Year: 1865

:. prices IN general can fall only as the cur
I, rency is ourtailed, all will be well. Price


"ouid SO down gradually as the currenc,


was called in, until the specie value wa
reached, and then trade would move or
In Its accustomed channels But it will
not pe So Changes will be ftful and VIC
ient' because so many persons will be un
reasonably alarmed.


But we have already said that after this
panic their will be a reaction. To wbo,
point the returning tide will carry prices
1t is OF course impossible TO say. MANY
not without reason claim that the effect.
oi the imitation will then be more decid ed
Than ever before. They reach this con
oIusion in the following manner The a.
mount OF currency aaoat is about one
thousand millions. Much of this saw
they, is now necessarily used in the vast
transactions of Government, and will be
so long as its present rate Of expenditure
is continued. Peace, however, will work
great change; the currency thus emu
ployed will be thrown out of use, and
when its occupation is gone, it will sim.
ply drug the market and force up the val
ue of all commodities This conclusion
is undoubtedly correct, unless there are
counteracting circumstances. Will there
not DO another field for this currency in
such a contingency Will not the States
now in rebellion absorb as much as will
thus be thrown out Of use? We do not
undertake to answer these questions, or
to decide what will be the point prices
will reach after peace. That they will
fall greatly on the first announcement,
and will again rise to at least about their
present level must be evident to any one
acquainted with the laws regulating cur
rency.


WHAT, under such circumstances, should
the merchant do who has large stock
on hand and a good list of customer:
whose patronage he desires 10 retain? We
reply, let him not be unduly frightened
Let the first shock be met with frmness.
Those who are greatly scared will doubt
less take the first sales by making a great
-nduVs'~--, - 80 q L-.- ..-.. -,
ken in so doing, because they will not be
able TO replace their stocks at the rates
at which they have sold. The price Of
gold will doubtless recede very much on
the news Of peace but will certainly ad-
vance again after the FIRST impression has
passed by, because it is measured by our
paper currency of The country, and that
is so greatly redundant that anything like
a normal price for gold or ahy other COM
modify is impossible. There are two ex-
tremes, then, to be avoided in the emer-
gency contemplated. One is holding on
too closely, the other selling oifat two
great reduction, Most persons will take
-. latter course and suffer unnecessary
loss, while the nvre shteWd will make
fortunes by purchasing mHrcn2ndise th"s
needessly sacrificed.


Prudent men will operate under such
circumstances with great caution, because
they will have in view the fact that prices
must continue 10 decline until the cur
rency is Withdrawn, until the bottom is
reached. They will, therefore, hold as
small stocks as practicable ; they will not
cease their operations on account OF pri-
ces, but carefully watch the volume oil the
currency and govern themselves acc0r-
dinghy.


When the war commenced, many very
prudent persons stopped their purchases,
and laid still waiting for "better times
Such have made nothing during the war,
and will find themselves poorer at the
end than at the beginning of the contest.
Others went straight forward, buying and
selling, and have secured fortunes within
the last four years.


Business men, who have valuable
trade, should hold on to it. That they
will generally make great profits for some
time to come is not likely, because we
must eventually descend in prices to the
normal standard, but in the meantime
active men having tut ure before them
would not be wise to relinquish thelT
trade. Nothing is more certain than the
wonderful career of prosperity that awaits
us. five only secure nationality and per
manent peace; and those who are IN 70
sition to take part in the business OF the
country will haze the best opportunity
, ever yet known for wealth. Hence the
importance of passing through the trans
ition from war to peace, in such mannei
as 10 be prepared for the tide Of prosreri
, ty which awaits us as people. Our man
ufacturers, especially, must start into new
. life and vigor with the termination of the


war Tho demand for cotton Foods, iI