Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1856-03-13
Sterling Exchange

is said to be at a premium Of eight nine ten
per cent. as 1.-The case may be, when it is really
at par, or little above or below. Our extra
copy of the article is lost. and we have not found
time or opportunity to turn back to our files
But we may give the gist Of 1t in few para
graphs;
"When the first Spanish dollars became known
in England ii required four and forty four one
hundredfhs only of these dollars 10 make pound
shriingaeeofding to the then value of silver and
gold Since that time the relative value of the
two metals has been slightly altered: but. what
is of more importance in this matter. neither the
! Spanish dollar oi more recent date nor the Amer
lean dollar of any date contains nearly much
siiper n was contained in the early dollars coin
ed by Spain. The changes in the quantity Of
pure silver in the dollar of various Governments
have been numerous; but the essential result j.
that, including the minor changes III the ralliiye
value Of gold aud silver il now requires four and
sighfy. four one hundredths of the present dollars
American. Mexican, or Spanish--to be worth
one pound sterling in Liverpool. And do
ring the last two centuries, the actual values lin
/ silver) Of the dollar varied from time to time
while the pound sterling in gold was almost un
+ cbangeabe, it became convenient in Eng land to
quote foreign exchange mt an advance
when il began 10 take more Of these debus,d
or diminished doii1rS 10 make pound sterling
their Interchangeable pound sterling unit, anl
measured the cbangrnble dollars by it. The prac-
tice, begun long before money was coined in the
United States, was continued when this country
adopted essentially the Spanish d,lar for its unit
Of coinage. Ii prevails, ms is well known, to this
day. but its origin is not generally understood
II is SIMPLY the English iden Of the present value
of dollars rs compared with par that was the
true one century or two ago. Should our dol.
lars become 81 debascd at some iuture time that
FIRE would be required To make pound sterling,
il is obvious that the real par Of sterling exchange
instead of standing at nine per cent. premium or
Whereabouts, as AT present quoted, would be call
ed twelve and half per cent premicm; and ii IA
equally obvious that, if the silver in our dollars
were increased to the quantity found in the ear
ly Spanish dollars il would require but four and
forty- four one hundredths 10 make pound
sterling. Thus sterling exchange would be
quoted at pnr. aud the real and nominal yhr
would again correspondents in former Times, Those
interested III the details Of the subject refer
red 10 the elaborate Congressional reports Of 1891
that resulted i'll an alteration OF own gold coinage.
/ The present manner ofquoting sterling exchange
has long custom in its favor Upon the whole.
we can see no better way of stating it TINT shall
be recognized and understood both hero and III
Europe. We're the American idea to prevail. it
would be easy and correct of course, to say that
sterling exchange was at par, instead of nine per
old system. the prevalence of the American view
on both sides of the Atlantic is hardly TO be- ex.
pec'ed, and the present mode Is, perhaps,as gen
orally Ineligible and easy of reckoning TINT
employed in calculating French exohange-the
only other mode that suggests itself as likely to
he employed both here and in Europo,ift tho pres
ont system were abolished
| The American members of the Legislature held
meeting in the Capitol Saturday night, and
adopted the following, among other resolutions:
Resoiccd, LIST. That we cordially endorse,
and heartily approve of the nomination of Mil
! lard Fillmore and Andrew jackson Donelson by
| the Philadelphi Convention, and pledge ourselves
to exert all honorable means to secure their elec
ton.
On motion of Dr. Fmney of Aceomac il was
Rcsolved2. That we cordially invite all persons
friendly to the election OF Willard Fillmore. and
A. j. Donelson, to unto with us in the coming
Presidential canvass.
Resolved Bird. That this meeting approves the
recommendation to hold State Convention of
the American party, and all others who favor the
election Of Fillmore and Doneson. ia the town
OF Stanton. ON the 9th of May next for the ap-
| pointnent of electors and the consideration of
such other matters as tothem may seem proper;
and we hereby recommend TO the people of the
several oites,towns and counties in the Common
| wealth 10 hold meetings as soon rs practicable
and appoint delegates to the said Convention.
In FAVOR OF rlLMoRE.-r Philadelphia
Daily Noes, hitherto not political paper,places
Fillmore aud Donelson at the head of It's columns
and remarks
ain thus procaiming our preferences we kno,c
| that we reflect the sentiment of AN overwhe Inning
majority OF the people of Philadelphia and, we
verify believe of Pennsylvania No man now
living has IA stronger hold ON the affections and
confidence of the American people than Willard
Fillmore and emncutly does his past career
show that he is deserving of ii. The foundation
of my preference" said the amcnted Clay. in a
letter 10 Daniel Ullman, in 1872 ''is that Mr.,
| Fillmore has administered the Executive Gov
ermnent with signal success aud ability. lie ha-
been tiled aud found true, faithful, honest and
! conscientious" These were Mr., Gays rem sons
for his preference in $50, and these are our rea
sons now. As is well remarked by "A much es-
teemed cotemporary Uho he is. and ohat he
is, we all know, and how he has been tried, and
ntrer been found tcdntng. lie comes before Us
7 with the heritage of "Clay and Wcbster--a and
is the very man. III these trying and critical times
to preside all parts of the Republic, with
a justice and equity for all aud with firm hand t,
reform and redresss any wrong that may be at
tempted In one section of tho country against
r another. With him us the candidate of tho Ma
tional American party no platform is at all nee
9 essary His administration Of the Government
for nearly three years, is "plntforn" enough 70,
g any reasonable man The man is the main
5 thing now. To have n sound safe man. secure.
: sound and safe principle. Willard Flmore's
platform is his life. his services. his patriotism,
the friendship OF Clay and Webster. and oven OF
Il the best men of the Democratic party in his day
$ and generation"
It SIZE AND SpEEp.-The near completion of the
t Leviathan steamer, tie ocean mon ster now he.