The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1873-12-18

sA~S P~~llO AAbOlCSGS WILL
30 better served thereby will bring equal
'ressurs to keep the issue down to the
minimum. Assuming that it is the ssttled
policy OF Congress, az declared IN tho act
# June 80, 1864, above stated, that tho
;ctal amount of United States notes issuad
mo to pe issued shall never exceed $500
100000, ana Of opinion it would be neces
'ary to require the amount in actual cir
"a Iation to be kept up tn tue maximum
DR. to any amouat above the present mini
mum. The Treasury depending prlnci-
pa)ly upon The receipts from customs and
internal taxAtion, without the power tf
borrowing or otherwise increasing its re-
Eourcss, with liabilities creassd by Con.
gressional appropriations which must BIO
met IN currency 20 the extent OF nearly
$780, 100000 year, ought always to have
q large reserve upon which it can draw to
meet the ordinary demands upon it In
case of emergencies, when tho revenues
su ldenly and unexpectedly diminish by
reason Of . national calamity or financial
Infringement, which, frsm tins to time,
are liable to occur in all nations. Such
reserve is also rendered necessary by the
fact that the fractional currency author
lied to be Issued to the Amount OF $780,
1000, now in actual circulation to the
exteat of raore than $40.00o,oe0, is re.
deemabls in United States notes st ths
optioR of hsldcrs. In order that there
may be no Misunderstanding as to clr-
culnataacea under which the amount be-
tween the minimum and maximum may
be issued, and that it may rot be issued
fer the purpose Of initiating the paper
currsncy of tbs country, l recommend
that it BIO declared reserve to be issued
mpsrarily when ordinary demands upon
the Treasury shall require it, aad in pay
ment of such demands, and for the res
demption of fractional currency, the
amount 80 issued TO be returned to tho
reserve as seen as the condition. Of the
Treasury shall warrant it, and that the
purchase of bends shalt-be forbidden so
long as outstanding Uaited States notes
shall exceed the minimum fxea by the
act OF Feb. 4, 1853. I believe that such
q reserve, so restricted, would be proper
ana reasonable protection against any
contingencies whereby tao reserves ct the
country might temporarily be dismissed,
and weald give ne reasonable cause 10 fear
permanent iafatien. As it ought not to
be the business of the Treasury Depart
meat to increase aud dimiAish the amou3t
of l.gal tender-netss from tins to time
according to the condition Of the mensy
market, and for the cole purpose Of affect
ing that market, 1 think it wsuld be un-
wise to authorize the reserve to be Issued
except fer the purposes and ia the way
which | have suggested.
FOREIGN TRADE.
Tie balance of trade N merchandise
has been largely against the United States
fer many years, and the country has ak
ported during tbs twenty years Snding
with ths last fiscal year, gold and silver
to the extent of moro than $1Oe,OOo,soe
over and above the amount lmportec :
Far some months past, especially in Oc-
tobsr and November, the expert trade in
msrcha ndisc has greatly Increased, and,
owing to the disturbance Of fnEncial af-
fairs and otner causes, the Importation OF
goods are largely diminished, So that the
balance Of trade at present is ia favor of
the United States, and gold and sllFer
have flowed into the country during the
mast two months at rate mere rapid than
ever before, except in 1851, when for the
whole year the excess of imports over OK
ports waa S16,549,SS1, and. for the past
twenty years there has been NJ other
single wear in which there has been an
excess of imports of gold and silver ever
exports. This condition of tie carrying
rade with foreign countries, though ex-
hibiting large adverse balance, shows
some slight gains, with prospects OF still
further Improvement. Of tho experts
and imports during the past year, ~ per
cent were carried in UnItsd States vessels
gain ef 3 per cent over the previous
year.
THE INCREASE IN SHIP BUILDING
IN this country is decided. Numbers