Year: 1867

We say Industrial where most would write
Commercial, because we hold Commerce but
subordinate and auxiliary to Industry. We
solicit tho grave attention of our readers to
the future that opens before them, whether
they be producers or exchangers of wealth.


During the last fortnight, about Five Millions
of Dollars in Specie were exported-at least
double the product Of our mines and washings
during that time. No special demand COM
PEELED this efflux; and it seems probable that,
should our Currency and eur Tariff remain
substantially as now, we shall continue to ex-
port Specie nearly or quite as fast as We pro-
duce it for the next generation. In other
wonls: We shall rapidly exhaust the mineral
treasures of our soil to fill the Golfers of Europe
and Asia, without reserving any considerable
portion of the product for ourselves.


Now we have no superstitious, idolatrOus re-
gard for gold and silver We value them only
as a kind of wealth which endures. We grow
each year several hundreds Of millions worth
of Grass, Grain, Fruits, Vegetables; but the next
year sees the last of them, and it is thence
forth as though they had never been. But
One Hundred Millions of Gold produced and
not exported is mainly so much added to our
abiding wealth-to the wealth Of our children
and their children. Hence, we cannot agree
with those who delight to see poor
men lavish and rich men ostentatious and prod
igal. Hence we deprecate the exchange OF
our hard-won Specie for laces, gew-gaws and
frippery that "perish in the using" For our
children's children's sake we wish the duties.on
imported metals, wares, fabrics and all lnxu-
ries, we're doubled; in part, because we would
largely and rapidly expand and diversity our
Home Industry, but in part also because we
would diminish our Imports and save the Gold
and the Bonds which are continually leaving
us, to swell the wealth of Europe while
impoverishng and embarrassing our posterity.


Our crops, on the whole, promise well,
though the season has thus far been exception
ally rainy. and great losses have been expert
enced from inundations. We shall have more
than average yields of Grass and Grain, and
1--WE judge) fair crop of Cotton. But last
years Cotton brought prices far below the gen.
eral expectation of planters; while nearly
everything we send abroad now rules lower
than it did year ago. We shall probably re-
ceive less by twenty per cent for our exported
produce of 1857 than for that of 1866.


Ia it not plain, therefore, that we ought
Systematically TO take in sail-to live more
frugay pay debts instead of mourning them,
import less, spend lessi Ought we not to-day
to I've recalling and redeeming from Europe the
bonds which, in the agony of eur great struggle,
we sent thither for sale instead of the produce
that we could not sparei How long can we
go on exporting at once Gold and BOnds-the.
wealth of the present and the wealth which our
children must produce1 Our debt TO Europe
l.og Nlo,,
Sixty Millions of Dollars per annum as interest
alone. That is to say II we are never 10 pay
Europe our present debt, we must send her
Sixty Millions per annum more than the cost
of our Imports in order to pay the interest on
what we owe her. While our National exist
ence was at stake, we could think only of pre-
serving il; but, now that we have peace, should
we not resolve on and combine 10 secure
prompt arrest of the policy which is stripping
us of Specie and sinking US deeper and deeper
in debt 7


Two months after the overthrow of the
Rebellion, the premium on GOld-measuring
the depreciation of our Paper Currency-ranged
from 25 TO 30 per cent. Orr Bank credits were
for less expanded, our aggregate of personal
indebtedness was much less than now, and we
might have resumed Specie Payments with
scarcely an effort and no serious convuison.
To-day, the premium on Gold hOvers about 40,
and tends palpably upward. Our last Bank
returns show an increase OF Loans and
decrease of Specie. The Stock Market
proves that the knowing ones look for
still further initiation and debasement
of the Currency. IL is whispered


in speculative circles that the Secretary of the
Treasury is at length "an right that he
will cancel and burn no more Greenbacks, and
will redeem no interest. bearing debt, save un-
der legal compulsion-all in the interest Of the
National Banks, which, it is represented, can
not abide any further contraction, but prefer
to increase their loans and issues. We do not
know what may be the fact; we do know that
the whole kite-hying crew are in clover, and
act as though they felt sure that the Secretary
had been ''seen."&A And il is certain that we hear
from him no new ntterances having the sterling
ring of the Fort Wayne Speech oftwo years ago.


One voice can be heard but little way at
best The influences that would postpone Re-
sumption indefinitely while working steadily and
RAPIDLY the bellows Of Imitation, w0uld seem
for the time uppermost in Congress, in the
Treasury, in back parlOrs, and IN business
circles. We can but protest and wait. Yet
when we are told that the Bank of England
did not return to Specie Payment till six
or seven years after the close of the
great Napoleonic wars, we can respond thatwe
see in operation oil around US the influences
that produced that delay--that those who profit
by our Irredeemable Currency never did and
never will voluntarily return TO sofvency and
responsibility. To make your own note and
pass it of for money, promising only 10 redeem
it when required IN the note Of some one else
who does not redeem at all, is tho Paradise OF