The New-York Tribune Newspaper, January 25, 1867, Page 2

THE CURRENCY. ———— BPEECH OF MR, JUSTIN 8. MORRILL IN TIE U, 8. ROUSE OF REPRESENTATIVES, JAN. 24, 1807, IN FAVOR OF A CONTRACTION OF THE CURRENCY. T Committee of the Whole yesterday, Mr. Morrill made the following speech on the financial question : = Mr, BPEAKER :—Much neodless disputation 13 avoided & pregise defiuition and limitation of the terms em- ployed to express propositions. If those who advo- jcate specie payments and those who favor paper tnoney would fix accugate bounds to the meaning of their they mMht be Mund apart, but not so far apart as E:; themselves suppose. Those who are for resumption pot mean forthwith, and those who are agawst it do 08 mean non-resumption forever. Let them explain positions and they would be nearer together than {they mow are; but while they indulge in loose talk they (ure a8 wide asunder as the polea, It is truo, resumption apocis payments by the Government cannot be oby until there is some cartailment in the circulation of logal-tender notes, say $200,000,000, nor perbaps until stiftoning the tariff we chock the outgoing of California ‘old. But when resumption does ooour it will at once un- Joek & large amount of specio hitherto withdrawn from ‘tirenlation, and, prices being also reduced, 8 Jess ataount t eurrency will be requirod. No disgstrouns cifects need ollow if the people and the Secretary of the Treasury ‘whlly exercise & common pradence. All expect the coun- 10 face resumption at some e; and it 1s after all & question as to what time be the best and pro- ‘Quotive of the loast amoennt of inconverience. The men iavho have faith in the resurrection of gold and eilver say %we ahiall mever havea botter time than mow. Thoso Bo have felt the fructifying - effect of & flood waper money—is first glow of expanding prices sts quiet mode of sealing debts—believe its potency in- tible, and demand that the flood shall never subside. my own part, I aimi persnaded If we start now wo ot veach the goal of resumption any earlier than imost devoted patrons of an exclusively paper-money would wish. In a season when prices have uni- rlsen it is & matter of congratulation that. the of man has risen most of all. Skillod labor—the and guided by educated brains and a free-will—i8 appro- ‘pisted. 'The world begins to find room for all her child- and never will good and willing workmen be foroed 0 beg for employment. Whether paid in paper or gold, the wages of man the world over will rule higher for pvery slave that has been emancipated. On the return of payments the rank of labor will be more than rela- mamtained. Finance seems to be a subject which Pflm all men, and each one is persuaded of the infalli- of his ?el, The financial condition of no s own or lnflifldfi‘: ever 80 sound that it may not be gd.;';lnd m;( mmxm-lddw be umo:l::(ll t')‘n& vcluultfier wet and nurses, 0 To] _':ght.o more 1o bo‘;;‘k.dcd n l;ny myn&ld;“} ourious, 100, to observe W rogress is made 0 ! of wealth. Classic nl,rndnds are no longer : ¥y and two and two no longer make four. appreciate this progress one wmust turn his n . Franklin -~ and Hamilton and Gallatin, | Delieved that labor created wealth and that blic debt could be paid ouly by x{zvver The new school, however, trust much to the efficacyof paper currency. Hand in hand the Jaborer is taught that he can earn as much ashe once earnéd in ten or twelve, or that if :ah w'rtgl:)l the he need not work at all. Again, “ghat with invention diligently used, taxation, always @ great bore. m‘ bo handed over to posterity or any . T regref that I have no such pleasing and 1o sueh delusive nostrums. I have no dream we can add to the wealth of the country Py any con- mied by honest labor, nor that we ean maintain lio credit without taxes or by faith ‘works. Lot us rather strive to give to w its ‘coustant remunoration, and strive to sus- ‘Governme: smallest amotnt of taxation. the of the ablest intellects in France and Enm a,road by which to eseape the evils—the. of even & mixed currency, while they are bullionists pure and simple, we have some men) A &0l be statesmen “““""5, emes by which to the pmdl.snl ugo of that Goverument paper wis epgendered by nffi-ng-nuo Wwar. A ss'eech on ‘ufionu bestudded with facts and figures, I fow attractions compared with the many remote problems t arise on the of reconstraction, and yet the subject 18 now of even more preasing im) If the sinners of tho South can atford to delay utance, we can afford %IIL 1 shall not ask any one here to adopt my argu- ‘which may be poor, but the facts presented, I may have more to recommend them. Never was it ‘more fmportant than now that we should fix our tax and M upon a stable basis, to stand for « series 1 but, if our political condition did not forbid thus, W national debt, and (above all) the immense voh‘ onal 1 legal- , Will ‘ohoose, what unexplored dangers lie i d yet all fmpossible to forete] yel ‘st be provided for. Our destiny i8 to be \)ow(-rful nution; or, if not that, then to fol- -’m procession of extinet republica. ground. ‘The United Btates must be a Efl:'. among the nations of the earth, or nothing. of exhaustion, the first stumble of decre) 1 will the signal te r all of our foes to Ju_erushing out our national existence. We must in finding cruel enemies at home, we also ve been farmshod with superabundant evidence that “who govern forcign nations are by no means our but, on the contrary, !h:xhl\'e exhibited » sav- ‘at every blow which made ““freedom ehri or the triamph of the principles and supporters of republiean government. Earnestly socking peace, and ng onorable peace possible, we i ed, and thus be called upon ourselves with all our might. If our financlal 18 only sound, we can easily bear the strain; until we have our debts solidly funded, until they are 1d where they will not leap into the market and crush domestic credits at the first croakings of alarm, an -t may be flirted war, We may be assol madition of another thousand millions of debt 18 to be ‘m A war to be supported by an infiated currency devoutly to bo shunned. I do not like the idea of being under tusl bonds to keep the peace, and therefors bmmmz duty to insist, first and everywhere, on economy ; and second, 10 restore our finances to ‘mermal condition—to the specie standard—at the practicable moment. Producing more gold sflver than all the rest of the world, let us endure the reproach that we do not know o keep it after wo have got it. Able to into the field the mightlest of armies, lef us also bo j strong in our me: f indefinite and independeut any whe may seek & war with us know the t that it will be one commensurate