Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-10-07

Currency m Havana.

DoN JuAN JUsro REYES, one OF the most eminent
living Spanish rters in political economy, Of which
the Spanish literature boast. The following is
a trans lation-but it will afford readers an OPP
pertunity 20 Judge of some matters not altogether
indifferent TO Us -
Translated from the Havana Notcloso, Sept. ISL
In country like the United States, where every
every scientific and literary faculty, and ipisht al
most saw every art, prOtes sion, and eaIs OF gam,
ing livelihood, has greater or ess,r 'alnoer OF
dedicated almost exclusively 10 'he pro-
nagation of rs pies and def, OF ITS interests,
an indie endent editor Is AN extraordinary phenome-
non, and he who hazards such an enterprise ho'-
withstanding the indifference of the pubic, and IN
spite of the at acks, more or less ihsduous, which
he cannot fail 10 experience from other periodical
writers, can only maintain has ground, ana prosper,
by means Of great talents, and an activity snnicie
to conquer the most powerful oDstacies whicn az
every step impede his march Without thinking oil
n have thus si-en cOmplets history OF James
Gordon Bennett, editor of the paper published III
New York called the q" Herald" The conflict
which this sin gular has sustained against aim Isl
the whole American press, leagued for bis destruc
tisn has teIrible bat by the aid ct the primer
piles which have mentioned, and chiefly Of ms pro-
fou al knowledge of financial and monetary aiairs ne
has come off victorious His articles on the rise and
fall of the public funds, the distribution OF metals,
and the fluctuation OF the exchanges between the
chief commercial towns, arc master pieces genius
and prove Bennett to have been the hrst VINO mas
IN rown light on the crude and eoniuscd chaos oil
banks and bill operations.
Ard although it is true that he has thus done i'm
mense injury all those whose interest II IS that the
public should have clear view of such mattersand
that he has been the primordial mover Of that war,
To which have already alluded vertheiess, mer-
chants themselves have found IT necessary 20 s,udy
and reflect on the principles developed In the He
raid az it is therefore, to be found IN every count
inc house, in those OF men who would be glad
to see both the paper and Its editor al the devil
Bennett as have already said, is neither wing
NOR democrat and as almost all the great political
periodicals belong to the first party, which Is that
Of the bankers and OF property, IS easy 10
perceive how inimical they teel towards NM ana
we must ad mre the frmness OF character which he
has been OBJ ged to display IN order To MAINTAIN MS
position, surrounded by SO many dihicuit circnm-
stances.
intelligent are of great weight in the question IN
which | have snintentenally engaged, and such
being the case my readers viii Eo be surprised il,
departing for a moment from my accustomed sy.-
tenn of combating opinions by facts alone, avail
myself Of such authority for. on the enc hand,
what authority can be more legitimate than that
which is founded on strict impartiality ana ample
knowledge whilst on the other, the matter is OF
vital i'm IMPORTANCE to the future welfare Of the Island
of Cuba, the primum mobile of all my writings 1t
has been endeavored, and attempts are still making
by degrees, TO accustom people mere 70 regard me
circulation Of paper money as useful and beneficial,
and hold it TO be my duty to show that have not,
without powerful reasons, adopted contrary OPT
MON.
saved me tIoabie BY presenting us ia their pa
per of the l2.h inst, No 256 atransiation of the
inarkable words with W ich she editor Of the He
raid commences and concludes the articles which
he has devoted to the analysis oi he returns OF the
trade of this island in which the observations con-
tanned in my "cuadro analitico occupy no insight
icant place.
Tbe island OF ubar he says {" with an exclusive nae.
tallic currency, surrounded with bankruptcies, the
United States hand. and the West India islands on
the otherbut like the oasis in the desert ITS prosperity
- or. NO. md ia hos ION
And il i. precisely in this Island. which, for ten
years has gone ON accommodating wealth steadily,
and surely, that there Is desire I" introduce
banks which have destroyed the commerce OF the
United States prostra;cd its energies, aud retarded
its prosperity, and panged the French, English,
and Danish West India l.lands into the same disas-
trous CONNIE rcia uvulsious. This is the felicity
enjoy ed BY the American Union and Western Archi-
p-lago, that those who advocate such institutions
have in store for us.
Glow far he adds ~svclusive metallic currency is
applicable to this country the ground work
othose political questions, which have Tor years oe
cuuied the attention OF this community"
1.-THE resolution of these questions had not been
mixed UP with the spirit OF party, aud the interest OF
CAPITALISTS il would have offered little difficulty
for every nation in the world finds itseh well of
with metallic currency, and is not disposed 10 get
rid Of il a. Tor il can help it. But the Ameri
cans may well play "thc fox and the grapes, and
turn up their noses at dollars. because they dirty
their fingers But would not be the height Of m nd
ness in us 20 part with real and effective riches d.
orisr to go a hunting after imaginary wealth!
The trade in money has of late years been entirely
free an without restrictions of any kind but this ireco
in the trade OF money has been COMPOUNDED with the
freedom OF the manufacture OF money, which to b,
The object hch the bank parties contendng The
aucus,ons in commerce are entirely dependent on tn,
extent OF the exercise Of this power which is COMPOUNDED
with the freedom OF trade IN money
then all these castles in the air, with hict
the supporters Of this endeavour TO turn brain
are founded on a sof hism, and that of the crosses
kind the Inhabitants Of Cuba and its authorities
guided bv the dictates of sound sense, have till nor
succeeded in escaping the Pit'all aad the absolute
and entire liberty trade IN the precious metals
far from being the cause of scarcity contributes il
| a great measure TO enrich the country.
The quantity OF the circulating medium in Cuba can
sot be increased unless by SEXUAL labor of the money
worth .acual value must be given ior the none!
| its delivery
That is to say in'Cuba there are none of agro,ag,
| and extravagant specslaton, by which in othcl
parts, on the one hand, mutituoes are reduced {,
beggary, whilst on the other few colloss fortune
rise like mu shrooms IN a day. Poor Cuba how
lucky
1.-THE produce of the most simple manufacturer
NAV serve as substitute for money : ; that all
this Glamour about the scarcity Of circulating me.
dun, and about the interest OF money Is but hue
and-cry got mp to alarm the ignorant. Work and
produce II there be but produce, the means Of ex.
| changing it will never b. wanting.
The more free the trade in actual money is the great
Will be the commercial prosperity ofsay country"
This Is an axiom Of political economy OF the truth
of which the inhabitants OF Cuba have pslpabl.
| proofs.
In the Weekly Herald Of the SIN Of August, the
editor inserts comparative table If the production
of sugar in British GUIANA, in the years 1851 and
| 1889, which gives the following results -
Pfoiuction Of 1885, 10 g64 hhds
lsJs. 73E
Dininuton in two years 5ll7
The prices Of Jsmscs sugars" no continues in ths
the European markets have been .e.dl, advancing A,
the supply has been falling or The prices for the last
sax months in London has averaged IS per cw higher
than in 1897 The falling OF in the cultivation i. ow
the ruinous pursued in regard 20 slavery
jamaica which made 10 600 $4,000 hhds sura-
made last year only 1000 hkds snd will th. hardly
yield than $1,000 hhds Ere long jamaica nav MOI
make ucient sugar for her consumTt on. And mo
be with the rest Of the British possessions under
/ the Aupreuticeship system