Mississippi Democrat. (Carrollton, Miss.) 1844-18??, 1845-06-04

|
cism in finance. We have dwelt thus IN.
on the detail of coinage, because the diff.
Guilty of access TO the mint has been a
main reason why the precious metals have
(ior so long time) reposed in cumbrous
masses upon the seaboard, leaving the in.
terror of the country scantily supplied with
currency. Our laws, it is true, allow of
the circulation of foreign coins as a legal
tender, but when the people at large are
unacquainted with the appearance and va.
lue of strange coins offering, it is in vain
to expect them to circulate freely. They
remain in bank vaults, and the purchaser
of produce is compelled to pay out paper
because he cannot, without expense, pro-
cure American coin, and foreign pieces
are taken reluctantly. The rapid opera.
tons of the branch minis are remedying
this matters and specie allowing up'' the
western streams is steadily and gradually
filling the channels of circulation, afford
ing firm basis for the circulation of in
dlvldual bills representing the actual ex-
changeable productions of the country.
The increasing export of the agricultu-
raj productions, is drawing these specie
funds into the hands of the farmers; while
the markets, becoming relieved of the sur
plus supplies, evince an advance in prices
which materially benefits the farmers, and
lays the foundation of greatly increased
general trade on healthy basis. It is
also remarkable that while the United
States have, in the last few years, drawn
to themselves such large amounts of the
precious metals, the production of gold
has increased in Russia to more than
corresponding extent. The mines OF Rus.
STA are situate in the Oural mountains, and
in Siberia, and are worked both by crown
officers and by individuals.
For the last two years, the product has
been SlO,000,O00 per annum, and is ra-
pidly increasing. The effect of this large
production, doubtless, is to assist in produ-
cling the apparent disposition of gold to
flow westward, and OF silver to 90 east,
the relative value changing as the former
becomes more abundant. This process
comes in aid Of the gold bill of 1854, and
may, before long, lead TO a revision of the
law, and to a readjustment nf the relative
legal values. Another reason for the ten
dency of the precious metals to the United
States, exists in the commercial policy of
the British government, and the increasing
ing quantities of agricultural productions
which it annually requires, and the de-
mand for which is yearly producing more
important results to the external commerce
of the United States. 1t is undoubtedly
true that since the war the general policy
of the British government has been TO re-
duce the money prices of all articles of
consumption both by restricting the volume
OF the paper currency of the United King
dom, and by the removal of duties, which
60 TO enhance the cost to the consumer of
raw articles, and the CUst Of Pryd~.-.--1
,i1oso rlIsFssuT1otuIuo T0r export. IN reIa-
ton to the currency we have had occasion
before to remark that the virtual return to
a specie currency, under the act renewing
the Bank of England Charter in August
last, was but another step in that general
course of policy commenced by the bill of
1919, restoring the then deprecated cur
rency into one convertible into coin. The
requirement to redeem in coin on demaI d
limited the currency to an amount far be-
low that which could be kept in clrcula-
ton, without that requirement. 1t how
ever left the ability to expand dangerously
great, being as E3 of paper to FL of gold
on hand, or If, in the course OF trade, I'll
of gold was brought into the country, it
became the basis of f3 of paper curren-
cy. The act of 1914 again reduced the
limit of issues, which can now, by the spi-
rit of the law, not to be made to exceed
the actual influx Of coin into the country
This apparently brought the volume of the
currency TO its lowest level, but there re-
mains to restrict the Scotch and Irish
banks TO an amount beyond which their is
sues cannot be put out. This is in con-
temptation, and also it is alleged TO sub
stitute ultimately the single issues of the
Bank of England for those of all other
I Banks.
J, The tendency of all those restrictions
, upon the multiplicity of paper money has
been not to reduce prices, but to prevent
that unnatural rise which always attends
too great circulation of Bank credits
and IN which revulsions ase inherent, In
! asmuch as that the direct effect is to check
J exports and promote imports. which re
quire under such circumstances to be pait
: for in coin.
SOMETHING NEw.-The United State
Hotel, at Rochester, New York, has beer
rented by company of ten individual
) for joint occupancy, as mutual boarding
D house, at rent of $3.50. Boarders ar
e taken at low prices. But the peculiarit!
!. of the plan is, for the associated familie
e to obtain their house rent, fuel, servant;