with our and guogn hical preportions aud in no way 10 our past listory, We st 100k at the sober before ue. The inevitable expenses of the Go must be provided for. The lnterest on our public estimated next year at $105,559,512, and unless the paper propagaudists shall prevail upon the i of the legal-tender currency this will be reased about $20,000,000 or $25,000,000, or in more than our whole public debt in 1816, ‘reached the highest point (§127,534,993) prior to the Rebellion. Our Navy has been very largely in- -and it is not probable that it will ever shrink to narrow proporiions. In this Department our ox] penditure will be §23,174,810 31, or nearly twice 8 before the war, The Regular Army 13 now at abonl 54,000 me we have to provide 90,000 for the coming year; 8000 are forever obsolete; and it must of instant and formidable expansion. The cost for the War Department the coming year 05. The extra bounty we provided for last amount to $50,000,000, all of whichis yetto be ; jon appropriation, instead of covering & heroos of n hundred years as well as of the Revolu- y and five of six thousand scarred soldiers of the war 4and 1847, now embraces young men, but mutilated 10 the service, in every city, town, and viliage, to the ex- of 125,000 ; and iostead of less than $1,000,000, Tequires §13,177,446, or a8 much as the whole the Government in 1824 and 1628, The new it that of Missour, already ro- 3';'-"5"‘»‘ af way be regarded ag a forefaste, W heavily upon k reduced thie Treasury, Tho Indians, u nuinbers since the adveut of the Pil- ithers from not less than 15,000,000 to 295,774, main- momadic and intpaétable character, requiring &l.lnuu square of territory for support where man would need but a few acres, and ond this an annval and perpetual expen- of more, , which ‘does mot in- ‘and variable sums it costs us out of the to bestow upon them, oked offenses, that Christian chustisement i are who snateh and devour our t year 7,000 Nava- -Mexico need. 1 i the Governinent, will cost for the comin, 85; but it bas an unexpended fund on han this amount. The elevation of the Indian 3 but fortunately the imy apeove African race s possibility abundantly &0 most inflexible economy, without au > i Halls of Moutezama shall have wllureg racted b‘V ggflu. or vdll)llxut the fndulgence our entiro expenditures for cannot be brought down to anything like the of sixty or deventy wmillions per annum. i8 at present wnavoidable; but this will year be sensibly diminished by incroased wealth Jnereasod population. Our it we are wise, will be at least ly to relieve somothi; 4 taxation. European nations, bhowever, T N R e TN m X ures 4 e of the Lainnee of power, iy ey il ear and the cost will not be less than Y Wl in Bome % estimate 'i? 'l:nnn o l.u.', np & ire production R oot i DitedOtnten Dondy "':'.n"- 18 individuals cross the Atlantic from tho 81,500 each onld uch be for yurious provoked | relgh of paper eurrepey, of thirty, forty, or fifty cents to buy & dollar in specie, 18 to me 1d o lmlldbL lmmp-mnymu coming into use, but they can be buflt d and emplt half the price they cost here. Will any American bulld an jronshipt Tenementsforrent, unless already bullt, are no Ionger favorite nvestments for men having capital, snd no voor man daves for a moment to indulge the idea of build- fig @ honse and & home. Although all other circum- stagecs, save only our depreciated eurrency, indicate & Qisposition and warrant in all parts of our country, North and South, East and West, to start new industrial euter- rises, yet few such are actually started. Men will not Rmmlv ‘expocting five years hence to lose one-half of the sum invested. &vme gentlemen think that ihe premiun on gold paid by the finporters is ample compensation for nfl the griefs of American manufacturers, Nover Wwas there a greater tailaey. When the wants of the Govern- ment created both & demand and o war prioe for goodla when 1t was easier to sell than to buy; before labor an: raw materials had advanced to the sume ratio or beyond ;llm of gold, then m:‘nulfit\lml 'n‘in "‘“:'.f‘l-fifé'ifii arvests from the rise e terlals e has Deen finished ) hand. Al that is changed, N0 cousumed and labor bas adyanced, us. manutactures have recedod and are still 3 y ] ".;imw%m;g%am et & of ate 'b'nimrlm of the o dl::mfliml of tlm ‘West nor South can overcome aded longev! of the, ;motog"mnmn" The bare difference lm.fi n%o‘.’: of the permanent i:pmu of ‘woolen mE m turing establishments and Ame) to the Eng] the mastery and ample dividends. Six x{'mnm a woolen mill that would have cost $1,000,000 in AW<Y:? or New- England could haye been }m .:g—m much cheaper aro Taw materials and labor—tor 860,000 in England. ot Singiia dhers s Feth ot Sl annim are £a 3 the least that would tempt capital to such emm% or ot eries B ShtenY ST v 0 prices ) , larxgly incs 11at such establishments would here cost nearly double what it would six or 3 The interest upon this sum woul but the interestof the British establishme: per cent—is no more than $17,500, _Iiere 48 $122,500 anonm in favor of the British manufacturer, a sum - cient for yery respectable dividends, certatnly, on a capl- tal of $500,000. Is it any wonder that we have an extraor- \murylnbnx of British or that all Europe last ear was swept to furnish American markets? Prior o the war the cost of the labor expended upon a yard ?t cotton cloth printing) was' mills, but now it I8 two cents and seven mills or threo 68 the amount. Adprl.m,er gt Wi n now mwgw«ak and works but eight hours per day, where he for- Merly Tecoived §14 per week and worked ton hofits pét day; and yet he will tell you that his condition and means to support & family have not been bottered. A tun of English railroad iron in Wales 18 now sold for £5 10s. or $27 50; but it is estimated that the wages alone paid to workmen in Penneylvania to produce a tun of rails amounts to $65, and of this n careful analysis shows $35 28 to be expended by them for agrioultural Qrmluo- tions. In epite of the high rates of the fi ho la- Dborer enjoys no more comforts than formerly. Our papoer currency represents dimensions without gravity, and its perpotuation must prove destructive to both ammo{héa and employers. 