, 1865-08-03

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after the close Of tho Peninsulat WATT! Its
merchants were bankrupt and its trade al
most ruined. Has the trade Of this country
sufft.eda Have the merchants become bank
1ppt? And Why Is this not the case: The
answer IL simple and patent to all--becsuse
the expenditure Of this country was at home
anorgst ita own merchants and artisans,
whist the bule OF the exptns.s Of England
gdlktDg: England fity years ago owed eight
hundred mlllN rs sterling how much h2a 1t
liquidated during that period! The Chicago
1lntt says they borrowed the m3ney at OF
prd.r three Per cent. They borrowed it at i've
and ak per cent, ind q large portion Of IL
or In that proportion, which thsy subse.
qutntly reduced down to an average Of about
-threo per cent, the last reduction having
4 been uade not many years ago, So much TOT
| your cotemporary's financial knowledge.
The taanfe prospects of this country srs'
bright, and asaumlnE the development o. tho
mtne1al resourees at California. Colorado,
| supply. of gold almost incslculab Bile.
Tho stimulus given to the manutactur-
ipg, Interest,", Of the country bI the
| high Import duties Is much greater
than a casual observer could possibly can.
celve for example, I am myself acquainted
HNA @l"4e AaA AV1Cu Vi LIE tAFEEab AI1aA
and Scotch importing dry goods firms IN
New York. Five Of the number are either
nov manufacturing in this country o. erect
ing mills and putting up mschiuery for that
purpose, and bringing out large numbers Of
trained hands Such Arrangements, no
doubt, are becoming general all over The
country, and must eventually tell favotablJ
tries.
Tie suggested amendment Of the Constt-
tuition to enable the levy Of aa export duty
rpon produce could, II carried, bB. made
available to . large extent without, In Any
way, tntert ring with the interests OF tho
this countiycompeting With the whole world; :;
petroleum, with lie consumer hero
bas to paY, would only placo
The foreigners upon 81 equality with our
with America lnthat}4rtie1e 7 Rosin, tuEpen-
tine, and many other articles, are equally
available as means Of revenue, and to such
an extent that would set aside al the prac-
tlcal aud thtorettc41 knowledge Of even
Adam Smith.
Regarding snper.bundance Of paper cur
rencJ, there Is room for argument on tho
question but will merely observe that In
England, or rather IN the United Kingdom,
the total circulation Is, In round numbers,
| $2O0, cor, 600. Here 1t Ii about four times as
large. In England e5 Is the lowest value Of
bank-uote. Amongst tho working classes
| there, one man In 4 thousand will not bs in
possession Of one note. Here take The samo
humber Of the same clasa, aad you will not
| find one who Ii not the possessor of many
| dollar bills. The people here ere able to hold
currency, and 1t u held off the market. In
England, Ireland and Scotland there Is not,
even in the most remote rlllago OF town, q
| 1ayy nj Wie
! possession any night more money IN bank
! notes than he has taken in In the way OF his
| business. Me sau.s day a1Fer 3 o'noeE, 1t being
the universal custom Tor oil 10 bs deposited
| In bank, even Il Withdrawn tho following
| day. Another reason will advance why
this country requires more currency. In
Great Britain, hrke;J fourth Of The ouslnets,
might with safety say seven olghths,
is carrledEon BY the credit system
caah transactions, !. e.. cash on delivery,
are almost unknown. The importer pays ior
Ills Imports By accsptlnelhils dsaHu agalnst
them at sl1tY days sight, up to si1 months ;
he sells to the Wholesale merchant, upon
| whom be draws At Two or thres months, or
In case Of grain aud provisions the terms are
:" cash In thirty days" Again they sell to
the email dealers on accepting again. These
bills are thrown upon the market OF passed
Ing payments between merchant and mer.
chant, or discounted In bank, every party
through whose hand they pass lndosslng and
becoming accountable 10 The next BY th1s
mtans mAioa1 Of exchange and currency 4 efe
aftd and supplx1 The llaee Of g7tenb1eks In hi.
country, mherc the credit system to such an
extent is unknown.
Political demagogues, place hun ntersu and
th1t Glass Of paEsona, following the party
out OF power, Tor their own individual hnd
selfish eads, are willing TO sacrifice the csedi'
OF ths country, aye, even the 4Fes Of theil
Y xx1t .t$f hAA Hnay 9&fr rhf A
during the late rebellion, II their own and
their Party's views can BE- promoted. hArs
never etrce came to this ooun ~, thirty
seven years ago, met citizen who denoancee
tbs war, and demonstrated beyond the poss1
billty Of 4 doubt, al he thought, thAs th'
ss aS.e TaaS f s.:s r.s b; stsa2
vioisted, g., &c.. 6at fsuai
out subsequently, he WAS Democrat: Nov
| end the sau,e class Of ctoakers getting up
CRY Of inability On the part Of the Govern
ment to pay their debtsi they shake thsl
mats repudlation. Such men A5e dasFacs
to their country. They arc callsd Copper
beads, and arc, think, justly dosiguala led
they a1e traitors to shelr country aud shoult
be branded and t1eAtsd a. such. They woult
look On cheeriully and SEQ the majesty ant
might Of th!s great country endangered. +
tult thelr party purposes, ard Jet they ar'
| here to mset freely and openly, and IN man.
cases, proclaim their traltofous doctrines.
And now, g!r, aak your pardon for N,
presumption IN bringing my dlsiointed view
before you; but, being = stranger, subjec
Of Queen TlctsFia's-an alleH only for van
OF time qualiacatioa-l cannat quietly loo,
!, on AID see the desp laid villA1nous scheme
; # raftles Interested In the doHnfau Of tn
Government and the rAltlng Of the value {
: gold In gfeenbacks, without endeavorlng t
raise my feeble voice In behalf OF tho grta
i and glorious country hare adopted and III
/ der whose flag make my bread, enjoy fte'
| dom and have protection.
Yours, respectfully, "11T*"