Bellows Falls times. [volume] (Bellows Falls, Vt.) 1856-1965, 1867-02-08

a commencement towards rcsuming some
time ago. He says: lYr
On the 18th day of May, 1865, the pre-
miun on gold had fallen to 1881 per
cent. having fallen from 200 per cent. in
March, and from much higher point
than that in January without producing
perceptible ripple in financial circles
and far less panic. There was 2,733
failures in 1860 in the United States.
amounting to S6l,739,473, but in 1865
there we're only $50, amounting to Sl7.-
625,000, or about one-fourth part Of the
average number and amount. Mortgages
made light, had been liquidated. TIE
old system OF mercantile credits by COM
mon consent had been banished. The
South in loosing all had lost its credit.
and trust in that direction was impossible.
All felt that to pay as you go was sound
policy. The Scriptural injunction g owe
no man nothing bad been implicitly
o5eyed, and then was the golden moment,
not only for political reconstruction, but for
a return to specie payments. Then the
capital of the country was Idle and might
have been largely invested into the service
of the country. The campaign of a paper
currency was over, and it waited only to
be honorably discharged. Useful once.
it was now only an incumberance.
The Western States prior to the war
were largely involved in debt, and they
not only paid off an Indebtedness of not
less than S200,000,000, but they became
large holders of United States securities
with means of becoming larger holders.
Up to this lime nei'h her in the West nor
in any other part of the country, have
our people asked or received the ancient
measure Of credits Notwithstanding the
drain of the war the great masses of the
people are free from debt. Thanks, at
least, to the Secretary os the Treasury for
having borne aloft the motto of an early
resumption of specie payments. This, j
no more, has prevented the country from
an ind. finite expansion of credits. from
plunging headlong into debt; and never
in my opinion, shall we have a more
auspicious moment to initiate measure.
for a vigorous retirement of the excess o
our paper currency. wish l could be
leve that the Treasury estimate of the re
ceipts from customs for the years 1861
were not too large, but cannot, and in
stead of 100000, if we get less b
S20,000,000 it ought to be content an
satisfactory to the country. The capacit
of the South to consume aud pay f,
| immense imporiations has been vastI
overrated, and the large trade alone pro
badly much exceeds the entire aggregat
of the Southern trade restored. Th
prompt action so generally expected up
on the Tariff bill now pending in tn
Senate, by which the rates OF dLtie
would be somewhat increased, for tim
greatly stimulated imporiations, and W
have had both a glut of merchandise an
! of revenue by no means to be anticipate
for the coming year. 1t is most likel
the Secretary of the Treasury has under
estimated the amount of United State
bonds held abroad, and that instead {
/ S350,000,000, and not less than 100000
coo of our national securities are SO helt
So long as these remain below par abroa
they will be held more or less as fame
stocks, likely to be returned for realzatio
at any moment. If they could be mad
equal to par, it does not seem to me th'
the holders would part with security ft
which they were receiving six per cen
interest in order to accept another no be
ter at three and half percent interes
Beyond question, when our bonds brir
what they represent, dollar for dollar,
new loan payable abroad, could be neg
tiated, if it were desirable at 5 per cen
and perhaps at 4 IL per cent. We sha
: ere long demonstrate that it is safer to tru
, the United States to three and half p'
cent, than other nations ia the world, b.
o first we must make our present obligation
e worth their par value in gold at home"