ee

peereenoreneenaas ap atl

706 THE PXAMINER. | ff Se

; —— was then the course pursued by meinbers on this sidey| PLACES. [exedirredl inromre. | REMARKS. Mr. Edwards hy = his “eho of the West with respect to the Legislative Council. When the) _ al 1 a Indies, vol 2. p. .) that “the balance of trade be- Escheat Question was in the ascendant, the party in the Sierra Phere is little mo-| tween the West fndia tslands and the continental cols Assembly who were its advocates were most strenuously | Leone} 07. R00!- 111.000/. ney circulating im, nies, before the American revolution, was 300,000. in opposed thereon by those with whom the hon. member! Senegal 15.600!-| 22.0000.|Sierra Leone, Sene- | favor of the utter, hich was conimonly paid In dollars, ( Mr. Haviland) acts. And, be tt remembered, those bon. , Goree 6,0001- 10,000/.|gal and Goree. At or bills of exchange, furnishing them so far with the gentlemen were, at that time, as much oppused toa re-| cape of _ the Cape there 1s) means of remittance to Great ‘Britain, im redvetion of construction of the Legislative Council, as they are now | Good Llope 334,000. 453,2401 none, the circulating their debts to the British inerchants.” Here we see the in fsyour, of it. So much for their consistency. The; inediwun being pauper) perennial springs which supply these Constant currents: hon. Speaker and the learned member for Charlottetown jasnes to the amount) The West Indians draw money from England und from, have been in tie House 15 or 16 years, and yet, till! of 3.060,600 rix dol- the Spanish Main, because the balance of trade is in’

within the Jast two or three, we never heard a word of | lars, lent. on mort-/their favor; the Americans draw it fiom the West disapprebation from them relative to the ill-adapted con-| gage byGovernment. Indies because the balance is in favorofthe Americans; struction of the Legislative Ceuneil, I can, and shall,) Ceylon 1,500,000). 1,000,C00/. Money is so mnuch and the satter remit it to England, becuuse the balance give my vote free from party influence. Ifa part are to) an article of com-‘is in favor of England: but we dornot:possess any such

J merce in Ceylon,that sources of supply, unless we consider as such the very

be paid, the whole ought to be paid: and, upon this ground, { make my stand, and oppose the motion. I it is impossible fo, inndequate one of St. John’s, Newfoundland. Jt is en-

cannot give members on the other side credit for their | state with precision couraging to think there may be one. sincerity; because, if'a fault there is, they must have what is the true cir-| Allow me to make a few remarks on the contemplated geen it,and yet they made no exertions to devise and apply evlating medium-— amount of new Treasury Notes. J understand: itis ins

aremedy. The sudden appearance of this new light, as Sometines there is tended to issue Notes to he exchanged for the Treasury yet but feebly- piercing the clouds of darkness which tauch coin in cireu-) Warrants, and also new Notes to replace those now in® surround it, has excited the surprise of many members, lation and sometimes Circulation. It is to be considered that the Tredsury who are at a loss to determine what it portend. But | a vreat scarcity. | Wasrants were issued,not i consequence of a deficiency think, Sir, that, notwithstanding the gloom through which Now South 2501. in copper were of Treasury Notes, but of a deticieney’ of finds in te it dimly shines, its character muy be discovered by the Wales) 59.000 59,750/./sent out in 1799 to Treasury. J fear, therefore, that an issue that would naked eye, and ite object made manifest, independently remedy the inconve- Cover both the old Notes and the Warrants would be toe of any skill in the science of portents, ‘The fact, Sir, is, nievce under which great, which would infallibly depreciate the new Notes, there are, in the Legislative Council, according to tke the inhabitants Ja- Ear! Grey remarks, that “the amount of paper currency opinion of hon. members en the other side, too many bored in making pay- in circulation really determines its value.” 1 fear alse, strangers, men of independew! property and of independ- mets, end 10.000/, that, although the English Shilling continue to pass for ent spirit, men who refuse to sucrender their judgment in silver kave lately 1s. 6d, Island currency, there will still’ be a-difficulty in and subinit to the dictation of the dominant party in the hie He dip: Co-| retaining a sufficient umount of specie in the Currency Assembly; and ile removal of these men, it is clear is lony, great ‘peonve-| Office. By a reference to the remarks in the above the ultimate object to be eifected by the passing of the ee beving been table, it will be seen that the only places mentioned a3 measure now incontenmplation, But, Sir, 1 would en- experience’ from a trading in money, are Jomaica and Ceylon, in both

—~ -

quire, 13a man who, asa stranger, may arrive here to- scarcity of money. Which islands the balance’of trade was, at the time, day, to remain a stranger ever afterwards, and, after a and from wheat and! highly favorabie. ‘The King of Travancor hada goodly

cattle having been assortment of gold and silver coin, but it was because

residence of years in the Colony, to be supposed as considered 394 legal the balance was alsoin his favor: tad it been the reverse,

ignorant of the wants and as unecqnainted with the in-

terests of the people, as he was on the day of his arrival tender ia payment of! presume its effects ould have been the reverse ; un-" amongst them ? Such a supposition, with respect to any) Bust Tadia debts. less, indeed, His Majesty had been knowing enough to man of sense and observation, would be the height of bast Intl lodge a credit in Halifex. Let us fora moment con-