1awm no defender of the politics of the Secretary of the Treasury. They have been and are as distasteful to me as to a; { of my fricuds. He is not, however, the first nan who has sought distinetion in a role for which he was unfitted. . The author of Black- stone’s Commentavies sought parliamoentary posi- tion to increase his fame, but there his career is only remembe: because Junius pointed at him nis’ “slow, unmoving finger of ~scorn.” ~ John uincy Adams was not always satisfied in the lmih career @ statesman, but sometimes attempted poetry, and Dermot McMorrogh” was the result. The political sing of the Secretary arc_patent, but, accords Burns, we know not what has been resisted. Should we drive him from position, is it likely that any successor would have more of the confidence of the country! His recom- mendations, so far as I am concerned, shall not be con- demned becanse made by him, enly scrutinized. I do not think it will be very wise for Congress to get wron; financial questions becanse the Secretary happens to be right, though wron, polluulll‘{. For myself [ shall not malke the mistake of opposing him where my conscience as- sures me he is mainly sound and true. Although I think he has named a day for the resumption of specie rlymcnln somewhat earlier than it will be possible to achieve, yet the unalterable purpose to resume at an early day I have 1o doubt is_sound in priueiple, policy, and morals, and if Congress shall thwart this purpose it will have doomed the country to long years of suffering. More than this any party which undertake seriously to procrastinate the day of our redemption from the evils of an excesstve paper currency, the evil of dear liv will at 1ast be over- ‘whelmed by its opponents, even though the latter may not Lo able at the time to extricate the country. Btrong as e are we cannot afford to take the wrong side of such uli issue. On the 11th day of May, 1865, the promium on gold had fallen to 128} per cent, having fallen from 200 per cent in March, and from a much higher point than that in January withont producing a perceptible ripple in finan- cial olmlmud farless a panie. There were 2,783 failures in 1860 in United States, amounting to $51,739,475, but in 1865 there were only 630, amounting to §17,625,000, or about one-fourth part of the average number andamount. Mortgages, made light, had been liquidaged. The oldsys- tem of mercantile credits by common consent had been banished. The Bouth in losing all had lost its credit, and trust in that direction was impossible. All felt that to pay you go was sound policy. The seriptural injunction, We 1O man -nxtmng,“ had been implicitly obeyed, and then was the golden moment, not only for political recon- struetion, but for a retura to o payments. Then the eapital of the country was idle and might have been largely enlisted into the service of the conntry. The cam- puisu ‘of a paper currency was over, and it waited only to Tonorably discharged. Uscful once, it Wi now on an inenmbrance. The Western Btates prior to the war were largely involved in debt, and_they not nul{ rlld off an indebtedness of not 10ss {han $300,000,000, bub they became largo holders of United States securities with means of becoming etill larger holdors.” Up to this timo neither in the West nor in any other part of the country, have our people asked or rpceived the ancient measurt of credits. ov,wll.nmnndmf the drafn of the war the great masses of the people are froe from debt. Thanks, at least to the Becretary of the Treasury for haviog borne the motto of an early resumption of sp This, 1f 5o Mo} ted the conu! definite expansion of credits, from plun iuto debt; and never,in my opinion, shall we I ous moment to initiate measuges for a v xcess of oUr papér currency. estimates of the receipty from customs for the years 186i-68 wer 1t 100 large, but 1 cannot, and instead of §145,000,000 if we got less by 20,000,000 it ought to content and be satisfactory to the country, The capacity of the Bouth to consume and pay for iminense importations has been vastly overrated, and the lake trade alone probably much excecdsthe entire aggregate of the - Bouthern trada recently re- stored. The prtmflm action 80 generally expected upon the tari bill now pending in Senate, by which the rates of duties woul somewhat increased, for a time greatly stimula |m|1n}|onu, and we have had both a gluf of merchAudise and of revenue hf no means fo be anticipated for the cowing year. It is most likely the Secrotary of the Treas- ury has undertstimated the amount of United States bonda held abroad, and that instead of $350,000,000 not leas than $500,000,000 of our national securities are so held. S0 Jong as these remain below par abroad they will held more or less as fancy stocks, 1i 0 be’ returned for realization at any moment. If they could be made equal to par it docs not seem to me that the Loldcrs would part with a seeurity for which they were recoiving slx per cent intercat in order to accept anothowvmo better at thees and a_half per cont intecest. Beyond a question when our bonds bring what they represent, dollar for dollar, a new loan payable abroad could be negotiated, if it were desirable, at five per cont, and perhaps at four and a half per cent. We shall ere long demonstrate that it 15 safer t0 trust the United States at threo and a half per cent than any other nation in the world, but first we must make our present obligations worth their par value in gold at home. T wish it were true that the stocks of the United States were not to bs found at all in foreign markets; but we are not rich enough to hold _ali the good things we produce. I8 it not, however, a source of mor- tification that Massachusetts five per cont stock brings more in London than United Btates sixos? Or that Virginia five per cents bring enly twenty cont less? Are we ww content that Egyptian, «"‘vmm at 84,) Turkdsh, (98,) Brazilian, (93, and even Moorish, (93,) stocks ghall uoted much higher than tho bost of United States stocks? Some of these loaus at four per cent of governments greatly inferior, as wo thipk, to that of the United Stafes bring higher prices than our six r cent loans.” I do not wish swifily to put large profits 1 the pockets of our croditors, but those who pbtained our um‘t: at less than par made tholr profits at the time of purchase, as it was to bave been expected the Govern- ment would pay to the uf 08t fartling all it promised, pflnnlgalnn interest, and those who relied upon the good fith of our Governmont, or who may hereafter so rely, will never receive loss. No other government has met its obligations with more punctuality, If slowly, the world will suroly yet mlnmwladfe the faot. The problem of how much curreéncy or ci mu»unf wedinm any country requires for the healthful transaction of its Dbusiness 1s ono baving #o many points of disturbance that its actual solution is one of some difficulty. Each niner will vary result according to the data fnoluded or excluded,and mbn\;l{ acoording o the theory ho wizhed to build up or dewolish, I propose to present some facts upon this subject that to me seem important, nd to whieh I in the consideration of the House. 