The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1864-12-22
TRADE AND FINANCE.

Prsn ne rrIBpne.
We publish in another column a letter from
correspondent, commenting upon an article Of
ours wherein we endeavored to point out def
cheney In the Report Of the Secretary of the Trea-
sury both Of information and OF discussion of
the essential points in our financial condition.
He msapprehends as in supposing that we advo-
cate suspension of payment in gold Of the in
terest on our public debt, and Of customs duties
What We did say was that the receipts from Gus.
toms duties and The payment OF gold interest are
80 nearly equal, that one Cuuuterhallnces the
other and therefore are of ittle &c Of any, pracl-
cal effect upon the demand for gold.
10 h the want of the precious metal for export
that keeps up the demand and, as Mr. Fcsseu-
. den says, $50 long as there remains a large and
Increasing necessity for It's use, and a limited
supply II viii command n price commensurate
with the necessity and difficulty of obtaining it,"
Were there no demand for gold, there would be
no speculation; it is the necessity Of paying our
foreign Jcbt in gold that creates the demand
audLot the pay uCut Of duties and the interest on
the public debt which Cquaiizg each other.
10 us, Il seems neither just nor CXpCdiGnt to
advocate the pa, Wen Of the interest on the exist
ing p bile GeUt iu currency and no. I'm coin. Such
proposition, If entertained would have pre-
csely the same ell ct upon the national credit,
and On commercial values, as that made by Mr..
Se1eBs would have had, had it been Hdop cd. It
would be shock 10 capital-au event a ways %
be avoided, It possible and would depreCiate all
our national sCCuri les. IL would throw back ulou
u.s. to he sold for whatever they would bring, ell
our national securities held abroad IL would
create, at once, u new demand for gold among
timid capitalists, who would seek such an invest
ment that they might remit their capital abroad
for safety.
The mere apprehension that Mr. stevens pro-
posal might De adopted had we know, this effect
TO some degree; and the certainty that such
would be tue result, should it become a law, was
the cause Of the Tam ydut speculation in the gold
room that followed his motion. Such tCmpsnng
with the national credit and with capital which is
sensitive legislative iltsTiprgu "A Iko
mercury is to am sphIric changes, only
result in disaster, and can only be jusIded by
extreme circumstances which can in no other way
be met. On this pom, there seems 70 have been
some misappiehonsion Cf MI Fessenden's
meaning
present public deJt in currency, out suggests
merely whether, in case Of a cOntinu nance OF the
war, we may not, II. some future time, be com-
PEELED % issue bonds at higher rate of interest,
convertible ut maturity into gJld-belring secu-
rites. That necessity may be ayerteJ by in
creased taxation or q speedy end Of the war But
whether il may or may not he wise to resort TO
such measure In CI,e we are compelled to In
crease the public deb is a question we do not
now propose to consider.
IT, then it would be unwise to cease the pay
ment of interest in gold on what we owe, II
follows Of course, that il would be equally so To
change the present law in regard 20 duties. Wnat
comes from one goes to and IS needed for the
other.
Neither does our correspondent meet the real
difficulty in our financial condition, by prOpo-
siton TO limit by law the amount OF imports to
the amount Of exports. The laws Of trade are
best not meddle1 wIjh, and the larger the volume
of our commerce the better with tho condition
always that we do not over-tradc, and buy no
more tlan we can pay for. The real trouble Is,
not that we import too much, but that we export
too little.
Our resources, about which there Is good deal
of vague talk, arc uuquestionably enormous but
of what value are they 10 us un'ess we can get
them TO market Here is the real kerno of our
d fIiculy. The Northern States must pay in gold
for all they buy abroad over and above the value
of the pork, -four, wheat, petroleum, corn, butter,
cheese, lard, &c, which they have III foreign
hands sor on hand for export. If our imports
exceed our exports OF produce by certain sum
annually, we must pay that difference in specie
If we could export the value Of that sum IN pro-
duce the demand for just that much gold ceases
and, the demand ceasing, speculation would be
so far at an end, and gold grsYtae to the natural
premium which our large paper currency and tue
export of gold for other purposes neces etate
We have the produce; but the difficulty is to
avail ourselves of it. But this Ia q question which
we do not mean now to discuss, as 1t relates "
our system of internal improvements.
We do not forget Of course, that in any com
putation of that foreign indebtedness by whic1
we wish to get AZ the actual amount OF GOV
which we are annually compelled TO send abroad
we must not lose sight Of the gold-bearng securi-
ties in foreign hands, nor OF the large amount
which must be rcmtted to Europe forthe sup
port of American absentees. We ought to eXpor
enough annually TO cover this sum as well as the
value OF our imports, and until we do the balance
of trade will always be against Ms, and we may
look forward, especially in time OF war; TO tutur'
fnaucisl disaster.
What is pertinent however. 10 our present cir
eumstances, is our actual Ommercial condition
and on our accurate knowledge Of this must de
pend, to q certain degree, our financial condition
nnd the proba le ruling of the price OF gold nj
the opening OF navigation in the spnnS' IL Il
facts bearing upon tnis and which, IL is to bC
presum d, are ia the possession OF the Govern
mint, that we need to get AZ, 10 understand ou
exact situation, and TO enable us to meet ~
exigencies. What is the supply OF tn'
great staples we bave just enumerated a
the seabOJ1' Wat Is the stock IN thi
hands Of producers nj tho West? aud what the
capacity Of be lines OF transportation during tn'
winter months to bring tbis stock forward th'
ability OF he many lines Of railroad ia the Yves
must be limited to the three great trunk roads
the Erie, the New York Central and the Penn
Eylvauia Central; and the volume OF transpOrta
ton which these tbr can manage is what W
must depend upon for our supply for export
OF course, that proportion OF produce which the!
cannot bring must lie over til The opening 0
navigation IN the spring; though eyen then ther
is limit 20 the supply, which Is largely ex
ceedCd bv the demand for The foreign market
1t Is on q knowledge Of fhgso facts tlat we rely
to determine our real condition. They will sho
how much we may depend upon 20 pay on
foreign deb, by exports Of produce, and HOY
much must be paid IN gold, Ine ImmaIiat
effect will be upon the exchange market for i'm
pOrters will govern themselves accordingly; rs
Is this practical question which VII dyter.nill
the point Of finance in our foreign trade. Teacl
they are grown; their value as tdc- water; th
cost and the volume OF transportation, winte
and summer; and the calculation OF the yalu
of our exports Is easy, for il is difficult, ii not in
possible, to OveIs,Ock the foreign market. y,
change then viii regulate Itself, and cOmmerC
will not oyer,tep the boundaries beyond which
yannOi pass with safety.
H LAST RESORT or TuE HEBEI
LION-TRE LAST sTsTROHEOFJ Us CICE
From ne TfmsS.
The statement OF the Richmond Enquirer th
General Lee has written letter TO the Commit,
on Military Affairs, in the Rebel House, in fave
of arlning the slaves, virtually settles that tn
experiment will soon be tried. The militaI
Judgment Of that General is authority not to
appealed from in the Confederacy on amy miltal
question. Il Is IN its military bearing alone tn
this subject is now discussed. The uniyers
feeling Of the Rebels is that military succe
alone can save them. Their only hesitation abol
arming the slaves has been the doubt wAeth
the slaves will do effective military service, an
whether there was yet an actual military nece