, 1868-08-28
n,.nre.sion or ths Currenor.

below serenity cents, says the Sacramento
Reporter, has attracted the attention Of fin
ancaI writers to the subject, and a great
many explanations are given for it, The
radicals proclaim it as in consequence of the
declarations in the democratic platform, that
the debt shall be paid according to the terms
on which it was borrowed, and that the bonds
should be taxed as other property of equal
value is taxed. This is the cuttle6sh mans
ner of defense. We will ask the radicals to
explain, why have the bonds been at all less
than par, and why have they been gradually
falling for the past two years? We have
had three years of peace our country is the
richest in resources the sun shines upon it
is Inhabited by the most intelligent, enter
prising and patriotic people on earth, who
have shown themselves, Immediately after
most exhausting war, capable Of enduring
taxation which drew from them FIVE hundred
million dollars annually; yet the bonds of
this people aud of this-Gas~-n -As''', -a-aW-
...,.sU- or ruUUresr and their payment
secredly pledged by all parties, are far be-
low those of other Governments whose pow
erty we despise and whose stability we doubt,
and these bonds have been gradually fall
ing from seventy-seVen, in 1866, to sixtyseven
at the present time. The fall since the
democratic nominations has been but slight,
aud in the main entirely unimportant The
fall, however, is not the consequence of these
nominations, but the consequence of radical
misrule, the general depression of business,
the cob-work reconstruction of the Union,
the threatening state of society at the South,
aud, Gaping the climax, the showing by
the Secretary of the Treasury that the debt,
Notwithstanding the enormous taxation, is
gradually increasing, having advanced from
s., 800, ,52S, ,827, in May, to 50, 2,523, ,534, ,480
on the lst of August-an increase in three
months of S23,005,653 All these causes
for the depression of the currency may be
comprised in the single expression-bad gov.
ernment. The bad government has kept the
bonds at disgraceful discount, and contin-
ues to depress them. Let such a misrule
continue, and they will go down to the con.
dition of the Confederate money at the date
of the fall of Richmond. The establishment
of negro Governments at the South, the rob>
bing of the whites and the transferring of
their property to the blacks, while these are
fed at the Government expense, have crushed
the life out Of that section, and our Union
presents the appearance of body of which
one half is paralyzed and dying, while the
other is struggling to maintain life. In this
condition there can be no health, nor vigor,
nor prosperity. Because Of this the business
of the North is bat a fraction of what it form
crly was or should be. The receipts of the
revenue are far below the calculations, and
the port of treasure far above 1t is for
this unhealthy state of the country, the in
creasing debt, the stagnation of business and
the demands of Europe for specie we are not
able to spare, which sends gold up and the
bonds down. Cure the body; let it have full
life uubind the ligature which paralyzes the
Southern limb of the Union, and no longer
compel the North to support and drag it along,
enfeebling all when all can easily be made we'll
Do these re reestablish the Government on
the basis Of the Constitution 4; give US a Gov.
ernment of certain stability white mans s
Government-the world will be reassured in
its confluence the body polite will be strong
and healthy business and prosperity will be
resumed the burden of debt easy to bear,
aud American securities become respectable.
To show the decline Of business we give the
value of imports at the port of New York
for the three similar periods of 1S66.67 and
'6S. In the first six months, of 1866, the
value of imports was S163, 100000 in 1867
sl35, 500, 900, and in 1868, S127 600, 900,
showing falling off of upwards of seventy
millions annually from what it was two
years ago, and corresponding decrease in
revenue receipts. This decline of business,
the light receipts of customs, the great ex,
port Of gold, the expressions of the internal
revenue system, the consequent difficulty of
making payments, and the increase of the
public debt, are causes sufficient to depress
the currency; and the reason given by the
radicals, that the promises of the democrat
ic platform cause it, is most pitiable and
contemplate subterfuge.
|
THE BRANCH RAILRoAD.-General G
NJ. Dodge, Chief Engineer of the Union
Pacific Railroad, with a corps of assistants,
is now engaged in surveying the line of the
branch road to connect the main trunk with
the Columbia river. This road, without
doubt, will be built within the coming year
and it becomes vastly important to our people
to know at what point it will strike the
Columbia river. In brief space of time
Gen. Dodge will reach this end of the line
and then all speculation on this question
will be set at rest. In the meantime oul