
change may be expected TO rise, and OF course pro-
poitonay enhance the domestic prices OF all com
modllits purchased for export.
The dishenor Of these bills by the Messrs. Hot
| uuguefs gave a great ock TO American crcdlt in
Europe, AID II Was even said that the Government
| Treasury Noics, like common shin. plasters, were
offered IN In London at discount of 20 per cent.
do not believe thistepof but that II should have OBJ
tanned any currency whatever il some eviden ce of
the great temporary injury done our national ere
dit Ii was currently reported that the Rothschilds
had made an arrangement with Mr. Jaudon TO take
up these bills. and is certain, that as 10 portion
of those which had been RENTED TO them, the Sc
Bankers, by om'tting to have them protested for
non acceptance, made themselves responsible but
II also true that portion OF these have been tetu ned
protested, and are now on board this ship.
What effect tins affair may have on the public
mind IN the United States, and the course OF the
BANK whose paper has thus been discree,ted, | pre-
end not 10 anticipate but should hope, that IL the
! Institution makes exposition Of its assets and LA
bilIies IN such way as 10 satisfy The public of its
solrdny. the mischief al home will be bur temporary
| Should it, however. be followed by more serious re-
| suits. and The Bank involved in difficulties from
which IL cannot Immediately ex,fcate itself be com
PEELED to suspend, and he Banks indebted to il fol-
lows its example, the American public will have new
cause 10 depore the senseless and undlgnifcd war
fare which General Jackson was induced TO wape
/ against it's predecessor. With its ample RESOURCES
1t never could have been driven to the shifts and ex
No. win -, ID