0 entire amount 6f bank note circulation of the whole country in January, 1862, was@184,000,000, and of this $4Q,- 000,000 belonged to the Bouthern Btates. maximu amount of banl girculation at no previous time has gone beyond $214,778,622, and the cireulation in 1860 was $207,- 802,000, and that was a year of »8. Lwrfie production and of as much general prosperi yunny“per flmlnwr history. To the amount of paper there must be added a small amount for apecie in daily eirculation, Doubtless there was $200,- 000,000 of spacie in the country, but that held by banks is ropresented by paper, an u% amount of which is usual- ¢ rotired whenover specie 18 demanded and temporarily ght into use. A considerable amount, as there ever will e, was hoarded or in transitu as merchandise. The business of the country was not hrgcr in 1868, certatnly, than it was in 1860, excopt in National taxes, and thess nn- !urntmnn ly create a demand for some inoyease of the ironlating medium, and a3 unquestionably to KOMO ex- tent dinnnish the business of the country. It {s a great conyenience, howevor, that the medium should be of a Couges. Witk wloat proprioty awa it bo @iaimed that tho ountey, what propriety oan abmed that bualuess of the country requires the vast olnmo( papor hich now inundates the land ¥ us ook 2 now in Cirewlation (December 1, 1806). $36,785,085 00 o oo banks converted, now 9,748,005 00 85,441,849 00 28,620,249 93 202,671,753 00 . 4163,266,911 03 \ton of bank it . o8 of the Bouthern nufi fi h:'w.m.m; fid Was at the mu::t of the Rebel- oy m" ‘““&‘d “and the anount omJ value L t to 81, f In 1862 m' cireulat 1 floes not exoeed tha inthe fact S Chaora . tha Sty ot Lhe 0 the cirele,” secins age has been hfiu about one cent of Wl can :clofil:itu:.nfl,hfl:%nnc power at the Treasury Depart- 0 ‘more rises and floats triwmphantly over e ‘r‘l'\r"‘»‘fls:-'u TIMplprr rum»ncz‘ln vulgar fractions. The gold_certificates of deposit, fssued by millions, Telp to B our circulation, being ‘convemently and daily used for many purposes, e sally to pay for exchange in the Jor Aitlon of foreign accounts aud among gold operators, Bils of exchange are in facl currency, and the amount aflont 1s enormous. The compound-interest notes nre Jargely used, and almost universally, though without au- thisity, take the place of United States legal-tender notes in the ‘reserve required to be held by hational banks Even the soven-thirties often take the placo of lawis ‘money, and are given and taken in financlal transactions Bt thatr current value. To some extent the coupon bond; of the United States aro used @8 money and arc remittes to pay balances duo\ especially balances of trade due Ahm‘i. To the circulation already meptioned, it is fair, en, to add the most considerable part of the following god certificates of deposit oot el airewlation on {ie Paciio.. 95,000 0 in actual mum inthe Atlatitic tates.......... . X Copper and o o 000,000 : g s oo Tnts, ndded 0 (he first series of ftems, makes the whole O e mataaty s Dusipias than o "('ro{lmlll six n{lol, ‘when we did not Lave nor quire one-fourth 3 'eATS part of tho sum! £4,000,000 per mo; ‘paper authorized to be Petired laat year compensated by the incroase of Na- tional bank paper, and paper currency still maintains its amoun! supremest bulk. The t of notes authorized to be fssned b‘y“.he Bank of En) 15 £11,000, .0!'86.'100.0? and the entire amount o paper cireulation in Great Bri- tain, including private and foiut-stock banks, ns estab- lished Dby act of Parliament in 1544, was £57,000,000, or Tu,wom Bome years it has been a trifle more thau his and some years a trifle less; but in 1863, strained o8 they were for &aplww buy and 'homb&omm 3::1“' n;lo- unc«} 6 _Amoun nof 01 129,789, g\ on pfl:‘fi\)t the trade dnd ggmmom of grenc {uln vastly exceed that of our own or myothzr na- tion. Ita ex%mlnlm ‘were §2,645,000,000, and yet théy i $185,000000 of papor money equal to ol their ordinary dem‘mh fio;v is nl at It an bo protended we require muc ng the war it ‘was claimed that the flofl%ou &":ma%?u gn 0 Govornrgent absorbed hund- reds of millions, and_doubtless the mone§ paid to our armies in distant fields did not find its way to commer- cial centers as quickly asit would it it had flowed throngh the ordin: channels of trades but the Government ohngui business, did not increase it, and if it aid, the ‘war has oeased and the Governmenf Is no_longer the nd purchaser and consumer of everything upon which fi'Can Ty its hands. 1¢ s an absurdity to suppose that we uire five times ns much paper money a8 Great Britain to do less than half as much busivess. ‘But the facilitics now in use for the transaction of business by houses en. gaged in large operations, outside of the use of money of an klnx, although known, 'are generally vastly under- rated. A member of Parliament recently declared that 1t vequired no more currency to dothe business of Great B now than it did twenty years ago, When the busi- neds was only half as large. There will be found in one of the wllnmen{.nr&rebmm of 1858 (Evid., p. 165) th testimony given by Mr. Blater, a member of a firm in don largely en, nfed in commercial trensactions, ranging over several millions sterling yearly, which showed that thefr receipts aud payments in the ordinary course of business, when ecarefully analyzed, held the following ratio for one hundred parts : ' Receipls. Bank of England notes. . 7percent. Gold and silver........ . 8 per cent. Baunkers' drafts and checks, 90 per cent. Total..coeersanseaennenns «+s4.100 per cent. Payments. Bank of England note: . 2percent. Gold and silver...... . 1per cent, Bills of exchange and ¢ 97 per cent. Total............. 