Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1842-11-30
From the LouisriIle Journal.

Nov. 4, lS42.
MEssR. EDrroRs: The following from the
Kentucky Gazette, of the 5h inst They should be placed
side by side show the car people" the which
used by the Deoioerafs to mislead thcm First OF
the Gazette reads
ave stated in the journals that bills Of exchange
London selling New Orleans nominay
from par To one-half per cent premium. which Is be-
tween eight and nine per cent. below actual par. This
result toresecn by all experienced merchants when the
tariff became u law.
..As bills OF exchange on England deprecate, rs the
effect which is experienced in New Orleans becomes
general the importation of specie from England in
Ii the rates Of exchange reduced the de-
which mercantile expect, the importation by
spring will take place TO such extent excite the
olarm Of the Benk of England.
"That institution WILL it has done heretofore in such
cases. begin contract its discounts The consequence
of refusal of its usual accommodations its
hardly need point The prices of cotton, and OF all
productions in the British market will immediately de.
cline The prodigious effect which contraction Of dis.
by the Bank of England. hud upon American
ton three four SINCE nobody have forgotten
We going at this moment, fast the Of trade
can carry us towards the result and the
tainty OF loss.
he producers throughout the country of products cx.
ported to Great Britannot the planters only, but
all whose industry and capital furnish the articles have
already mentioned in the list of exports, will suffer
ways. They will pay tax of some thirty forty per
cent the manufacturer the goods they consume and
will lose, perhaps, rs much more their own produce.
mcrican industry
The third page of same paper reads:
hT.
Benton huD,6ug, first the expansion OF 1885, and
the subsequent years secondly the State debts;
thirdly, the of manufactures, from the
importation caused by high paper prices.
"During the present year, the imports will be less, and
the exports greater than in preceding and the
whole OF this business will be done for CASH. and, the
exports will far exceed the imports, the balance will be
our favor, and will be paid in specie.
1.-The imports will be light for several lie,
that merchants cannot borrow money extensively of
banks buy stocks produce, bills of exchange, with
the money borrowed, and invest the proceeds in imports
1.-The tariff requiring cash duties. will confne n
porons q those who cash, and thus exclude from
the market host who formerly imported the credit of
the Government TO the ruin OF themselves and the injury
our own manufactures
1.-THE most prosperous condition of this country which
enlightened political economist could imagine would
be that resulting from large exports, small imports,
sire mdudcturiRg and large balance of trade IA
paid in specie. The whole that
dueton of prices which will enable sell produce cheap
er, and manufacture cheaper, than other nations.
"To show what be done, would refer our read
TO what is already in progress in New Orleans alone
The produce which will reach that port during the present
will be WORTH metallic prices, about sixty millions
of dollars; the greater portion OF which will be paid for in
specie. This causes demand for specie New Or
leans in the purchase OF produce The whole system of
bank credits Kite bills and other paper devices for pur
chasing produce has exploded the andhoders require spe
Gle II they obtain lower prices for their produce the land
holders know that what they and stable sub
iect discounts"
have only made partial but fair, from the ar
ncles they lengthy and therefore refer them
for think them worth publishing side by side in full.
Respectfully, &C., A CITIZEN.