, 1869-11-24

: Fal1e fot duties on imp0etA Il remA1oed II pai
ahul s1coeAstve EMISSIONS depressed ii yafrn
5ns anoant IN csrea,as,on Id 1sss Wa aooui
{7,son 600, and The nAfket value was pzr,
ln 1853 TIN amount h4ned VA 3l5+45ntoon
ata No Tslue Of tho pzpet dollar Declined ta
cent?. FFom 1sz to 1853 additional -tssnel
q fHentI.foor naillionl wess male, reducing the
Wins TO ~ csnts. In 1s4d new ts31e o: tWelte
Ea1sons ofuc2ht the value Of TIE dollar do1n to
" eent No further etataaton sook place unul
lst1 and tha dollar AdTaacad IN va1ne to cents
erS IN 1s+d II issue Of seventy. i've ua1llpu4 NJ
MADE, reducing tte valne to about * cent?, the
rtoae 2nount n circulation beng aoont one nan
,,-Ine ens.aaaons N 1855 and 1855 reached
,! nul!onA. and the sAlue noctuated rapidly. Ii
lsS ph1 Of burning stated 1moonts Il nxed
dest1oyed Ehica advanced the rai1e to $ centa
at which Il remained With slight changes for !
oex psod ~ IN lsa u es1,ss'on ot $ millions
depreciation took place In 1851 u Wnlca Jcar i00
millions addtttonal xerr tssued-
1bls An Je1x lAW WAS passed declaring
= as resorted 10, Nhlch nas continucd IN to Sec.
teGbeI, 1859, The amount de4tsoJed petpr aarN.
W Tue circulation 1efs amounted 10 $50 t0o, CO..
4snnF EmeIs1e e epsealatons then soFnpx up IN me
teen m to's country. Many schemes we're oro-
p9tso, sr !ans pa.sed 70 remedy the difficulty,
Getetnhed 70 estao fah the price al four cents to
the do[las, II which any holder could get goH .os
paPef OF paref icf gold nt the established ASenc
uAA Las ApW CQoIlnntG ntAflY tour ftAl1,
without cnAtRe or any important run Oh the
agency. although during this per!od the war WITH
l1aSnay nAa been progressing, aud, At times,
most unfafurAbsy, ana also during this period al
ef0Aofdit a1y decline h41 taken place IN the yaue
Of WOOL Inc great export staple OF the country,
c0r&loS E41s failnrca a1d muca comMesri1l
tsoa:le coupled Etth large exports Of gold.
II nat been tc0nd there "a 1t would no doubt
~ found hef-, u = liked price were established ii
Nnish gold and paper coakd pe exchanged At tne
Treaaur1}. that II el.hef OF these commodities
uere brought to any unt.3al extent to the Treas.
CzJ. scarcity Of 1t 10 felt II the markeL which
speedily cheeks The onefslsonB and restosea the
Lorrnai balance,
"a stamp tax OF one tenth Of oue per cent On
the amount Of cutrenci Inrioyed Il each t1an3ac.
tiOn would, no doubt, mere tnan cover the ex-
recses 1t cuEret b. the fIe44Or!. and At the same
time check unntcs.AATs efchAnTes. The estAo-
ltfhttR OF pr.ce Ut Whch the Interchange OF gold
and paper couid be at a3y Ule made wQn.d eaAoIe
commercial men 10 receive ei'her lndl1tre1.lF fat
the pI1ce} IN retirement Of accounls Aud but a
Es1 limited portion Of the gold now bought end
rod would 10 brought 70 Ile llea4ufT fpf ex.
ehatGe, while the important ee1euI Of specula.
tfon would pr entirely eliminated.
1t HouIds dHuotIeas, ne Inconycnent to have
6nch tr1na5efS made 1t other POINTS than New
f0rk, bus with the exlatiDg telegraph aysIem tue
prce Of gold in any other cits would h4fdly VARY
more At aoy time than the express charges on !
transfer. Sho1ld It be DEF med advisable to re
ceiyc onlJ the gpyernm ent issue Of notes IN ex.
change for the gold, It would hare an Important
tu1neLca IN checking lnuAsiun on the part Of ihs
t4nAA Respectfully, 5o1t obettteut servant,
''EDw. F. Dlv1sof."