100 per eent. The business of this fir s to that of any of our large merchants or traders o Now-York, and proves conclusively that the credit and capital of the pooplo are used to an extent of 90 to 97 per cont, in ordi- nary mercantile transactions, and that neither gold and silver nor paper convertible into gold and silver Is used for a circulating medium beyond from 8 to 10 per cent. This fact 18 strikingly illustrafed by the New-York bauk exchanges or money transactions for a single day amplo, take one in the year 1863, amounting to $31, which was performed by the use of §2,507,3% in A In the year 1854 the bank exchanges were $5,062,912,093, and tho bglances or money used daily were under $1,000,- 000. For this data T am indebted to a former eminent member of this House (Col. Btebbins). This experience of Now-York tallles very closely with the testimony in the parliamentary report, that it only requires about 3 per cent in money to liquidate all paymenta in modern trading, If 1t were not mise vous it would be ridiculous to ¢laim that there 15 a necessity for the con- tinuance of our present excessive amount of paper money, Mr. Charles Buller, in the House of Commous, stated that the amount of bauk paper in 1534 was hotween £26,000,000 and £37,000,000, while tho amount of bills of exchange in circulation at one time in the same year wns £152,123,000, o five times the amount of bauk notes. On the 1st dgy of January, 1866, the whole bank capital of the country amounfed to $403,357,346, but & much more active and llrfil‘ capital was made up of individual de) s, which at the same date amounted to $513,008,883. By means of the checks of depositors this may be and is drawn out dafly, and by checks of other depositors or other bank- able fands an equal amount may be deposited. AL the same tyme 1t 18 perfectly safe for any bank to calculate that at the close of business cach day the sum total of the deposits will remain nearly unchanged, and thercby the basts of discounts is very much enlarged. Thus the credit of individuals at the bahks |ll:l?‘u by far the most Import- ant figure in modern financlal frausactions, away with the necessity of & large volume of ba circulation, besidss moro than doubling the aggregate banks. An unvarying standard of stderatum of the world, but it has not found. Gold and silver have been almost univer- st approximation to that end, at intrinsic value in propor- tion to welght, po! lo and durable, But a bushel of grain in old and long-eottled countries has been considerod n more unvarying standard of prices than even gold, on the ground that It requires a wore uniform amount of labor to produce it. But & uniform standard, however desirable, appears impossible. Laber in oue country 18 worth more than in another, and worth more in cities and towhs than in rural districts, because money 1 there more abundant and purchases less of the absolute necessaries of life. Educated and skilled labor is more valuable than the uned d, because more Labor is worth more in the Spring-time and harvest than in Winter, notwithstanding it costs the laborer more in clothing, food, and exposure, beeatuse in the Winter un- emploved laborers become abundant. Agricultural labor being interrupted, many who follow it in its season pur- sue the trade of artisans during the Winter, and thereby depress the prices of such labor in towns and cities, Prairie lands combined with labor-saving agricultural implemeits have reduced the price of grain fu the West- ern States, but the labor to effect distant transportation prevents any very large reduction in the prices which the World at large continues to pay. A dr)"u work in the United States may be worth twico as milch g8 in Mexico, bat It 1,000 men i the United States produce ounces of gold or silver for the same amount of labor . 1t requires in Moxico to produce ounces, transportation no Jonger {interferes, and the price in Mexicoggll fall one half, or it will take twicé as much gold or silver to make the same purchase as fore. Itisto be noted, however, that Chlaese labor, be- ing that largely emp! in our mining regions, is quite as cheap a8 that employed in Mexican mines. 1In point of fact the surpassing abundance of the preclous metals, eugfl'mlly that of gold, discovered withinthe last 18 years —Califoriia helng already eclipsed by the Colon! Great Britatn—and the facility and eheapness with which they are obtained, has chnn{w:ml the markets of the world that gold ftsclf ¥as rapldly depreciated, and vo- whore purchases as much s it would {n 1850, Bo coplons are the supplics, multiplied suddenly at 8o many 'differ- ent points of the globe, that it may be expected ot an carly day to be valued, ke any other article, at no.more than the cost of extraction. Whether the enormous in- crease of the precious metals may not uluumtnli destroy them as a measure of vnluu‘ o4 wos apprehended upon the first ming of the golden treasures of Califorma Australia, remmns yét to Dbeé seen. The extraordinary drain of silver’ to the Aslatic nations will nof forever postpone the question. It soems probable, however, if this drain should continue even for a short time longer, that all nations will either abandon the nse of silver coins or they must spoedily debase them, Othorwise their commercial prico 80 much exceeds the currency value as compared with gold they willbe molted, up. In 180 tho valuo of gold produced stood to that of sllver in the proportion of 28 to 72 in & total of $54,000,000; but iu. 1863, when the produc- tion had been quintupled; the proportions were nearly re- versed, and qo d stood at 67 to 83. In fact the fucrease of silver f4 small, while gold bas quadrupled, Micaulay’s Now Zealander may find among other wonders a thou- sand years hence a pound of silver valued at fifteen pounds of gold. In 1630 it was ostimated that for the pre- ceding 19 years the n\’erufio annual production of ‘the ¥recmun wotals had fallen off about §31,000,000 from what t had been prior,to that tiwe. Productions Europe and Asia. . Indian Archipelago . Africa. Aumeri Total The amount of gold and bulllon in Europs in 1847 was eatimated to"have boon $1,200,000,000. The accesslons to tmfinenl stock of gold in the world siunce have been prodiglous, but prior to 1848, for moroe ti ears, the ‘aunual supplied did not much more than equal t!e annual waste, 1am not able to obtain any consecutive retu of the nmvunl,dproduoed in Mexico, South America, Rus or Africa, and only imperfect réturns of what fas been uced in the United States and in Australia, but it is own that productions have been in 10 , and bably the aggregate annual production in the United tates nlone is now nearly equal to the amount produced by both the United Statcs and Australia a few To thesoe statements should be added ‘from cent for what is not Mr. Homan gazine -gmled the production of gol 8 Total wpar _ OUR FERRY SYSTEM. THE LEGAL REQUIREMENTS—WIHAT THE COMP; ; ANTES ARE BOUND T0 DO—AMOUNT OF RENT DUE THR g Ut i i e s of five from different stans aud beyond doubt Are very near Jast 10 ‘years, for which I have no returns, the ve, ble esiimates nlrc-dg glven 1o the that more than trel than for the six years for which I have given the al francs per dollar, equal to. ) These estimates, made up from different sources and 6 to prove each other, the truth, Within the d-polnts, serve amount has bees These facts conclusively show, epart from th a paper currency, fallen in intrinslo abundance. u history. m other depre us on account of the annual addition which has aul be made to the '!enar-l stock ot ha wfild for generat We keep up mints and but it 18 ?; that on the whole not one-fourth & Aro 00} , In el atriof our mints and assay 1d cotnige 5. Bilver colnage | Copper colnage Total, ... 