, 1865-03-27
Chicago Gribn1re.
MONDAY MARCH q, 1865,

Chicago Iribn1re.
MONDAY MARCH q, 1866.
oUR FINANCIAL FUTUnE
Let not your HEARTS be troubled. Ye b.
hcve IN gold believe also in grcenbacke, fe
crecnbacks are coming to god. This is th
financial lessen Of the hour. Some trenbl
aest the continued ,apld decline In gold vii
cause widespread failures IN business ger
cIal panic and prostraton. We sec no occa
sion for this fear. Our quotations seem lik
those which hare usually preceded paalcs-
but In 1857 and 81, and similar seasons @
financial ss5ulsion, there was an cctual de
cline, our quotations OF prices referred X
@'gold prices !" now our "go}d prices'' ar.
not falling, but the quotations Of p.fces NJ.
in q currency which is mutablc, and is NOV
rising. The apparent decline in values 1.
therefore to o great extent nominal, not real
in greenbacks not in gold. All merchants
therefore who hare traded within their mems
keeping their stocks paid fol, will find those
stocks worth as much In goli," !. C. in fact
. to-day, as two months ago, in spite of the
fall In quotations.
Again, in times Of former financial reyul-
sions we have been largely indebted to for
eign countries, owing to excessive importa-
lions, and the drain Of gold from the country
to pay those debts has occasoned a real pov-
erty here, our gm'ds have fallen In actual gold
Faiuea, not nominal paper values, and this
fall has made merchants really poo: who had
reason to suppose themselves nch. But now
we are not indebted abroad. Tbs balance Of
trade and exchange il In our fayor, and with
the termination Of the rebellion foreign gold
must continue 10 pour into our country in
stead Of to go ont. The invariaoie accom-
. panimcnt Of such pan:cs has been departure
from epeeie payments, but now the apparent
decline in grccnback P:ice-'is the consequence
Of returning approximation to speest payments.
The symptoms are the rrrerse from ;hosc
which have characterized all periods Of tiaan-
sial dcrcseion. The rise in tbs gre.nb1ca
value of seme articles and tae fail In Others
il cnly flat which IL necessary tn bring the
currency to the STANDARD Of gold. Most own
crs- Of property which is falling In
erecnback v11ues, also own other
property which is rising in the same
have been bought with gold at 2oo finds his
.riccs per ya'd, in srecnbacks, IS per cent
.owcr In gold the sa1nc), while his bills re-
ceiyablc arr collecabIe in a currency worth
twenty-five per cent more than they would
have been If gold had not fallen. His real
estate will be worth more. All debts paya-
bic in fixed sums of money, are increasing in
actual value, with the currency, while all
pruducts which hare been used in foreign
commerce SIS equivalents for gold, such as
wheat, pork and provisions, are falling in
greenback yalue. These facts occasion in.ri-
cate adjustments Of values among ourselves,
but most Of our legitimate business men own
not only goods which are falling, but bills
receivable, book accounts, currency, resl e.
tate, DC, which are rising. We have no ruia-
Gus balance Of foreign debt to pay of. Our
war debt is due 10 ourselves. Wuat one Of |
us loses in these rcadjustment Of prices, an
other mnkes, and frequently what We lose on
one a1 ticle VIC make on another. This being |
generally true, these adjustments of |
values, which tend to conform oil to the |
gold tasis, can never occasion |
vested not only I'LL their capital Int their
utmost credit in goods ut prices depending |
for rise on the success Ct the rebels will |
fail. Retters On gold will fail. But Ibis Ia
tashing Of bastless expectations rather than |
q loss or actual property-a loss Of pros
pcctiye profits rather thsn Of real capital. |
The " bubble !" bursts, but the s. soap" re-
mains. Others again arc app1ehcnsiyc that
The change Of Industries consequent upon
tLc close CT the war Will cause general de-
preston that the discharge of our armies
will glut the labor market; that the rein
vestment Of the capital now engaged in
business more OF less directly connected
with the supply Of our asmses. vii prostrate
and embartass business at the North. L few
considerations will show that all the capital
and energy now invested in business con-
nectcd with the war viii find more than
tics for investment which will result with
peace. Our soldiers, II sehargcd. VII CON.
tin ue to c nsume food and clothing out Of the
army Us we'll rs in It, The entire Southern
population reduced to want, Of all the ncccs~
sities and comforts as well as Injuries Of life,
will demand all our surplus supplies Of 1ood
1nd clothing. Cotton, Of which the worlds
supply L. now nearly exhausted, can hardly
fall below twenty-five cents q
pound for the first crop ate. |
peace. That which paid enormously at from
~ ;ranc,,non,s 49, ~. ] son.ts.., ,,,.r.n-. 80
1cx,,o az 49,. t;,,se 49, -.
ao;,tha., -,o-ta~a ~, 80 e,,s -
1,3tr :,,ns afT.,-aa, 49, ~, 49, ,.np,a ~.
.hn;- s,e..o. - aa,,,o1 - 49, +,,a,s 49,.
eove thcsr -eo, e.tota Tbov c.,-,,d t,,sr ,a,ra
tn INV their freedmen fair xaces m cons sid..-
alton of the h;rh nrice of cotton. even :, rhc
experience of the world hud not amr.ys,cm.
onst,a;ed that free labor il cheap : tn the
c,nplovcr than slave lab.r, To The extent
the planters refuse to cnancipate their slaves i
their lands will be .confiscated and occupf,d
by Northern and European owners. who win
either hire the negroes or introduce white In
bo1crs from the Northern States and (fou E+,-
rope. The Southern railroads, burnt towns,
factories, and other improvements DESTROYED |
By the war must also be rebuilt, rear.anged |
and re-run By new companies. The profits Of /
rebuilding them will BIZ SO large as to attract |
all The needed capital. The necessity for im- |
mcdiEte1y rebuilding them vill make ent..
prise active and keep yaees hfsh. inns Mt
- 1' o'"
-. o.Is's 'Ae .ue~es ~ oeseos Psaee 1us'
w pet4'u " Etc-aI PtoepttatS
nS ~ ~ .anus " oas4ness '. ouI 1nana'aesu1e's
lNo'eeleo ~ 'Ae t"me neetsaa'y ~ pay our
1s.s' 1essauss, m a1h1o1 oat noaF'sa. ouF 'aemefs
" ~ nuo uea.si 1,a! Ae.s ~ "u'tA 10 sesl' ana