The New York Herald Newspaper, May 2, 1867, Page 4

4, FINANCIAL. History ef the Resumption of Specie Payments in England. contraction of the cireulation ia 1816, and what the ex- ceptionally favored ¢iaas was, let Mr, Hudson Gurney, the Norwich banker, one of the founders of the fortunes of the Guroey family, statc in bis speech in the House of Comuions on May 18, 1818 (Parliamehtary Debates, 1818, pp. 778-9); 1 now come to the year 1816, and to this year’s experi- Ta 5 see aor e er, ITS LESSONS TO THE AMERIGAN PEOPLE, &. &o. &e, DOTSRESTED SULESOR OF THE BULLAGNISTS. American bullionisia exhibit 9 commendabie amount, of prudence im avoiding allusion to the currency system, and currency history of Great Britain. (ne of the cine inane Oe eeu Corre the last annual message of the Secrptary OF the Treasuty,, in which no allusion whatever was made to the ; moneuity patic of 1066 and © the happy ‘imshunity, from, all its conseqnences which the 1 people enjoyed. Mf ever a little national cusable it-would ‘have been tn Mr. i blowing, the. trumpet im favor of a currency system which had. shown its capacity to stand one of the severest: Para oe ex Peary ~ “Whe experiment bad boon tried and had failed signal! pa ae oe of ‘The government, though a very anti-democratic and an wi pat ry single article of raw’ produce, Equally in | Btiberad one, was yet too patriotic to look with eam the fact, that ab a time When the American bullionists are clamorous for @ return to specie payments d tout pris they obstimately their eyes to all that ensued in Great Britain on the of ner: resuming specie payments after the peace of 1815. Britain is a country richer than any other country in the world in monetary viggaitades, and these very vicis- payments until July 6, 1818, The-opposition itself dared: not press their favorite bulliomist theories to their legjoal conclusion; they dared mot declare for an imaiediate ras sumption. They offered to concede one twelve month's situdes and the ehormous sufferings resal therefrom | grace, namely, till July 6, 1817. The pada to every class in thé community (save one) have canspd carried ‘thelr ‘plan through both houses by the science of, money to be investigated there in » far more copious ganner than is the case in any ether nation or literature, Now, therefore, when we fad American bulliodists, giving all, this painfully accumulated and Preciously bought experience ‘a wide berth,’ we have 8n d prioré right to assame that there must be something vory empirical and unsound in the teachings of the bpl- Honist school, inasmuch as sciences, truth and philan. thropy ardently seek the light, instinctively tura to the best sources of information, court investigation, challenge ingw:ry, and leave it to error, misanthropy and selfishness to suppress information and to enter into conspiracies of silence. The very fact that. those who are clamoring for ® resumption of specie pay mosis; in America have entered into this conspiracy of silence makes it the more urgent that the story of the resump- tion of specie payments in Great Britain, and of the disastrous results which it brought down upon the , Working classes, the farmers, manufacturers and mer- chants of that, country, should be fuily and conscien- tlously laid before the corresponding classes in America, HOW AND WHY TRE NOW BULLIONIST SYSTRM W4x ADOFTED. The science of money was known to very few persons indeed in the Eighteenth centuty. It certainly was dot known to William Pit. The French republic having shamefully abused their assignat system of national Paper money, and all things baving any affinity to Frenob republican institutions and innovations being then at a tremendous discount among British tories; ‘& paper system not comvertivle into gold at a fixed price was regarded in England in 1792 and for several years thereafter as something damnable, Jacobinical and athe- istical, Nevertheless, as the anti-Jacobin war, entered fato by William Pitt in February, 1793, went on, as the subsidies paid by Pitt to his continental allies multi- plied, the drain of gold upon Britain kept increasing, and at length—in the early part of 1797—that drain Caused a panic, and the panic caused a suspension of specie payments by the Bank of England, authorized by the Ministry and ratified by the