: ‘ : eed ae q ~. : . .

absurdity. In objecting to the presence, in the SOO nee * |13,630,901 13,048,045} Bullion tothe am'nt template the consequences of a depreciated peper cur- lative Council, of those whom they call strangcrs, Non. pate Te of 4,478.9251. is in-|rency, anda want of specie im the Currency Office: gentlemen on the other side, wre pleased to insist upon 8h — cludedin the imports.| convertibility — and inconvertibility of Notes would the little knowledge which these sfrancers have of the! fre ‘amount tu the same thing, and the necessity of keeping wants and interests of our agriculturists; overlooking, Textract the following from Friar Bartolomoe's voyage the Currency Account distinct frou the ordinary ‘Trea-

. . | > Se _ o ‘7 > ¢ pe? . * . . « ac re ? r : °

—wilfully | fear—the fact that these strangers «re thens-|to the East Indies oe The king of Travancor purchases) iry Accounts would be obviated, excepting while the selves practical farmers, aud every year expending con- every year, from the Europeans, Iron, Cannon, and Cloth) .jenees were settling thetn .

siderable sums in the prosecution of experimental en- for the use of his soldiers; but as the merchandise which) yy) 14 Grey is fully aware of the danger of an over-issue

ii i: ont: 2 he of eagric oy 1) | anf miy 53 et te < S : i Je aT E : : . ;

guiries for the inprovement and extension of agricultural he gives ia retura amounts to much more than the value of piper money; fur, in His Lordship’s excellent epistle

science in the Island, ro er ase urbe. 777 eee are tein the Cannibals, written for our learning, we find the i < ot r , : okie > mb aaste ae 0k ee a a + oe ful ngs Yt «ane - ee dies Saad a following words :—* This is to be accomplished by pro- = ib) ‘ aa 3S 2 NTF arance wiadyi ade v a] a . r ERASE 2 SS. [HalaHnce OF {he Speievar CewNe vo ere viding, that paper money beyond sone fixed amount

“er the French Crowns, the Dutch Ducats, the Venetian,

clearly within the wants of the country in which it creu-

~ CURRENCY QUESTION. | Sequins, the Spanish Piasures, and the Portus isa-| i CUR RE NCY QU me [ LON eo cD es l 9 ic ortuguese Lisa lates, shall only be issued Wm exchange for the precicus TO THE EDITOR OF THE EXAMINER. | a : i - 7 aa : ‘metals, &c.” Would it not be advisable, in order to Sin: 1e results exhibired in the above table are so uniform | , bids a. N , , fr : “prevent an over-issue of Notes, to fund the whole of the

As you invite correspondence on the above subject, 2nd conclusive, that it is Unnecessary “oO occupy Space! \Worrants, effecting a loan to ¢ \ ie y P ’ in your paper by making any remarks on them. T must % ting © Toap to in seapamn: Seaecient

Fees necthtr m a iy aprmaltednpemaet~ yee adinit, however, that the effects of the balance of trade |?" off those who require immeditte payment of them, ayo I stated my views on it, in a leiter to the editor of , wees te ; Bnee OF TAGE eaving the remainder to be paid gradually by the ex-

3 om a al ining ‘pay be counteré : where itis against ac ; c the Islander. since which time they remain unchanged, /'8Y De count tracted: where it ig agamst a country, *'cess of the revenue over the expenditure? On the Legislature rests a heavy responsibility; for, while we

I then stated my belief that the depreciation of oui cur- Sufficient supply of Bills of Exchange to meet the de- iD ail apne ‘nee tuand, would reduce the premium and keep the alli ; rency was cansed by the balance of wade being against Pid: I p the metallic can expect only a slowly-gradual improvement from wise measures, rash and false steps would involve the

us. In corroboration of which, | make the following exe eey in ~ pipet : and, on the a. gold might disappear froin a place where the balance of trade was) : be P ; country in ruin—the effects of which would have an in-

tracts from Colquhoun’s ‘Treatise on the Wealth, Power, i

and Resources of the British Empire, which I present to favorable, eee the case in England during the last: quence for evil to the last breath of the youngest mem-

you ina tabular form; premising that fam far from Var with F rance, when it was swallowed up by the ber of the communit ’ . wormous drafts upon the British Treasury for subsidies) pit. ud the eulject as interminable as it is compli

denying the existence of other causes, but T regard them | ?UOrmM* . only as secondary, which would not exist if the balance to foreign princes, for the expenses of the army, navy, .itod- |. therefore, conclude. If the view I have tuken 7 we . e ’ > sq Vl , . 2 ‘of the subject: be correct, it follows that onr prine:pal

of trade were in our favor. An over-issue of Treasury 20d ordnance, and nuwberless other expencss. ad obi cen iaibieen | Allow me to trespiss still further on your space, to |. Notes would depreciate them, but a balance of trade in I : Pree? object must be to reduce the balance of trade, prepara-

asonssi yr nake a few remarks on the despatch of Karl Grey. His gg

our favor would obviate the necessity of issuing them, fi dahin asen 9 : ni b y: tory to turning it to our favor. In endeavouring to effect

by the consequent abundance of metallic currency. | Lordship says, “It appears to have been the practice of 152 | hink aie eit 7 ! the Latah ‘Gow this, | think more depends on individuals than on the

