Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-07-11
CFrom he y. Igrs Here'd

The taking Of the loan at l0l l0o per cent
gives an interest Of rs per cent on the investment
for sn Years. Tae per cent. stock, TO holo the
same rate, should command !2l; but The high premium
payable for the stock not rembusabe when the stock
IS redeemed The six per cent. stock s redeemaole IN
twenty years. Hence, if the present value OF an an
nuy OF 81 for twenty years be added 10 Inc Vaiue oil
the five per cent stuck, it will form the value CT the
six per cent stock The present value OF an annuity
OF 81 for twenty years, at compound interest OF i've
per cent SIP 49, which, added TO the price OF the
live per cent, will give Sll3 AZ as the equivalent Tor
me SIX per stock al the rate the new loan was
taken, surprising the stock taken for permanent m
veslment That loan was, however, taken on specua.
ton looking FOR a further fall the value of money
The present price of The sin per cent stock IS SAY
sli1; en- equivalent for FIVE per cent. stock OF The
same dse and leao. would he 91i yielding an interest
OF ) l2d per cent the investment
The Government stock stands the hiG hest IN the mar
1et, and Fields the smallest amount of interest It's
BE- yond all risk, and may therefore be said to be the
true index of The value Of money. In February last,
the six per stock taken at par and the taking
Of the new per cent loan at SOL OIL les in effect re-
dacing the of interest from per cent to so per
cen: per annum. The banks loaned "at cali freely
on the former stock, at %, and now loan at per
ceat The taking Of this loan 4, such high ra'es IL an
evidence Of that opinion which is frequently expressed
in influential quarters, that the stock Will ultimate
" 90 abroad Indeed IN other light could tie ope.
ration be considered matter OF congralulaton 10 the
people a, large. To suppose that for period OF ten
wears, money, Young country like hs where capt.
tai s the only thing wanting IS 10 lie compara''vely
dead 10 the extent OF 2 coo 900 the amount! OF Gov
ernmen. debt, Welding Than SO per cent IN.
,erest is far from being source OF triumph The mo.
ney indeed, does leave the country, but s channel
of employment changed. 1t is drawn from those re-.
servoi,s of money designed To assist commerce, ana
poured through the official channels Of Government
patronage. The bankers give up their accumulated
funds to the support of Government which should
have lived within lis income, and which has increased
its Debt $50 0G0 600 in the last two years he banks
hold the certificates for The lent 10 the GOV.
ernmen IT. during the next ten years, there Is to be
no revival o trade vii yield greater profit Than
that derived from the Government stock, the pros
Gee, is gloomy one. II such revival does take
Mace the eiocas held BIZ the banks must be sold To
other parties and without loss. Such purchasers can
only be found abroad; and the shrewd, sagacous, and
experienced who have taken the loan look TO such
result certain. The proceeds OF this loan WILL IN
great measure return to the banks but 1t is dam
aGe to them. For instance: the Bank of Commerce
held S450000 OF treasury notes, yielding per cent
interest for those they receive payment; but can
employ the money only at II per cent, making
difference Of % per cent IN the revenue from tha'
money
The only obstacle, apart from political causes, which
stands in the way OF revival OF trade, on u firm
basis, and OF prodgous extent, is the onerous nature
OF the existing Tariff, aud the uncertainty which at
tends lis continuance. In our article OF Tuesday, we
referred 30 The fundamentally, which Bank credits ir
: this country, and in England, formerly had in ex
tending the impor, OF goods and forcing their sale
throughout, the country credit. Those credits have
ceased for the present, TO influence trade. The TO
reign credit of the United States is almost gone Nei
Their The open credits of the London houses, nor h'
sale Of State stocks, are any longer available II
i making large purchases of goods. Hence, under
low Tariff, the purchases would be confined to III,
means of paying for the imports The effect OF th'
high Tariff, is TO limit the assortment OF goods hcl
il ia profitable buy with the proceeds of produc
, sales. For instance last year woolens were a! q
: per cent. du,y-lhey 30 per cent or 30 PEI
C cent sgains, the import, although prices here ar
lower n2w iaar sSai grssy change- First oercn,,a-s
p'oouce has been so low money value ,b,, The f
meIs, VINO are The grest mass Of consumers b,v.
nor hau Inc means to buy for cash Second ;, vcr.
afee proportion OF those Dealers who fo,merlv
on creolt, and sold credit failed, and h, 90 nou
gust passed through the absolvng process of the
ruPt Act In Illinois, for instance aceord;no IN H.
census, there were 2506 persons EMPLOYED in com
nerce-ot these, 800 have taken the benefit of ,bs
act NOW, these persons all over the Union. heinz
released from debt aTe doubly cautious how thew n,oe
coed for The future The credits they extend ,re
snail, and very safe. $4,000, 900 of bankiny oan;
ta which formerly backed their movements has nan
ceased to exist, and the wreck of that can;,sl !; ed
ing It's way back to the Atlantic cities The ,omi
ton and industry Of the whole Union ia ,,,;l, -;
g-conseluenty their wants. and The means of
gratifying 'hrm, ore az rapidly advancinp II 10 ia
development OF The sound trade growing GU. Of his
'aat The farm checks Facts are much better ,h,n
theores-oonsequentiy,w will take from the Trs,sr.
tables the quarterly imports and yearly exports fo
three years, as follows: "f0''' 'of
MfoRTs rsTo THE UNITED STATES