Daily American organ. [volume] (Washington, D.C.) 1854-1856, 1855-02-28

\ the Bank OF England as the agent OF the govern
ments and fnanciers of Europe il becomes the
duty of the North and the South TO cease their
sectional pickering, and unite in the calm discus
sion Of all questions connected with their relations
with each other and with foreign nations that they
may be enabled to agree upon such a system as
may be necessary 10 their common Interest,", and
permanent harmony"- (See Virginia resolu-
tioas)
The purpose of these regulations should be to
"protect our commerce" and secure TO us RE
! ciproeaI advantages" To do this, we must SO
strengthen our financial position to prevent the
contraction of our currency by the export OF specie
| occasoned by the demand for bullion in the Bank
| of England.
The strength ofthe financial position of England
/ consists in the regulations which give money
value to her public debt and enables the Bank of
England, through its control over British COM
merce with foreign nations, to increase its bullion
by compelling those who consume British goods to
| pay therefor in specie.
AS the periodical contractons OF our currency
are caused by the demand for bullion IN the Bank
| of England, and the power OF the Bank TO compel
payments in specie depends upon our indebtedness
to England, il follows, that the only means OF pre-
| venting these periodical contractons OF the cur
rency is to diminish our consumption Of British
goods, and to relieve ourselves from our depend
| ence on British capital.
To do this, we must SO organize our credit as TO
make it as available to us in giving employment to
American labor British credit is in giving employ
ment to British labor.
/ It is now admitted that money properly expend-
ed on a well-located railroad adds ten times the
sum thus expended to the value of the property
connected with the road; and, as the funded debt
of the monarchies of Europe represents sums ex-
pended in wars, and in maintaining armies and
navies and privileged persons, and will cease to
have value if the people refuse to pay taxes, and
yet, the financial arrangements by which their pub
lie credit is maintained gives to their funded debt
money value, it follows that, inaslnuch as the
money which is properly expended on our roads,
SO far from requiring tax for the payment of in
terest, pays large profits on the investments thus
made, and adds so much to the value of other
property; therefore, the money thus invested is
much better basis for public credit than the sums
expended by European monarchies in wars and the
maintenance of their existing governments and, If
So then all that is required to render financially
independent of the Bank of England is to SO regu-
late our home finances and our foreign commerce
as to render the sums invested in railroads avail
able as capital for the purpose of giving profitable
employment to American labor.
I3y a late statement of the iron trade il appears
that during the last two years there were imported
into the United States from England, 524, 095 tons
of ron which, at forty dollars per ton only, cost us
$40, 963, s00 Now, it is manifest that the greater
part of this large paid in the bonds of our
railroad companies, at rates much below their nom
inal value. You will see that these bonds fur
nsh to the London financiers the means of export
ing our specie--for in case of demand for bullion
in the bank these bonds are RENTED to New
York, sold at a depreciation, and the proceeds re-
mtted in specie. The effect is to recruit the bull
lion in the Bank of England and diminish the value
of our property and especially of railroad securi-
ties, by the contraction Of our currency.
The effect of this export of specie being to de-
preciate the value of railroad shares and railroad
credit-it consequently arrests railroad enterprise
and dcprives our laborers of profitable employment;
whereas financial system which would enable our
railroad companies to purchase and use American
iron, would not only diminish the power Of the
Bank of England to act upon our currency, by
forced sales of railroad bonds but it would soon
convert the productive labor of this country into
positive capital competent and willing to maintain
our credit by protecting our currency, and prevent
ing the periodical contractions which IT is the in
terest and policy Of the Bank of England now to
produce.
We are now paying near two millions of dollars
per annum for railroad mail service. This is the
interest at six per cent. hirtyhree millions OF
dollars Instead Of paying this two millions OF
dollars as we now do on contracts for four years,
| would make contracts for railroad mail service in
perpetuity; and deliver to railroad companies
bonds chargeable upon the revenues of the de-
partment, and redeemable at the pleasure of the
government and bearing an interest OF three per
cent. only, TO amount the interest upon which
at six per cent. would be equivalent for the
service rendered, and to give current value to
these bonds and enable the railroad companies to
purchase iron with them, would provide that the
surplus in the treasury, beyond the wants of the
! government, should be appropriated TO purchase,
at par such of these bonds as had been made
; the basis of bank issues, under the laws of the
several States. The effect of this arrangement
would be not only to reduce the present disburse-
ment for railroad mail service half but to con-
vert that disbursement into positive capital, re-
lieving our railroad companies from their depend
ence on English iron, and give money value to
the entire cost of our railroads. This conversion
! Of the expenditures on our railroad mail service
into a positive capital would contribute to the
daily augmentation OF our wealth and resources,
uniting and binding together all parts of the
Union for the capital they created, although dis
tributed into each section of the country, would
be deeply interested IN the maintenance of our
public credit, and in case of an emergency, could
J be made available for that purpose.
, l am now old man, having long since ceased
to take an active part in party politics ] have,
nevertheless carefully noted the progress of events
and, being Southern in birth, education, feelings,
a sympathies, and principles have strong pref
erence for the men Of the State rights party Be.
! eving that the great body Of the people Of this
country have a strong preference for our repubi.
can form Of government and that the American
e movement may be so directed to promote a
greater harmony between the North and the South,
by creating an American sentiment stronger than
: the fanaticism which has so long misled many well
q disposed Northern men, | would entreat you, and
: every influential Southern statesman, TO remember
' that the power Of this government resides with the
people, and that il is the duty Of patriotism to ac
\ with, and give right direction to, public opinion
Let me entreat you, be not deceived by the false
+ clamor. The American party arc not abolitionists
+ and, permit me to say, that liberal, generous
and cordial confidence and cooperation in the
American movement, adhering to what is right
and reforming what is wrong, is the best and surcs
means Of arrestng and counteracting the anti-sla
very agitation. In subsequent letter, may TAKE
brief review Of parties, showing that the peoph
e can and will regulate" the politicians.
{ Very truly, your friend,
DUFF GREEN.
! - The Legislature of Michigan has passed I
: law which provides for the trial by jury of AM
4 "a a. -. IL. 81.