Year: 1863

Prosperity OF the Country.


The recent upward movement in various rail-
road stocks, the steady, moderate price Of gold,
and the prosperity Of our commerce, indicate
good and healthy condition of our finances at
moment when the Southern confederacy is
bankrupt and it, monetary affairs are involved
stocks since the beginning Of the war is the
most wonderful fact in the history of finance,
and still the prices continue to RISE These
stocks have advanced on an average fully three
hundred per cent. For example, the Erie for
merly sold for five; It Is now one hundred and
twenty. The Galena and other roads Of the
same kind, which were down to thirty and
forty, are now up to one hundred and thirty
and one hundred and forty. The Harlem Rail-
road, that nobody would take at six, has risen
to one hundred and seventy. Why have these
stocks been thus raised from the dead? One
reason is that the enormous circulation and
abundance Of money, owing to the vast expen-
ditures Of the war, have inflated prices of all
kinds. But another reason is the tremendously
increased earnings of the roads, Formerly the
average receipts Of the Erie Railroad were five
millions; now they are eleven millions. The
receipts of the New York Central formerly ave-
ragged seven millions; now they average eleven
and half millions. Formerly the Hudson
River never could pay Its debts; this year it is
making thirty per cent. The Fort Wayne road
formerly received two and half millions an
nually; its receipts this year are five millions.
The Central illinois increased its receipts last
week by 6fty thousand dollarsy End 1t will earn
this month four hundred thousand dollars
double rs much as it ever received in the month
Of August at any former time.


This extraordinary prosperity in railroads
springs Of course, from the increase Of business
But whence the increase Of business? From the
great abundance OF money, enabling men to en-
bark in every kind Of enterprise, and to cSfry
It on.with abundance of capital. Whence the
increase of money! 1t has arisen from the
gigantic expenditures of the war. Before the
rebellion the paper money ofthe whole country,
North and South, was two hundred and twelve
millions; the gold aud silver, say one hundred
and fifty millions-total circulation three hun
dred and sixty-two millions What is II now in
the North alone, with only two-thirds the popu-
lations In the first place, there are one hundred
and eighty millions Of bank paper, and then
four hundred millions legal tender notes, with


about twenty-five millions in postal currency


total, six hundred and five millions. Nor is this


all. Congress, at its last session. gave authority
| TO Mr.. Chase to issue three hundred millions


irredeemable bank paper, besides FIVE bundled


and fifty millions more Of legal tender money.
| There are now two hundred new banks being
organized TO issue Treasuryrpaper, and there Is
no limit to the amount that may be issued
The expansion, therefore, Of paper will be
enormous, greater far than II ever reached be-
fore, and the commercial activity will be equally
great, owing to the increased facilities and the
tempting opportunities Of making money as
we'll by legitimate enterprises IS by all kinds
Of speculations. The price Of gold has now
settled down to the natural point, and will pro-
badly keep there. United States securities are
now at their highest figure, and will not depre-
ciste much In the future. unless In the event OF
! excessive issuaa and an unnecessary prolonga-