. - . ‘ ' nib "

PRINCE EDWARD ISLAND ADVERTISER.

j i _ 4 ‘ V I T l - ‘ CHARLOTTETOWN, SATURDAY, FEBRUARY 20, 1841. N' . [ o. 186. ESPONDENCE. ' Th h ~ - - - . = ' lPuy tlieeriinedf siigisslhilliiizzfrénflon2:23:34;573°”: all“: $23238", based, in orrrler to ilprirler it a useful, and, con- lnf follv, if not worse, he would lose his place,“ 150! t , . ,o" x l, , esp! . . a success ii , ex e rent. '. i . ' ' i 'i 1.“ U,wa 113mm,] the proclamation, and in defiance of the law, the 'l‘rea- As money is not the vrilti’e r f the different commodities Elltl’lflilllsl'filrdd gfdrlgiiid: lliea‘d‘di’lliaiiaxagligiaseld riding: , . . , . i

sur ‘ ' - -

of heaven’s peerless King, “,3 lolltmia;t:l: rgfiévihang Pay I'll?" ’1‘; illeTslme Lil: “PT byhlts aid Illterchang d between man and man, shillinas. It a carpenter were to cut an inch from each

.0 . . . ~ e iree-s ii trio an 0 on on y t e re resentative of i l l ' ‘ h - ' ' - " -

purch ht within my soul . . i a , _ P 5101 V3 ue. so in like foot of his rule and call th r i

.0 hard, um , musing; passed, and still continues topaSS, at three shillings and manner, a paper currency is the representative (if money root hp, hoan’l would meeasfiga'ilgséhfilzfiigshf’ .'

rd alone has madame whole, our pence, and the one and srxpenny I‘oken atone and -—its value depends up ‘ s being convertible, in some as ii did formerly thirteen feet ohe‘inch' but the fictitil D ‘ 9

eight pence. How this anomaly took place it is im- way or Other, into money. As they were undisguisedly length of the board would still remain the same So it

Thy wo

lag ‘ ‘ 1 . . . . , at "oss— posstblle even to guess; for_it is obvious to ihe meanest intended to supply the place ofa metallic currency—as is with the revenue' it is nominall F'f ‘ h T. tell,“ tmlllrthmcmmillmine' capacity, thatyf two and Sixpence sterllng (the halfof a It wasunot even pretended that they were for the time to Pounds—in realitv ’Twelve thousanll fivlelelfi'ilnr‘l 038ml} _, Alida“‘hingsasuomumbmlms- five shllllnn token) ,3 worth lhree shillings currency, be resporidible in gold or silver—it was necessary that there we", no olhé,’ reason than ‘his ,t M r: . = . three shillings sterling ought to be worth more than three they should, in some measure, be made equal to money, nynplv snffic‘lenl for ,eslonn lhe Cl; I won he one ‘ n _ ‘f-Bl'af:‘lle“0:.my soul—dry up mytean— and four pence currency, inasmuch as it is considered and accordingly they were made a legal tender at the and l'eo'al state g "ency to a “uh, Hencelonhujppgzgfirxgsizefrlr‘i:i)” ” necessaryto add to the lesser corn srxpeuce,‘ while only Offices ofthe Excise and Treasury, in payment ofduties; Noni, let uslsee if it has no influence upon the o e- nmve bl. fai‘hanhrina-hp e 3, , four pence is Judged sufficient to bring the greater to an and 11 clause was added, that when notes were presented rations of commerce. A brewer in Pictou or Hal'a y ne. qu'HIl ratio. . _ for payment at the Treasury, in default ofgold and sil- is anr‘miis to know the rice of barlev i Ch I l x I The“ nun“, soul_be clothed “Minna, I‘he scarcity of money, however, continued to he felt, Yer. the Treasurer Was in grant a certificate. hearilw and ascertains that it is from 35 5d nt 338,7(il‘elmwn' a. med with God’s relqless ward; and recourse was had to one ofthose plieri‘le and ridicu- interest, or. in plain terms, those who could not converi currenc In (rder to' find i th . I i 9 I’. gland Onward thy heavenly wayto fight, lous expedients which have been at one time or other, or their notes at the Treasury into gold or silver were at r9 '1)“ " bl' ‘ d ' h 0"b he' va ue m ' a 1".“ cm- . “‘“d dwe” rm no,“ me Lord! An,“ in St)me shape or other, resorted to by all cdu tries—the liberty ,to fund them. Thus far, all was well——'tl)e sum hari'ceyiedSuIrsseotdlliis’ :ii dirr y 'llmielf of hls‘fnend‘ lo Chadwflownlhnuary,18“. ‘ debasemem ofthe coin in circulation In dfier in pre. issued twas'hutl Five Thousand Pounds—and as the fereuce 'Whlclll he findl: in thzeli‘ilrii 0 ca cu aie 3:: d”. .‘ vent the few remaining dollars from leaving ’ihe shur'es revennt was increased the same year by an additional shilling; and ten pence twothiriloedf hasliriliing 111:: a ‘ » '

