Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1866-12-07

entire crop OF the present Year,. the United
States are largely adebtor to Europe. ndot
u Between the year ialSi when g2id oEaSY
first discovered in Callfornla, ana the llrst
or July, 1856, the product OF the gold ana
silver mines OF the United States was ABOUT
$l,l0O,OOGOOO, nearly allof which has gone
into che WORLDS general stnGk; anq u is
not probable that the AMOUNT OF gold anu
silver now In the 'Untted states IS very
much larger than 1t was eighteen years
ago. ~ % -l...5iA oI no,Id11 n sbmoGI
During the fiscal year ending June 30, 1865, the
United States img9Ited Foreign msIcb1sndiss free
SutV' Ssss S0s c5i. Totsf az. 800 SIC
The tota exports Of domestic merchandise '.'t
d1rog the year, currency value Iss ~ SS4sS dallabT
Sec;e srDapte% 80 S15s9S b-d
p = ~ ~ D''''''' 49, ,'lt'i'I.i -
Total domestic exports, valued in gold, 459
AL..tL., .,,, AZ /, .,, III, a. o.o ~
'''"-S' u '''N' $3.50 - o.
But these ignres, taken from the reports
OF the custom houses, do not present the
whole, truth, on account OF systematic pn-
der-Valuation OF foreign Inerchandise I'M
ported INTO the United states and smug-
gllng. 10 make up Tor under valuations
ana smuggling. and Tor cost OF transporta-
ton paid to foreign shipowners, twenty
per cent. at least should be ADDED TO the
for the past year against the United States
near $l0O,OOOOOO. 1t IS evident That the
balances nave been largely against the
Unlted states Tor some years past, Whatever
may nave Deen the custom-house returns.
On no otner ground can the face De ac-
counted for, that very large amount OF
American bonds is now held In Europe
which are estimated as follows: United
states ponds, S30O,OOO,0OO; state ana mulilc-
dPan Donus TrrUaH nnn oon anu TC,gr
$500 OO000O. - =
II is evident. from these figures, that the
balances are AGAINST us and cbiehv nv the
exnortation of onr o,overnment hEnds ore
+. hnino a tan, ariIv sGod imntov;dentIy or
ranged. tannorariIv baca,,se n large nor
tion ~ tbase honds have heen bouSl,t On
shncuIat;on and will he iiLolv to eha ra.a
tprned ybenav fnapo;ai tronSIeS IN tbo
countries in which tbnv ara hold sholi male
II necessary fortha boidersi tS reaii1aunnn
them or wh a,,avar sotisSactorv nrofits ron
he ma Se bv ret,,rrirs !, YbeS, ,yBich will ba
wban tSoGy nenri,i a,,Sroaeh s ,bn;r no talDo m
in coin ;r,nrovidepptIv p % bacansa t tHsv ore
being nurcbased st yerS 'Iow nrices' and
becaI,se their exnortotion Stimulates i'm
norts and tbne crinnies home Sindnstrv
Notbing is more certaIn Than tho f,ct tbst
tbere can no No nermonant resnmntio,1 nf
snecie navments in the ITnited states nntila
tho heiaHces haIwaem tbem ond otler no.
tions shall he made easy hv An, exportation,
of commnditiss inelndin n the y,rddrctS cf
the mines eGnol OF Ieast 70 orr i'm norts-
tions. and nntiI nrovision shall he made for
RETURNING hondsI or for nreventing their
return afunnronitious times This State of
things II is coDreived cannot he efFacted
withont chanrSe in o,,r financiaI noIicv
EVILS oF FAfhh MoNEi' .Hi1
An irredeemable, aud consequently de-
preciated currency, drives out OF circnla-
. uon the currency superior to Itself; and If
mace Dy law legal tenuer' while lts real
value is h9G Vhereoy ehhanceu, IL becomes
iaIse anu ueIlioralizilS seahuaIg, uuuer Ghe
nlnuences VI WiIlch pIlceSi auFallce ~
raClo ouisproPortlolleu even 10 ils actuai ue-
PreclaIloh' very ullIerehC from Ihls Is
InaG grauuai' healIny, anu geneTal advance
OF prices Wnich Is tne elIeet OIL tne increase
oi Ine preclous metals. 1nS com Whlc,l lS
oDtaiheu Ill tne golu anu sllVer producing
dlsEricts, altnougn IL nrst aHects prices
WiChln such aisVricts; loilowlng tlel course
OF grade, ana IN ope9iehce 10 lts laws, soon
mas lts way 10 other countries, ana pc
CONES 1ie Part on !le coililPn STOCK Oh tne
naGlons, WHICH, ihereaslnS III aihoun6 oy
antivitv nv tha ttrro1vino danonds of oon,-
merce, advances the price of labor and
commodities throughout the commercial
world. .Tf' +. go ali ~ sIiIFllIl1
But when a paper currency Is an incon- /
yertible currency. and especially when be-
ing so it is made by the SOVEREIGN power a
legal tender. it becomes proliicof mischief.
Then specie becomes demonetized, and
trade is uncertain in its results. because the
basis il tluctuating: then prices advance as
the volume of currency increases. and re-
onire IA thew Advance further additions to
the circulating medium: then speculation
becomes rife. and " the few are enriched at
the expensa of the many: y then Industry
declines. and extraya Sanee is wanton
then, with a diminution of products, and
consennentlv of exnorts. there fs an in-.s
crease of imnorts. and bigher tariffs are re-
nuired on account of the general exnansion. q
To which they. i'm their turn, give new slim
nlus and sunport. while the nrotection in :
tended 10 be given by them to home indus
trv is in a great measure rendered inopera-q
tiveby the expansion. This, notwithstand-
inc our large revenues and the nrosniritv 1
of 1 many branches of Industry, Is substan-
tially the condition of the limited States
and the important question arises, what
are the remedlesF ''s.l .taN H'fs 12 4
REMEDIES SUGGESTED. lgIflJaC|
With entire Difference TO Congress-. the
Secretarv suggests that thev are to he
found
First. Tn comnellinpy the national hanlrs
TO redeem their notes at the Atlantic cities.
or, what would be better, at a single CITY. :
SECOND. In q. curtailment of the currency
to the amount required by legitimate and
healthful trade. t AFh47No +I."C