Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1879-03-27
Correspondence Raleigh News.]
The Financial Situation.
TnE Views OF Col. WILLIAM JouXsToS, OF
CHARLOTTE.

CHARLOTTE, N. c., March II, 1SI9.-Your
favor asking INC to give you my views on
tho financial situation Of the country nnd its
future prospects" is received and hasten
to briefly reply. Our country Mt present is
in peculiar condition. Owing to the rapid
contraction and forced resumption OF spccic
payments. the entire country has passd for
the last four years through nm ordeal hitherto
unknown. Nearly all values have diminished,
property has shrunk, labor has been de-
pressed, and gloom and dcSpondcncy have
hung like pal! over the land All industries
have suffered except that Of the banker and
broker, who received their discounts. The
industrious and cnterprising. who borrowed
capital to create new enterprises, generally
became the victims Of high interest and the
shrnkagc in price Of property. Hundreds Of
thousands Of honest men have in few wears
past been made thus to tread the rpad Ia
bankruptcy. Capital had become turned
from these courses and hid itself in secret
places This was the condition oc things on
january lst, when resumption took place,
and to q great extent still exists. Bat the
Indications are Frightening and the prospect
Is decidedly more cheering There is no
doubt bnt that the bottom has been reached
when contraction ceased and paper and gold
came togcthcr to be OF equal value it was
manifest that the crisis had been reached and
that The down grade Of depression and ruin
was "bon! to terminate. The country is nov
at the bottom in n transitiyc state, md as
soon as confidence is restored will commence
to assume a renewed prosperity 1t is now
on rigid economy which will greatly helm
the revival Of prosperity. Confidence in
finance is plant Of slow growth. Give i,
time. 1t is gradually coming. Hcsump.
ton ot specie payments is Il success.
With II balance of $500. 100000 Of gold its
equivalent in favor Of our country in i,s
foreign trade it could not be otherwise. But
few want specie; the m,scr cannot now hoard
it with any profs The farmer, merchant
and mechanic prefer the grecnbacks. because
they will purchase as much property, pay as
much debt, and is more convenient to handle.
The importer alone requires specie, and the
supply is more than ample for lim. Agaio.
We arc rapidly gaining specie from foreign
countries. owing to tho large excess Of our
exports over our imports. Thi. balance of
trade in our favor has to be paid in specie or
United States bonds. Tho European stock of
bonds is said to be nearly exhausted, more
than threc-fourths Of them having been re-
purchased in this country. Then We may
expect our foreign trade to yield Us annually
large amounts ofgnld. Again, the gold and
silver mined annually in this country amounts
to about S75 900. 900. and is increasing, You
will rccoilect that the price Of property in any
country is governed or regulated by the
amount Of tho circulating medium. On The
"lst of December last the currency in crculas
tion in tho United States, consisting Of legal
tcndors, bank notes and fractional currency.
was less than $70O,0o0,000. On the lst of
January, the day after, when resumption
took place. nearly $500, 100000 Of gold and
silver were added to this amount, making the
circulating medium near $1,000 100000. Of
this gold and silver there were nearly Sl5O,-
0OO,0UO in the United States Treasury, over
$4,000, 900 hold by tho banks, and $lOO, ,O0O,-
900 boarded and hid in boxes, trunks, safes,
b,nks, DC. These sums, in the treasury.
banks and hoardcd amounts to nearly 5000
0OOO00, or 40 per ccntum additional to tho
then currency, were not in circulation
until resumption or until paper bes
camo as good rs gold That in the
treasury was locked up for resumption and
that held otherwise was used rs an articic of
merchandise. 1t commanded premium and
was bought and sold rs horse or COW or any
other merchantnblo commodity. Now. it is
no better than paper money, ard will, from
necessity, perform its functions as currency
in the commerce Of tho nation. 1t can bc
uscd in no other way except by fcw ignos
rant misors who may hoard. Thus wo see
the nation has more currency to.day than it
has had for years past. This fact, with tho
largo amounts Of gold and silver being mined
and imported to pay the bahncs Of trade, has