/ PRINCE EDWARD ISLAND CURRENCY. \ofhthe Island, a piece supposed to be equivalent to' a dnty aligWifle and Spirits. and a new duty 0" Tea andin the latter two shillings and eleven ence three f I __ shllhng was cut'from the centre of each dollar; and it Tobacco, the note thl adetermiuate value in exchanrre lliinaq and ei ht-ninths of a farlhi p H har- To the. Editor of the Colonial Herald. was at first altter‘nptedr t3 pass the dollar thus mutilated amidiwils readily taken by the merchant in payrneiitfoi calculate the gumber'of bushels he Ilitigi'shes fonlliltlisr‘cliaig . "_ i , at its origina va ue 0 ve shillings. and the iece taken 2’00 S. and given h him to the Treasr ' ' v ' ' ' ' ' Sin ;_,It has lustly been remarked by a writer of some our 31 one shilling. thus making [he Spanish Boll." equal his bond. The farriier, finding that wiltrli tilileiiidl’iglilililil :lsdlli: bliiztzcddmitiilh riilhdthaeliditiiscfdflhgugn ufretn mu“ -= ,, zeputallpll,. that “a government should direct allOIlS to six shillings; but this was too ridiculous to be kept readilyacommand the necessaries or comforts of life, in Spanish dollars Dritisli silver or Britisliengld ‘0'th aJNFnCIOI‘; to the enlargement ofthe market, by forming up (2,, any [engih oflime_ and the holy dollar. as ‘li was wrllingl took them in exchange for his produce, and Inner, ii is true, is soon put otit ofthe qugstion fore :. "in e an. .contllentleut roads; by the circulation of ster- termed, passed for four shillings, and the excised piece the cap tulist, who was anxious to obtain a secure fund arrange to say‘ British gold is at a discount in the Iéland. - , s2“ lugx coin , allI 'hy‘ securing the iaithful fulfilment of as on? shllhng, sulh thls was, coniended rm- as an am for his 'surplus money, rejoiced in the idea that there because, as has been remarked, four British crowns are, in? .u ego racts—a vi icli are indispensable measures; at Zshnwmg nnépmall degree of cleverness on-lhe‘pan of its was one at hand-thus all parties Were pleased, and the worth one pound ten. while the sovereign is iny worth git e sarine rune. that, when put in practice, they wrll lnventorsi’in‘fiismnch as that they would not be received hP'N‘fimfil effects ofthe rneasulre were immediately felt. one pound ninel Nothintr could have been better devi- . u never all to attain tli}e tleslred end: And th: npaillera in payment in the neighbouring Colonies at any ratp_ The Bank Tokens, however, still continued to pass at serl'to cncumher the operfnons of commerce,and can: \ “apt/eminent approac res to perlfectiolrli‘iu eat:l o t'ese In fins, h0‘vaer, they were [n.slakenyeluhg thl‘ax and their old ‘rates, and some few Italy and other Dollars seqliently to limit the extent of the market, than this , “ renlwlmb. he morgue-nan. y w. ’Ili mgr uce every nth," merchants. WISEly ‘nnlglng lhat [.073] dollars were were still in Cll‘ClllEllIOI’In As might have been foreseen, monetary system, which, while it evinces our total I I . posst re mere-sect tititlnnol market. he rst ofthese when and rim iimugi. ihey wouid nor pass as coin rhey as soon as the public confidence was placed in the notes. ignorance of the rules of political arithmetic goes ver

