The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1872-12-12

! to better financial condition. We may count
first, among these, an increase Of population and
its distribution over new fields OF business and
labor secondly in the South, especially the num-
Der of persons having property, using and hold
ing money, will increase. Next, we may antici-
pate more general use of paperin Texas and the
Pacific states, by which practically, for the rest of
the country, the volume of paper will be diminish
ed aud the quantity of coin inc eased. Two iac,s
tending to produce an equality of value in the
influence ofthese natural causes will be counter
in ssns degree by the increasing facility for
the transfer of money from one point to another,
and BY the greater use OF bank checks and certif-
Gates of deposit. The rapid transit of merchan-
disc, IN bringing the period of it's consumption
nearer the time of its production, is an agen-
cy OF similar Sort
Giving these views their full weight, / am pre-.
pared I" gay that the experience of the last three
years comedies with the best judgment can form,
and warrants the opinion that under the influence
OF the existing natural causes our financial condi-
ton has gradually improved. During The las t fis-
Cal year there several circumstances of an
unusual character tending to counterfeit the nat
ural course of affairs. Our exports of cotton fell
wool, tea, coffee and lgar The stock of wool IN
warehouses on the Both of June was sufficient for
Six mon MS consumption OF sugar for four and
half m nths of coffee for five months and of
tea for twelve months III the ordinary course OF
trade, the importations of these articles will be
small during the curren year, with a consequent
favorable effect upon the balance between his and
other countries. This anticipation of the wants of
the country in connection with the decrease of our
exports, augmented the balance of trade GRATED
an active demand for corn, and advanced the
price Notwithstanding these adverse influences
gold has averaged substantially the same premi,
um from January 1st TO November let of the pre-
sent year, and for the corresponding period OF
1877. Notwithstanding that natural causes will
in time produce the result sought, it is yet ad-
Ysahle TO bring the power of rhe government in
aid of the movement as soon as practicable. The
revival of our foreign commerce is one instrument
tally, and perhaps the most efficient one of all
If he annual earnings of American vesseIs were
4sOO 900 instead Of $4,000, 600 the difference in
the amount of exchange available abroad would
meet large part of the adverse balance in ordinary
years. The experience Of Europe ends to show
that the ability OF the country maintain special
payments, is due largely TO the condition of it's
foreign trade. Next, every measure which in.
creases or improves the channels of transporIa
tion be ween the seaboard aud he cotton and
grain-growing regions of the county, or lessen
the cost of frIeghts, adds something our capaci-
ty to compete successfully in the mark-ts of the
wor d Finally those measures which encourage
American manuf ,ctures, especially of iron wool
and Gotten and discourage the impor alton of like
products, affect favorab the balance of trade and
help Cs towards the end We seek.
This statement. in the~e parts is general state
ment of policy ia at in my opinion, will aid the
country in reaching condition wnere it will be
p actlcahe to resume and maintain specie pay
ments. Anticipating that day. / anticipate also
that the burden of resump ion vii rest upon the
banks in the country, and cannot imagine con
dit on of things more favorable for a eriod of
years as to enable them at all times to redeem
their rates In specie only Without proceeding to
the discussion of the subject in detail 1 think all
will have been gained that s of value when the
Treasury shall be prepared to pay the demand
note| oil the GDverumen; in com, and tn banks
thall be prepared u pay their notes either in coin
or Ia legal tender notes and then our good for
tune will clearly appear in this. that our paper
cure cy is not exclusively OF national bank no tes
nor exclusively of United State notes
(Signed,) G s. BOUTWELL,,
: Sec'y of the Treasury.
To Hon. James G. Blaine, Speaker of the House
Rep e>entaIives.
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