Legislature of Britain. Hore, then, we find Mr. Pitt laudod in a system which majorities of two to one. While doing #0 payments at the earliest moment that it could be done without ruining the industry of the country. Their difference with the opposition was not one of principle, but simply one of prudence, opportunity and policy. Upon these curreacy debates of 1816 Sir, Arobibalt: Alison, in his “Mstory of Kitrope from 1816 to 1862" (vol. 1, pp. 123, et seq.), after summarizing the argd- monte on either side, has the following profound reflec: tons: t Lord Liverpool was. unquestionably. when he ‘affirmed thai the nation had been. i Dy the n= sion‘of cash paymients duch ; for it the armaments never could. have bee! which brought it to a successful lisse. He wag eq) ig in saying that the rise in the price of gold, which place in ite latter years, was owing to the increased demand for that article of commerce to mect the exigencies of war on the continent when hoatitities on a great scale were going on. On the other a Mr. Horner wag equally right when be observed that tie extensive issue of paper during the war was the cause of the rapid and extraordinary ¢ meat of prices which took place in every article, whether of rude fi manufactured duce, While it lasted; that the atlil more rapid Rnd Gissstrdos fall of prices which had taken place since the peaco, was the result of the great con- t u of the currency, especially of country bankers, which had ensued from the prospect of immediately pg 4 casb payments on the termination of hostili- ues; that by far the greatest evil wnich imponded over the py ban be Psy! of paying ofin w Contracted, # refore dear, currency during peace, the debts public aud private, which had been con! daring the. lavish issue of a plentiful and therefore cheap currency during the war. The extraordinary thing ie ia that when so many of the true and @ 10. ns the subject were Sotertained by the abloat and best which flowed from them were, by common consent, rejected on both sides. Mr. Horner saw cleatly that we had been s0 prosperous and done such mighty thiogs during the war, because we had a bop feral duriog tte peace because i had’ bpen suddealy arin; eo iz Use sudden! and ‘violentiy contracted from the Rath yf immedi. ately resuming cash payments, He saw also shat |i be did not adopt freely, but was.driven into by the tempt to pay of war ublic pris sbarp goad of necessity. He had two alternatives to | a peace currency. But either he choose fromexeiuber to nosopt any peace which the | PPOnents on the ah paosived what ts now evident to every reasonable apart motives, reflects te a alt thoes at ‘and dangers mnighthave without tisk of detrim: 4 [~ x of taking the paper thi Neri eade ae eho boede at *y ment and tesuing, not an unlimited smount of assignats, not convertible Into gold, bat such a |i amountas might be uate to the permanent and average wants of the community. He saw cleariy that oscillations in the valae of money, and consequently ia the price of every article of cum! were among the most grievous evils which can afflict society, and ren- dered property and undertakings of every Kind to the last degree insecure, and he thought that he would guard eifectualiy against them by fixing the entire currency on a gold basis, forgetting what he himself at the game time sald, that gold 1 fs an article of com- merce, and, like every other such article, is subject to porpeiual variations of price; and that from ite being so portabie and valuable and everywhere in re- quest it ts subject to more sn: and violent changes of value apy other article in existence. Ho saw clearly that the great contraction of the currency was owing to the prospect of the resumption of cash pay- ments; but he could see no remedy for the oviis thence _Freach Directory chose to impose upon him or to carry ea “Ud war. _ Bpon the oe. ® symbolic currency, He ‘chose tue oo the least disagreoable alternative, as the /eboice of evita We are not admirers of the anti- Gallican portion of Mr. Pitt's career, and therefore to Prove that party spirit has not made us set down aught in malice against him we will quote a passage from a fervent admirer of that portion of Mr. Pitt's career. We Proceed to quote from Sir Archibald Alison’s ‘History of Europe from the Fall of