7e.es ‘Whe: vanced by the of Muth’lg the fi a8 early a8 1897 by debasing our gold f.wn 900 E’m declared that of and 100 parts alloy. art alloy in every 13; but ot debased at least m could be more vajue valie, Neither object was soc 800h beéame obsolete, and gold coins, 6 to on: o siandard was purporely pliced were stil oxportea. n or“g to retain in the country any n its legal-tender silyer, which, ‘There 1 retained by the country. Of thioelourtn- or more ?u of the American eagle gives no chapges its allegiance—as n]xh forbid by nterest St 0 f nations in hwwhenever tempted by any ablo, The following table shows the work of offices since first altgl:?:l;:d H 136,351,812 96 + 6,535 4967,424,007 30 rated at the a whit ad- other modes 0 gTess bey .nX silver coins, fi s 1t1 Most of it has disappeares valuo of the pure metal o&nulnu, and no Mepsure Was "f' 0 two equivalen ut to that gold must h: value. 1t has beco What occurred after the silver mines of Potosi in 1545 is again stampin, thereforo, no_occasion .r:r ‘iation than that which must fnevitably befall 80l ons yet to come, 1s. t. Amon| of the dard yalue of mone; 1d be of one mnmrlty exported than t only ured. The below tha that for 1863 and 1866 wou! e irremediabl, 6 standard of jBritish gold is one we have Do coins which are in every 10. At that time and no to thelr “relative wmmemm to bri 1d into more genersl circulation, oy 'lg‘ mu:‘aaaf value, of 15 or T comemerolot hotTh of e SORMIEY 1o featold more o value than to the ovnrnmle ith ineon- vertible paper h 1s tmposeible, but wi %:ld casily negotiate all loans for one-sixth interest, of nationa) bank currency that would be convertible, being over 50 per cent than we hi g;lm.vmuisemmm supply for the wants of trade. ut while wo are Dbef with paper enrreney redeemable oan per currency sud ng: worst €0neeival form of inflation—Con, ‘will make lavish al bl: tlons, and the e: of the Governmen unnwenmflblz exp.nauz:z tevery sossion fax any loss to terest SR Ukited Btates motes™ As Jogielstors we come moneg' ohunpl F g:np for paltry sums, 5 relia- show e actlon_of béen and id and silver in offices at great expense, 3 b ‘unot the all we have the left metal of gold, whether e standard of the precious metals used as s e been ted nzly with that of other nations; that mw whoso {ssues alone —are greator the _clreulat prac: ticall; leemab] and to be that the sim m‘&h X 8t mfi“ B a8 o t'om ity, ughout all civilized nations, nited Btates has from time to time; either ‘weight, until it vor- ent or to R AT T i much more by the ereation of a family of National ba'm only v, claiming or ~ otler iuto silver, o the I into é‘h“ “\?:olyofflmy 10 10D & it de) bills of exch w' s mw::mm i el possess transactions all the fanctions of bank-note currency, and in modern times are at least nine times more exten- although t of lll:'lgl', value, bore a beln then became " jury and was sold as a commodity, it it llar in 1853 was to reduce the weight of the reduced fro sively. and therefore, in proportion to the husiness of the worls e than erly sflver farless money is actuall ujred formerly : o pro: | that t i fion or whit- colnage, and tho hal ralng to 192 grains, and 5 Kiiver dojiars at once fractional arts to the same i AL e e, of e ey ever circulates as money, grea! agni ‘which may be used in t{zamunl(zd States ; that the fm- portion. hearing date prior to 1897, being Wo the new eagles §10 66, al ppeal thesein 1791, standard gold, was 270 grains, but The debascment 0f our they were redu coinage, never entirel Foreign colns, beyon course permitted to cod to 258 150 disa] e ins. pure, was thus about Dbo rated at an increased red, and eagles i proportion to Te our power to debase, have been of weight of mensity of our ger money circulation tends to the 1837 spread of unthri abits and induces extravagance on of Congress and the Executive well as the pood;le : that & postponement resumption wi d our ple less uprepned. more the banks with a heavier line of discounts, 2|;de &:fl %e system more ‘:?n;ld Departinents a8 7 per cent. the time of valuation. The mufld.ntcrun made a rafsed to #4 Bi—bel It will be seen from United States coinage is very I tion of exchange with most always against us. Exchange on over 9} per cent, 18 really at par. 1s promptly convertible Into specle, it 1 still much below ries with which we have the largest transactions. Our gold coins are received not aecording to the value we stamp upon them, the par of phe count! commerci) abroad, but according to tl;e -lnonnt‘;;]f pnml - 1 &“Eflufifimfim&?fl&‘%fiwfi o taadard of spete 14 es for any period Hxed by oursel now imperativ winl Mn%el' In 1704 at $4 44, y Necessary. of Great Britain, or sovereign, was énd in 1842 i ove% per cent. this recital that the standard of the ow, and_the normal condi- ng an incrense other elvilized old they made equivalent to the standard of United will be none too val dilution of money would not be tolerated hy even Hi But the value of anything circulating mann, Qiminishes, both in proportion tv its abundance and in sroportion to the swiftness with which it changes hands, I t is called money below the standard of Tolders of wha! the world are always es, hoard it. They invest it, elther in something more solid or are happy to be rid of it for even such extrayi otherwise be afforded. The seess a wonderful faetlity aper money nited States a8 the, Amerte for b n poople at exaggerates this national aptitude me sum of 1 quently as in Eigland, and in times more frequen twice as freqently as in Spain, and in Spain five Russia or Turkey. China and India appear to be Serbonian bogs, where never mora comes to the times more #pecie onee 1mtro light. 1t oes and buy more lal lost, at all events tive abundance the rapidity of t circulation, the ma tive abunda its valuo will true, almost aut ewrrency tho rapidity of efrc The effeots of an infliste fur more sluggish. by creating suddenly a nominal increase of values, has demoralized the nation. Men quit work and buy prop- orty for o rise, although the rise may have ceased. Jow in Boston, who had heard of kome made fortunes by (filllng, shut up his store, although an 1 failed. Toward night he reopened his bhad falled ever since 9 he morning, end had not made a single cent! 0 back to their proper avoca. e all very well ; bub they will not. 