Richmond daily times. [volume] (Richmond [Va.]) 1850-1853, 1851-10-04
MONETARY AErArna

me continuance OF the pr'ssure 10 the money mar
kel 10 our chief commercial cities gives evidence
the operation causes which not accidental or IRAN
se1l but intimacy connected with our commercial
and hnanciai system la New York there has been and
there sui continues TO be much complaint and money
Is raised at severe fees The Boston Atlas states
that IN that CITY very high rates are reely paid for
short loans; and in view OF the large payments on ior
elgn account, which are 10 be met during the coming
noah II sees moth ng in the existing state Of affairs
TO warrant even the expectation Of ease and plenty
That journal says:
1.-THE causes OF the existing evil may as well be look
ed at boldly IN the lace, passed by without reproach
The imporations of late have been TOO heavy in pro-
portion to our necessities and there immense guam
TUES oil goods in the country which are as useless
to our people as would be the fifth wheel 10 a COACH
/ hese have been or are TO be paid for. And again
we are exporting specie TO alarming extent, when
we are unable to bear the burden the expectation will
inlet upon US. The currency OF The country has
suitable specie basis and until this basis is secured
our finances will be in ueuating condition. Could
we get rid OF our Breadstus with but 1.-THE part of
the facility we can get our gold, there would be little
or no suffering 10 record among mercantile men, for
orr impoafions would be balanced, 10 that event. by
the expectation OF the only articles of produce could
well spare. BE ore this country afford to export
specie in large quantities. various things will have to
be expected-among which is the establishment of
basis OF currency adapted to the wants OF the mercan-
tile community
The steady tide OF specie which sets from this coun-
try 10 Europe Is evidence oil the fact that the mines of
California are not our. except to work them; that
are IN TACT The miners for Europe, and have nothing 10
transfer them the other hands. Gold is taking its
place IN commerce commodity, while its connec-
lion with currency affects the whole financial system
and left IN constant apprehension of reyusioos
lnGusiry commands gold and silver as we'll as other
thngs England, having mines OF the precious me-
tails controls the coin of the world. That control
ought to be IN the hands OF the Republic and it
might be ii we were true to ourselves and to our
domestic industry. But we prefer tributary condition
1t would seem, and give patronage and care to the
industry OF other nations who grow rich at our expense
writer in the National Ineingencer says:
cit is common saying that this e'eat country;
but the time is come when the word LIBERAL should be
substituted for common. he last val rom Eng
land informs rs that, during the week ending 18th Sep.
tember, there had been veIy 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 we'll known that this country furnished
nearly all the amount referred TO- is it not proper that
we should boast oil living in liberal country? We,
good naiufed fellows were not satisfied seeing the
ra OF interest in land three per ceu and the ra
here fromsix 10 ten pr cent; but in order accom-
modale John Bull, we shape revenue laws to re-
duce the rate of interest with him below three per
cent and false 1t among ouiselvs to fifteen per cent
Tor first class paper Fifteen per cent for such paper ia
now as reported} the lowest rate in the city OF New
ork, and other paper fully at from twenty twer.
y-hve per cent per annum and large aures occurring
almost every day. AS elevate the fortunes of old
Johnny at the expense oil Bother Jonathan, in all time
70 come we must style our country the most liberal
the face OF the globe
'If our gold to leave us in such large guam
ies, the rate OF interest London will be reduced 10
two per cent per annum whilst may have 10 pay
thirty cent annum for money. When we reverse
our system, interest in London will rise, and in New
orx tall to old rates. and then shall be prospe.
rous.'
1t IS little strange, consid .rng how old the world
is, that the science OF currency including the doctrine
OF Values should be still in infancy. 1t will come
forth some day other, doubt, and asonish every
body by its extreme simplicity But for the present it
is of mysteries, to which no one seems to have
a clue--Ban. Amer.