Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1863-12-15
The Debt aid Resources Of the
limited States.

The nominal prices of the British three
ncr cents being SO, and standing always
above SO from 1870 to l7l5, they fell dur
ing the Scotch rebellion of l145. to 1G !
at the close of the American war Q1SD To
81; III 1897 to 47s; and in 1854 (Crimcan
wary to SCI.
The United States per cent. 20 year
coupon bonds were at SO to 92 in Septcm-
Der, 1861; in April, 1862, rose to 9S; III
June to 1911; fuctuated between June
and December from par to l04; and from
January, 1868, to April, varied from 80
to lO6t. 3D..
The price Of gold in the respective mar
kets presents the following relative
ranges
In tie English market gold was above
% per cent. premium for three years from
1911; for two of those years above 80 per
cent; one year and a quarter above 30,
and 4l1 from November, 1872, to March,
1918.
At New York, five months after the
suspension of specie payments, gold was
at per cent. premium; during three and
half months, from Sd July to goth De-
tober, 1862, it was under 30; for two
months after, above SO; from lst of jan
uarv, 1863, to Sd March, futtering from
335 TO 72I; after which it went down TO
46 on the lst June.
This history, considered with reference
to the respective conditions of the two ma
tions, is all in favor of the Federal Gov
emment. A comparison of our present
credit with that of our own Government
in former exigencies, is even more surpris-
ing. The loans of 1889 and 1900 were
sold at a discount of 1920 per cent; those
of 1913 a tl2 and ll.75 4; those of March,
1914, at 1856; and the total of the dis
counted loans from 1899 to 4th of March.
1861, at an average discount Of 1886 per
cent; while the total of the present Sec
retary's loans sold under par, calculated
upon the par of G per cents, fall to 80 per
cent. average discount. On full review
of all the facts, are we not safe in saying
that in the very midst Of this hurricane OF
civil war, our Treasury is in smooth
water?
UNITED STATES CURRENCY.
As in case our National Debt, we are
best able to grasp and understand the
question of our currency, by comparing
its present condition with that of the cor
responding periods of English histOry-a
history that worked itself into issues 80
well understood that we may readily sec
the facts of our own case, and forecast the
results by the light thus afforded to Us.
The figures that did the service of re-
ducing John Bull to despair of lSlj,
stood thus, according to Mir. Lloyd, who
is received as the best authority in this
branch Of statistics:
Bank of England notes and local bank
circulation of the three Kingdoms: Sj0i,-
900, 900 Exchequer Bills, S202, 900, 900;
Postal Circulation, $70G,0OO, 600.
This amount, at the then population Of
Great Britain, gave an average Of S31 IL
per capita.
When the wealth of England was but
Sl0,i00, ,000,0 900, the circulation was fC'l
times greater than in lSf4-'5l, when l',,
wealth was double more than that of 1876
Or in relative amount, full eight TINS
greater. Here was abundant opportunit",
and no slight apparent warrant for an
outcry. England's gold was drained TO
exhaustion by her war expenses and SUBJ
sides paid abroad. Bonaparte held the
opinion that she must succumb when re-
duced to an utterly redemptionless note
currency. The opponents of the Govern
mcnt, the bullion heads, and the whole
body of alarmists and respondents held
the same doctrine.
The famous Bullion of the House of
, Commons sustained it; arguing as ably as
: the best of our Democrats, for cash and
against credit circulation and recon-
mendiDg an instant return TO cash pay
ments, without regard to consequences, or
any respect to impossihilitjes.
Now, let us see how our greerbacbs
and other currency compare-not with the
assignats, nor even with the "COntinentul
money" of our revolution, but with "thc
deprecated and dcpreciating' Bank of
England notes, every dollar OF which was
at their par gold, three years afIcr they
| were at their worst.
THE BANK NOTE CIRCULATION OF THE
UNITED STATES.
The bank note circulation of the United
States, from 1852 to 1859, eight years,
averaged $4,000, 900, making 80 06 per
CAPITA On the lst of May. 1868. the bank
, circulation of the loyal States assumed TO
be the same as in December last) was
Sl6S, 10000 the Unied States notes and
5 fractional currency $395, 5,920,9j9. 70
these add one year of indebtedness, which
; may be taken to correspond, in the way Of
+ circulation, to the EXchequer bills of Eng
! land, which amount to $l42, ,7j0,00O-a
t grand total of $706,070,956.
Thus it appears that our total circulation,
in 1853, is exactly equal to that of Eng
: land in lSI5-our wealth threc-tcnth-
greater, and our CaiOta circulation more
than one-hfth less. Moreover, their cir
culation quadruplcd their own average o;
a much later date ours slightly more thar
t treblcs our average of u period OF thrcs
years gone
Our inflated currency, so far as III,
banks are concerned, does not exceed our
average in specic-paying times more than
, TWENTY-FIVE millions, or fifteen per cen.
r As to the grecnbacks, the history of tn
l twenty-five loan, in the month of May,
shows that the Secretary can find any sur
plus of them in circulation. at the rate OF
two millions day; or, if he were III
hurry, by calling for bids he could doit,
, at twenty days notice, at once, which
brings us to the conclusion that the day on
which the war closes, will be just the
, day before the resumption of specie pay
ments, to all intents and purposes. III,
The suspension of specie payments lasted
twenty years in England. Her Bullion
lists bravely, for all those twenty years. i'll
the very teeth of the facts, declared that +,
purely credit circulation could not b:
maintained, and under favor of war price