National opinion. [volume] (Bradford, Vt.) 1865-1874, 1873-11-14
''Knickcrbockcr,' in . letter TO
the New York Times, deals with the
financial question as follows:

the New York 7imes, deals with the
financial question as follows:
ado what the Bank of England
may, slie cannot materially check
the export Of specie to the United
States. She may strengthen her
self mt the expense Of other nations,
or at the expense Of her own mer.
chants, who are not any more free
from the fault Of Ovcrtrading than
ourselves, bur she cannot affect our
condition, Tho balance of trade is
In our favor, and must bc paid for
with some Of the coin which wo have
been shipping to her with such q
lavish hand. Between the first OF
January and the first OF November
we have exported over forty millions
Ofspecie this year, and We have o.
yet only gotten back about fifteen
millions Of this sum. The opportu-
nifty il now Ouis, il Wa choose, to
scizc II. The centre Of trade tor
American transactions with Europe
can be not only temporarily but per>
mancntly held in this country il we
arc wise. II isalready here il we do
not again let it slip from US.
Europe takes from us articles OF
prime necessity. Her population
must be fed. There is no such now.
er of contraction of consumption as
there 10 in this country. Witness
1857 when the New Orleans sugar
crop failed in this country, the con-
sumption fell of under the advanc
ed price, from % to 30 per cent. In
tho same year, though one of wide
spread distress in England, tho en-.
tire consumption only fell of from
to % per cent, about one weeks
consumption, under equally high
prices. And ifthe great consuming
class cannot cut Off their cOnsump.
ton of sugars, so nicely is prOduc.
ton and consumption balanced in
Overcrowdcd and ill.fcd England, is
it supposed that it will SO short OF
bread
Let us only stand still. Let ms
make place in the circulating me,
dium for the coin arriving so soon
AZ it reaches par, which will he in q
very shOlt period, and while our OK.
ports 60 forward as best they may
under the difficulties which trans
fer of the point Of exchange always
causes, let us see to it that no stim.
illus be given by easy money to
more than necessary importation.
Let us take courage from the his.
tory OF the past year. Since the LIST
Of January we have diminished our
Imports Of merchandise by tho SUN
Of e34 800, 434, and have, in the same
period, increased our exports by the
sum OF e55, $40, l00-in all gain of
90, 2O0,92l. BY the close of tho
year We shall have increased this
gain to eloO,0OO,OOO, ard we are
drawing specie besides.
1t depends on ourselves to con.
tinue this course and it can only
be done by holding our circulating
medium at its present point, and
gradually strengthening it by the
withdrawal of paper and the intro.
ductl0n OF coin when gold shall float
ut par. Money remaining dear, we
can keep coin as wo have, and with
our annual productions in addition,
may IN a short period permanently
establish our currency on q sound
basis. by no other plan except by
direct contraction, which would be
cruel because unnecessary, can the
advantage now open to us be SO.
cured. 80 only may We now recev.
rr, permanently, ~ a country, the
true standard Of value.