Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1873-10-04
WERE THE CURRENCYHAS GONE

WHERE THE CURRENCYH HAS GONE.
While the panic had an effect to lock
up currency and greenbacks to some ex-
tent and create n scarcity at the money
centres, it is found upon examination that
large amounts have gone west and south,
in the legitimate demands of business, to
move the crops to the markets Of the
world, where ready sale and good prices
are awaiting them. Notwithstanding the
panic the prosperity of the country was
never greater than at present. Too much
haste to construct railroads has brought
battalion of spectators to the ground,
creating wholesome distrust of their
schemes as well as general disturbance
in financial matters, but outside of them
business is sound with few exceptions,
and the country is rich in products.
Facts which have been gathered by
competent and reliable authorities show
that our wheat crop is abundant, far be-
yond our capacity for consumption. that
of corn we have large surplus. that the
cotton crop is heavy and good, that of
pork, bacon, hams. beef. butter, lard and
cheese we are increasing our exports, and
that the work of getting these to markets
has begun and is in advance of other years,
thus calling at an earlier period and in
larger quantity tor money to buy and
move them. At the Lake ports forty per
cent more of wheat, corn and other grains
were received tor the week ending Sep
TENDER 18th than for the corresponding
week last year. And a similar increase
was observable at all points where such
crops were seeking market. The move
ment Of cotton has also commenced, max.
ing heavy draft already upon the mean:
Of banks.
Thus We are able to accouu, in II larg
measure for the scarcity of currency.
is not lost, but the larger part is employe
in good and legitimate business, where
is needed at this season of the year, an
whence it will bring returns that will sa
isfy the most incredulous of the abundal
resources of our country. The hoardin
occasioned by the panic helps to mai
currency scarce, but that will soon |
over. The two united were the cause
the tight squeeze which we have passe
through. The moving of the crops alou
would have created scarcity and tn
fright at the tumbling of spectators an
brokers and the sudden fall of stocks an
bonds did the rest.
The prospect of profitable market 70
our crops is of the most encouraging kind
During the last year we have increased il
our exports largely, until the balance o
trade against us has been reduced greatly
and gold begins to find its way back to u
from England, making probable an earl
resumption ofspecie payment. The crop
in Europe have been poor. SO that ever
bushel of grain we have to spare will b
needed at good prices. Last year W
were able to send only ninety millio
bushels of grain abroad; this year W
have one hundred and fifty millions t
spare, with like increase in many othe
articles of export. England will need Il
buy fifteen per cent. more than last yea
to make up for estimated deficiencies
During the last sixty days the price OF
wheat has advanced one shilling per bush
el. stimulating our producers to hurry up
their crops, also assuring us that there is
. demand for all the wheat and corn we
can supply. In former years Russia has
supplied in larger measure than the United
States the bread want Of England, but this
year we have supplied nearly twice as
much wheat to that country as Russia, and
will continue to do SO according to appear
ances while we have it to spare.
Having these facts in mind we can un.
destand without difficulty why and where
our currency has gone The demand
present and prospective in Europe for the
products Of the rich fields ofthe West, has
caused an early and general movement Of
them towards the markets abroad, creating
heavy drain upon the banks to supply
the call for money. Cotton as well as
grain is being pushed forward. The
scarcity of money thus created is in nc
sense calamity, but on the contrary is
the forerunner of business prosperity
which will be felt in every quarter of the
country, and be the means we trust of re
storing our currency to a sound condition
During the continuance of the panic gold
and foreign exchange dropped in New
York. keeping sympathy with the actual
condition of things Father than with the
panicky, causeless state of affairs thai
ruled Wall street.
TIE KEARSARGE AND ALABAMA.
The death Of Admiral Winslow calls VI
anew the history of the battle in which h,
distinguished himself. The Kearsarge hat
20 officers and 40 men, and the Alabama, a,
far - can be ascertained, about l4O officer,
and men, the greater part Of the ships com
psny consisting of British subjects Her gun
ners we're trained artillerists from the British