Delaware tribune. [volume] (Wilmington, Del.) 1867-1877, 1867-11-14

uH. HcCULLoCHp oidHFiNU 4NUt Eoo.
In another article on f" Resumption"
Henry G. Carey says Mr.. McCulloeh's tric,ds
shrek, without explanation, for " R.sumr-
tion,p and hint that if Congress lrsislates
against Mr.. MS wishes, johnson will veto
Its bills.
The New England States are urgent for
because they have more than
their share of National Banks. With only
y little more than q twelfth Of population
they have more than third of the National
currency, the average of them being about
seventeen millions. Mr.. Carey further adds
these reasons -
g Because, the large amount of capital
that has been allowed to be there invested
trading that exists in the less favored States
of the centre, the South, and the West.
Because, the channels of commerce are
there 50 abundantly filled with notes of
every size as almost to annihiate demand
for either lcgal-iendcr notes or the precious
metals! Because, but very few millions
would suffice for supplying all their needs
and because those millions would, on the
day of resumption, he at once obtained from
Treasury vaults Because being creditor
States, they desire that all existing claims
shall be paid in gold the commodity of hight
est value! Because, being purchasers at
wool cotton, and other raw materials, they
desire that the agricultural and mining
States may find themselves compelled 10
accept The lowest prces!
But, says he, the people South Of the Del
aware and the Ohio, and West Of thcs Miss
issippi, are unanimously opposed 10 re
sumption, now. These thirty States and
territories have only AN average currency of
one million each. They have two-fiflhs Of
population and ninth of the banking cap
tal. They are of the opinion statcd-be-
cause, even now, they gladly pay from two
to five per cent. per month for the use OF
circulating notes issued by E.steIn banks,
| for the private profit of their stockholders !!
Because, will, every step in the progress OF
contraction, the price Of money tends to
| rise, and that of wool or cotton tends to fall .
Because, even now, they find themselves
ground as between the upper and neither
milestone. Because, being debtor States,
they prefer to pay in the commodity that
was receivable at the date of contraction Of
the debt! Because, peing sellers Of raw
products they do not desire to be thrown
on the "tcnder mercics Of Eastern traders,
leaving to them to fix the prices al which
they will receive their products
With a population nearly as great as the
whole of the NV England States, Pennsyl-
vana has but third more than theii
average circulation Before the war Gcor-
gia had sixteen millions of capital, and
eight Of circulation. 1t has now two
of the former and one of the latter. On The
other hand the New England States, had in
1860, 81 millions capital. and "a of crcula-
tion while now ii has become lij millions Of
the one, and 1903 Of the latter, nc cilcn,a
ton h0uiag mare than hcbied Hs u IL
screen yeafs! Missouri had then nine oil
capital and eight Of circulation Now,
enormously as she has developed, she has
but four and two.
The tendency towards resumption thus
exists in the direct ratio of the presence O
those substitutes for the precious metals
which almost annihilate the demand fol
gold. On the other hand, the opposition to
it exists i'll the direct ratio of such absence
of those substitutes as makes those metals
the almost exclusive medium Of circulation
such being the case the road toward spcci,
payment would seem to lie in the direction
, of placing the centre, south, and west ~
nearly as possible in the same position will
the Eastern States, giving them notes o
every denomination, and thereby lesscnin;
the demand for gold Directly the rcvers
I OF this, however, tile Secretary insists tina
. they shall now surrender the legal tende
ia notes, and make almost exclusive use {
gold and silver. Whence, however, al
these TO come? Paralysis, caused by Urea
! sury action, forbids development Of thei
mining interests, and mines remain unwork
. ed that under other circumstances. woul,
furnish the supplies that are now so grsatl,
needed
Mr.. Carey concludes -
The Secretary is busily engaged in burn
ing the candle at both ends, diminishing thu
supply OF the very commodity by means
which, almost alone, he insists that the peo
pie OF those numerous States and Tcrritorie.
shall make exchanges of food for labor, Il,
labor for cotton, cloth, and iron. This ma,
be the road towards resumption, but to us i
seems more like thai which finds its end il
reputation.
That is the work OH which the secrctar'
is now engaged, his whole energies bcini
, given to the manufacture Of bonds for Euro
pean markets. With each successive bon,
exported there arises Il new demand for golt
with which 10 pay abroad he interest Will
each there is increased taciliiy for importing
cloth and iron that should he made at home
With each there is increased demand 10
gold with which to pay the duties. Wit
each there is a diniinution in the product &
oil aud cotton sent to distant markets.
In all times past it has been held that TIA
road towards resumption lay in the direct
ion Of diminishing demand Tor the prcciou
metals, while increasing the supply Thereof
All this, however, is u be now unlearned
the Secretary having discovered that til
n more the supply can be diminished and tn
demand increased, the sooner shall we a
tain the much desired end 1t may be thI
It will thus be reached. but il it shall be S,
Z there will be thus furnished conclusive CIV
i, dtnce that the are Of miracles has rc,urnc,