Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1859-12-31

Some auBfeH6Ue1uu u81 U@sa estt$s.s
amount at imports duriag thy isst swslve .onths
would be attended with unhappy frssalts 10 Che
husiness nj the country. Theapprehension wonid
he we'll founded if the fssts showed that the In
ports exceeded tho wants Of The eoontry and iis
ability 10 pay for them. The imports during the
last fiscal year Ia. will be seen BY reference TO "a
hle ~ wers sass, 766 $50. whilst the exports tor
the .sme period were $3.50, 7S9, 49,. showing an
excess of exports over imports Of SlS,O2l ,332.
As large n the imports Tor the last fiscal year
were, they have gone into consumption Table -
exhibits tho amount Of goods ia warehouse IN
New York, on the frst Of November, FOR a series
Of wears Il will be seen that the amount on
hand on the frst Of November last does not exceed
the amount In previsas years, when the country
was highly prosperous aud its business steady and
regular. These figures do not exhibit An unheai-
thy state Of trade and business. One TACT, how
ever. connected with our exports has attracted
much attention. and led many 30 believe that we
were importing beyond oar ability TO pay; al
Jude to the increase Of specie in our export tables
If specie occupied in the business Of the country
only the position Of . circulating medium, and
the supply was limited accordingly, there would
be lust ground for this apprehension; such, how
ever is not the case. IL constitutes an Important
element in the list Of our productions, where the
quantity exceeds the legitimate demands oil the
country for use and consumption, it becomes
very proper article Of export.
IL ia estimated that since 1913 California has
produced over 1--WE hundred millions OF gold
Would her condition have been improved by re-
tanning that amount Of specie within her limits,
to the exclusion Of those articles required for the
use of her citzsns, and in exchange for which
this specie has been sent to the Atlantic and
abroad, During the same period Georgia has pro-
duced more than FIVE million bags OF cotton The
same policy which would require Caliiorna to
retain her gold, beyond the Legitimate wants OF
her people, would with equal proprety require
Georgia to retain within her limits the excess OF
the production of cotton over the wants OF her
people Tho argument is as applicable to all the
States rs to one and have used the illustrations
Of single States only because they were more
marked and striking Unless the export Of specie
goes to the extent Of violating this manifest prin'
ciple, it constitutes no just ground OF alarm or
anxiety. In this connexion it should be observed
that the large excess Of specie exports commences
with the discovery Of the California mines, aud
has increased very much in proportion to their IN
creased production, a. will be seen by reference
10 table which exhibitor Of series of years the
amount Of our export Of specie. The exac, amount
of the production Of tho California mines during
this period is not known. but is believed thn't
exceeds vary largely the amount which has been
generally staten. We have no reliable mode OF
ascertaining it, from the best information have
been able TO obtain, | shonld estimate the amount
for the las, year at not less than seventy millions
Of dollars
Whenever the export Of specie shall exceed |
proper limits the effect will soon he seen aud ielt
in the financial and commercial operations OF tn'
country. IL would probably be first exhibited in /
the specie basis of the banks, showngan increased
of circulation and deposits TO the
amount of specie in their vaults. and this would I
soon be followed by arrangement and depression
in the general trade and business Of the country.
At present there 10 no evidence that either OF
these results are to be apprehended. BY refer
tali q ha that tho anpcle In
sis of the banks when the tables Tor 1859 were
prepared as compared with their circulation and
deposits ia more favorable than, in $780, the year
preceding the increase Of specie exports 1t is
probable that some change has occurred since tho
last bank reports; Of that We have no reliable m
formation: but it 10 not believed that it will mate
rally vary the general proposition. tits appro-
pirate here to remark, that in view OF the large
and constant increase OF the production OF pre-
cious metals, the country should look to the poll
cy of substituting specie to great extent Tor the
present paper circulation. The process should be
gradual. and whilst it would not dcrangc the bus
mess Of the country, would operate as a whole
some check upon banking and overtrading. The
adoption of an independent treasury system by
the several States, as recommended in former re-
port, would 60 far towards the accomplishment OF
this desirable result.
There is no mode of ascertaining the amount
Of specie in general circulation. All estimates on
tuht pOiut aTo purity speCuiblNC. bu'"S P'o'
porous condition Of the country it no doubt IN
creases with the demands oil business; and when
ever from any cause the supply is below the
wants Of the country, it will be manifested by
depression in trade and general embarrassment
Until these indications appear, VIC may safely cal
culate that there has been the usual and neeessa-
~ increase.
With some persons the idea seems to prevail
that we are necessarily overtrading with those
countries to which specie 10 carried. and as tho
most Of it goes to the ports Of Great Britain they
conclude that we are therefore buying too largely
Of British productions. The fact that payments
arc made in England must nc: be considered US
conclusive evidence that the debt has been con-
tracted in the course Of our trade with that coun-
try. By reference to table 10 it will DO that
our imports for the year ending June 80, 1889,
from the East and West Indies, and other coun-
tries uamed in the table. exceed our exports TO
those countries to tho full extent Of the excess of
our export of specie. It will also be observed
that the articles. which we import from those
countries are articles Of necessity, ard generally
such as are not produced in our own country
These articles must be had, and IL we cannot fur
nish in exchange for them any Of our productions.
they must be paid for in specie. and it is not ma
terial whether the specie for that purpose is sent
TO London or TO the foreign port Of exportation.-
1t this branch Of trade consumes the excess Of
specie exports, it would leave our commercial op.
erations with all other countries upon n sale
basis, even in the estimation Of those who indulge
% many approximations on account of our heavy
exports Of specie. Il should be observed. in this
connection, thas our exports to Great Britain for
the last fiscal year exceed our imports obout fifty
nillions; the excess TO . great extent, being ap
piled to the payment of the demands Of the coun-
tries to which havejast referred.
These views are submitted to the consideration
Of Congress in support Of the opinion that we may
look with confidence tos continued increase in