Napoleon to the Accession of Louis Napoleon,” vol. I, pp. 32-8:— It cannot with truth be affirmed that this admirable system [of currency) was owing to the wisdom and fore- sight of Mr. Pitt or any other man. Like many other of tho greatest and most salutary changes in society, it arose from absolute necossity; it was the iast resource Of a State which after its specie had all been drained away by tho necessities of continental warfare had no other means of carrying op the contest. Such as it was, howover, it proved the most important and decisive moasure ever adopted by this or perhaps any other | arising but in the immediate jon of such payments, country. It brought Kugland victorious through the | He saw the impossibility of paying off our debts in a contest, peace currency, but it never occurred to him that the whole difficulty might be avoided by extending the war currency, under adequate satequards, into peace. He waa ag much alive as any man to the penis of a sudden contrattion of the currency; but it never occurred to him how fearfally these dangers must be aggravated by ‘the contraction of paper going on at the very time when & still greater contraction of the annual pro duce of tho treasure mines for the use of the globe was going on, from the disasters consequent ontue South American revolution. The truth is toat, as gourrally occurs in human affairs, men's attentos whs fixed oxctusively on the Inst ovils which had been experiboced, and as these had been the ruinous ris} of prices -4nd destruction of realized rty which had resulted from the frighfal abuse of fhe system of as- signats in France, the eyes of a whole generation wore shut to the sill more serious and lasting evils resulting from the undue contraction of the currency and the fix: ing it entirely on a metalile basis, of which Great Britain was ere tong to furnish so memorable am example. SKOOND, ATTEMPT AT REAUMPTION AND SROOND REPRIEVE, Under the two years reprieve the downward course of Industry was stayed. The country bankers enlarged their iseues, the Bank of England did not contract, and a We differ to’o calo from Sir A. Alison’s rampant Johp Bullwm and anti-democratic rabies, but we endorse every word of the above quotation, and recommend him as one of the greatest living masters of monetary sc!- ence. The British mercantile world thought as Mr. Fite did. It was filled with consternation at the suspen- sion of specie payments, and regarded itasa sign of Bational decadence im the direction of Jacobinism, but after a few days’ trial of the system, and when it was found that the world wazgod on as usual, and that neither Jacobinism nor atheism seemed to have profited by the change, British men of business became recon- cited to the change, and bogan to laugh at their previous fears. (See McPherson's History of Commerce di date.) Adopted asa necessity, the revolution in the curreacy was defeated only as a war measure, and the act which Placed the final sanction on it hold out that it was to Inst ouly till sx months after the conclasion of peace. Adopted as a war measure, and soon proving itself to be a very powerful war measure, it was natural Ty distasteful to all those in England who were opposed to the war. The Paiuoites were against it, because it soon proved to be a very ani-Jaco din measure; the Foxites were against It because it made the war popular by rendering the burdens of tazation ensy to bear. Thus one sees at a glance that the symbe- Ne currency of the time could expect mo toleration, 20 favorable judgment, from the talented and generally up- right men who led the opposition party in those days. ‘That parliamentary opposition included ip {ts ranks most of the political econom»sts in Parliament, among others Lords Lauderdale and King, and Mr. William Horner. Out of doors they were reinforced by the considerabie authority of Mr. David Ricardo, the first economist of Bis ago. 80 long as the war lasted, however, the succes- sors of Mr. Pitt bad no difficulty in maintaining the sym. bolic paper system. The Belliosiste were in a small minority, and although fn 1610 they edtained a majority im the Bullion Gommittee and made a builionist report, their triumph on that occasion ended at the threshold of the committee room amd was converted into defeat on the floor