Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1857-05-15
VOL. 5---NO. 244.
DAILY VIRGINIAN.
From Me London Economist.
How Gold /. Disli ibuted'


Gold continues 10 be exported as last as 1t Is
Unmarried. Since the CONNIE mencement OF the year
the stock of bullion i'm the bank has continued to
be very nearly about fIO.OOO,OOO. Once or
twice II has been n trihe below. that sum- out
seno,nllv from one to three hundred thousand
pounds nbovoit SO with rare exceptions, abont
1T. .ooO. 900 was the stock throughout the whole
of Is56. It was never but for one week aoove
ila.OoO, 900, and was then in July fl3,oSU,15
md was only in eleven weeks-fve April and
Mny. mud six in October and November
t.Io OOO. 900. ns something like the normal OF
necessary sum for the bank TO hold as in 1851
80 people began to think E2o,OooOOo the true
unit of snfety
WHY the bank or why any nation should havo
particular quantity Of gold and why the people
should be distressed or alarmed as this quantity
is not held and continually frightened when gold
goes nwny or does not come in. more than when
any other commodity goes away or does NOT
come in seems to be ono of the unexplained nys-
,erles of socinl life and of mercantile necessities
Let us try to explain 1t,
Gold il found only IN restricted localities. and
il cannot, like sugar and cotton aud corn by a.
nv nrt be increased, according to the want ot It
by the labors of mankind. Az tho same t''ne IL
is Indispensable nv tho instrument OF exchange
L.tterly n very great addition has providentlally
been made to the supply but the customary law
of distribution, which obviously forbds ITS being
heaped mp in any one place must convince us
that we cannot. do what we may-though the
bulk of the new supply be found IN our own Ter
ritory-retain more than our share.-dod be'ng
an article Of which tho quality cannot be Doreas-
ed indefinitely by labor and being more like at
mospherio air (of which every man and every
nation must have u proportionate share or he
dies than like oottons orwoolens,whch may be
di.pensed with, or for which substitutes
may be fountD there il n provideniaI means OF
distributing it as well as providing asupply.
What our share of tho general supply Is we
can only learn from experience but whatever "
may be, we use Nil kinds of mcans-bank notes,
clearing houses, banking accounts bills OF OK
change. &c. TO dispense with 1t rs nuch AZ
possible Precious as il is, we nre always try
ING 10 lend it or spend it. Whenever it can be
sold 10 advantage, the bullion merchant soils III
md Mt present every person is desirous 10 keep
hi4 stock us low possible.
All individuals and nations act as the rule. on
this principle. Only here and there does mlser
hoard up his gold, or from old prelnd'ces' prefer
10 keep it rather to lend il or to nse IT, IL IL
now n rnre thing for milton sovereign ac-
tunlly To honrd as n corporate body. All tho
mercantile classes of every nation--usng the
w,,s1 in the most enlarged sense of exchanges
re, rid of tho gold buying with it other things
a. last ms they can. Thus all persons are desi-
,oua Of distributing it through the wordan such
II gnnefnl desire, liko the nPpetite LOT io"u' suo-
serves a good purpose in the economy OF society
On the principle just stated, it distributes pret-
iy fairly the provideniial supply OF tho necessa'
~ instrument, Of exchange amongst oil the peo-
pie and nations of the earth, according to their
respective wants. That this is for our beneht,
and equally for the benefit Of others. is palpabla
from the exchanges by which it is distributed
being in all cases voluntarily made. They are
made for tho benefit of the changers, and confer
advantages them. Our purchases, by means
of u Id aud silver, Of the corn of Russia and IN"
ten af China, help 10 promote the civilization OF
those distant portions of the earth. They arc
npproxmaing to condition that We have alrca-
dy attained or gone beyond. and in which they
need for the purpose of exchange among them
individually, those portions of the precious met
mis- W., from superior contrivances from the
bulk of US being able to read and write, while
mnny of them cannot-oan dispense with But
Us they make more exchanges amongst themselves
they will advance in cviizationthey will, like
US hnye more to sell to others; and thus the gold
and silver which we have bought, and which we
are continually sending away to buy goods from
them will tend to improve them. aud make them
better neighbors and better customers to US and
all eivilizp al u ppople.