'Btaid men becomo adventurous, and adventurers nothing, haud a owin, ing e storo, o'clock i If the_speculators tions, like the Jew, I aid t become desperate 1o who L eleph disp n population gambler, numbers at the ex rents are fabulously thelr rise. Congress from the Atlantic and_spend risk a four-months’ reckoning with an ‘whether 8 10 longe! nd are Industr; 180 m bor, are daily dally exposed to of those who seem to fly to E-r currency. Let us set the gold perator and all who follow kindred trades at work in some ho) calling. At least we may dry up the fountain from w’ flows their present means of intexication. It s a &) our gréat eras of financial distress at the moment when we have had the max- fmum aniount of paper money inflation, and when we Jw with all the world. The bank the United States from January, 1890, 1897, rose from $61,924,000 to §149,185,600, he financial eollapse from which the country Qid not recover for more than five years, or until 1843, when the bank circulation had been reduced to, 55,664,000, wings of a pal ant fact that ceurred just were at profoun note clreulation to January, then cumeé { would feel could no ain-making, and an abundance of requently thai bor there thau_elsewhe: to modern comn suthority laid it down as an axiom Given both the ry s the cconomy 1y Bation would feel the evils of a redund- jesa than that of the United States, because ulation clsewhere would be generally v “gold_operate toward towns and citdos, ea re ready to sully eharacter for an unsullied equipage, belev- e splendors of an eatablishment ma, v soul. The urban population everyw Wise me bbled up Others lose by bold and rem! masses, trained to legitimate business and to honest la- wing poorer in pocket while they are deeper ruin by the seductive influences uable. The second, third, T to part with it; il (Imh In the noney, probably, chianges itly than in France, an 1 ueed stays there pol'hlgs‘lu-n- ?u its use. traveled about all hat he would t wuulx{‘; Haste to be rich fires the Gt or no fane » of to green friends is a fossil of a by-gone a unsoplisticated representatives of attracted by the history of some Jucky ci; the polite do call it,) rush for sudden weaith, ai pense of the It Tow dear, but not e Pacifi 1he v merica agricultural, manufactari T attr 0018, A few ma, less speculatio ortune_on the In 1857 another period of sharp distress an barrassment was e gll th sive rise of the circulation of surely w.rmun a storm in sudden denotes a violent change In the atmaspherical world such circumstances the skillful mariner will trim. Und Dis canvas so as to weather the rough dangers he may be [lvnnm nmmfll. ‘Wiiile the war ra, {ml riskagstretol admirals lashed to the masthead, and came off victorious. in harbor, it would be dis- g upon carrying full sail called upon to to run fearful Now, with all our ery ] lmum] to sink by \natatin instead of throwing an anchor or hy with proper ballast after b the shi) fa l?nnld bo visited by o war—it 1 too obvious that we are exposed to excess of currency g o dollar a dollar of un ingly. cireumstances are every dollar issne that any one cal o Ut d for mucl gold, and would probably gain imuch more it according oven to the presen unt on legal-tenders. Notwithstanding that the present lnnfi!on :::n paper ought naturally to carry the old 1 convictionlargely controls the rate of discount. e uw&‘fl:\! 1t t sumption u) 0 18 no power whfimmd from bounding up to some of its highest altitudes. Let Congress become weak and vaccillating and 1 866 OUr CUITENCY a8 buoyant as soap- wer, During comfort, the cent 1 rice of ?orud 1 the pul and the time of or postponed, premivin on ‘we ahould bubbles and with hardly more purchasing the war, at whatever sacrifice of presen of us conducted themselyes and voted likq Let us not suffer in comparison by an exhi® more contracted vision when the light is people back statesmen. Dbition here of time the bauk note circulation t point then ever known—§214,778,822, An exces- Tpfl-r would seem almost as the financial world as the nking of the mercury in the barometer thing od adds nothing to actual valus and a half only brings along the necessity for 1 the price of every exchangeable commodity edrrespond- If this were to be doue with mathematienl exact- ness nobody would be the gainer or the loser. ‘Weknow and have faith thht y the Government will be actually redeemed and pald, and probably within five years. 8o afford on this liypothesis to iuvest gold ted States notes and hold-fhem idle until redeemed h less than even the present premium on xperlenced throughout ) 3 ad swollen to—the ing every rag of aft kafel glectl sucl severity. Any A (:nl?in cullar. higher than it now i int should under ‘more abundant. The ratio between gold and the true one. Producin, ally 1s and forever will But we have dej ‘which else, making it a wo are obliged to sell for what the world will than to wrmuo va‘hl:ynu have to sell. 8o long as i er systew to the great ing the paper jons and ha m'm our TO80 t0 1n 1880, o our oW of this con i Sl e ke London, when at not ‘When onur paper money more protracte Bank nofes, when they are ngland_threo s frrecoverabl Years ago hig] Given the compara- { nceal a the chiolera retards Hotels are filled, notwithstanding members of nd it cheaper to eross the tion {n_Europe ri th when fortunes are lost by unladen. e have escaped nl|§ commercial tornadocs, but if we ch a calamity—the usunl sequence s of \fl tur- fchepor heve than clacwhere. NEA WO ure Witle it continues plunder and the spoll was | than now for a Wise, n}endy. u resumption it D present volume of and with the ever the maintenance danger of its occurrence; but & m an contraction of the flood within its old embankment is visable In order to restore health and vigor to industrics, and in order to build up our nation upon that impregnable 1« ‘nu\ggl not more precious than soli by Providence within our reach, and ahee than is tobe found in all other conntries havejust emerged from a moste: ve war,and oxhibit that spirit which success justly inspires, grap- pling with the financial culties yemaining as part of our inheritance with the that conquers, and thus secure the vital interests of our own people while we challenge the respect of foreign nations. OBITUARY. —— THE MARQUIS DE LAROCHEJACQUELIN. Henry dn Vergier, Marquis de Larochcjacquelin, & Senator of the French Empire, die@l at the village of Pecq, in the department of the Beine-et-Oise, on Jon.7. He descended from a family noted for its Legitimist convictions, his mother being the heroine of the Vendée, and his uncle, Henry Larochejacquelin, the chief of the Vendean war against the fiyst French Republic. He was born in 1804, and was created a Peer of France at the early age of 11, but had not taken his seat in the Upper House when the July revolution of 1820 broke out. Unwilling to serve the July dynasty in any capacity, he resigned his peer- age. In 1842 he was elected to the Chamber of the’ T eurrency mi; oo it mmoyt of Treasury ury an easy mon:x;m-rlet, there 18 no rate and persistent ad- g 1t contain, than is States coin, and fonrth a8 money they never nees hand twice in France ause it will suhject, a e, from eacl y o rega) mmug;: unn :Emm:td l:; bo-n‘. 