of the House: THY PRACE AND THE FIRST ATTEMPT AT RECEPTION, Waterioo was fought in June 1815, but the definitive treaty of peace was mot concluded until December. The Ballionists thereupon demanded their pound of flesh. They insisted that epecie payments ought to be resumed within six months of the war, Bowing to their clamors the ministry fixed the day of resumption om July 5, 1816. The bank of Bagiand began at once rapidly to Contract ita issues and to reduce its discounts to the com- Morcial world; the country bankers, all of whose issues ‘were convertible nto bank of England motes, were forced to follow suit. Gold, which was then of course a mere Commodity, fell in price from £5 Ss. per ounce to $4 2a in January 1516, and 1044 per ounce im May of the @ame year. But the prices of everything else fell in ® sill gronter ratio, Wheat which was 86a. = quarter in 1614, fell to 668. in 1616. ‘The consequence of this com. fraction of circulation and simultaneous fall of prices was escone of agricultural and commercial distress of ‘usprecendented severity. Mr. Tierney swted from his place in the Hoase of Commons that “ the people of * England wore suffering more intensely than at any pe- Tod ging® the Norman Conquest.” The total number of bankruptcies in 1816 was 1,285, in 1816 they increased 10 2080, being an addition of 66 per cent inone year. The istricte suffered as much as the agricul. trees was aa great sptunere comer Saar, a wan oF What Ube glove manufecterers of Nottiegbam, es among the Nudecsl Gia of Siipipiem or ‘oa mectesr oc ef Metbyr-Tydvil, The heme market was soon found to feduced to half ite former amount, fer the means of z save one very email cient, Hed boon otratt. the sitmation was on the cosasion of the tm January, 1317, were 62, haa risen by December of that year to 83. Tho bankraptcies fell from 2,029 in 1816 to 1,575 in 1817, and far 1,056 in 1818, The revenue rose, and in both years the amount paid of the pational debt was largo—lerger than it has ever beoo since. The imperts rose from £27,000,000 in 1816 to 30,000,000 in 1818. Encouraged by these signs of the times, the Bank of England made a second attempt to rosume iy ment in In October, 7, eh Directors of the bank isaued™a ‘notice thet they wot they wore eager to profess their desire to resume specie |’ 7 HE LF i Ass Ey i if ft i from thi e par: tial reduction ot tho bank issues whieh it ca hes ‘taken pisces.” This last ition resented ‘to the House of Commons by the ‘Sir t Peel, bimself acotiou spinner, supported dim. This was that memorabie occusion o@ expressed his dissent from the course hia 1 taken, and the coniractiozist opinions wbich that son bad lately bocome cont Among those Lemon aroeens w wero lg oe) oi eg pe Opposition eo, Ryegetcg oo ere, Rothachild, Lastly, wuat waa a altade of the bank. ing interest on question ? ere wore gea- erally op! tothe measure on the croind, not tuat their in! Would suffer, but that the commerce aad reduction of tho cou ‘would be res:ricted by it. account of this their ‘ign the contract ionists ratsed a ode and cry “Ps generally, and the Bank of England direc.ors in particular.’ The latter pro- soa:ed a counterpiaa to that of Mr. Peand the Bullion: tat Commiites. They proposed , instead of the bank directors being required to provide gold tor bank Qotes at the Azed mint price of £3 17.1036 per ounce, they shoud ba reqeired to provide vulliou in excance for bank notes at the mark>t price of ths day. Their petition (Gar. debates, vol. 40, pp. 601-4) a! *« Tue Baok Diroctors are obliged to ohsorve that , as it is jecumbent em iuem to the effect of any measure to be adopted as upon goueral of thelr notes, by «hich all the private 4 are which toe whale.curraucy, excu: sate. is th ‘ora being thus @xtead their views aad embrace the interests of tho whole community ia their consideration of this measuro cannot bat fert a repugnance, however tnvolantary, to pledge themselves in approbation of « ayatem which, in their opinion, in all :ts great tendencios and operations conooras the country im general more then the immediate toterests of the bank alone. Wuea the bank directors are now to be cailed upon to procure @ fund for supporting the whole national currency either 1m buttion or coin, and when tt is proposed that they should effect this