Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1851-10-09
Monetary Affairs.

Monetary Affairs
he continuance ofthe pressure M the
money market in our chief commercial ci-
ties, gives evidence ofthe uperatio of eau
scs which are not accidental or transient
bl t Intimately connected with onr CONNER
cial and financial system. In New York
| there has been and there still continues To
be much complaint, and money is raised at
severe sacrifices. The Boston Atlas states
in that city high rates are freely paid for
short loans; and in view of the large pay
mcn,s on foreign account, which art 10 be
met during the coming month it sees moth
| ing In the existing state Of afiairs TO war
rant even the expectation Of ease and plcn-
ty.-That journa! says,
"Thc causes Of the existing evil may as
well be looked at boldly in the face, as pas.
sed by without reproach. The importa-
lions Of late have been too heavy in pro-
portion to our necessities and there are i'm
mensc quantities of goods now in the coun
| try which are as useless to our people as
would be the fifth wheel to a coach
These have been or are to be paid for
And again-we are exporting specie 10 an
| ATTAINING extent, " hen we are unable &c
bear The burdentle expectation will inflici
uron us. The country has not Il suitable
I specie basis, and until this basis is secured
our finances will be in Huctualng copdi-
ton. Could we get rid of our Brcadstufis,
with but 1.-THE part ofrhe facility we can
get our gold, there would be little or no
suffering to record among mercantile men,
for our importaticns would be balanced, in
! that event, by the expectation of the only
articles of produce we could well spare
Before this country can afford to export
! specie IN argcquanlitics, various things will
have to be expccted-among which is the
establishment of basis ofcurrency adapi-
| ed TO the wants of the mercantile commu-
nty"
The steady tide of specie which sets
from this country to Europe is evidence
of the fact that the mines Of California are
not ours, except to work them; that we are
in fact the miners for Europe, and have
nothing to do with the golden treasures OF
our soil except TO transfer them to other
hands. Gold is taking its place in com
merce as commodity, while lis conncc.
ton with currency affects the whole fnan.
cial system, and we are left in constant APP
prehension of rcvulslons.
Industry commands gold and silver as
well as other things. England, having no
mines of the previous metals, controls the
coin of the world. That control ought to
be in tie hands of the Republic and it might
he II we were true to ourselves and to our
domestic industry. But we prefer "A tri.
butary condition, it would seem, and give
our patronage and care to the industry Of
other nations who grow rich at our expcn.
ses. a writer in the National Intelligenccr
says
at is common saying that this is a
great country; but the time is come when
the word liberal should be substituted for
common. The last arrival from England
informs us that, during the week ending
18th September, there had been very large
arrivals of"specie," which had made the
money market much easier, and first class
bills were readily discounted below three
per cent per annum.
"Now, as it is well known that this coun
try furnished nearly all the amount refer
red to, is itnot propc, that we should boas
of living in liberal country We, good
natured fellows, were not satisfied at see
ing the rate of interest in England tire,
per cent, and the rate here from six to ter
per cent; but, in order to accommodate
John Bull, we shape our revenue laws t,
reduce the rate of interest with him below
three per cent. and raise it among oursclve.
TO fifteen per cent for first class paper
Fifteen per cent for such paper is now Gas
reported the lowest rate in the city of New
York, and other paper is fully at from
twenty to twenty-fiv per cent per annum
and large failures occurring almost every
day. As we elevate the fortunes of old
Johnny at the expense of Brother iona
than, in all time TO come we must style oul
country the most liberal on the face of tn,
globe.
IF our gold continue TO leave us in sucl
large quantities, the rate of interest in Lon
don will he reduced TO two per cent pei
annum, whilst we may have to pay thirty
per cent per annum for money. Wher
W. lcNefse our system, INTEREST III LONDON
will rise, and in New York fall to old
rates; and then we shall be prosperous"
1t Is little strange, considering how
old the world is, that the science of curren
cy, including the doctrine of values, should
be still in its infancy. 1t will come forth
some day or other, no doubt, and as,onsl
everybody by its extreme simplicity. But
for the present it is mass Of mysteries. to
| which no one seems to have cluc.-Bdf