The work, from which [ make the following extracts, “1° [0G# nena, et fee ere period, to Legislature. We must reduce imports by eneouragin

js not a very recent publication, but the connection be- | 85" Mreasnry Warrants for small sums of money, and , 4 ; f Trend J nee | Teenie Ne hie ariil dent fi v7. lo the utmost, Island manufactures, and promote exports

tween canses and effects is always the same. Preasury Notes for still smaller sums, for the purpose of by every means in our power, Let usnot be di itil as. siiaiiarintineianlinlcotais — meeting the ordinary expenditure of the Colony.” It oa a re a ¢ it oo ot ad aan ae

- ‘ec r ..- * } . ° > $ 2 OD a s ay

places, [YAbUF OF VALUE OF; appears that the enormous sums of money Javished on) MOOT, NE ASO ee eee coce ce hee tent Bo , : on the part of individuals, and by economy, prudence

| EXPORTS. | IMPORTS, | the Colonial Building, are classed under the head * or-| 4 foreai : Isle of Man Tho balance of trade dinary expenditure.” Had His Lordship been aware of |"? orreient a tom yw of Aa eee which I, for is greatly against the this item, I think it probable that he would not have ad- | on’ “rN ent'y 7 eB OKT ore Sir, what was the ‘Island. Gold coin is ¥ised a loan, the revenue of the Island being more than afate of + a! South. vy ales mnt forty or fifty years ago not abundant.and sil- Sufficient to defray what ought to be the ordinary expen- ae ree le ore On of elas and kangaroos, with ver. coin.: is... very diture. He might have recommended that there should. -; canes mS sey uae with org ny eee

st i : '

scarce, The copper be no more building freaks, for ornament, like an ex-

coinage is peculiar pensive brooch, bought on credit, for the enbellishinent a une ae nen ee ee caperey of wool to Eng- to the Island. jof a gentleman’s habit-shirt. [Pa Re. Aneel Fnpen He AIRED, [FOI ie Contparative Comigetye

7 ’ : . . ~ | i = i Ss f j ¢ - Money is become. The reasons given by His Lordship, for fixing the (2 the ean Garren 1 * at la Soar ener at soimiueh sperticle of] value of the currency at its present depreciated rate, are ons.and from other advan ages,« estined,it may e.in the

‘ever-fulfilling designs of Providence, to rival, one day,

merchandise, that it SOund and convincing ; yet one is omitted, which in my) ; : ' ; is almost impossible OP'nion, is more weighity,than any of those assigned : viz..| ih wealth, in,power, In fame, the mighty, the glorious, to ascertain the cir- the impossibility, under our present circumstances, of | ee ral nation, of which its people ve the offspring. culating medium. _—_ restoring it to its original value, without clearing the | We, too, have onr advantages. | The fisheries atone, Trinidad 384,117.) 64,7018); In Trinidad, where Country of it altogether. Supposing the rate of ate tb when the time shall arrive for their successful prosecu- ‘the prevalence of 00 Halifax to be 20 per cent., and our currency to be tion—and by God's blessing it willarrive before long— learrying money off gia] to that of Nova Scotia, there would be 20 per cent. will render this Island, ] will not say the richest or most the Island, had ex- loss by remitting bills to that country ; consequently. powerful, but one of the most comfortable little spote im tended so fur as to Specie would be remitted. If this be not evident, | woul: the word, : i%

leave in cireulation 48k those who were here abous 12 years since, if the I subscribe myself, in my own hand-wrying, Sir,

little more than the specie did not almost entirely disappear, when the Eng. Your.chedient TOePH HOLROYD

smallest coins. the) fish shilling passed for Is. 3d. currency, and if it did no:

Legislative Council eturn when it was fixed at Is. 6d. currency. 2d February, 1848 asad '

passed an order, by, But it may be said, the premiam onthe bills woul} The Provincial Parliament of Canada will meet. for

which $25.000 have | fall ; and so it would, if there were a constant supply o!| Dispatch of Business on the 26th instant:

deen so mutilated, as Specie to meet the demand; but, as there would be: The Assembly of New Brunswick have granted £200

! to be rendered use-| Profit in exporting it, so there would be a loss in import |to be distributed among the newspaper Reporters te less elsewhere. ing it; consequently, whep once gone it would remain.‘ that Branch

REMARKS.

Jamaicn = 7,269,6611.|4,577,9331.

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