measure within a given period, by rogulating the market price of gold by a limitation of the amount of the issue of bank notes, with whatever distress such Inmitation may be attended to individuals or the community at largo, they (eo! it their bounden and imperious duty to state their sentimonts thus explicitly ta the firs imarance to bis Majosiy’s Ministors on this subject, that a tacit conseut and concur- Fence at this jumoture may not at some future period be construed ito a previous impiicd sanction oa their part of @ system which they cannot but consider fraught with very great uncertainty aud risk Voniure to advise an unreionting coutinuance of pecu- Biary preasure.upon the commercial world, of which it imporsidle for them either to foresee or estimate the consequences." —_ Directors then propound their plan, and con: ues = “These two measurss would allow time for a correct judgment w be formed upon tue state of the bullion } market and upon the reai result of those changes wi.cti the late war may have produced ia ali tts consequences | Of increased public debt, increased taxes, increased Prices, and aiterod relations as to intere=t, capital and com mercial dealings wits (he Conun end how tar the or permanent, what degree they operate. tbat they have no rigut maeives, of their own accord, with the responsibility of countenaneing a measur) ia which the whole community ts so deeply javoived, aud Possibly to Comprotise the aniversat interests of t.10 empire in all the relations of agriculture, manuiacturos, Commerce and roveuue, by a seeming acquiescence or dectared approbation ou the part of the directors of the Bank of Kogiand.” This is very plain speaking,’ which needs no comment to elucidate its meaniag, and is the language of pract:cal men, who saw the government boing hurried along at the bidding, of rash, (anatical theorists. It welt and banking world. Mr. Hudson Gurney alluded to this fact ia bis speech the Resumption pe pe against the act of 1819, “Has the national creditor called for this i? mete oak Oe ance would prave bene! wo im the v ‘conte would have risen to hundred instead of fall to ‘sixt ‘8 they have now dote, to sixty-six. Bat the national creditor saw what was uadoul the fact, that iacreased pressure upon those who must pay Bim his interest lessened his security, and he would SS. to take his share in a currency somewhat a gy the risk of being xem; biesidst Ae B H Hs § Li 5 Ey 5g? FE 33 sé 5 fl VEEL i t it I of i Z Hi i i i H P| i i? gz id uw it Rt i 3 ; i ja : HY . ; a iz i | Row emulated the mechanics of the towns and burnt nich , “Relation aan att Se career pn di were soon oe foe tant th, nin wag ts confidence and activity had Peers va @ontinue their suogort to their customers, and They cannot | | 1819, now tarned round upon its authors apd denounced “fof the United states ine flourishing condition and in al 23 Ob Se ak 8 3 ae BS is thog ow itt alt z 3 : i Ei ragement industry which ta. at once the forerui of dunster The three vp conta whi had in Janu gradually fell after the Bank Resamption act wo and the bankruptcies 4 65 m December, whith had been 86 in January rose in May to 178; the total in the year was 1,499, being an increase of 631 over stlten.is a puireell ment, as to the phi a jous agree! phenomena and their causes, between the radical Mr. Duncan and the conservative Sir A. Alison. When répresentatives ‘such different political creeds-agree the-outside world’ age 9 quaranice their representations are likely to true. Let those interested in maintaining the revenue i Fs having @ st to devote to the payment of the aatlousl debating to beast the following exwact from Sir A Alison’s second volume:— “Phe revenaé for the year 1820 felt considerably y for a division, If anything then could more anxious for paseiry by @ committee, it was that he Py ian epee me of mind at present fit for », jon. iter this glimpse into, the interior. of the House of Commons, it follows that the motion of Mr. Western was cen ee ae yea eet ing teller rs, e tory and half tothe opposition side of the House. * Sir Francis Burdett, at that time the pease idol, spoke ‘against the act of 1819, showing the direction in which popalar feeling had already, set. His name 1s among the thirty. Of the irish members three voted with the