, 1866-12-21

The Question of Foreign Exchange.

Edltnrk Chicago Tripnns:
sent you few dsys since letter from
Canadian fiieLd. now send you 4 copy Of
u letter from distinguished merchant and
manufacturer in New York, who has resided
Eany years nbroad, and knows whereof he
w1ites. This letter was sent to the Secretary
Of the Treasury.
Yuu will see that he thinks 1t Is time for
America to set up for itself The war Of the
rebellion las demonstrated that We tire ua-
tfon. Let Us then have national policy
Read this letter:
To The Secretary Of the Treasury:
SIR: Without preten.lon8 To any peculiar or
NOE Than ordinary financial ability, and hasin.
no d. fire 10 gain any PERSONA prominence By In.
drg S 6 81, npen ,ao.ee
initiating and exceptional position this country
holds IA the family Of natious, n regard 10 the
tgss ~ % ny md 1ps f,.as .ae
nvnt able To al Important nations Of the civilized
void, e1cp4 that ol our oKn-
Tols exceptional position. 70 injurious IN ls
efcetI on our exports, Wis established under the
old colonial system by forefen bankers, and Is
continued 10 Tho PRESENT day in their Interest
The systsm denies 70 a. Gt Issasss IN pnaT,,aole.
House OF the uo1ld ,1and At times ccuses I'd 10
tntr lax, indirect it may be, cut positive IN It's
.Eeet-. Of some three or four per cent on our en-
Wien exchange on London or Paris Is scarce In
nut Market and rises one per cent, or eren one
hall OF ore rer ceAt Aftosc par value, giving eS1
oe, ce ot aecu.aulalnG debt et,a;ust n, gold Is
Immediately shipped to uquldate the balance, OF
iu e eek i.s acc1mu!aucn; ont VIII n, on tho con.
t1a,y, exchange II abundant il cur market. and
Iaals below rnr value. even three aud iouf per
cent, guild doe* not come 70 us to redeem the bal
cuulnlaiona thereof, approaches the capacity Of
The elect Il ida i, sha. during these periods OF
an osc1rtocked market OF exchange, our sh,pyets
.ians u1le ihe prices on the asticses de.,red for
hippst seae his Els % u e9e.pse SCI
~ hers e. istns, snd @ pseaaeess s snssf as;
foreign mnIkcts uLdcf unequal compcu-
shut out almost en,l.ely. ana ii periods
Mben, rcthaps, tie most important for lie ssab'l-
lo il1netrsse more clearly This adverse position
We ,n hold IN to,elsn markets n for our prodqee.
e e. !ass e9ac s,c. IL 1s5 per
barrel: oec thousand barrels sold on account OF
ths @ Son,inental shipper, vii enable hiu TO draw
tts own market at loss Of one per cent from par
value, hnt rot so with tie American shipper. 1t
ihe .sme ~ and he can d'aW a Eli fea of
change for slsD, but when he soss u market 10
ten H. be mo. our banker. f ot {, exchange
onr importers srt limited Al fbAt particular Tine
hn, be ust sel in order to fealize hts capital for
The further p osecutioa of his busines tle sel.s.
mr. rrn, ~. II aHn,nt .ouot ~ In - ~ - T. ~ ~
hrInf of en- NJ squd, u ,. ~ 1uss ~ sIen
als 5se,x NJ no ihS n,ed1enr U tv 81 ~ xa1ea
cannsta to ia qcrnoo{ marset In. s III no
are Er have fnrct1n enmnefiH,,p n3' al inasAes
H. rt..i Gnes.iG;, hpv y FL. .x - bo
rcmcd,ea. am we'll .wars II Il nn,casv r,.tieE
| 10 change old financial eystene, aal especially
,he Uuird Stsfes with he inierest Of Isr1t h,nE.
ncf+r IN h. dGne thpI ir1ha smo;ar, an gaot. 1,r Is
ttntiisd tn yonr ncnartmerti sunr Yfsn r,n liz ~
4dorsed toE tEe GoTfnment disbafaemenis tn
EGt.re "haSh wlI iesa 70 rs desired results
1be Eieat oh1ect 70 oe attained IL to prevent the
accumulation Of balances against Europe 10 be
Garfield ~ our bankers, capital, and at the cI-
y nse q American pFodust; THIS csn be done
IDLY ey thr II f&char Of debts On either side.
Towing shroush bu!s o. e1ch9nEs dawn "n New
ofk a. eli e a. on lohhon. Vine exchange can
e ionsd IN me LSSdon market on all portions of
tae E.9'r, pasanle IN ins eatfencT of their
SoH.fiss' auu tae nlotRet feles pno-
10 ~" aoIk, our commercial centre. IL not
kbGwn-not nace- All our ecatemen:s are re-