Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1841-10-21
EXPECTATION OF SPECIE.


lions OF specie from the United States to foreion
countries. During the last six weeks, as stated
IN Yesterdays paper, the aggregate amount ship
ped from New York to Europe exceeded two
millions Of dollars
This comes from our importatons of foreiun
soous ana nothing can stop the flow Of the pre-
clous metals out of the country but well adjust
cd tariff that shall give protection to domestic
manufactures and enable us to supply our wants
more largely at home. This is a policy which
every years experience will continue to enforce
'ol IL Is nased upon the sound principle that all
natonai wealth consists in the actual creation of
value by the application of industry to native ell
emehts whereby they are produced in forms A.
dapted to use and for the supply of wants. If
luxury, or vanity, or any sort of fashionable folly
ieads portion of the community into extrava-
gance, yet II the artificial wants thus created are
supplied out oil domestic resources by the indus
Try the ingenuity, and taste, of another portion of
the community, the country suffers no loss while
many elegant and useful arts are cherished But
u the supplies for this extravaganza come from
abroad, the country suffers to a proportionate ex
tent, and our thought!ess profuson is made to
minister TO the interest and the cupdity of FOREIGN
nations.
but IL Is In Its connection with the currency
'hat our present system of trade is chiefly to be
considered. The precious metals are to be re-
garded as something more than mere commodi
Ties OF iraflic-nay as something more than the
mary office as money. They are tie basis of our
currency and whatever seriously affects the gold
ana SILVER oil the country, exercises an extensive
influence over all kinds of property and all bust
ness transactions. When Great Britain. a few
years ago, was obliged, by failure of the CROPS
al hone' TO purchase supplies from the Cont
nent, there is no doubt that, considered as mere
matter oil trade, England received in wheat the
lul! value OF the gold she exported But the eff.
lec'S OF that transaction were most serious: thew
extended TO this country. and were severely felt
mere. The rate of interest rose to an unusual
neisht In London, and the Bank of England was
compelled to negotiate loan in France to enable
her to continue operations. If the same thino
hao occurred again in the following year and for
d succession OF years, there would have been a
suspension OF specie payments in England nor
could resumption have taken place until some
means were found to prevent the constant expor-
tatlon OF coin from the Kingdom. These means
doubtless would have been to make such arrange
nnents OF trade with some wheat growing country
as THAT the supplies which Great Britain would
annually require might be paid for in the produce
TONS OF British industry. Where paper curren-
cy exists, based upon gold and silver and re-
deemable therein, it is impossible that anv course
of trade long continue, the effect of which is
TO draw specie from the country-impossible, we
say, that 1t should continue without deranpiDo
the domestic currency. This is an inevitable re- |
SUIT we are Witnessing it practically now in the
wholesome trade implies the exchange of |
commodities. The productions of industry in |
one country are battered for the productions of |
INDUSTRY In another. We cannot afford to paw
specie ID large quantities and constantly for for
o,gn productions, because specie has other serv-
cGS 10 perform besides those of trade. If a sur
a., ~ specie accumulates, more than is wanted
,ot anc uses OF the currency, it then becomes a
mere commodity like tobacco or tea being dis
engaged from those otberreatons which in ordi-
lay circumstances it holds to the circulating me-
u u But In this country we have TO suT6ns:
mere Is scarcity our currency is Frustrated for
want OF sufficient specie basis. Policv--coro.
mon sense---nevitable necessty--demanJs :.
change IN our regulations of trade. We cannot
continue to admit the productions of FOREIGN conn.
Irles mat WI not take our staple prodncfions =,
return England and France refuse aImosf ev 90
y american commodity except cotton. Tbev
you'd refuse that if they could, and thew hone IN
line to be able to do so. NV 'oPe ~
we have been laboring for National Bonk . ]
no beyond all question the interests of tho COW
~ require such an institution. But unlees = !
nP IS put to the foreign drain of specic we Il"
o' see now National Bank is 10 re-ostablisb ! .