Arkansas true Democrat., 1857-11-10
lotal Tn Europe and America. $l ,oO0 900 900 The total out -gongs run thus:

rloih husIralla. .................. 2l0.O00 900
 Total in Europe and America. :. $l 900 900 900 The total out-goings run thus: For the exports to Asia.......... 40 900 900 For the and loss of coin .. 30 GOO ooo TOT cohsnHlpuoh ln the arts........ lS0.000 900
 Making a total of........... of. 35o. .ooo 900 And leaving for circulation. 65O. 900 900
 Of this amount, according to the report of our Secretary of the Treasury. the United States coined in the six years $313, ,932 82O while the excess of our exports of specie over the imports in the same period was only STA, 1894. .I9O, having a nett gain of S135, 100000 in gold | alone. The amount brought into our country by emigrants and unnoticed in Custom House reports, will certainly equal the amount used in the arts, and wear and tear
 This one hundred and thirty ve millions ad ded to the amount since received. and the amount of gold and silver in the country before the year 1850 will, think, make it a prudent estimate to say that we now have two hundred and fifty millions of dollars of coin and bullion in the United States.
 This amount of itself, extracted from the vaults of the banks--the government treasur- ries--and the hiding places of hoarders and poured into the channals of commerce, would perhaps, fulfill the exgencies of all our depatr. ments of trade and industry.
 Because we use four hundred millions of cur rency is no reason in favor of our neediaq so much.
 "Whatever may be the amount of the circu- lating mediumo country, if we suppose it to be reduced to the tenth part of that amount, the price of things will only become one tenth of what they are; and a hundred dollars will pretorm precisely the same functions now per formed by thousand'' So says Bethake, and such is the truth
 Our main objection to banks is that bv their system of expansion and contractions some. times they supply too much and sometimes 100
 little of currency to answer all the purposes of commerce in conducting the exchanges of the country.
 By an expansion, or redundancy of circula ton the standard of the commodities is loaned there is decrease in the worth of the usnal measure of value, and this causes prices to ad vance. "Just as diminuton of the length of 1 a yard stick would increase the number of wards in piece of cloth, or the Tightening of the pound weight would increase the number of 1 pounds in a bag of cotton, so the reduction in the worth of dollar would increase the num- Der ot dollars for which any article might be purchased" and so uice uersa.
 because lour hundred millions of currency Is necessary to effect exchanges of property and commodities at their artifciH prices is no reason that such an amount would be necessary were they at their natural prices, or in other words at prices relatively proportonate to the prices of other countries of the world
 The truth is, the greater part of the com merce and exchanges of every country is carried on by the nstrumcntality of bills of exchange To speak of a proportion would be m ere es- timate but the experience of business men will bear me out in saving that nine times the amount of commerce is effected by bills of ex- change than is effected by currency.
 Legitimate exchange is based not upon bank credits, but actual capital l.. such as real money produced by movements of crops, merchandise, | etc.
 | In England, the exchange business is con- ducted almost exclusively by brokers. the banks have very little to do with it. So in this coun- try, 1t IS mainly carried on by brokers, and could be exclusively without loss or injury to the commercial transactions of the country. With commodities at natural prices, have no doubt but that the amount of gold and silver we have already disgorged out of their hiding places, with the aid of an enlarged system of bills of exchange, is amply sufficient to fulfill all the offices of such currency as our con- merclal wants demand.
 But if not so, with our sources of supply how soon would the vacuum be filled up. An annual product of fifty millions in Cali fornia-the thousands of rivulets that flow from annual emigration to this country, and then the products of our present crops; S1 .355, ,55O,- GOO in vegetable products, $932, 2,OO5 OOO in ami nal products.
 How small portion of this is it necessary to | and coll tN for our deficiency of $l5O,OOO,OOO of currency aI lowing there to be such deficiency. The proceeds of our cotton and tobacco crops alone would make up the deficiency In one years time we can have in pure circulating specie foar hundred millions of dolIars-the amount of all bank paper credits acting as currency now existing in the United States | The present bank contractions, by making real money scarce and dear, will induce large im- portations of specie from Europe. Money will seek it's level--it will go to the country where it is most wanted. No better opportunity to |, supply ourselves with real money ever offered than we now have. But after the specie comes what will be the result? If bank suspensions are iegalized, and the present banking system continued, the banks will collect that specie in 'heir vaults, and feeling strong again they will ,esuhe specie payments, and go on in their lormer course of expansions, contractions and suspensions.
 AS long as specie is bought up and monop- ollzeo oy banks, we will see none of it flowing through the channels of commerce. It is their
 capltai m tade-more valuable to them than to
 any other; It Is the base on which they build
 up their vast system of credit; and they have more power than isolated individuals to n,onor, olize it. VI |
 A NEW NAME.--The Nashville Union says the American" party of Tennessee has taken