The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1872-12-20

Mr.. Boutwell, IL OF the opinion that this meas-
ure Ii inadequate u the revival of our decay
ing commerce. :" When" he saws "we con-
slider that nearly three-fourths Of the foreign
commerce OF the country is under foreign
nags, II II plain that there can be no consider
able and speedy change unless the Govern
ment shall act mt once. and in u liberal aud
comprehensive spirit"
The details OF our trade with foreign couD-
tries are also represented as Unsatisfactory.
The imports or merchandise for the fiscal year
ending june 80, 1872. were 5000, 595. OFT, and
dne exports, estimated IN gold. were s444 ,O46,-
700, showing y balance against the country Of
*l52, 545, 99l. The imports OF merchandise for
the year 1872 were $13, 29s, 1888 less than for
the year 1871. The exports Of wheat. -four,
raw cotton, cotton manufactures, gold and
silver, firearms, manufacture Of leather, illu-
minating oil and beef fell on $50, O66, 1926,
while there was q gain CT s6s, 767, 1872 in the
exports OF corn, furs, hides, skins, bacon,
hams. lard, leaf tobacco, manufactures Of
iron, wood, leather. and many minor articles.
There was an increase Of exports in every
branch Of manufactures except cotton, leather,
and firearms. The decrease OF our exports in
wheat and wheat flour was SO. DOC, 900 raw
cotton, s37, 900, 900; manufactured cotton,
u, 25O. 900 gold and silver. gil, 900, 900 fire.
arms. Sl2, 0C0, 900; manufactures Of leather,
:6OO. 900 illuminating oils, %, SOC, 900, and
beef, $4,000. 900. Thu statistics Of imports
show an increase of 500, 900 In coffee, 3d.
DOC. 1000 in sugar, nearly &c. 900, 900 in tea,
nearly IS, 900. 900 in tin plates. more than
al7, 900, 900 in raw wool, %, 0O0, 900 in pig
$4,000, 900 in manufactures of cotton, "a. 0OO,-
600 in manufactures OF silk, and about S70,-
000, 900 in manufacture Of wool.
On account OF an expected continuance of
the depreciation Of the value of silver. the
Secretary recommends the dlscontinuance OF
the use Of silver coinage for home circulation.
He says:
'In the last ten years the commercial value
OF silver has deprecated about 3 per cent. az
compared with gold. and its use as currency
has been discontinued by Germany and some
other countries The financial condition of
the United States hes prevented the use of
silver as currency for more han ten years.
and l am Of opinion that upon grounds of
public policy no attempt should be made to
introduce 1t, but that the coinage should be
limited to commercial purposes and designed
exclusively for commercial uses with other
The intrinsic value of q metallic cur
rency should correspond to its commercial
value, or metal should be used only for tine
coinage Of tokens rcdeemable by tho Govern
ment at their nominal value. As the depre-
citation Of silver is likely to continue, 1t il
IN possible to issue coin redeemable in gold
without ultimate loss to the Government, for
when the difference becomes considerable
holders will present the silver for redemption
and leave it in the hands of the Government
to be disposed Of, subsequently, at a loss. II
the policy should be adopted of issuing silver |
irredeemable, but whose intrinsic value
should correspond to gold. the time must
como when the country would suffer from the
essence OF a deprecated silver currency, not
redeemablc by Government nor current in the
Of trade"
The Secretary advises that authority be given |
for the coinage of a silver dollar that shall be
~ valuable as the Mexican dollar for use in the
China trade. as a means of facilitating trade
with our Celestial friends.
The Secretary presents strong arguments
against the abandonment of our national bank
system, which has been sometimes pro-
posed. He considers the bank paper and our
greenback currency the necessary compliments
of each other. II the banks alone furnished
the cnculating medium, they would be able to
increase or diminis its volume at pleasure,
and thus hold the most important business in
fercsts 81 the country at their mercy. But,
argues the Secretary, there should be provis-
ion for a certain degree OF elasticity in the
currencv, on account of the regular recurrence
Of a large temporary demand for Money to
move the crops to market every autumn. The
power to meet this demand, he insists. should
be lodged in the financial department Of the
Government. As to a return to specie pay
nents, that can be reached by relative or &C. |
ual contraction OF the currency. As the coun-
Try is not now prepared for the actual with
travail Of any part Of the circulating medium, |
he only course Is to await a growth and de-
ielopment of the country and its trade which, |
I there Is no proportionate increase In paper, |
will gradually oqualize the two kiads OF cur
This point. the Secretary thinks, will
20 reached at no distant day, through the in
'rease of our population. and the more gen.
'ral nee of paper money In the Pacific States, |
and the South generally.