Carson daily appeal. [volume] (Carson City, Nev.) 1873-1877, 1873-10-23
Mr.. BOUTWELL, ON THE FINAN.
ClAL QUE ST1ON.


of the 1'r, asu:y. deliver, Il one oi a cours
of lectures un Finance, and th. pan;
and its remedies" Judge Edwari
l'ierrepont presided and Introduce liz
lecturer. OF the i,l.; Of having pal-
cnrr-n,y brought to an equality III valu,
/ with coin, NJ. boutwell, said: Il max,
Il distinction between the resumption q
specie payments and the equalization %
tiie Collin. REAL Waite OF paper currenc,
In this country with C.. III. The consIi.i
alton of the latter Is moir inn ortaEt
than tie actual resumption ui s..e.l.
| payments. witch l do not look ul. IL.
praciic abl- OF i, si..ille 1t is hot bra,
hc,h!e that til. hal. Ks shall r, sumo sttci,
pay nHns: hut til. Governs, Iii, /. xIect,
viii, II the i.lk> are II quItet TO J, de, Il.
their cuire:,. Ia l. sal end, r. or specie.
Practically VI shall have Iesum, d. ioi
the banks AIS VT Ii us the couitr, al, pass
Iis through severe iiiat,sI,i crisis. and
l propose t. deal With some of III
CAUSES. FI.>t, we have !, p p, + .n,,
If more riian S7Uu UG,. ina, Il il pos
sib,e, l think. iu -, whether hat cni-
r-ncy Is IN .X.rs> or Gt,,;. Tn. re. ar
these who deinl.id "a contraction :tS It
Inc as OF re>unIiii;; sin Gle ia. meals, AID
fnt>r VINO dsi:iaili an eAp.ri>I,Ii. as 1
do, fer the I'nspese "f icii. ,Ing III.
country from the Present e .iIiition ri
things. The suspects Oh Of sp',it pay
meht> Is due to three crt.s,s $: TIE htsi
Is rather IA coii>' "a. nee u! ili.- two w;lsi.
follow. GA the depreciation at the
credit OF the country III 1863 the c,iti
bonds o: the UiI;s Il States I'glncig.:ii
and interest payable. III C, IN. were. l,Ie
worth - CeLis on the. 100, or were, AZ !.
discount OF IS or 20 l.tr eei.,. and II.
Of t.ie country were hot pay
able i'll coin. During the. Lust four years
this has been n.,iIcd as to interest
bearing otilg'iiiols. they being III par ii.
this and the chief tinanci,l countries oi
Europe. l wish to corr, ct all error ar to
their value A few months since when
the French loan was put upon the mark, |
our bonds Were Tor twenty Years. The |
French five per cent bonds W, re- taken in |
excess of the amount offered, While ours |
were subscribed for in moderate sums
The difference was that thu ir bonds were |
put into the hands OF bankers at eighty
three Or elgbfy-fOur cents on the dollar |
and sold for eishty-four or eigGty-f
rt nts, while ours were sold ut lUU cent
IN the dollar, and there Was un element
)f speculation in theirs which did not |
inter into ours. Another circumstance
rhich has contributed to the present
condition Of things was the excess of the
1olume of our paper over the actual
wants OF the country. Daring the war
PAPER money was issued in vast guam
lties; and while no one is able to state
automatically the law of r. lation be-
we-n the volume of paper money that
may be circulated and aliC~ specie pay
nelts to be maintained, yet ulquesiion,
IDLY there Is such a law. You may carry
paper currency to certain
,Oint. but beyond that you can
rot maintain specie payment. Take
mr. volume of paper to-day and 10
me CAN tell Shether it is in excess of
hat amount, for a third reason. which
5 that the balance o: trade has been
Saii,st us largely for many years. We
lave not considered our losses during the
our years of the late war the losses of
he cotton crop and the withdraw al by
he North from active pursuits Of mil
ions OF men now producing in the field.
"a all previous experience the failure of
a.hks to maintain specie payments WAS
Ge to traIsi Ut causes but the inabil-
y Of the country to resume and main
AID it to-day it is due to the tx ,
',istiOn OF the late war, followed by the
IN ,c.s,o and Boston calamiries, ky
hIch millions of dollars worth of prop
rty were s.rpt away. The present year
bt tier financial condition. at
..st between the trade of this aud otler
DGntries. The n"n-specIe paying
,nutr,es Of E ,rone-France ant Aus
'Ia-go on for years without specie .d-
ai,c'ns t" high pr, miuEis, because the
aiture at Trade between them and other
,untries has been hardly ever against
lenI, while the balance of trade has
ren iar.,, ly against us since the com
.eHceM.nt ot the war. Another fact to
E taken INTO account is the large specu-
tions Ia gold Ill Wall street, based Oh
le actual demand for So, OcO. Coca week
II the payni, lit cf duties. The balance
against us IL our foreign trade and
Amt III ths.t Ii Is no, possible 10 resume
rct..In Specie payments Until the bal-
Ice of ir;:ie is little or Iothic, aCiiii;s;
!. Laye no !alrh il ANY scheme for
sump,ion; but l have IN IL generous
'mp.eLru>,v- public policy, toy which
e ln,iua,iy Of the country shal! be de.-
op..i, its resources multiplied and its
paeIiy to SIMPLY foreign countries With
Ilcies y: prosiictien increased, SO that
,. dcm.,n,, Tor gold to so abroad shall
mt 10y - dem, nd for gold to so to the q
..iieu States. hope We shall resume.
ri that " hen We do it shall last for q
Il time. Il
Ths Grse.. Murder.