Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1852-05-07
Monetary Affairs.

Monetary Affairs.
Perhaps at no former time in the history of the
world did trade receive anything like the impulse
which it has done within the last few years. Since
the discovery of gold in California, the bona fde
trade and revenue of the United States has almost
doubled That of England received an impetus al
most keeping pace with our own, and even among
the nations in the continent of Europe the terrible
commissions of 48 and 40, with the equally terrible
reactions of so and 81, have been unaccompanied
Ivy any great commercial revulsion. At no former
period in the history of the world could this have
curred, and now it is mainly attributable to the dis
coveries of gold first in California and secondly in
AustraIia-the California mines alone having had
any great influence so far. The gold thus produced
has enabled us to apply, not simply our own labor
and industry to the development of resources
but also to subsdise the labor of Europe in the shape
of railroad iron and other appliances by which our
capacities and facilities multiplied, in many cases.
tenfold.
Spain was eventually ruined by the discovery of
the Mexican and South American mines but it must
be borne in mind that the effect produced by that
discovery the very reverse Of that present
perienced from the influence of California gold
Instead of becoming enervated, as the Spanish were,
the physical and mental energies of the country
to have received impetus in all the various branch
es Of industry.
Perhaps nothing can better exhibit the vast in
in the production of property. and the devel
opment of trade, that the comparatively trfng de-
rangement which the vast influx of specie has made
in the value of the circulating medium, which can
only be accounted for upon the supposition that the
objects of value of which money is the standard or
medium, have multiplied in corresponding ratio
with that standard medium, and thus the relative
proportions and values remained about the same
The amount Of capital in London is now greater
than at any former PERIOD and investments made
at one and half and two per cent, while govern
ment stocks-consolidated debt-abreviated into
Consols bearing interest of % per cent quo
ted at par Our State stocks have felt the influence
of this gut of capital; the agents of the State of
Virginia having recently negotiated four millions of
her recently issued bonds at 1904 to no. they, the
agents, making by the operation $40, 000-having
engaged to negotiate the first million at par, and the
remainder at per cent. premium reserving any
thing over that as their profit These things
worthy the attention of people and State
thorities in view of the considerable amount of N.
Carolina State bonds which are shortly to be thrown
on the market.
The imports have fallen off this year four to
five millions, while the exports have increased over
corresponding period last year there is. therefore,
little chance for any of that dreadful balance of trade
against us that we hear SO much cracking about
Even gold has ceased to 60 and the tide has turned
the other way, is exhibited by the fact that one
of the last arrivals from Liverpool brings specie on
freight.
Upon the whole, the prospects for easy money
market and continued financial prosperity are bright
for the country but desperately bad for those panic
makers who have been predicting ruin and the jail
for the whole American population we'll as the
stranger within our gates If we could only ge
some more water on the bar
Bss~We learn that the Jury in the case of Eugene
Beebe, tried for the murder of Milton Mathis, a
Sampson Superior Court, yesterday returned yer
dict of {: not guilty"
No bill was found against Fisher, who did no
make his appearance forfeitng his own recognizanc
as we'll the bonds given by his securities. Wheth
err under the circumstances, the forfeiture will b
RENTED or not, we cannot say.