, *three means is Without doubt the.most essential, as no would sen as bullion. rook them and sent them to the lite "'C'ClW'lt—"O ill"le litre-Hi t0 ktlep a sum of Coin far to prove our warn of knowledge of the iiinci le oyf “ other expedient whatever-can possibly supply its place.” slates of America m elsewhere. Whale they found their by him. for the purpose of satisfying the demands of the the common Rule of Three. We have seenpthe elI'ecst it - To do the different Legislatures of the Island, for the way lmo lhe melting not. lhe only fit and proper place Treasury—laid his hands upon every piece of money that has on the revenue, and its tendency to embarrass tbd

.1 €‘lastxtxteen years, Justice, it must be owned,that the nll- for ihem, Matters remained in this way for some. time, “"“lld 535 0""9m in Halli“. and I'Blhilltfd it there, operations of foreign commerce. Let us come nearer

, impomnt matter of.Roads has not been neglected ; and ihe dollar Sign com-m,an to pass for five shillings, ran, by either _ the payment at debts before contracted, or for home. A hard-hearted creditor may tomorrow lend a' slip most casual observer must confess, that the benefits degrees, and ihmigh on me spot, I can hardly tell when the PW, “9 "i new Supplies The Bank TokeHS, how- hundred one pound notes to a man in distress—takehis’ I, iiig from their‘zeal have not been overrated by the the Spanish'dollar rose to the sum of six shillings, the 9"”: 99m 3‘00” We” ground 1 they W‘lllld have ‘0 he Warrant of Attorney for the amount—and if his debtor

,' . MIth ab‘WE quoted. _ . British Crown to seven and six ponce, half-crown to "willed at a discount proportide t0 lhe tliWerPllce 0f fail at the day mentioned in the defeasance,‘ may issue . 23-1, “1,. Wu other means of increasmg anational mar- three and nine pence, the shilling in one and six the" Value between this and Halifax. Hence the evil. his execution—instruct the sheriff to take nothing but ,, ket, T‘Tear so much cannot wrth _ al truth be said. pence. rha Sixpemiy piece in nine pence, and In the Very first year ofthe issue, the note became de- lrrwful money in payment—arid Spanish dollars'nhfivo

Frgiajhat Causes soever it may hav risen, whether ihe fonrnence m Sixpence. The sovereign was ad, priciated—not from any over-excess in the issue, astliose shillings must be procured for him, cost what they rri'iy.

‘ .Jf ;lgnorance of the importance of the subject, want of vanced, in like mnnner' firsg m one nnnnyl ten, and both on this arrrlon the other sulc ofthe Strait, from a It will be in vain for the debtor to complaint—he i.

,. . lk 1: edge as. to the remedies to be applied, or to that subsequently redriced to one pound nine shillings, How want ofdue COllSldt’rilllttll ofthe facts, have erroneously without redress either in law or equity; both Courts

“Mm” Which u“Pl-'bl'c bod'es ha'e ‘0 Change. Where the shilling was dropped in the relative value. of the c°“l""l""“l"llm l’ecn'lsf’v “" c""‘P"""g “‘9 “0‘9 “Mi ""3 eqilalll’ “mm b" the law Gillie land- I5 this poli-

" gigghonefirg from such change _are to he gradualand snverelgn. lhnse who made lhese nrlnlrnry vnlnnllnm the m tallic currency stlll in circulation, the min pauan tic‘? Is this just’! ' i

. ' .. audipnrllnn, auended- With some yisk of popu- cnn nest tell ; lhnngh one wnnld have sunpngnd’ lhnl‘if {role w. found lo be, III fact, not worth (manly shillings. It is easier, however, to prove that an cril exists than

05!. 1‘ l$.,that_ thc,currgn%l:riugg EdW, rd, a “cl'owln was worth semxnpd‘six, mtpguigog‘w; ' as airfillnslration Vof tlnsatflzgflkc three ‘lBauk Tok s. to shew the remedy. It is seldom difiicult to determino,.g _ it go allowed to remain‘ state dt'degr nvhmh ,5 rom- cmwns, would be wmrh one pound rem r. mnnna'llv blghteeu Shillings, add toilns one‘tlg ovum, a" patient is iltttho skiH,of thephysician‘lietdu?-.

