Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1867-02-08

snail thWart TINS purpose III Will nave uOOni
cd the country to long years Of suffering.
On the llth day of May, 1865, the pre-
MUM on gold had fallen to one hundred anC
+. twenty-eight and halt per cent. having
fallen from two hundred per cent. in March
and from q much higher point than that il
: January without producing perceptibl'
ripple in financial circles and lessstil pani'
There were twenty-seyen hundred and thir-
ty-three failures in 1860 in the United
States, amounting to $6l.T39 Alb. but IL
1865 there were only five hundred and thirty
amounting to Sl7, ,725 900, or about one
fourth part Of the average number and
amount. Mortgages, made light, had been
liquidated. The old system of mercantile
credits by common consent had been b,nish-
ed. The South in losing all had lost lie
credits, ana trust in that direction was i'm
possible. All felt that to pay as you go was
sound policy. The scriptural injunction
lowe no man anything had been IMPLICITLY
obeyed, and then was the golden mumeut,
not Only for political reconstruction, but for
a return to specie payments. Thanks at
having borne aloit the motto Of an carly re-
sumption Of specie payments This, il no
more has prevented the country l,o@ 4g
! tAldunAUn VI NASIAAcF nun i4Abk
ing headlong into debt and never, in my
opinion, shall We have a more auspieiOus
moment to initiate measures for a vigorous
retirement Of the excess Of our paper cur
rency.
] wish | could believe that the Treasury
estimates Of the receipts from customs fOT
the years lS67-6s were not too large. but |
cannot, and instead OF $l45, 900 900 if We
I l..c b.. l-s1n nnl nnN - -
and be satisfactory TO the country. The
capacity of the South to consume and pay
for immense importatlons has been vastly
Operated. and the lake trade alone probably
much exceeds the entire .gsErg4le oi ,ht
southern trade recently restored. The
prompt action SO generally expected upon
tne tariff bill now pending in the Senate,
| by which the rates Of duties would be some
! what increased for tim greatly stimulated
| importations, sn1 Se ha mad Doth : giui
OF meTehadise and OF revenue by DO
means 70 be ANTICIPATED for the coming year.
1t Is most likely the oevretary % the ifeas
ury has underestlma;ed the amount Of Unit
ed States bonds held abroad. and that in
stad OF $3.50 600, 600. not les thanS $500 .000,-
900 Of our national securities are 50 held. So
long IS ,hese ieH.a.n Le.og "a. atfcaG thy
will be held more or less as fancy stocks,
liable to be returned for realization at any
moment. If they could be made equal to
Har it does not seem to me that the holders
would part with q security for which they
Refo receiving siz peT Ger: ints.es, ~ oTie,
- accept another no better At three ana
aalf per cent. interest. Beyond a question
when our bonds bring what they represent.
iollsr icE dollar. q new loan uavable abroad
could be negotiated. ii il ve.e drsirabie, a,
Ave per cent. and perhaps al tour and g half
per cent We shall ere long demonstrate
that it IL safer to trust the United States at
three and half Ter cent. than any other
nation in the world, but first we must make
our p.ose.i obligations worth their par va
ne in gold 1t home
wish il were true thar the stocks Ot the
United States were not to be found at all in
tJreign markets but We are not rich enough I
10 hold ali the gO,d things we produce. Is
10 not. however, a source Of modification
hat Massachusetts five per cent stock brings
more in l5niJn than United States slycs ? .
Or that si.gn.1 NE per sents urlIg only
twenty per cent. less Are We quite con-
tint that Egyptian, QUOTED at 81, } Turkish,
iJS,) RAGLAN, (93,l and even Moorish
(93,) stocks shall be quoted much higher .
than the best Of United States stocks .
some Of these loans at four per cent, OF |
Governments greatly Inferior, as We think, /
TO that Of the United States. bring higher /
prices than our six per cent. l1ans.
The entire amount Of bank-note c.rculA- I
tioa VI the Whple country in January, 1862, .
was : - 900 900. and of tins $40, ,00O 600 .
belonged TO the southern States. The max
imum amount Of hank-nytc circulation at ]
no previous time La- gone beyond SELL I
rs 922, and tie circulation in 1860 was
S20i cog JO1, af.i tha, .'as ,ssr ii =.
large production and Of a. much general .
prosperity &c any perhaps in ar history. .
To the smOunt Of IaIcr there must be add .
ed u small amount ior specie in daily cIrcula- .
tiun. Doubtless there vas 500 900 900 Of /
specic ~ the county but that held Icy /
fark- l. represented hy paper, an equal .
mount Of which is usually retired when
yer specie is demanded and temporarily
ought into use. \ considerable amount.
there ever will be, was boarded or ~
fraHsfu as merchandise.
The hu5ineo5 o.. tbs the l5un;ry vas not
i4Tgcr in 1866. certainly, than It WAS in
1860, except in national taxes, and these un-
questionably create a demand for some in
crease OF the circulating M dIum, and as
unquestionably to some extent diminish the
business Of the country. 1t Is great conyen-
ience, however, that the mediuE shoald lie
Of national character and current in all /
parts Of the country.
With what propriety can it be claimed
that the business Of the country requires the
vast volume Of paper currency which NV
mandates the land? let US lpos ct it.
Paper earrsHcy 7oir IA circulation, (Dseen-
Der /, 1861
Notes OF State banks S36,1S5 ,O35 90 1
Notes Of State banks conyef.
ted, now outstanding 9,14S ,O25 90 |
United States notes, legal ten
der 3s5, AL $40 90 /
Fractional currency $500, ,249 80 |
Circulation issued 20 nationsl
bankt 292,o7l 1853 %