minority, namely, Mr. Latouche, a banker and member for Kildare; Mr. J. Graham, Mom- ent for Wicklow, and Mr. Domi- jiament for country Mayo, became so grave that the govern. ment smi jed through Parliament the Small Notes which allowod the country bankers to extend their issues of small notes. Says Sir Archibald Alison, bereanent ya IL, page 520):—*Ministere had not tho.maniiness ad in tho country. Mr. had 80 strenuously cash payments in: the precedima year, ail to pormt out the contraction of the currency as the main cause of chedeficiency. His words (June 19, 1820) were :—‘Let the House contrast the quantity of the cir- culating medium which was floating in the country in May, 1818, with the amount in circulation in the same month in the present yoar. In the issue of Bank of Engiand notes there had been a diminution of £4.000,000 ; in the issue of country bank notes there had been diminution of £5,000,000. The total diminution in thas short period had been £9,000,000, a sum amounting to more than one-sixth of the whole circulation of the country. The state of the exchange during that period had gon sinaw Pale | in our se es vonindees single joce of goid haa made its appearance to e notes Sieh tind been withdrawn Thred-fourths of tno dis- tres« of the country was to be ascrived to the haste with which so large @ proportion as £9,000,000 had been withdrawn from circulation. The revenue for 1820 aud 1821 exhibited, without any change in taxation and under the most strenuous offorts at economy on tho part of governmeut, decisive evidence of the Heeoring: state of the finances of the country, and took away of serious impreision on 3 confess they had been wrong in the course bad in regard to the bill compelling cash perh: were aware that the influence 2 i! making any of the moneyed in the House of Commons was tbl % f 438. too strong to ronder tt possible for them and pap (reed oe i avowedly to recede from that system. But 80 almost secrotiy, perhaps unconsciously, in most effective way. Lord Lond alone had Hey, eada sore on the caah parmenta proved ite priytey ference at the most would be only five per cent. you said that at the lexst it would bo twenty por cent.” THs DisTRES oF 1821-2 The Bank of England completely resumed apecie pay- ments on May 1, 1821, and tho of England direct. ors forthwith accommodated th es to the new ays tem aod speedily fouud out that, however disastrous it was to the country, 1t was far from bolog an unprodtable change for the propriators of bank stock. S:uce the resumptiva Poel’s acts of 1819 and 1844 have ever found in ‘nem the warmest supporters, But, however kindly tne Bauk of England directors took to the bullionist and therefore necessarity contracted and starved system of currency, it was far otherwise with the country. Im 1821 and 1822 it was from the agricul- turists of Ireland and England that proceeded the load. est wail of discress. The prices of agricultaral prod: ad failen so low that farmers wore growing corn ut losa The teaantry of Ireland felt the blow moro keenly than the corresponding class in Eogiand did. The pop- uaa aura, which bad been favorable to the act of i which at the utmost could only save handred thousands a year, this measure, which restored at least eighty millions a.year to the remuneration of industry in the country, does mot occupy two pages, apd can only be discovered by the most careful examina: proceediogs.’” circulation under the provisions of this act. By this and other auxilliary.measures prices were permitted to rise, and distress gave way to busy and flush times. The rige of prices, however, ere three years were gone by, led to a drain of gold to the continent, and the drain of old brought on the cruel revision of 1825, which it is ond the scope of our artic.e to descr.be. Mr, Ban! mons thein as charlataus aod the ruiners of their country. Tho country gentlemen began to stir on the 7th yh 1821. " Mr. Gooch, a country member, brought forward a motion fot the appointacnt of a committee to inquire into agricultural disiress, and in the course of the debate Mr, Carwon observed:—“In what sitaa- tion was the farmer? The average of wheat, if properly taken, was not more than 62s. a quarter; the couse- quence o/ wich was that the farmer lost’ 3a. by overy quarter of wheat which he grew. On the