Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1851-05-15
Specie and it's Expectation.


Specie aud its Expectation.
The expectation of srecie from New York during
the month of April amounted to ~, 49,, 1872. Since
the beginning of the present month the flow Of coin
I'd Europe has gone with increa sed volume. The
Asia, which sailed on Wednesday, took out about
$500 the Humboldt, on Tuesday, took out
$S5S, 03l ; and the Pacific. which is to lcase for
Liverpool tomorrow has 1925 900 engaged; making
total of nearly two millions of doars-a larger
amount than received from California by the
Georgia.
The importations Of foreign merchandise at New
York for the month of April amounted in value to
$l0,339,SS3, while the exports OF domestic and
foreign goods and produce amount to s4,9l7 &c.,
With such balance of more than FIVE millions u
gainst us, in the business Of one month. it may be
easily seen why specie is exported to Europe.
The fact that large quantities Of gold obtained
from California seems be relied upon with conf
dence aiording abundant security that no scar
city of specie will occur in the country TO such an
extent to cause serious revulsion in currency
and business. That this may turn out to be fall
lacy, and dangerous one, is apparent from the
steady flow of the precious metals going on from
our ports and which carries already to Europe
| coin than receive from California. Moreover
all history teaches that countries producing gold
silver in abundance never retain any considerable
portion oft, unless other reproductive indus
supplies for domestic wants. and to give materials
for commerce When Spain did the mining of the
world she became the most impoverished of nations,
and went through the drudger of digging gold and
| silver to pay the whole away in exchange for the
manufactures of England.
Where productive industry is most active, where
values are most concentrated, where the elements
OF commerce most abound, there gold and silver
will be found most abundant, no matter whether
mined in California. Mexico. Russia or Peru If
gold can command commodities of value so COM
moditles OF value can command gold The pro-
ductve industry which creates commodities is in
fact the potential agent that controls the course of
things in the world of currency and trade. If we
choose to depend upon England and France for
merchandise and fabrics the products of foreign la
Dor and SILL am. import them at the rate of ten
millions month ut SIM e port whiie the returns
made in our products fall short q onc-hnlf of that
aggregate, it is very plain that the go..1 VIC get
from California, must go forward to make god
the balance of such trade. 1t matters nothing
to England and France whether the gold which
is thus drawn to them, dug in California OF
elsewhere; nor does it make any difference to US
are none the better for il since il has to go TO
foreign hands, after we had taken the trouble to dig
it from the ground and convert it into coin. Money
will not stay with thoughtess man, or triltless
nation.
The above sensible remarks, so suggcs-
gcstIvc of wholesome reflection, are taken
from the Baltimore American of Friday.
We have observed in some of the Demo-
cratic papers an attempt to weaken the ar
gument against their Free Trade notions,
by pleading the great influx Of gold from
California, as an ample guaranty against the
apprehended scarcity Of specie by reason
of its expectation to meet the balance of
trade against the United States. Admitting
that the incoming gold from California is
equal to the expectations abroad, which,
as is shown above, is not the case, and that
there is really no danger of scarcity of
the precious metals, still the fact starcs us
in the face that, the balance of trade, in
single month, is against us by more than
five millions dollars. This certainly is an
unfavourable exhibit for the United States
to make. There may be circumstances in
which it would be to the manifest interest
of nation to have this balance Of trade
against it. Forinstance if England which
claims to be the workshop of the world,
had no market here for the sale of her ia
brics, but a ncver-failing one in France, it
would be her interest to buy our cotton
even she had to export her specie to pay
for it. But such is not the case with the
United States. We are a world within
ourselves, and are capable ofgrowing and
manufacturing to advantage, almost every
article that enters into trade, or conduces
to the comforts of man. Instead Of being
in debt to other nations, we ought to have
them indebted to US. Its with nations as
with individuals. The planter who raises
everything at home, manufactures his own
negro clothing from his own cotton and
wool, and has surplus Of wheat, tobacco,
corn, &c. to sell, is generally regarded, land
properly too, as provident, economical
and thrifty man. fit be profitable for one
man to do this, it is equally so for tire; and
for two, it is so for ten; and if for Ten, it is
SO for the whole neighbourhood and if
for one neigbbourhood,it is so for the whole
United States, for these are but made up
Of ncighbourhoods. But whilst each neigh
bourhood may not grow and manufacture
every thing it needs,somc other neighbour
lood can supply the deficiency; and thus
IN internal trade may be kept up until the
wants ofall are supplied and the surplus
nay be exported and paid for in specie,
,r in such articles as we can least convent
entity make. In this way lame mar
sct is created and sustained; the resources
If the country are developed; the precious
metals are retained at home the energy
md ingenuity Of our people are aroused
he country is enriched and becomes more
md more selfdcpcndentand strong. These
-esults, permanent tariff, so adjusted as
o discriminate in favour of home indus
ry and against the competing fabrics of
;orcign nations, is well calculated to Sc
,urc; and, this policy the Wing party ad-
'ocates in preference to those frec-trade ,
lbsurdites, which run the country in debt
md leave it to pay the balance against it
~ exporting specie, in the manner set
orth above by the Baltimore American.
We regard this rapid exploration of spc-
lie as anything but encouraging, since it
hows the Umicd Suites are producing
ess than enough to pay for their extrava- ,
,ance. Noris the discouraging aspect Of ,
lfiair, removed by the reliance that may be
placed by some, on our capacity to sus- ,
ain these heavy draughts upon our coin,