Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1858-11-26
LErTER FROM NEW YORK.
Correspondence o. thc RICHMOND E.n9ni!c'.I
NV Yong Nnyclnbcr GO, ioJS.

Ihe private intelligence from Europe, pS the
| Canada. indicates considerable change in money
movements. The Directors Of the Bank OF
England have exhibited sound caution, in TO
lusinc to reduce their standard of interest from
y 70 Il, or even 10 > per cent. Had they
done this, "a recent events have shown, they
would, in a short space OF time, have been com.
PEELED TO rctrace their steps.
The drain Of silver for China. as We predict.
ed would be the case, on the restoration Of
ucace, has developed its effect, both upon the
Bank Of France and upon the Bank Of England.
! The specie and bullion usually held by the for
mcr. is composed, 10 4 large extent, Of SILVER.
The recent large demand for this metal, on
Fast India account, has been most chief
Is bv this institution. Hence, within three
weeks prior 10 the sailing OF the Canada,
it lost about $1,000, 000, and within the
previous three months $500 100, max
ING a tota! Of $1,000, 0oo. This hiatus
could only he rcplcnishcd by drawing gold
and silver from England. These metals,
bv reduced supplies. became higher in
| Paris than in London. Hence, \ drain COM
mcnrcd on the Bank Of England, i'll favor Of
| the continent, which has told upon the bull
lion Of that institution. by serious reductions
in the amount held on each succeeding return.
The consequence has been, that private rates
of di,count had advanced from per cent. 10 .
and y, while the Bank Of England had adj
vanccd her terms to 3 per cent. This movement
had caused ronsols 10 rcccdc from ~: to 914.
There had been. also, 4 strong demand for bull
lion. in favor Of Vienna. and the capital Of Ger
many.
II was hoped. however, that the tide would
soon change. English ports are the chief
depo,s Of raw materials, such rs cotton. dye
woods, wool, and other articles needed by con-
tincntal manufacturers and as the season was
at hani when continental manufacturers enter
cd the market, il was thought rates Of cX-
change would become equalized, if not rule in
favor OF England. The Bank, also, expected
TO he strengthened, lay large arrivals Of Austria
liam gold, some $4,000, 600 Of which, were over
due, and between 5000 "0 and 5000, Ooo
in all, known to ir on the way.
The opium trade with China, is, no doubt,
one Of Il dcba>ing and dcmoralizing character,
yet. hitherto. it has formed almost the only ar
ticlc calculated To form the basis Of exchange.
1t has no, only supplied. 10 4 large extent. the
place of silver, but has been the means of en-
tracing it from the grasp Of Cinnamon. Could
the opium trade become completely abolished,
the civilized world would be unable 10 supply
the demand created by the expanding trade of
China. Mr.. Reed male stipulations in his
treaty intended, a. far as Americans were con-
ccrncd, 10 disconntcnancc the opium traffic and
to pledge the United States against participa-
ting n il. But we feel satisfied that all treaties
OH the subject are futile; the trade is too i'm
portant and valuable, under the present consti-
tuition of commerce.. 10 be cffectually suppressed.
American clippcr.built vessels have been rs
willing To engage in il rs any others. This
class Of vessels have been built, both in New
York and Boston, with expires, reference to en-
gaging in this trade. either on American &C.
count or on Joint account with English traders.
Large fortunes have been made by il, and the
treaty Of Mr.. Reed will not, by any means.
lead 10 its suppression. Neither will the East
India Company. though stripped of its political
power, rclinquish L commerce IN opium which
reached so, 00n, 900 pes annum. 1t Is true.
that the restoration Of peace with China, and
the opcnin: oi with it on & larger
scale. will no, Immediately restore the opium
trade. 1t will require continued rcposc in
British India for two or three years, before the
cultivation Of the poppy. in the Bengal Pre>i-
dcncv. the chief scat Of the late rebellion, can
be brought up to its former extent. In the
mean time the deficiency i'll the supply Of
opium will he so high, in itself, with the
risk Of smuggling, rs TO check consumption,
~causin. the halanc.. of trade in that country,
against foreign countries. 10 ne settled in silver.
Nothing but the dcbascmcnt Of our silver
coin has tended to keep up a supply in our do
mcstic CURRENCY; and the time may arrive when,
without further debasemcnt, it may find n
-.l., .a,,.har. ,l-, Man, pnlitiraI
economists d%cnounce the practice pursued by
many nations, in the debasement Of their spe.
Gle currency. - a fraud upon trade and com.
mercc-thcy saY that specie. in all its forms.
is only an article Of commerce, the value
Of which is regulated by supply and dc
mani. The debascmcnt is an injustice 10
the people who use the cuyrcncv-and that,
as respects other nations, it can only buy
from them an equivalent of its intrinsic
value. while the people at home pass it at its
nominal value. Thus could barrels Of flour,
or bales Of cotton. lc dcbascd to onc.half Of
their value, nothing would be gained in our
foreign trade by the measure. because the
foreign merchant would only buy them at half
the COS; Of perfect articles. Hence, little or
none Of our silver change is sent abroad, while
our chief export consists Of gold bars, with stray
Spanish, Mexican or French coined silver,
which ranges constantly at a premium, coin.
pared to American currency Of all kinds.
1t is To be hoped. that the yauntcd discovery
Of silver mines in Arizona, will prove true
1t was the opinion Of Baron Humboldt, when
in Mexico, that the most valuable mines Of
silver and gold would hc found in the Northern
provinces of that country. so far as cypiora-
tons have gone, his predictions have been
verified.
While the allies, At 4 vast expense. succeeded
in checking the advance of Russia on the
Turkish Empire, they have not succeeded in
giving that security to Christians, residing I'M
der Ottoman rule, which was so strongly in
sisted upon. and, apparently, sincerely con-
ccdcd. The Sultan. and his advisers at Con-
stantinoplc, seem to be a vacillating set Of
rulers. While the late English Minister, Mr..
Radcliffe, continued at Constantinoplc, things
appeared to progress favorably, and the most
strenuous cndeavors were put forth in favor of
reform. The Sultan wanted money to rcplenish
his Golfers. exhausted by the late war. Lon
don was the best place to obtain it. English
capitalists, however, act with caution. lley
wanted to see q strong Government established
at Constantinoplc, pledged to reform. To re-
move their objections, the Sultan dismissed his
entire Cabinet and installed another, pledged
TO carry out the views Of Englishmen. and pro-
ceedcdt to give evidence Of his sincerity by pub
lie acts. The bait took. London capital in
vested in Turkish loans to the amount Of
500, 900, 004. The money secured, recent &C.
counts inform us that the Sultan had dismissed
his reform ministry and restored the principal
members Of that previously discarded, includ-
ing some Of the most intolcrant spirit This
vacillation and want Of energy in the head Of
the Government, with the aggravation Of Otto
man intolerance by the rebellion in India, has
produced very disquiet state Fittings through
out the coast, which threatens 10 end in the
sudden annihilation Of the Christian inhahi-
tants in nearly all sections Of the Ottoman En-
pire; and, especially, in Asia Minor. including
Lebanon and other missionary localities. These
disouicting movements arc probably iomentcd