, 1869-12-30
THURSDAY DECEMBER 30. 1869.
vHEstHALL We REsuNa9

THDRsDAY DECEMBER, 30. 1863.
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WHEhsna1h WE AeooAA
The practiA question nov before Con-
gress rrl.tiv % she resumption OF specie
payments i snah 1t be qn'ck or Slow
So long aahe people sad their financial
guides ar divided on this Question they
will Puladye1sely. The President says, IN
his metage, It would not be advantageous
to theountT to return to specie payments
immaately, if 1t were practicable to do
CO. Secretary Boutwell, says the saue
thin, even more potentls, when be ndrer-
tise, to sell gold expressly in ordor to re-
dus its price, sud get refuses to sell at nll
WIN his sales would reduce the price be-
ID 1ae. And yet since the Secretary re-
fsedto sell at 1s2, gold has R"ne IN doen
'ls4, thus showing that, while tho Sssre-
nry may aid, &c canuot withstand the infu-
enees which tend toward a decline. He
lost per cent premium on the sale Of
hls gold but he did not arrest its fall.
The objection to the imme itate, in
stnntaneous fall Of gold to par, if it could
ba Effected, is that the holders Of goods will
lose on their price There a1e two answers
TO this: Ffrsf- 1t is untrue that tho holders
OF goods lose nnEthing on their go5'i.. by
selhn3 them IN currency Of enhanced
fe'ue, unless the gold price Of the goods,
when Is thear actual value, declines. A
oeenno '1or' ~ Genus 70 % CENTS per busoei.
an'en oeea1s simultaneously With fall Of
'pe9 cent IN gold Is not decline IN sct1'7l
p1ace, but an advance IN the value Of the
currency Ii which toe pf'ce IS quoted.
A merchant who is IN debt for his goo'1a
has to pay his debt IN currency Of greater
value. but this Is Il loss On his debts, not on
lis EAlas.
IN whest and th1 gEntrs which sympa-
tb'ze with ~seHt IN price. there has heeu since
September a heaTs actual decsine, l. e., a
heavy fall IN their gold price, Hns this re-
snlts from causes wholly independent Of the
n1ctra'lehs IN our currency: ff'm Oct.
10 Lee !. the average l11ce OF ~he.t
IN Ire Aondoo market decl1Eed from
i'se- 10. per quarter. to 4Gs, 6d.,
CT IeaF'y IL per cent. The ctuss
Is aEI aren't IN me TACT thas dnf7n!; ta"*s
two months OF this year there were import
ed INTO Great Brltnin 2,l5:;, ,eoS quarters of
wleat, as against s.al4 ,s.5 quarters iu tho
sa1ne months Of the yeAr lsE;8, and l,is7.-
SAP quarters in the Ike mouths of lsFi.
Here YRS NJ Advance OF 80 per cent in the
quantity imported duzipg the tao pravions
years, csnfe ample to account for de-
CINE Of IL per cent in the price. Fr'm
this decline our grain-gro1ers woa1d
hare suffered, had tho currency
in which they took their pay re-
manned as rnnch deprecated rs it was
vhtn they sowed the'r crops. Bat, upon
the nnss Of our goods, it will he found that |
the gold prices have not fallen Indeed.
dnnng the gradusl decline Of gold, mer-
chants will often kucoeed in maintaining
their prices, md selling much Of their stock |
at the same nominal quotations, receiving
for it CURRENCY that has adTanced in yalue.
so that xhen they come to replace ,hei.
stocks they will find themselves able 10 do
go at reduced p1ices, thus mixing protit,
irstead of loss, on the decline in gold.
Only the few who arc in debit, and i've no
debts or contracts coming due, lose by the
decline md il is difficult to see how such
could lose, as they would have no resources
to psy their debss With in any event. A
bankrupt might as well "take the benefit
Of the 1ct" for large sum as a sn.ll nne,
But another source of error in those
Who would protract the procoss Of re4umn.
ton is, that it is this yery nzotrscs,on
xh5ch enxb]es all other p.iess to be o.u,ed
br that of co1d. If e,o1d ia broncht s1oxlv
doun IN mar MT the rata og s ner rant
yea, 4be vEo,e country will be distressed
i,v tia n,ocess for four yaars. The auc,ua.
HONS in co,d uill infect first. pnh.ls. than
wages, then rents, then real estate, md 30
mass. like the primal curse, upon aiI.
Durirr MI This prucess not dtop Of relief
will come from the sco0. .O{0. GOO Of cnld
which the country is nov carving, ops-half
in :he-pualic treasury. On thu contrary,
tie luss Of The interest On all this gold.
say $14.Oo0, COO a wear at least. is eouiy-
alent to ia. uuon tae ,nanstrv
of The ronr,,-r IN nar for thu 1n4nrr ,f l;,-
oto,irasr in ,ha ,,arro-,,ar.o ri , c.,noad.a
dutv
m tba cont,,,x. II mold oou,5 ,,v arv
mesns be tumbled down to mar nrecin-
;,,te1r in n month fiji, ,,oro II # cou,5 h.
dopa in n ueck or an hon,.-.br,a won,a ha
nonr- or verv lille. Of .ha decline in orices
Which il so mneh feared. For. instead If
a na,trv.f; n;,};uns of denrec;a,e,1 ,,nr-
re,cy which same of our Concress,nen ara
irving tn ret ont 10 d+,av resnrnnt;on
va should hayc IN inanr
hundred millions of the best Of all eurran.
cy, the cold which for seven years ,,ns been
stortd or hor,ht and ao,d 40 = ~ nr,,a;,,,
Jrnac;na ,ba nova,5 a,.ctr;, IT, 49,.
vonId he ;ntnsaa ;nto NJ 1ons-,ne,.s ne
,,ns;ness he .n ,ad;l;on to orr c,-ron.. ~
two bn,drad ,n7,liona ~ oola, pot .h;s !.
mi ,,, ~ .aa;t;,,, ~ e. 20 =.
,,,,-,hss;,,, -,,,,-a- - ~