Year: 1865

imported Q0O0a ana tnM ou0ttiOn 70
called protection 70 homo produce or industry be-
u enables the producer q home 70 get higher
price In addition 70 the high price o. colo Consress has
ported goods 80 that II yard cloth cost in England
one dollar the tariff will increase the cost 70 one dollar
oS ~ ws ADA FOR
the last two years-say seventyve per cent-and you
make tho yard Of cloth cost the importer In this market
dollars and twenty cents instead OF one dollar
and twenty five cents before the war This statement
will show a cause for the advance Of nearly one
ported into this country Since the passage Of the
tariff the advance in the price Of gold or exchange


place the q s m o. Ssr
that could find market there-whether 1t was wheat
-FOUR pork beef cheese butter lard or any other thing
Where the shipper from here paid 90 per barrel for -four
he could afford 70 sell the same in Liverpool for SO per
BARREL and the rate Of exchange would upon that diff


in give him sz ped az e so,a src
In markets that can be sold IN Europe. This
Is n cause for the advance Of all domestic pro-


Two or three years Of peace and prosperity and the
country viii again be full Of the fruits Of industry rich
the possession NJ all the OF e and then
this great law Of supply and demand will far nnu
prices that the market values OF oil property will
to the condition that existed before the war
This result is natural one, and will certainly follow
short period OF peace and prosperity II the laws that
exist the subject Of trade and credit shall not be
altered or repealed -


In the months OF September and October, 1884 when
gold advancing and selling at 2S0 percent there was





Gold bought sent Europe from New York 5463 500


During the same sS months we imported only 81
OF dry goods The'high price OF gold checked Imports
while II increased exports and advanced the prices OF
produce. Dur ng last spring. or six months from the
above date peace proclaimed by the submission OF
insurgcnt armies This followed by the sale OF
government bonds and other sscrrtesin Germany and
other PARTS Of Europe extent Of than three
h ndred mions-which checked the demand for gold,
and the price fell until It reached 1872 per cent Imme-
Ataol oOr Of
also checked and the trade with the South opened
by greater demand for foreign goods than market
rope orders for goods to an extent never before
known With these orders gold advanced TO
las, and would have continued to advance but
for greatly increased receipt from California.
In the months Of Septcmber and October, 1885, when
gold was senr at 4s per cent there was received from
California SO 24s 5o3 bought and sent to Enropc,
at 145 per cent S. 200 600 During the months in
1896 ha-e imported dry goods for homo consumption
$40 2o3 1906 nine times ms much as was imported
In the months Of 1884, when gold was at $50 per
cent Theso facts appenr TO that tho price OF gold s
increased decreased by the supply and demand When
we sent to Europe In September and October 1854
81 $50 783 more gold than we were receiving from
only OF Californathe price Of gold rose
70 200; and when In the same months in 1855 we re-
ceved from California upwards or one million more than
sent TO Europe gold selling at half The price or
l45 II logical that whom our exports shall exceed
imports and our debts shall be paid, the balance OF
trade will bring bnrk gold II has done this heretofore.
Then, with the constantly increasing supply from CALI
forna demand for gold will cease and Il will fall be-
low bank credit because good government and good
laws make good credit better than gold. Imports must
he diminished exports must be increased and we shall
soon he ont Of debt


CAN sEcgETARY THE TREASURY CONTROL ruK


GOIDs


A New York paper says:-"Everybody knows
200 the Secretary Of the Treasury had ordered the
highest prcc for 1t to be 147 and thus forced down
by Treasury gold sa es." Can this be truef Tho Sec
rotary has informed that he anxious to return TO
specie payments Why does he not do IT, II he has the
power by the sale OF gods As per cent more will bring
about III is he who has brought down the price OF
gold 145 per cent why does no stop at 46s II the Secre
tay forces down the price Of gold to par win not that DO
be on par with spccics II he can do this why destroy
tho country By reducing the currencyf But is II not
astonishing fhe Pcas provisions and other articles
prices not varied with the price Of godf II beef
was worth twcnty-four cents per pound when
gold was worth 2se 4 should now 90 worth twelve fss
Did not this press, well as many others pre-
dict that the fall in the price q gold would cause &c.
tho reason thew assign for wishing TO force down
the price Of gold As per cent more? II plain mathe
matical problem. II reduction OF l4o per cent IN
the price Of gold docs not decrease the price
OF prov 'sions in markets how much decrease
viii the further reduction Of As per cent producef
If look at facts aud logical conclusions must
admit that gold now, in our country, like all other
metals IL subject to the law Of supply and demand,
and that the foreign demand our merchants for
gold is IN consequence OF an excess Of Imports over ex-
ports: and the only wny TO reduce the price Is pay
our debts abroad and satisfy the demands OF our
creditors. affla ta


GOLD AND PApvR f..


Perhaps there Ia recorded where so great
unany has been manifested BY the public press the
desire for speedy resumption Of specie payments To
differ with powerful institution, and expect to be
tolerated III the expression of nm adverse opinion,
T. n presumption that few will be guilty Of.
be feared long Is left combat IT,"
The purpose Of his paper s TO present few facts with
the natural conclusions that follow, Pat both sides Of
taken In the councils OF the nation. II s the more
proper now the Secretary Of the Treasury has
been engaged In converting illegal tender notes'-a
valuable security that has taken the place Of
gold by common consent-into bonds that arc not 90
convertible and uscful and has destroyed the notes
There IN this country two kinds OF money--one
paper the other specie One peculiarly applies 10 bus
ness transacted In this Union domestic trade and
the other in our business with foreign populations
We ncycr have, and until We become tho creditors Of
oil the business world cannot rely upon the universal
specie money for domestic trade and have seldom
been abc TO provide SPECIE enough for foreign demand
II fact patent 10 the whole country that what called
'bogys specie payments Is 'sdelusion and snare"
no demand Tor specie to pay balances abroad this 40


on anuses and pcases us; but when, by the loss OF
crop an excess OF importation gold Is demanded IN
cia communities and natural consequence the local
banks suspend specie payments This suspension nov
only incs great evil upon the importer who have oeen
rectly interfercs with all inland and domestic
intcrcsts and trade, which has In mo degree
This Is a grievance which should be remedied
When oil the banks pretend 70 pay specie why Is u
that the great volume Of currency bank notes Cea,y
because these notes more convenient can pe easily
carried and concealed about the person. ana fem'ed
with little risk by mail 50 long e no ono wants specie
the cton can be maintained BY the banks although the
public well know that these institutions nave not the
ability to redeem spccie tenth part OF the notes IN
clrcnation II Is the public convenience and not tho
fiction of paying in specie that sstans the credit OF
our banks 10 como TO any othor conclusion would be
10 assert that the people OF this country unable de-
eide whether twenty mill ons Of specie can redeem,
upon moments notice, two hundred millions OF paper
II these facts properly considered IL win convince
anv unbiased mind THAT never could have redeemed
our bank notes In SPECIE and that therefore, any further
preence this subject Is an attempt to practise decep-
tion upon ourselves Surely who have seen this &C.
ton operate since the beginning Of this century know
that when great demand arises for specie the banks
Gloss their doors, and retain in their vaults all the
specie they possess, and take the risk Of losing
their chsrtcrs We also know that this act has been
sanctioned BY legislation and approved by the people,
We are therefore, fully justified in saying that specie
payments under our system, have always been dciu
sion and SNARE" and those who now wish 70 impose
this Action sgaIn upon the country have not well and
carefully considered this subject 10 the importer
- rs-A 49, kG~ -