The Fremont weekly journal. [volume] (Fremont, Sandusky County, Ohio) 1867-1877, 1869-12-17
THE THREE PER CENT.

On the 8Oth of June, 1868, the
amount of outstanding three per cents,
and compound interest notes convertible
into three per cents, was $7l, ,604, 800;
on the SOth Of June, 1869, the amount
outstanding was S54,99I,4IO showing
a reduction of Sl6, 6,6l3, ,4sO in that form
of Indebtedness. On the first Of Dec,
1850, the amount outstanding was still
further reduced to S44,7i6, $50, show
ling total reduction in seventeen
months of S12, ,sss,74O. The three per
cent, certificates are a substitute, TO q
considerable extent, for United States
bonds, being largely held by the banks
as portion of their reserve, and thus
indirectly, though not to their full no
minal value, they swell the volume Of
currency. / recommend that provision
be made for the redemption of The three
per cents within reasonable time; and
as compensatiug measure for the re-
duction in amount of currency which
would thus be caused, that authority be
given to grant charters for banks in the
states where the banking capital is less
than the share to which they would be
entitled, to an amount not exceeding
35O,00O,000 in the aggregate. The
redemption of three per cents and the
additions to banking capital might be
50 arranged as not to produce distur-
bance in the finances or business Of the
country, while additional banking capi-
tai would be supplied to the sections
now in need oft, and this without any
increase in volume of circulation.
THE COMMERCIAL MARINE.
One of the most efficient means ol
strengthening the country in its fiusn-
lcial relations with other countries is the
development of our commercial marine.
THE returns show that a very large
amount of the foreign trade is in Eng
llish hands. We are not only thus de-
pendent upon a rival country for the
performance ofthebusiness which should
be iu the hands of our own people; but
our ability to maintain specie payments
lis materially 'diminihsed if the entire
foreign trade of the country, both O.
exports and imports, were carried on
lin American ship the earning would
not be less than seventy-6ve millions Of
ldollers. Were the trade exclusively in
. American hands, a large part of this
difference of forty-seven millions Of dol
HAIRS would be due 10 the citizens of the
United States aud payable in Other
countries. This amount would be thus
added to our ability to pay for goods
Imported from those countries IT. fol
lexample, an American citizen purchased
liniNew York thousand barrels of foul
lfor Sc, 900 and exported it to Liverpool
lin an American vessel, and it is there
sold for $1,000, bill of exchange may
be drawn against the proceeds. and an
Invoice of goods of the value Of $1,000
purchased in England entirely liquida
tied, although at the custom house al
. New York there would be an apparent
balance against the country of $1,000
but if, on the other hand, the thousend
barrels of1our are exported in Brit
ish vessel the proceeds of the flour re
! allied at New York, and which can b.
applied to the payment Of goods bough
: Iil England will be only six Thousand
, dollars, and there will remain an actua
balance against the country of thou
sand dollars. This familiar exampl,
shows the importance Of re-establishiDl
our commercial supremacy upon tn
the ocean, and l deem it, therefore, es
sential to our prosperity that the shiPp
5 Ing interest of the country be fostered
mot only as a nursery for seamen, bu
also as an essential agency in enabling
? the government to institute and main
/ tain specie payments. 1t is an interes
: also, which, in its development IS a
: Important to the states and people re
mote from the sea coast as it is to tn
D maritime sections. Every addition T.
t our facilities for the export of the pre-
8 duct Of the interior is as advantageou
to the producers as TO the merchant
0 aud ship builders of the coast. Will
+ Il do not anticipate that it will be nece
If ssry to delay resumption until our pr
ot per commercial position is regained,