Spirit of the age. [volume] (Raleigh, N.C.) 1849-1865, 1862-03-17

and In 1857, We had again IL 1ts tnto ii
quldation and settlement OF anetAer zas-
pension and bankruptcy /; and nov. il
1862, where are we? Living under 4 uni
versal suspension of specie payments i,
the banks-a total eclipse of gold anil sill
ver-by the Intervention of an impenetra
BILE cloud of shinplasters.
Such has been the results of the present
Banking system from its introduction to the
present time. and such will it ever contin
ne to be. These successive periods Of IN
nation and collapse, are inherent in the
system, and 1t Is not in the wisdom of man
to correct or prevent then, but bv the de
strnctlon of the system itself. We do not
anticipate any such revolution as this. The
banking mania is too strongly fastened mp
on If. We design therefore to sugyes, !.
some obvious measures to prevent many OF
the evils ami avert the worst of the disas-
tiers which attend these periodical c~ollapses
of credit:
The first and most important Of these
suggestions is, to prevent the expectation Of
specie. Since the year l844, the amount
| of specie exported from the United States.
i previous to their dissolution and the com
: nencement Of the war. has been upwards !
q of four hundred millions of dollars whilst
: the imports OF specie into the country
within the same period, has been only a
: little over one hundred millions of dollars
: s. that our export of specie, since 1874,
over the imports, to the commencement Of
b hostilities between the North and South,
amounts to about three hundred millions
a of dollars. What has caused this expor-
A. tation of specie! The solution, the cor
rect solution, in due time, Of this important
h question, By the Southern Confederacv, is
;e necessary to prevent her from falling into
y the same error in regulating her commer-
Sc cial inteIcoarse with all transatlantic
Or nations. Some answer this question By
~ asserting that gold is one of the staple
products, and went abroad like any other
20 product. This assertion is false, as every
lie Intelligent merchant knows for gold never
ag does become a staple of export until the
commercial operations OF the country no
c. longer require it AS money and that ii
90 had not ceased to be needed as money liz
m. the United States within the period men
he tioned) to the amount they had shipped
IN. abroad, can be established by the fact, tina
ole they had paper money in circulation insteae
he Of the specie exported, to nearly tina
,at amount. 1t follows, therefore, and ever
to sound political economist will admit il
that the amount of specie exported by an
The country, should be the difference betwee
It the amount Of its paper money in circu
zen lation and its specie capital. In othe
Far. words, and to be more explicit, Wheneve
NE the paper money in circulation is less tina
fair the specie capital on hand-the differenc
hey ,4ay NC Se' uo"h aS an export proauct'-
,ck Whenever this great law of trade is viol;
an lated, by exporting any amount of spec
q i, greater than that which exceeds the pape
,ost in circulation, the balance of trade
De. against that country guilty Of such foil
the The export of specie then, in the la
,;cb United States, within the period mentione
to wit, between the years 1914 and 1876
the should not have exceeded more than OF
his hundred millions of dollars, that being Il
difference between the amount of pap
An money in circulation and the specie capt.
. ;, on hand. Why then was this exportati,
mn of specie above this limitation made? It
nth advocates of the protective tariff will
tribute it to oyertrading in foreign NIX
with chandize, which they alledge results fro
also the low tariff, and that the gold we
of abroad to pay balances against this owe
hon trading. We consider this a very unsat
y ev, factory solution of the problem. In rep
we respectfully inquire, WAY this overt
Ra, ding? The late United States, (and
from are compelled to speak Of their experier
Cen. in illustration of our theory for a peri
of seventeen years previous to their dis
-rntb luton, overtraded to about an average
,lo,v twenty-one millions per annum. We
~ to peat, why, if they exported produce
,loov Gear the amount of their imports unde
coo. revenue tariff, should they not have exp
,ood ted produce to the whole amount? w
Iadas this difference, and what possible barr
,thon between it and the tariff? 1t is perfec
idle and futile, in these protectionists
order to promote their own interest
GE- allege such illogical reasons for a mat
Sters' so we'll understood as the expectation
uard, specie.
only At this point of the discussion, we
spen- lay down a proposition which no lntelIig
the merchant will controvert 1t is, that sp
fuc- only migrates when it is cheaper than
ev.- change; that is, when it will purct
com less property at home than abroad. W
ly.- property is high, money is cheaper t
If the property, and is exported 10 its stead.
may price OF property is fuctuating the Vi
rning of specie is uniform. Give every coul
r, we a sound, uniform, unfuctuating currer
t our and the of the whole world c.