The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-07-31


There is natural tendency in the precious metals,
a, il an other commodities. 10 flow TO that quarter
where they are 10 The greatest demrnd. This tenden-
cy is irresistible The laws Of trade are as certain 10
their operation ~ the laws Of Gold and silver
like water must find their level All the laws that
have ever been framed 70 prevent the export Of the pre-
cious metals have been utterly Intellectual When Il
WAS punishable with death 10 SPAN TO export them,
they found their way from that country freely TO all
other countries where they were 10 greater demand or
in other words OF greater value Nothing more
preposerous than any attempt 10 direct them nom the
natural channels; is il reasonable that any more
apprehension should be created by their export than by
the export OF grain or cotton.
At present there is demand for the precious metals
10 England. Gold aud silver are relatively less album
dant there than other commodities. The consequence
is that a other commodities have fallen in their rea-
tive value to gold and silver. Under these circum
stances what becomes the policy Of all countries
engaged in trade with England Obviously the same
policy which would prevail in relation to any other de-
nand. feotion scarce and high, other countries
would ship their cotton II there were an extraoIdlna-
~ demand for sugar, for teas for Coffee would DO
forthwith supplied from the countries where those arti-
cles in greater abundance, II there demand
for silks, il could not be satisfied by supply Of indigo;
nor would merchants be esteemed very wise who
should send tobacco 10 compensate for deficiency OF
grain.
An extraordinary demand exists for gold and silver
IN England. To all commercial countries It is mat
ter oil The utmost importance that this demand should
be promptly and fearlessy satisfied. We should not
contemplate deficiency Of bullion with any alarm
than deficiency Of cotton. but should forthwith set
about relieving II IN tho same way, If from no more
elevated inducement than that Of making money. IL
would be better for the country to export the precious
metals than any thing else IL oil countries In debt 70
England should act this policy and send their gold
and silver, they would most wisely. most cbespy, and
most proftaby relieve the exgencies Of England, while
they would at the time protect themselves. The
United States their cotton, which is not in de-
mand, only by sending their SPECIE for which there hap
pSns to be an extraordinary demand
We have not the slightest apprehension for the re-
suit, II our mercantile community will act with spirit
and promptude. II is estimated by the Secretary Of
the Treasury that there are now $50 900 900 in the
country 10 gold and silver II more than we If
had but half the amount, it would be wisdom TO
port a part under existing circumstances.
Ten or twelve millions we could spare without feel
ing the loss. Then LEI the specie CO. on the same
principles on which you would act ia regard to any
other commodity II cotton were in great demand in
England, we presume that cotton houses would
ship forthwith to the last bag, and rely tho imme-
date supply OF the vacuum from other sources. Gold
and silver are in general demand then let dealers
in gold and silver ship them forthwith the best pos
sble market
People are beginning to entertain more just notions
on this subject than they did in the height and heat
Of the Gold Humbug, They Justly regard gold and
ke.s, for the supply of the greatest demand. This is
the true policy.
II the vaults Of the banks, and in the chests Of Sub
Treasurers, they idle and useless in their orr
ginal mines. Let them flow freely where the laws OF
trade carry them Let them be made to answer the
exgences Of that great law Of commerce. based the
relation of demand and supply There will be no silly
apprehension excited by the shipment Of few kegs of
guneas dollars more than by the shipment Of few
bales Of cotton. II ought TO have immediate ten
dency restore confidence the ground that by the
earliest restoration Of the natural relative values Of
commodities in England, this country will be able to
realize from its cotton crop, than possibly be
realized the present state Of things continues, and
the countries connected with it in trade do not
rally to the relief Of their great and
suner.
We have no doubt that this policy might furnish to-
pics for little rabid rhetoric from the Hard Money
journals; but it is the only policy which will restore
confidence among the reasoning and rejecting portions
Of the community tits the only policy consistent with
true prudence and wisdom. Il will indisate what we
fsrs,iy prevails a1other .r,.;. a.
panic this side Of the water, and that far nom
being Frustrated by the monetary system Of England,
we prepared to lend q hand to arrest or relieve
them.
Il will cotton from further depreciation,
invgorate credit, and show that appreciate the
condition of England and the causes which produced
1t. 1t will aid in restoring the equilibrium of the
mercia system II will help to ro-adjuss the deranged
machinery Of trade. 1t will be mere transfer Of bal
last. TO right the ship, and send her again with propi-
tious breezes on prosperous voyage.
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