The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1866-01-11
Terms $s per annun,, ae adrance.
Thursday Morning, January II, 1866


Thursday Morninp. J.nuarv II 1oee
1AuISuay moi nAAS, JANUARY LII 1000.
80
.s aay ns"s :. IN % m h''m a,,s - ' ,sn aa ~, "a, com
We" circulation of all m' otaT oa"ss ~ me e"y'
Terns-so M
"''"' per 0'"' :" ""e""ee'
~ Read;ns M.... -, ro. p,
d, ---'leeel on aii : ou. SO.
-
"H"' may be done with Figures. t
MIR. EDIToR:-I do not with n d;scuss
either the question of the cnrronov nr ~
prices III With the President and The bead If
the Treasury so decidedly Committed 10 tba
policy of contraction, and their views SO man.
imously supported by Congress and the Gov
ernor of Maine in his message one need feel
no apprehens ion that the iaIiacies of tbose
who believe the country suffering tor lack of
bank circulation will be embodied in lecisla-
ton. III 4& ~ H
Win you permit me to call attention to
one or two poi is in your article of January
4th on "The Volume Of the Currency" You
III put the currency of the country, for 1851,
as follows: .. .i.- r. s..s..-
Circulation of the banks, 1902 ooo. .7s7
Gold anu silver, 275,ooO.OOo
- =
and for October 1855, as follows: S''0O0''0'
U. S. no es. inelu,I;n, rr.cyonol mr.
rency, -'''~"-- s451 a1s. .oss
Notes Of national banks 1856 200
N''eS u S'a'e oanks 65,oO0,0Oo
s-o. o,o 1oc
making an excess of only S267 217'S7I
Why do Won reckon the oold and siiyor 4,
1851, and wny do YOU NOT reeSon the M cold MI AMI ~
silver now I11 Fart ~ tbo col :, o;...:
1861 Law in the wants Of banfs az ~ haa; ~ ~
their Circulation. or was boarod H.,
ais, and did not form anv Iart ~ .,N 'I,:'.
currency. The re,t was used for noct-o. ,se
ey as the postal currency now is Ior tho ~,
ment OF duties and the nnrcba q of ;,1,ror,sd
goods. But go,d tn fine amount 81 90, ~ ~
ties on imnor,ed goods ord al. 80 80 Sns W.
o,,r ,a utr ~ soous, anu al the product OF
our never SO productive mines, Is used for the
purpose OF currency nOU 70 pay Tor forpion
goods, and to nav All our tlut,e on ;mnoy9o
ami to do ali the h,1 ,,a.s ~ on IMPORTS
In other words, it ills tue same place in .he
currency no'o, that 1t did in 1850, l5 the IN
Creased lmportatlons and enhanced duties re-
quIn3 an amount equivalent to duties, inn
por'.leio1s daa pocGes money ss 1861. Doubt
less tne BANKS absorb some OF the U. S. notes
~ ~ neu ol their 1ofmer specie basis, but Ior
han sn,s pqrpose compound interest notes and
JULIUS ndve Deen NANNY USED. t6l ll A5esG
oo that the true expansion is to be mea-
sufed Dy comparing the paper currency of 1881
Win the paper currency OF 1856. There il
every reason Tor believing that the Secretary's
eStlnate OF 6ae latter 10 below tine truth. / II
Inc nauona bank currency Already issueu /,
Ssoa So''Ooooou, wihe .ne sieenoacks have not
circulation r.lired in the n,ono,,;o,, ,hot an
nasionai "a, been snnn,ied Spo.oM iS Wa snat tne
- nAc 9ioo'Soo,ooo OF interest
oouPonS WHICH uuflng the year have been
psad az ron, s5Janna. - o",.S nay Vi Wnicn are
and thus take the place or currencv-
Now let me examine your requirements for
currency for tine present time:
Volume OF currency in 1891 p s477 ooo 1e7
Adj 20 per cant. tor necessarily increased
n values, 96,40O,15
Do. 10 snnnv dc;s 10 o. OIL, business sooc16s
clussl b. c Ianginy from q crsp.itf pipto to 1i.ii
7isl casi system = ~ -'. 12,ooo ooo
paG 'a3i H
s7S2,soo,O73
Inc hrst item have shown should be, ex-
elusive OF the specie, [9l 100000, ,767. The
second and third, with your explanations,
ao not object to: l would even make the
tnlrd oO instead OF 20 per cent. But where
40 you get your science ior the fourth? Does
u lake any less money to pay a debt because
~ mas Deen running thirty days, six months or
" I,ree years rayment comes round at last,
- ~ no1 OBVIOUS tnat IL taxes more money.
to9o credit business, than calh business,
liol Dy Just tne discount thai is always made,
uteeIy VI inuirecuy Ior cash down?
oo, thoS tne ngures ought to stand:
Bank Circulation Of 1861, S2J2,000, 900
Aau ~ vdlea Per cent t0r necessarily increased
Add boper do. for incre,.sa b,.,nso. ,aooooo
@ -
Total, s.--,.J 1000
A''uai paper currency, s.oA-1i ,Oss
Excess, 9'. sas sIs 0ss
|.E. d
+be low sl;,,c. ~ ~ s'IsiSS ene Iepesi "
Won orc ne no,,. senDaons s" tsai eenuers III
IN male edsoISo 40 ""ie We 'aa' tiis wouiu pe
ce;vad 90 ,oIu caSS 49,, VI "nss .ne peoPi9 re-
n,are ao;denoo, ~ aue. oe snS Soipu'slon " law'
er,,ment to ths ,,ao,,ln W. ueDs nun Ine sov,
which there is p0op,e, no & no. upon lnterest' ana
and which tho aover,p al applopIiation 70 pay,
able at present 70 nav I1o1 = n0.orlousiy ~ ny un-
immense snm wouid cea 70 ba o,,.', se lliis rs
available in anv wav as monev oT,I ,.o,,,Sy ~ "
come an article of trade Ts,o,v,, m,,o,s a.
market. it would he hm,,ht a, a. do,,,. 'ho ho
brokers and snacnlators ~ AZ ~, :. y
lar rba iouS would ~, y osnss IN u1i-
&c cond not oo ~, ,r;tba,,t ~. Iaou oalnS
themselves ~ tbei, ,arae Jonon;,s aOe ~ asai
per for any banking purposes, but principally
upoh ..ld tne peopie AZ iafge, VINO on the repeal
thew had of il at anv sacrifice re- IN ~ II Ma
States should ultimately pay every dollar of
tne greenbackI IN gold bonds, as tney will, the
fra,J unon vi tbe Isor,a IeuJs , woud oe no less
{ ed to accept them for fuIl value. becsnse
though they lost fifty cents on every dollar,
the specu.asois received loo per cent. profit on
@ When in the larkes, aou of os e,.,
embarrassment and military uneertainty, a
correspondent in your paper recommended as
Years of tha = ~ .r .,ar @ sne payment Ior three
law compelled private creditors 70 ancaD. t.r 60
their interest, believe you Joined in denounc-
ing Mm as arepudiator. What excuse is there
arms tbe creS;t ~ ths nas clowneu tne national
restored and nothing is neeJai to roatno Z Duo 1sa
eral prosperity but economy, honesty and GOOD
iai.n, ior SO mean and perfidious reputation
government obaations 1v wb;ch , Iaes ora r Sr ens
upon them by law. now to be treacheronSIv
repealed, to take fifty cents for every dollar OF