, till a change i_s_so imperatively called for as to The abovels a very concise. bul’l think. in an impor_ penny Token—one shilling and erghtpence—aiid you pointing out the mode of cure; and the remedy is, in'

:1, ncl‘y manner- polmo um 5.8“, I - Hm mns‘ & correct history Ol- the memlnc curmucv of have four pence of copper com required to make up the this case, I take it, extremely simple. Let a law he at

3 l vious to entering on any discussmn,either as to the the island. I, has new gleaned from urious desullmv Twenty Shillings; but the three B'Ink Tokens were once passed, assimilating the'currency of the Island to ; new"). of a change, 0,. the manner ln whmh ‘ha‘ mnvmsanons a, din-em", limes. and merely as mmm'r intrinsically and legally worth but fifrr-on shillings, and that Ol'Niwa Scotia. to take place, not immediately, but .. . ge' if necessary, should be elfeclell, n will he of of curiosity. Ol- which I had "m m the time any. imam-m” the une-anrl-stxponriy I‘olieii passed in Nova Scotia but from and after the First of next September. This will

an ce no lake a snnn Vlemol'llw hlslnry onhe Currency to make use‘ or I should have been more Particular. for one and [lireelmticeT—llie copper coin would not give time to all parties to govern themselves as to their '15. ' 9 last twenly or lwenlyfive years_ pass at all; so that by this mode. of calculation, Sixteen future contracts. The stock of agricultural pro‘duw

, . . Of the paper currency and its effects I can speak wuli l- - , . ' , _ , . x, , siilliurrs and three once 'as : . f - . r r ' ' mm the setllemem onne Island, "8 Currency was more cenmmy‘ inlva ms'ded on the Island “we "3 ‘ a p \\ the v due 0 the pound “l” have been pretty well disposed of by that time, and \nr 0. the harvest \vdl but Just have commenced. I‘he .stock

same with that of the Canadas, New Brunswick, and - - - . -. . va Scotia; and was then, as it is now, called Halifax Ogllthgril‘lga:tgretllQL'SIflénxl. Again, take three Batik 'I‘nkens-t-worlll Fifteen in hand, too, of the mercantile part of the community ."ency' mm is, Spanish mined Dana's at five shin-mgs latter i; would be W?" m {nke a {new 0‘ me principle: Sliilliugs--:rnd add two smooth .Shillings, worth ten will have been nearly exhausted, and the merchants will “I and men, subdivisions in“, quuners‘ elglnl,S and (m winch a" currenc 'is founded, ‘ pellce.etlcll——fllltl you will have sixteen and eightpence be beginning to think of laying in their fresh supplies. teenths. In the year 1785, a legislativedeclaration A . h a l; , , ‘ I. l H as their exact value. The same result Will take place, These circumstances seem to point out. that time to be that cfi'ect was passed, and from that time to the r “d "I t e‘ rst p ace, it is necessary t i.it_ we SH)“ 4 ifyou calculate the value. of Forty Pounds: Island ImIe’S, about the fittest. But, as it would be unjust to compel out, Spanish milled Dollars, or British sterlingI 399;”? ‘al'le or fmmlzy a: “fl” r""l‘,‘;(“3-ll‘l“0" "5 at the rate of Dollars at Six Shillings in Island, and Five men to pay in any other currency than that in which new are the only coin that can belegany mnnere ~ It torn, d. e price 9 go an stverl. I e 1' “ill” Sllllll'lltZS in Ilalifax currency. On the other hanrl, if the debt was really contracted, let there bett clause en: About the year 18_’ however' in consequence me“: la" 159: Villr'esl '" Pmlm'l'?" mil“? COPslll'lll‘l“"' Six I‘liijee-sh'illing, or 'l‘welve One-and-sixpeuny Batik inserted in the Bill, making dollars at six Shillings illegal the scarcity ofGold and Silver, and the absolute want and delnand‘fl "3 P elfty or Wye"! 0 file "We 3 _'" the Tokens,‘ be made use of, the value of tire former heiugltender for all debts hitherto contracted. unless the in— “ commercial medium, and in some measure causud, mafkeh lLe'lFe, 093 ‘5 :mme fill": "‘l'i" Pir'cel "'f‘lllh‘f at that time, and Ilielieye, now, two and sixpencenand strument upon which the money is claimed expresses ', I..liavc not been misinformed, by there being in the ?ll:,e'.th.e "f '2" [I’llmle—l .‘e‘me I ‘e‘ 'l‘l‘e "l, '9' IN” ’le’ the latter One.Slnllinu‘and three-pence, the note Sinks the corilrary. From an arrangement like this, no pos- land a quamny Ol- Bank of England Flve.5nllllng To- 1‘" I"; '1‘: 0fi‘ : 'gaesl- 'ml??lr)lld“°? "ll ‘ ‘9 """ll ll’rl‘fe m Fifteen Shillings. Slxleen Shilli‘ngs and elglit-pence srble injury could ensue. In about the space of twelve ens. Gmemm smith ordered the lane], ,0 be taken a, shou ' e ,_xe all Invarlrl 6— Ur Willey. )V l|_e l" was'tlierefore tlie niaxrnium, and Fifteen-Shillings the linoritlis, the whole ofthe community would have become circulation, is not so tnucli to be regarded for its intrinsic mnnnnnn Price ol- lhe "um. lhe nay n was issued; accustomed ,0 the change, and if proper measures are

