Bradford reporter. [volume] (Towanda, Pa.) 1844-1884, 1867-02-14
gradfurd Repurter.
Towanda, Thursday, Feb, IA, 1867,
THE FINANCES.

nances on the oath ult. Mr.. NJ. fa-
vors resumption, but thinks the Sec
retary of the Treasury, who fixes the
time for resumption within two years,
has named too early period. This
is the truth, and for our part, we can
not see how any sane man can figure
out resumption Of specie payments
ON the part of the Government and
the banks, within two years, without
an overwhelming prostration of the
one, and an almost total ruin Of the
other. When the war terminated we
supposed resumption could be reach
ed in FIVE years, and we have seen
nothing since to change this opinion.
A large share of the Government
notes can be Withdrawn in that time,
and judicious tariff will arrest for
eign importations, and meantime, our
present foreign debt can be adjusted.
We agree with Mr.. MORRILL, that mod
crate contractions should begin now,
and that if began now, we will
be no more than ready for resumption
in three years.
In this speech Mr. NJ. has given
great many interesting facts but
we question whether the following
statements, in regard to the cheap
production of fabrics.in England, do
not tell more against, than in favor
of his idea, that we require no more
circulating medium in the United
States, than is employed in a health
ful condition Of finances in England
Six years ago a wooden mill that would
have cost 81, 900, 900 in New York or New
England could have been put up-so much
cheaper are raw materials and labor-for
$500, 900 in England. Permanent invest
ments there which yield 81 per cent. per an
nun are satisfactory Here per cent. per
annum is the least that would tempt capital
to such enterprises, or that would anywhere
be voluntarily accepted. To-day the prices
of bricks, iron, machinery, and labor have
50 largely increased that such establishments
would here cost nearly double what it would
six years ago, or $4,000 000 The interest
upon this sum would be $4,000 per an
mum /; but the interest of the British estab-
ishment- $500, 900 at 81 per CENTS no more
than S17, 800. Here is $122, 500 per annum
- - r. 1l Co.
sufficient for very respectable dividends, GER
tainly, on a capital of $500, 000 Is it any
wonder that we have an extraordinary influx
of British goods, or that all Europe last year
was swept to furnish American markets?
We like to see these facts, for they
show how it is that the English can
manufacture cheaper than we can,
and therefore show the necessity of
protective duties on that which we
manufacture. But this is not our
point. Mr.. MORRILL, fixes our circu-
lating medium at nearly one thousand
millions, about one-half of which does
not properly belong to it. Allowing,
however, that to pass for the present,
he goes on to say
The amount of notes authorized to be is
sued by the Bank of England is e11 900, 900,
or S55 000 000 and the entire amount of
paper circulation III Great Britain, including
private and ioint-stock banks, as established
| by act of Parliament in 1874, was e37, ,000,-
| 900, or $751; 900, 900. Some years it has been
a trife more than this and some years a tri-
| fe less: but in 1865, strained as they We're
for capital to buy and hold cotton at its adj
yanced price the amount did not go beyond
e39, 129, 7S9. Beyond doubt the trade and
| commerce of Great Britain vastly exceed
that Of our own or any other nation. It's
exports in 1864 were 81, 54j, 600, 900, and yet
they find S165, 00O, ,009 Of paper money equal
to all their ordinary demands How is it
that it can be pretended We require so much
more?
Is it not little strange that Mr.
NJ. should tell US that the English can
produce with 100000 as much as
we can with $1,000 while their
rate of interest is one-half of ours, and
then ask why it is that we require so
much more circulating medium than
they do in England? ? We require a
dollar where they require half that
sum and where money brings Z per
cent. interest, it is certainly more
valuable, and more needed, than
where it brings only half that amount.
We have uniformly contended that
at no period of our national exist:
ence, has there been more general in
dividual prosperity than during the
late war ; and that prior to that Pc
riod, in 1860, we were anything else
than prosperous. Hear what Mr..
MORRILL, says on this point:
The maximum amount of bank circulation
at no previous time has gone beyond 1894
| 77S, ,S22, and the circulation in 1860 was
| S2O1, ,o02, 900 and that was a year of as large
production and of as much general prosperi-
ty as any perhaps in our history.
In another part of his speech he
says
The Western States prior to the war were
largely involved in debt, and they not only
paid off an Indebtedness of not less than
5000, 600, 600, but they became large holders
| of United States securities with means of be-
coming still larger holders. Up to this time
neither in the West nor in any other part of
the country, have our people asked or receiy-
ed the ancient measure of credits. Notwith-
standing the drain Of the war the great mass
es of the people are free from debt.
Now if we were SO prosperous in
1860, how comes it that we were so
badly i'll debt? Are people prosper
Gus when in debt And if we ran
so deeply in debt when we had lit
tie over two hundred millions of a
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