New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1865-01-25
=. oo,D OR PAPER THE STAND
AND OF VALUEf

70 N. Edito, If The NJ T. tribune c,.
SIN. Relieving the question. whether the Cut-
r,ncy Of the country is der1.cdated by'o ~O0u Us -,
affairs from the value ,eoole choose just no~ set on
God TO be the for ,post among tie vital questions that
concern us. eeg You TO give place to statement
which IN make as suoorct as possible Claiming that
there Is very little depreciation In fact that there need
krono .. all that the price Of Gold is the joint result
OF fear and sroculaon; and that, after all, this hgh
r,ce has profted than ii has injured these
propositions true ought everywhere to feel con
dence In the present and in the future OF business and
enanoe Most do so, and tie loans Of the Govern
ment are freely taken from the profits OF prosperous
business. Some alarmed. however; ana they are
Justly alarmed II all other values do sink as uoa uses
In the first place all monetary and business relations
In the country are admitted to be sound IN generai all
property is put to use and production OF every fer
agricultural manufacturing, and commercials very
sctiys, highly stimulated by constant demands ana
very well rewarded. We know this TO be true OF man
ufactures at the East land write this, Chicago
Annual Rerier is at hand stating the SITUATION as ~
CARDS agriculture as follows: .'.
notwithstanding the drain which has been made
rpon MS for men and means. agricultural pursuits have
been pushed forward with redOubled energy ana VgUr
and a much greater breadth ofland as under eat'
yation in the fourth year of the war than was ever
before known in the history OF the country
Such ia the statement Of facts at other interior points
and the business of this city of Chicago has increased
nearly four since 1885, it's banking capital three
times large as in iSses ard ',s o.
handbag produce. for sixty days preceding Janu
AIRY l. ten millions OF dollars daily. 1t cannot DO sup.
posed that intrinsic values have d""""H a'uer s'e
Of general roi;s, oI which tins but one instance
among many nor that the value of lands. houses and
merchandise could fail to be enhanced more or less
Yet If the money We use Is good. most fixed property
has not advanced greatly in prices and If this money
is really worth but As cents the. dollar oil fixed
property has fallen in price and is runousy low. Even
xiour and Grain have advanced in rco beyond the
very low prices prevailing in 1862 it, since that time
the Currency has deprecated. and Gold has remained
the same.
We seem 10 have suffered al this depreciation when
we admit or assume dependence on Europe which
puts us in their control and accepts the measure they
may choose to apply to Us Are we so dependent Do
We owe SO much as to entail Affect financial follow
ing Of their standard Does our trade with Europe
involve the payment Of large annual balances in that
which We do not produce 1--we represented small
aud dependent state, this would be true; but we
represent vast productive areo nearly large ms oil
Europe, and the country sends much in Intrinsic
value abroad as il imports.
The Quantities and intrinsic values really greater
on our side and the difference in currenciss is sp,
added to the prico Of the export staples If tlis God
price were fully added. foreign trade would pay
great profits to the United States; but, there s
some abatement in fact-the Flour Provisions and Pc
t-oleum epor cd not rising to full Gold prices when
converted into geld or exchange by expoTtation-tho
balance in our favor j. but moderate.
Up July J, 1853 there was no premium OF conse'
Quence gold and during part Of 1861 exchange was
a, heavy discount and Sky Millions Of Gold ere
imported This extraordinary movement ot Gold To-
country producing ii in large surplus has Deon too
easily forgotten The average annual flow of Cod
surplus abro d has yet been than restored,
though IN the last fiscal year nearly One Hundred Mil
lions went 10 Europe. Of Ibis SUM- Twenty Millions,
nj least seut because OF needless fears, and Is now
held by parties residing in the United States who be,
Eeve thai tie Currency is de1rcciated These timld
capitalists have, however, injured 10 ono but them
se,yee Dy 90 doing. The authorities have wisely re
Trained from restricting the movement OF Gold, and
enough Will remain for al public and private IT'S
holders protnr by the absurd excess OF price to which
As tier is 10 correct On 20 apply to the foreign trade
Of the United Stlcs for the fiscal years e6OCl and
leol-2 tic BALANCES 10 cur cream or tnoae s."hu us
3n the finance tables VIZ; So Geo Tor TIE hTst year
ard Sf 600 coo iOr ,hc. second year named Eor the
next fiscal year 1926 iuctOn Of the exports 10
Cotd values still leaves e3 600 OOV t. credit For
tie fiscal year ls63f did have q snrpns Of imports
when the exports reduced to gold pFoes but tins
excess was more than covered by the unprecedented
volume of exports going abroad IN the last hail OF the
calendar year 1861 Taking This period as whole the
excess OF expoFts reduced 10 gOd values, at least
Twenty Millions OK OOils Iut, !e0ilg Ills pcIlcI ol
eighteen months just closed Qua Of the account how Is
II pOss BE that foreign trade could exLaus. tie c0un
try in the three previous yeer to deprecate the Cur
rency 20 oLe-haf It's former value During each Of
these three years although they we're years Of active
war The exports largely exceeded tie imports, lad
their total Is as follows:
In lctJ-tl 2, etl,-0j
IN lsti-02. ----..--.-.-.----.--...-. &,yf'1"l
1n.Iet2-OJ. -.......-..........-..... S',y<V.Vco
Total ACKNOWLEDGEMENTS 20,77l,e26
Thus sum Of recrly 2i millions OF dollars stands on
the face o. tie calculation 10 our ereoit on commerce
with al the world from the cement OF tho Ntl
70 the close of the first three years and 70 the time
WHOM gold attained ia highest premium lie country
must be weak indeed, is busiress must DC depsnI
snt 10 q degree none now believe. H. under these CIR
Gums. aaees al values have declined as would De
REPRESENT by curreHcy worth but forty cents to the
dollar La fact bushes h"s been unpreoedenteGy
prosperous and have increased three 0d
In the great Producing State.
The manner ~ which tEs disparity OF cuTreneles hRh
been created has been easy AID natural The wa
brought us AS many enemies in Europe and IN the North
ss did ia the seeding States and thousands OF tmd
capitalists Icadc haste O. get away from country they
supposed was going t. wreck Speculation also found
that there much - be made f0m ths very dHpar-
ity OF ouIrences. At 10 time since the RpuDDc Was
founded Las much profit boon realized oI- the eG-
port OF staples the price Of which enhanced by tho
rising premium on gold. 1t singular line Of good
fortune that followed what feared asa caian ny.
The deuson still rewards great numbers from the
deepest interior fleming district 10 the exporting cty
OF the seabOsId. 1t would Teahy stag6eT the whole
country should these prices on produce suddenly fal
nlong with gold.
But the dang er s that the financial OF the
Government may be- put In jeopardy by the indulgence
of esrs and by the uudeYValuGtOn Of it's Currency. IL
the belief is fostered tina the nominal dollar is really
less than half that sum- there are many consequences
likely f,ov tlet vii affect our real strength Timid
peope win stu send their Gold abroad and lose by the
proceeding. And prices may he run up TO such OK.
freme compel tO abandon oil OIL