12:

' '- . Si Shillirws currenc ' nor ‘1'. a :uflreiisggflzl fights: "gee: on nle°v5hole an Kawise value, as 'the. measurcdglf value between ?;l|t;f.00.m' a‘rid now that the Spanish Dollir has been raised to Sixltaken to make it known in' the adjoining colonies,’ I 0,, r ensure. pmvided it had ohm-med the sanction ofthe godltles'i‘lt IS thefi he tflmr I‘ll?" 'Sh‘}flh€( ill" “:3 Shilings, Sixteen Shillings and eight-pence may he wrll venture-to‘perdict the happiest results. It will P .- cw: for the Bulk Token was then current iii England 0 e 0‘ hreef w" “ “6 e‘eryl mg ‘V '0 13 mg ll safer termed the Standard 'value of the notes, '10 afi‘ord a convincnig proof of the anXIety and sincerity, m; l t Five Shimm’s sterling and consequently worth Five and sold is compared. _ speak commercially, the nt‘le is at a discount of Sixteen on the part of the Legislature and the Government of iii a nd slit pencecc'iirrencyiat the same time Bills of Ex- ' The wealth ofa country cannot be ascertained by the and two thirds per cent., or to make itmore plain tovthe Island, to ptit things on the most sure and stable ' ' ' quantity of gold and silver in circulation, but by the some of my renders, it would take Sixteen P‘Hln‘IS‘fillHIdEIIOH. It will shew that adue regard has been

- v e w e

1. I”??? ball: Goyilrlgggigz'agxlllgzlx nndegl' quantity ofiisefulrrirticles which it has to part wi h. over Thirteen Shillings and four-pence to make up therpaid to the commercial interests of the_lsland, and

V course Silver at a proporllonal Premium The sun, of and a‘bovents own consumption. The quantity i gold difference between a H uridrad Pounds Halifax currency 1 reasury Note wrll then have that credit which it ought "

in...’ Six Shillirias . Currency was not therefore a very dis- dud Silver In Circulation is so much of that surplus pro- And a Hundred Pounds Prince Edward IslandOcurroncy. to have :rnd wrll deserve. ’ u l .

