The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1867-02-05


L. passitlf IS achieve 80 tbe nna eg-
ab.c rurpese g. resume 20 au early day
] have S. doubt . eelna 81 rsurlp.c
u5 aid morals sd & CoaTr -
thva us puFpose !. ua bssc =
81 th aep.rg olone FtAraa. suffering
More lhsg t1.s ans larY when shall
undertake raa@Fta 0cfss,iuaie & a
day cur redemption traia the evils q
aa eAe i1e paper asacF lAe eD. 1l
dear living. U.I aL last be aTegsle lnei
IS rs up3 aenis eFtu tafoagh iae la'
tsrmay nat be able 30 tlC time 60 ex-
trea,e Che country Strong ~ wc arr
we c8una afford 10 take the wrong
si3 = eh IS tste
OF tbe e.scc. u cur redundant lur-
reucy lr7a COR b3pds aud our credit
abvoad. AIr. Morrill, said
II IS mos likely the Secretary Of the
Treasury hos under estimated tie an-
cunt Of Astcd States bonds held abroad.
aud that instead Of $3.50. 900, 900 not
less than $5000,0O0 600 81 our national
securities agc So held So long as tbs e
remain below par abroad, they win be
held more or less IS fancy stocks, liable
to be returned for realization az az any
moment II they could bc made equal
to par i docs not seem 20 me thattho
holders would part with 4 security for
which they were receiving six per cent
interest IN order 10 accept another no
better at 3 IL per cent. interest Be
youd q question when our bonds bring
what they represent, dollar for dollar
q new loan PAYABLE abroad could be ne
gotiated If III were desirable al FIVE per
cent, and perhaps at four and a half
per cent We shall ere long demons
tratu that il is safer 70 trust the United
States AZ three and d hall percent than
any other nation in the world, but first,
We mast make our present obligations
worth then par value in gold at home
! wish it We're true that the stocks Of
the United States were not to be found
al an III tie foreign markets; but we
are not rich enough to holdall the good
we produce. Is it not, however, a
source of modification that Massachu-
sets five per cent stock brings more
III London that United States skies
Or that Virginia five per cents bring on
II twenty per cent less? Are we quite
content that Egyptian QUOTED at ST.
Turkish (JoJ, Brazilian lg3). and even
Moorish (93) stocks shall be quoted
much higher chan the best Of United
States stocks? Some OF these loans Mt
four per cont. Of governments greatly
inferior, as We think, 20 that Of the uni-
tea States bring higher prices than
our SIX pen cent loans. / do not wish
swiftly % put large profits in the peck
7 cts Of our creditors, but those who oh
tanned our stocks at less than par made
their profits at the time Of purchaae,
and il was to have been expected tic
government would pay to the uttermost
iart.hng all il promised, principal and
interest, aud those who relied upon the
good faith Of OR government, on who
may hereafter SO rely, willneyer receive
less. No other government has met It's
{ obligations with more puuctuality, ii
slowly, the world viii surely acknowl-
/, edge the fact
The whole Of our present currency
Mr. Morrill, stated to be III round mum
bers, $1,000, 000,000, when the maximum
OF bunk ciroalation had at no time be-
fore 1862 gone beyond $2l4776, S2N
The four millions Of government papef
authorized to be retired per month, last
year, has been more than compensated
By increase Of national bank paper, so
. that paper currency still remains ct its
supremest bulk. England on the 9th
el' hand does a business much larger
than ours with bank circulation Of
$1Sj,000,000, and a member Of parlia-
ment recently declared chat it took no
more currency to do the business Of
{ England now than when it was only
bali as large Many valuable statistics
as to the increasing quantity and de-
preciating price Of the precious metals
/ was given but ut such length that we
can only allude to them the fact Tint
the condition Of exchange with most
other civilized countries is always
against US, on account Of the debase-
ment Of our coinage was alluded TO-
and bank notes that are made equiya-
lent to the standard Of American, were
declared to be none too good for us
when Mr.. Morrill, proceeded
But the value OF any thing circulating
as money dimiuishes both in proportion
to lis abundance and in proportion 10
the swiftneas with which il changes
hands. Holders Of what is called mon
ey below the standard OF Tie world are
always eager to part with l. They
never hoard H. They invest it cisher
in something more solid or are happy
70 be rid Of it Tor exon sacll eztrayaeen-
cos as they would feel could not other
wise be afforded The American pco-
pie at all times possess a wonderful fac
ulty for bargain making and an abun-
dance of paper money eyagqeratos this
national aptitude. in the United
States the same sum Of money probab-
~ changes hands twice as frequently as
in England and ia England three
times more frequently than IN France
and IN France twice as frequently g.,
in Spain and in SPAN five times more
frequently than IN Russia or Iurkev.
China and India appear TO be Serbon-
ian boys, where specie once introduced
f..vr44 ,s..ss.s. ,.s,.,ys. -. 4leg ILL I,