article of wheat alone the agricultural interest had lost £15,000,000, and on barley and oats £15,000,000 more. In addition to this the value of farming stock had been | The cloquent and cogent writings and of Mat. dimimished by £10,000,000; so that in Engiand alone | thias aod Thomas Attwi of Birmingham, did not fall there was a diminution of £40,000,000 a year. The | unheeded on a suffering lic, The of Mr. Weate- ries motion was, as it were, the signal fora systematic agitation against Bullionist theories. The friends of an inconvertibie paper money became numerous enough to atiract to themecives the scoffs of the Builionist They were nicknamed ‘ !he Birmingham Scnool of Cur- Doctor” They oes investigated and diminution on the value of agricultural produc» in Scot- tand and Ireiand cannot be less than £15,000,000; so that the total joss to the agriculturists of the two isiands 000. a pele tf Fi fils SeSe3ebies ‘continuance of witch pressure no end can be | Europe, and which, when ‘will be the efumph of The real di to the increased amount | labor, and of all forms of (save one), over the of debts of every ie and private, produced by the | tyranny of a moneyed and that one comditien total change in the TO talk of the alteration of | is that the American people wil not rashly and thought- the valae of money being three, five or six per ceat is | - less! ‘the benefits of that admirabie ayetem. of mere ‘What we are now witnessing js the exact aymbolle into which the stress of circomstaness converse of what occurred during the war from the | happity ih 1861, af It drove ontene en! ants tm a gd whole world from }amem ih 1707. Rich im Knowledge soquired the of mines of Mexico aod Peru, The ‘and endeared ‘the scorns they have misfortune is, in reference to agriculture, that the British A. ~ 8 what is & remuterating price at one time become quite the reverse at another, His pro- ron. Their ma ne duets do not bring the former price, while his | mitted ne. Drivate debte remain at their original amount. Besides | of nt it benew this, there is the great mortgage of the national debt, gle which sweeps over the whole country and renders it im- the bulifom- possible for best. loved were considered isle, bat the country, dangerous brought now regards I to. ge it so far as regards oney Pus, ism They In 1622 5 by thie late that the contraction ‘Of the of the three ‘of the Act at the Forti- merce and manufaciu ‘short of the wisdom debate was a Congress, but wil) advance upon it, the Act of bat the final establishment and destructive fn the United States of to by Ministers , whieh shall fa prions omapar yn generation teeir own period wwobds the banter correspoutingty abbreviate the” reign torical speech ‘and Franes. which is a model BRIPISA RERUMPTION TEACHER Seoytatet Saran mers = American = g a of 1816-21, We gather: — il Ht i ut k fl - euntraction of the cur. to others on pro@vctive and See Sahih Sec oy ‘Qaran ges ut mparte payments favors Foiations and interesta expense of the national hold firm to the commeon-place principle of ott Tes it is ee eee toe ae HE 7 i i i fd g 3 4 : Ege ize grou nated. ge the a provided for in nate the‘eune, and thereafior od eis bl re ol HTH e Hi Hi if § 4 3, that that patent or = fhe Judgment below was for the pany, Loe Lowell comipay eppedl, QC above, and urge that patent bas been for we es oer oo ngaesed by so Erceeioner of ‘peante. ar ot 08 to Hl i i Hi FF if Une, borders iatitede degrees and longitude 142 West of Groenwich. line is the Ae and of the entire purchase, “and ts 610 oe . From the castern , Which thie worte of longitude. This, measured om the ‘arc of the Arctic Sale, whiets cute tae very cunean et Sere m= that parallel of iatitude 782 miles. Sach forms of Alaske the Fox or Aleatian whioh alowe are 600 miles’ long. Tus promoctory and istands, vest os Phcala welran, te ae Sto end cher ¢ Cotmsie all Patuatle for thelr oll, end vast abund- 4 i Bi f if bot Sa hy yee TT) | Pid § i ef ‘ i fr F Ey i i i 44 a iy i Hi “ i if j i Gj if i i ida ip ih j i | i i it lit agte fi i i ote ity if ii i i i litt ‘il | it he Hy} in : FE i : i | a i ip gach pur- Shed an when, if ever, we are > bor, oe en x tome: te ate city severed ) have visited ‘hat wull Country and cruised ite sens, an well ng thé Okhoisk sea, fosherse Wk eens ese : }