Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1864-01-30
Yankee Finances Canadian Reciprocity
Treaty.

Of tie people OF that couatry IN the Cove nmen car
rency THIS is the period of The year when merchants
have least need for specie being the interval between
the dates usually gned for the discharge of their
fortiza obligations. TIE approach Of May, when their
six months Cb cations usually mature, will fad this
class active competitors in the specie market to prepare
for an ajusimen. of their balances ahead; al this it
6uence superVeLiog time OF general etrust in the
s.4bi ty OF Government issues must exercise very do
| pressing il auerce upon all national securities.
The device OF Chase to keep hand gold reserve,
to be thrown upoa the market a to proven. a
runous deprec alton Of Government securities, is played
oue The demand for gold is too active to leave any
no for heps of its again finding it, way back into The
Treasury Jds ia the degree that the deprecating ten
dency Of Government securities Increases, will the pub
lie zeal to specie be enhauced and the prospect
OF the Governments beng ia the market purcha-
ser vii but simulate the holders of boads TO dispose
of tsen aud secure moety Of The specie which
S thus appOpria;ed.
IL is very quasiol liable whether u d1lar in gold is
nov expanded Government securities outside of Gov
enmsn5 sg.n s If that be so as we have strong rea
believe is the process OF ab OrpIor by private
individuals in the matter Of Government reserves is
rapidly going on, and SHOULD not b, surprised if the
Is. Of mex. July woud find the United States Treas
ury dpesed Of the resources relied upon to meet
the interest upon the public debt.
Surely fulncers, sucl generally found ia Wall
street, how hopeless the proIp ct, of the
oouurys discharsing is present DEBT. Their
,aterest is no sev.r, will, they hold large OF
vernmen, securities, impArt them the greatest
possible buoyAaoy. Their policy viii be to dispose OF
a
sleh as would result from an offer Of too large supp
OF these securities any time They VII take
sonable Advantage Of every period cal display of Cos
erpment gold. and buy up such proportion as caanOt
arouse public suspicion mplir pubic confdercs in
Government securities. Having realized fair equiSa-
len fr their bonds they will take good care OF the
proceeds, ard readily invest again in that which
they disposed OF from conviction of its instability.
The whole tenor of Northern financial nsss fore
shsdoSs this result. Toe process oil exchange il rapidly
going or aal the leading capitalists realz, upon
their ccuuuatsd sesuri 81 aud sp cie to be
available a raio to O5vi.e too grea. dsproporlion
between gold aud Government s;u3, crash must in
evitsby come. Tue contact Of gold with coateras
thrOuga lh' operations o!'puolc composition in the
stock rake is advantageous to the LATER so long
the CQeipoise is not seriously disturbed. When, how
ever this contact ceases IRON of scf Jiency of
the precious metal - preserve the ssmbancs Of fair
rea.iv, v4luo between tse two i. is ignored stand
ard by which to estimate the value of securities and
they are Lett ID abide he calculating events OF the war;
whose issue constitutes the sole condition oil their III i
mate value. When they ceas, to be estimated With
reference % gold, tAey mus. il view of the is
prop rtion which they mlintan to ha. standard they
be valued upon the basis OF the cOuntry's SOL
Vency ntrnscllly aud incdsntlly with reference TO
the prospects OF sIbjuytliOn. Ii this result could
be gulraz eed beforehand they would assume value
which d. propo ton in their relative circulation 10
gold could impair. Since cannot, however they are
doomed ali the adverse n1I, of eitry IN ayor-
40 lie event in q g progress If Is W,r The moment
the Yankees reaiz9 the hOpelessnes3 of fubjoga
ton, these securities will become worthless Nor.htrn
sovency will furnish no basis Of coat ience since
the debt will tlan Offset the assessed val@ of the
whole property of the North. Under these cIcum-
stanoes repuda ioa vii b. inevitable, aud chaos and
anarchy will reign supreme throughout that unhappy
land.
We notice that a movement is now on foot in the
Yankee Congress to ab:oglts the recp o3ty tea with
Canada. Tais Is resne1 to as financial measure, the
uds its way into the Colonies through thu operations Ct
large trade in bFsadstof heretofore objected by C,t
fabrics brought there 10 range The paralysis
enta.d upon Northern acusing operations OF this
charsc err as result Of the war has given all The al
vantSgs OF the treaty the Cana las whose facilities of
transporta ion by Lake Erie to Buffalo, and thence by
he Erie canal to New York. have eisctuly scared for
them trade unem;a;Asssd to any serious extent BY
supplies from The Northwestern Safes. Trade wi the
later Woald be necessarily much more advantageous,
inasmuch greenblcks would b, accepted in payment
of their prodcetL England moreover, Is seriously bene
fitted By the operations Of this treaty in the existing
dearh of those supplies which heretofors furnished the
Offset for Canadian products 10 the Un ted States.
the needs Of the people of the Colonies supplied
by England and she, in fact Is the CT eff beneficiary of
tle treaty as it now works.
In diion TO the consideration relative to the uadue
advantage Whcl necessities of the have given
to the Canadas in the acquisition Of large amount
Of gold; The pressure from the Northwestern Stats
lends no little influences in causing the abrogaiOn If
this treaty. l. was a times ser:Ou-ly dsldVan;a-
gecus to them as t. gsh int est, aud the wonder
is that they gave their ion to it, It the
means of diveitfng from England nearly tie whole of
the profitable trade in manu- actures which she carried
on with the CansiAs and tax, i; that shs will
ceve the Of this contemplated abrogation with
Satisfaction. Much of the export trade in breadstus
from these Colonies found its way since the ratification
of that treaty. through the channels Wehave named 10
New York and thence across the Atlantic in Yatke
bottoms In the contingency Of European war. or
short crops Europe, this trade proved source of i'm
mense profits TO the Yankees, while in the operations
Of the fecploc IT, they reAped no small BENEFITS. II
treaty, however Is no longer Of profit but CT