The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1865-03-08
financial,

proof OF their position. by sno masses 'no
statement Is taken for truth; but let us IN TINS
article endeayor to demonstrate by facts and
figures. that. although gold still bears large
uranium. and commodities are appreciated,
vet the country is ia a strong position both as
regards its connections with other nations and
in its own resources. FAD -5a
We may mention then, that we have no for
ejgn loan which will disturb us by paying the
interest in coin out Of the country, or put us
at the mercy of any hostile combination of
rival powers. The people here owe the peop-
lie. Rich and poor alike have an interest in
the perpetuity Of the government. All class
es with but few exceptions hold the common
debt of their common country. Reputation
cannot be thought of when Republicans ard
Democrats both have an equal concernin
mutual investment. In this, we are following
the policy oil Napoleon, who in carrying on
his warfare depended upon his own nation for
the means Of payment. and distributed his
loans among all classes, vigorously adhering
even to specie payment to q great extent. 1t
is constantly stated that the balance Of trade
is largely against this, country, or in other
words that we have imported more, and owe,
for it, than we have exported TO pay WITH
Now the very reverse is true. The high price
of gold has Induced many bankers to ship coin
to Europe III order to draw against it at
profit. This shows an apparent loss of coin,
but it is estimated upon good authority that
at the present time there is nearly one hun
dred millions of gold at the credit of Ameri-
cans in foreign hands; which in any careful
calculation would be reckoned among the re-
sources Of this country. g slh ns'
During the yearsilS60 81 60, over sixty mill
lions OF gold was drawn from Europe to this
country. Now add to this, one hundred and
twenty-four millions drawn from California to
the Atlantic States in the same period and We
have, say one hundred and eighty four mill
lions added toour stock of precious Metals
From this, an average offorty millions year,
or one hundred and twenty-six millions for
the three years has been exported, leaving in
our hands say ifty-eight millions more gold
than in January, 1860. Indeed, it can be shown
that in the large cities there is more corn held
now than at any time previous to 1861, and
that there has been greater drain from Eu-
rope during this war, than from our own
country. ~ = ,'sAa % d esssA saasa = T
If we compare the EXPORTS we shall find
that in 1seO-6l-62 they were SO largely in
excess that they produced in our favor an
actual shipment of cola of over sixty millions
saying nothing OF the large amounts Of bal
ances left at the credit of American houses.
The shipment Of flour and wheat in 1862
and '6S, and of petroleum In 1864, together
were more than the imports in the same
period by ninety-two millions. The total
exports at New York alone, exclusive of
specie during 1854, were more than twice the
imports at that port. y p 81
The average exports of specie for the past
four years have been forty-two millions: =
while the average for the four previous TO
1881 was .flfty-one millions. In fact during
the last summer nearly all the gold sent
abroad was simply that sent from Cali
fornia. -, ~
In periods of war in Europe, restraint has
been put upon commerce either in the forms
of heavy export duties, or in absolute prohi-
btion of the shipment of coin. .,.,r. I.
But during this war, trade has received no
unfriendly check through legislation and no
hindrance to the free expectation of specie.
The result has been favorable; for in 1923
our foreign trade was six hundred millions
but in 1854, with the loss OF all the seeded
states it was seventy millions larger.
The rate of interest in England during our
war has for quite portion of the time been
nearly double the customary rate several
times as high as eight and nine per cent.
Many failures have occurred and the Bank Of
England has suffered severe drain of bullion.
Now, had this country been debtor to Eng
land could she not have drawn her balances
from us for her own reliefP But our official
figures have proved that we owe nothing
abroad. Indeed the fact is indisputabie when
we consider that for weeks past in New York,
sterling bills on London, have sold below par
for goldl
1t is frequently urged that prices are ruin
ously high. Let us examine this too. Are
prices higher than wages9 Does not the
working man receive as much proporiionally
as before? Is not work as abundant?
1t is perfectly natural that the few great
products of the South should be materially
enhanced in price, but 1t is not true that the
staples Of the North, the -four and corn, the
pork and beef, are higher or even as high as
is warranted by the increased price Of labor.
Superiine -four in New York during parts
of 1854-5 was quoted as high as at the present
time.
Corn has within fifteen years, many times
touched nearly the average price of the past
twelve months.
Mess pork and beef ruled as high in 1866 6.7
as the average price of 1868. Wr
Then bear in mind that for the past four
years the number of producers has greatly d.
minished while the number of consumers has
greatly increased, and that a great foreign de-
mand has quickened the markets for most Of
the staple products, and that vast quantities
nave been shipped for the purpose of creating
exchange, and say if war has thus far ruined
us. Has 1t not rather developed the nation,
In that we can fight, and yet feed the nations
of the earth; inasmuch as that we can send
million men from their plows and work
shops and yet export more grain than Europe
can pay for without causing an advance of
four per cent. in the money market.
From the consideration of these facts and
figures, 1t is evident that much of the existing
premium on gold is the result of ignorance
and speculation. We have seen that there is
as much of the precious metals in the country
now as formerly, and that the country has not
become impoverished through undue expor-
tation of coin, or importation OF foreign
goods. ~ kABa8lF
Much gold without doubt is boarded. The
duties are high, and the foreign element in
this country as well as many anti-administra-
ton men, are among the reasons why the price