inn! mpmllonape'valne for rthe Bank. of England Tokem duce thatthe country can afi'rird to Withdraw from what .We, therefore, had no reason to complaui of the Thoscwlio have asserted that t depreciation h” i . '8'“, while ,he Dan," remained at its migmal value of was destined for the purchase of other goods—in other neighbouring Provrnces refusing to take our note for the l been owrng to the exocssrve issue l Treasury Notes, £1 ,1 ‘ Five Shillings, l-m, umumgh the Bank Token was but words, before a country could afford to have a metallic sunigxlpressed orlr tllt; facelof it, stnce v|vde ogyselvpslsez-ml lhe dfirstl plaiceihantll thelrangtmll‘eing rtlspopddible I:

r I. . . . - in exam 8' or \Vieii we won ii on se ve. got an Siver in en ier i V en a imle vre of r I SP‘""‘l‘ D‘m“ mm'm’dv “ “'39 Payable ‘“ England f‘g’fnlore thanlsiixt’eeri and eight pence for the find "of the matter, and have ndt adverted to the peculiar)

poll

currency of Fifteen Thousand Pounds, it must sell th Fifteen Thousand Pounds' worth of surplus produce, in

r .' ‘ ', Shillinst sterling which the other was not al- _ , , . , _ , _ ,In'tl lamgll: erlm ,3“, Bullionwll was sold m nanny lne Sim“, order to purchase so much gold and silver; and ii‘ any note we could not suppose that they Would advance upon situation in which the Island stands—First, as depend- ror ' . ",e’ [5), slush Governor smith dld precisely wth lne part ofthis Were paid to foreign countries, :1 correspond- our own price; nay more, it was to be expected, as It iug altogether upon its agricultural produce, and i m . ' ' o u n ' I ' . - ‘ '. - I ‘ I ' rated- .Bank of England had done hero hm,’ "z: he "used ding union of produce must be sent for the purpose of afterwards turned out. that they would sufi'er still more , deriving its subsrst from the sorl, and from it alone,

MO“? - . , . - re liicm r so that there would be alwa 5 Fifteen and accordingl , when offered at public auction in theiand Secondly, fro the circumstance of its Forei I run , r: ‘yhpcepill‘c;utlliotlllie corn frorg~ the V , nt price to the then Thousangfifiiinds of dead capital, yielding neiyther profit towni'bl‘ Halifak, they were sold at something abovelcommerce being completely pu’tra sttlp to,I{or from fogpr - "i ' -' . - '- ‘ ' ' nor interest, remaining in the country for that ur ose. thirteen sliilliiws. In fact, they were sent from home to five months in the year. he ast eport of t 6 ii) " I Go'emm smuh' howeve'r'hgvmlaregewelll 'Sr-°Tuli’,: Unfortunately, howevefr, for Prince Edward Islaliid,pthis with a bad chagéteg, and Were unable to pick up a good Committee on Public Accounts state £11,500 as the on “‘3' the Ballk Toke“. were a 0'" (a .893 e dmh y , fund was daily and honrly broken in upon. As soon as one abroad. ‘ sum in circulation; b tfrom that must be deducted a '° "3 mk' gave llmel'y “once the-mm: an -ln:llma-tenll fig )5: the individual merchant finds it difficult, or perhaps im- Had the credit side of the account been in favour of large sum that is lockdli up in the Trensuryfls the'pro- “retde communication he had omemlly receslle mlg ma he l possible, to procure sufficient produce to export as a the Island—if the‘movascotians had to remit money to ceerls of the Land Tai‘ for the two last years. It would iv:- 1 Ocean” to adopt so conesPonf lneamre (lire remittance. he is driven to hoard up the coin that comes us—doubtless the note would have passed in Halifax-gr be of some conse‘quence to ascertain the amount of _thil itice‘ '0'; The mBmham ' anthers o . at Ollfimwn'bl-e' inm his hands midfifi ‘ " his Foreign or Colonial its real! value, sixteen and eightpence; but unfortunater sum, for there never was a time when the want of a "1"“I 1’ l' mmg 'laflned’ requesmd the 8mm. to ca -a pu w creditor - and 5,0 for as thmd id‘éoncernedfie might for ills, the reverse is the case, and we are annually circulating ‘tnedium was more felt than justinow—and ' " " I 't or ‘he hl'ab'mms’ m take lhe matter "no ’ V I s, and remitted it as so obliged to pay to Nova Scotia large sums of money, I fear will continue to be felt—for, owing to the cheap-