New-York daily tribune., 1858-09-04


oa Currency seeking 10 enlist IN favor of the Hard.
Money theory tie facts embodied in our article OF
til 25th on tie Bank CT England. We shs'. pot,
Of course rets7erse sll the ground. Of difference
between US, but simply point or. two or three
instances in which ga BcilioDist's' theory pCte at
dtfM ce most notorious facts:
l. Our correspondent cites the fact that the
aggregate circulation Of notes Of tie Bank q
England has slightly fallen of since l5i5, while
the exports Of the Brtish Isles have doubled, and
tries to infer that these two facts stand to each
other IN the relation Of cause and effect. Bot he
Iext cites the fact that the entire Currency or cir
cuatpg mt dunn Of Great Britain ha, inertas since
1345 in very nearly equal ratio with the increase of
Exports; wheress according to bis theory, this
rapid and ya.t augmentation Of tie total volume Of
the Currency ought to have induced q correspond
ing decrease Of exports. How is this settler to be
disposed Of Why, by cooDy asserting that the
initiation in England, # any, was not equal 10 the
ingatiOs in Oiser countries for she mKst have
kept her prices down below toe average, else she
" could rot, as she continues to, supply the world
with Ter commodities" So, ycu see, the fact
that fraction Of the currency Of Great Britain
vas rather diminished within the last twelve years,
accounts for the vsst augmentation Of her Exports;
while the fact that the total volome of her Currency
wss greatly expanded during those same twelve
yeais, while her Exports steadily increased, proves
that other ratioas expanded their Currency more
than che did Such logic proves anything that the
losiciAn wishes TO establish
9. That "she mast have kept her prices below
" the average" in spite Of her expanded Currency,
10 not 80 clear as CORES spondelt supposss Low
prices 60 very fer in determining the currents Of
ain would continue fox years to export largely Of
Metals Wares and Fabrics to the ends Of the earth,
even though shs no lorger produced most of then
so ehesply as other nations; because all the in
hueDces which de:srmine the course Of Trade oea.
ter in London. merchant in Cey,on, Australia,
Newfoundland Brazil, who wants fresh stock Of
Wares or Fabrics sends fog them TO bis accustomed
source Of supply, for which vessels are constantly
departing, and where he is known and trusted.
What he needs may be cheaper in Hamburg,
Paris or New. York, than in London but Le has no
facilities for obtaining i! thence, Ike those which in
cite him to send bis order, as his predecessor
always did before him, to London. AL this is very
obvious to business men aad very Incredible or r.
relevant 10 mere theorists.
8. Our correspondent broadly assumes that coun
tries which have 8 paper currency (" fc!itiou,
money are constantly importing more than they
export AID 90 falling in debt to Hard Money coun
tries-that is to ssy, Mexico, Turkey California,
&C., are constantly ssrg more to Grea: Britain
than they buy of her, and 80 running her more and
more heavily in debt How contrary this is to the
truth, al intelligent Zen DO know. Nag: We are
| confident that those States Of cur Union which
have few or no Banks ard very little Paper Cur
Iency, are thi, day more embarrassed, worse IN
debt, ard less likely 10 oveIbalsnce their imports
by exports, thar aDy other portions Of the country.
5. Our correspondent hints TIA, Thirty or even
Forty, Millions of Specie in the vaults Of our City
Bsnks usy not prove luate. We snswer Tia.
depends entiiely on tie balance Of trade for or
against Us in our dealings with the Oll World.
Let ui dx tie TaIif 30 IS to se.urs the Home
Production, in good part, Of the Meta., Wares aud
Cloths We require and consume, 20 tia. there shall
be no bssrce sganst us abroad, ani no need Of ex-
| porting largely Of cur Bresdsiufs and Meats to
Europe, and we should rest perfectly easy with
Only Ten Millions Of Specie 10 our City Banks; but
if We are to buy most Of our Wares and Fabrics
abroad, and thus run in debt for Imports while our
ahcrers idly roam the streets in ques. Of work, we
believe Fifty Millions Of Specie in cur Banks viii
prove ir.ufcert to secure u, aga;tss frequent
"Pressures," "panics, AID occasional suspensoHi
Srcs are sg- eecviososs; Il tssY ss0u.1 be ia'ss'