Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1869-12-10
Ihl Departmrr, Reneri..

E.roEl 9l llE SECRETARY 0E TIE IRE sURY
one ofthe most efficient mems Of Strengthen
it- the country IN It's iuluciaI relations with
other count Is is the development Of our com
;uerclI Marie. Returns show that very
large amount of foreign trade Is in English
hands. We are not only thus dependent on a
rival country for the Ieriarm4uce of business
winch 81 u't be In the h.uis % our uwn peorle
but our ability O. maintain specie payment d,
materially diminished. II the foreign trade Of
the country, both o. exports aud imports. was
carried oa 10 American ships. the earniu-.
would u.t BE- less Khan seventv-iye millions ot
dollars year. Ar present freights q foreign
trade 30 American ships do not exceed twenty
eight million, Of dollars We're trade ex.lu-
siVey 10 American hands a large part Of tbi,
difference Of forty seven millions Of dollars would
be due o. citizens Of the United States. and ptv-
able in other countries Thi, amount would be-
thus aided 60 our ability TO pay f-r goods in
ported from those countries. lf, fr example. an
American citizen purchases in New York q
thousand barrels = -four f1r s1 thousand /
dollars, and export l. 90 Liverpool ia an I.
American vessel, AMI II is there sold for seven /
THOUSAND dollars, bill 0i exchange may be .
drawn aEains; the proceeds an an invoice Of I
go0is % the value Of seven thousand dollars
purchased IN Eo-anl may he entirely Eeait- /
afci, although A. the Custom House 1t New
CrA there would be an apparent balance against
this country q one thousand d1,iAr-. But If. On I
the other han1, thousand barrels Of -four are
exported 10 81 British vessel, the proceeds OF the
-four realized in New York, and which can be
applied 20 the payment Of goods bought in Eng
land, viii he only six thousand dollars and there
viii remain an sctual balance against this couD-
try Of q thousand dol.ar-. This familiar ex-
ample shows the importance ot re-establishiug
our commercial supremacy upon the ocean, and
deem lt therefore essential 90 our pros
J arity that the shipping interest Of the country
be bos'ered, not only as a nursery for seamen.
but also - an esseutia. agency III enabling tie
government 10 institute and maintain specie
payments lt is an iuteres; also which IN IL,
development Is rs important 10 States and people
remote from the sea-c0ast a. IL is &c maritime SEQ
i9ns. Every addition to our facilities for the
Export Of the products Of the interior is Rs al
want tgcuus 20 producers As 10 merchants and
Of the coast While DO no, anti
'iptts that 1t will he necessary to delay resump-
hon until cur proper commercial position is re-
gained, am satisfied that the DEVELOPMENT Of
le navigation and shipbuilling interest will
improve the credit and rapidly augment the
seaith of the country. The suggestions have
naie ind;cate my opinion, that It will not be
wise 20 resume specie payments while so large a
part pt the interest bearing debt Of the country
= represented By fve-twenty bonds. and held hv 7
European merchants bankers and manufacturers /
Questions that have been raised in regard In the
ia'ure Of the obligation assumed bv the
government in the issue Of these bonds
ave undoubtedly deferred many persons
rom purchasing them IS q permanent ~ .
Investment, and consequently they are largely
'eli IN this country ami in Europe for speculs- ,
ave purposes, by persons who design to put
hem upon the market whenever the advance
maui furnish sufficient inducem-nt,s Tor when Do
t'ca' or financial disturbances may create a de-
land for money for other purposes. lii pr
able that from seven to nine hundred millions ;
these bonds are row held in Europe. and tos
considerable extent by persons who will disrose !
I them under the influences 10 which have re- ,
'rred SUCH panic as existed in Europe in ,
500 AZ the opening Of the Austrian and Pms
an war would be likely TO induce the return Of ,
suihcIent amount to this country for sale to !
abarrass business, and IL case of resumption
cause the suspension OF the banks IL is
'erei0re, IN my judgment, essential that the
-rger part OF the fge-twenty bonds be with 4
iaWn, and that other bonds be substituted in h
,eir place, issued upon terms and conditions :
hen admit OF no doubt. In fine, the practical +,
lestion Is not merely the resumption Of specie \
lyments. As a measure by itself, it is not a fl
at; but the problem - 10 resume under sucb !
rcumstauce> that the p1sition can be maintain b
/, not only IN times Of tranquility. but also in N
srio-l, of excitement ana peril Our course. il Il
Ems TO mt Is plain. Every measure Of the :,
'Nernment bearing upon the subec: SHOULD tend z
appreciate the value Of our paper CIR !,
ncy. Il is probable that some decrease Of the !,
.lme Of paper will ultimately be necessary. 81
I'd therefore respectfully suggest thar a.
e Secretary Of the Treasury be coihed " tn "
tnorijy 10 REFUGE the circulation Of Uniteg -
etes notes O. amount nor ev.--lir.- t.o
'llinu' "f dollars 20 any one month Thus will y.
e country be brought griiutlly, it may be.
RI Yet without disaster, into cJLdi.ion when a,
2 resumption q specie payment viii be easy. q,
nuj unavoidable. -
On the lst Of December. lSGa the principal Of 81,
E public debt Of the Uuited States, not deduc-- i,
z bonds aud cash on hand. amounted to ,it
. ,tu5, 2s6. 1s9.s2; Of this amount the sum Of
~. ll3, 2jS.j0 is represented by ; notes
Tearing interest The larger part 81 This is an
slied for circulation, bur the amount can be ~
iuce1 from the ordinary revenue 81 the coun- =
if Congress shall consider Il eIgeiient 10 al
Ike provision for such reduction. The frac- III
nal currency IN circulation SIS. S., Dot eA'
and there Is no occasion Tor any legislation iui
reference TO this item o. the public b.. ln'
ere were Outstanding, als5, Certificates fer Vt
] deposited in the Treasury 20 the amount Of the
{, sG2,q40 Thee certificates are reieemabls se'
presentation These three items amount in 90
aggregate to S43l Sol. 763.lS. and in max Re
provision for the public debt they are not IL.
essary TO be considered. 7
)f the loan Of Jan. lst, 1861, the sum Of an
.O22 900 is outstanding and payable ON TIE 90r
; Of Janu'ry. ISL The loaa of 1865, of g2I
,, 900, 900 is payable in 1919. The bonds IS,
,wn Is 1910 bonds, amounting 70 S1gt -
300, are aot parable until 1874. The six non
cent bonds, payable in 1881, amount 10 r,s,
IS $1,000 A. the bombs known as sis ser,
lo-4'-, amounting in the aggregate 10 81.
'o,2ii, 800 are not due ant cannot be uaid as.
'ious to ls74 and 1881. it Il unn, ee., ary TO on
'ider them IN making provision for new clu,
/ Inc o--os bonds, amounting in the sg- exc,
90 90, 70 % .IVo, are either due, or est
-: uue' IL l. To this class Of the thrs
nc debt, aud this alone that at;enfion sho,,d 49,,