Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1848-03-10

Baltimore. How inUcn lllere may ne III tne
Southern cities ammo able to say ; but their re-
sources are generally less than those of North
ern cities, as their banks are generally the first
to suspend and the last to resume. It is not
probable, in my opinion. that all the banks in
your commercial cites can command more than
twenty or twenty-five millions. Where, then
Is the enormous amount which you require To
come from There is now bill III the DINER
house authorsing II loan of eighteen and a han
millions and there has been much speculation
in the country as TO the probability that such an
amount would be taken But, sir, whon vo"
come to add fifty millions more. to cover tue oo-
ticiency of the coming year, deny "!ogF,l'er
the capacity of the country TO furnish 1t. II Is
a physical impossibiliiy. The amount is not in
the country. You have dissolved your conncN-
ion with the paper currency the country; you
insist upon pod and silver, which cannot he had,
and which in the present state of your CONNER
cial relations is going out of the country instead
OF coming in. Relief to the Treasury in this
way. under the circumstances, pronounce i'm
practicable. No financial skill can accomplish
Sir there are other insurmoun,ahle difficulties
in the way of such enormous leans. even il YOU
had not hampcrcd Yourselves with your Sub
treasury and It's specie clause. The surplus
capital growing ont of your recent commercial!
prosperity has already sought Investment: some
thirty or forty millions in your public debt, an
immense amount in railroads and manufacture
iug enterprises which have been stimulated by
the unusual activity Of commerce. Fifty mill
ions. it is said. have been invested, and are in
process of investment, in railroads in New Eng
land alone. The amount now being invested
in manufacturing enterprises is Immense Nor
is this all. The investments are incomplete.
and the amount already Invested must draw af-
t,rtI
~ '''.' W, ''''''."', " " w.! 80 ,,,i;
or tie enterprises must be abandoned. TINS
circumstance VIII increase tile demand Tor mo-
ury and will increase also the rOmpntition with
~, -, ,L, ,,,,I., ,rr, ,,,,,,,,,, ora, oI,sorb
~. H. ,ron,, ~, N.',J ,,'hinl, o',,,,', ~, rn.,l;,oJ
eh w EoouS Oh manu. W'hch cahio' NE !c''H'u
untll the goods are wanted Tor consumption, nor
until the country acquires ability 10 purchase
The greatest obstacle. pcrbaps. of all is to be
f,nj l., ,L, ,o,,,Ii,;, , ,,,,,,,, rl.,t anal
ip"''u W "u '''"''''' VI NV, ''''' "''' ",',
the STATE OF the currency money Is now worm
upon the best security, one and hall per cent.
nor month The currency is i'm course of
amid and s,ripron, contraction ,rbo Withdraw
'IP,. ''' ~ ,, u. y"
al 'ui cAP"'''''oh VI inc Sltc'c u'N's' "Poh
winch that currency rests, renders tins ,ncVita-
bic. This dmnution OF the currency has inn
mediate object (yhatrver may Inc fine ultimate
BY iiN,, -, a. ,;r; Il 49,; ~ W. .''.,i
eHc''J ciuN"'cit W .'u ",i''i''itpn vi 80 'il"Vh
capital. Property OF all kinds dcpreclatcS. indl-
vidual embarrassment and Insolvency follow.
and this in turu rcacts unpn the q urrrncv hv
ond,n,or;rr tho ,sso,S ofiho h,,I,;n,, i,.,;,,,,
49,; go t7.si,,,, 49,, =, r'..i D'N'.S '',7't"'
St '''N ~ '''N ''"''
and the money market. How long will it con-
tinup3 So lonu rs the cnusr thar nroducnd il
con,;,u.s 70 orer,,o rh,, o,,,.a ,Li NJ
$3.50. " 'f''"'0' '''' '""'o 10 ''''' MIA
ic,ii ""''
nave spoken OF the expectation OF specie to Eng
land. 10 what is that owing! Not surely to any
commercial DEBT we had contracted there. The bal
alce Oh trade ilad btth IN our iavor The immense