'fifallowud up by an. VeS| lon, e resulf would ge of enduring fmwm to the poopu%l this ml: rool llowing s a list of owned by the Cors :.:mn “.nm:-?t.m annual finhlfl tes at which expire : " EAST RIVER. pan; to a rapidity, it Deputies, where he was the most violent memberof | (Laction Lessees. Reot. Lease Bxpires s fonerally | {lo Legitimist Opposition in his attacks upon the | ' staten Inland... Staten Id, Ferry Co.46,160 Gurened’s | Government. He disagreed, however, with the bulk | Hamliton-ave. rop-i| of his party and the Count of Chambord, in de- ~ V"}” MC"-} 103,000 May 1, 1870 persons whe | manding a direct appeal to the popular vote. This Ca = I estrangement grew wider after the proclamation of the o “CJohn H. Martin day 8a7- | Ropublic and the establishment of the Empire, which | Roosevel { = Brooklyn s 3,000 May 1, 1867 Larochejacquelin accepted as the expression of the Fois popular vote, though, as far as his per- Jnmeuup.......g J.J. Hicks, ar} 3,000 May 1, 1868 sonal predilections were concerned, he pre- A.E\Bbmm tended to remain s Legitimist. In 1852 he | Plerss and 33 102 ™oty lor pr, Bkn, 600 May 1, 1874 brain, and Bridgo-sbuoeeees ) o stocks ready to water | Was named by the Emperor a Senator, and the voReons sd e of this posit Plerss2 and 33 to§ A, V- yod pees ance of this position by him created a great | T GIC A O amengm. 3,450 May 1,187¢ sensation among the Legitimists, He toek a fre- Fer - e quent, though not prominent part in the debate of the Senate, and was,. in particnlar, conspicuous for ol . his uncompromising defense of the Temporal Powers. © gain in - n and city PERSONAL. p—— Gen. Thomas, for some time Chief of Gen. Howard’s Staff, and one of the most successful Assistant Commis- sioners of the Freedmen’s Bureau, has been mustered out of service, at his own request, and 1s now in this city. T'he Macon (Ga.) Telegraph says ex-Senator C. C. Clay Las returned home, after a protracted absence, to find his property libeled for confiscation at the instance of the .L'nlwd States District Court for North Alabama. The Rebel General A. P, Stewart has removedjo Memphis, where he will conduct a college for young men, assisted by his brother. Col. Baumes; late of the 37t} Illinois, assumes the editorial chair of The Dubugque (Towa) Times. A fortune of $250,000 is uwaiting Dr. Benj. F. Pat- terson of Mobile, e wys formerly a surgeon inthe U.8, Army, but has not been hedrd of since 1864, When he was at Bermuda Hundred, Va. The publication of the U. 8. 1aws in Texas has been given to The Austin Gazelte, Whose editor was formerly Jeft Davis's Private Secrotary. A Mr, Nicholson proposes to Cleveland, for the purpose of & publ u landlord ng, or me- y galn what 2!!“. but the expanded Total.... METROPOLITAN BOARD OF HEALTH. The Board met yesterday afternoon, President Bchultz in the chair. A report was received from Dr, M. Morris in reference to the. condition of the varnish manufactory located bes tween First and Second-aves. and Forty-third and Fortys fourtlests. He considered the gases generated during the process of manufacture as exceedingly deleterious to the health of the city, and recommended immediate ae- tion on the part of the Board. The following letter was received trom the Clerk of the five great cm- 0 count fivo to the City of lic park, from 200 to 250 ares of groundlying on both sides of the Rocky River, | Astombly: provided the eity will expend in improvemonts on the | *ATL ,.‘__!n_,.“._ o L < ey ed we' same $50,000 per year for the next ten years, e l:-.‘hh‘h“ll"l-llh g o of , withonr | The Rev. Bernard Peters has become editor-in- | wiw mm;.' ‘may be in their ;:uuu“& [ chiet of The Hartford Post. sssitary condition of Tenement! of New-York Surgeon Ebon Switt, U.8:A., ia suing the Hanni- | taes vetl s it soant b Be oesiot. Fomsber oo ug to trim | 1,q] 4nd 8t, Josoph Railroad forloss of his baggage. He G M Duinpina. Thus ‘Which was referred to Dr. Dalton, Sanitary Superin- clalms $5,958 050 damages, one-half of the amount beivg estimated to be the value of an unpublished work of his on “ Veterinary Surgery,” the wavuseript of which was in lis trunk. ‘W Martin Torbet, an officer of the Rebel ram Shenandoah, has made a bet of £500, that the assassin Booth is still alive, and pledges himself to furnish proot thereof within six months. The family of ex-Gov. Harris (Rebel) of Tennessee, have returned to their home in Henry County. The “head” still remains in Mexico. The Chicago Times publishes a8 an indorsement of 1ts advocacy of negro suffrage, a letter from one Wi, De- ‘witt, who subsoribes to the weekly edition, and adds: “N. B.—I don't care a damn whether the negroes vote or not.” Gen. Pennypacker of Pennsylvania, who was se- verely wounded at the capture of Fort Fisher, has been appointed Colonel of the 87th U, 8. Infantry. ‘Thomas Stanley, an ex-United States soldier, while passing the public square at Brownsyille, Tenn., a day or two stnce, was asked by two Rebels it he was a Confed- erate, Replfin:? the negative, he was set upon and badly beaten In the face with a cane. The Rev. 8. Holman of Concord, N. H., has been appointed Chaplain of the Now-Hampshire State Prison. B. A, Epperso - f from T e e eture beco o Boston YoungMen's Democratie Club. At Circleville, N. Y., on Jan. 7, & Rey. Mr. Osbon ed_John Johnson of Mount Joy, 71, and Mrs. ancy Wakeman of 0. Shields jorwich, Conn., on Ji “.One l':u‘:ndvihgorgl bet, and m&n..g 'y 3 3 N. H., died & “l)rhmuwdfia;o{ mBunl "H—, e from W L] lon. ames fireman of Nashville, Tenn., pares DIXOT, & BBl By tho death Of o reiative 1 Mississippl. Medical officer of Halifax declares that the of the street rallroads lv’rll.h of salt on the iron rails of the induces si evaporation conducive to scarlet fever. Mr. R. H. Olmstoad and Miss Martha T. Hale of East Harttord, Conn., wero nited in matrimory 1, after courtship of 20 esin. ] Tl tendent, for a report. The regular weekly report of Dr, Dalton was in which it a) that the Inspeetors have ul.plgx;ldulr’&?rt.ne past week, The Bccretary Board read the following commuuication from Dr. to the conditivn of so the recelved, of Y ing uj ut our an rate of this all- s, 0 & chan, uncertain revent the paper s not commodi paid al i Fi 22 Ik't of E i HH n- el e 72 i it : £ £ £ 3 B i 21 | i fHipt 228 £ £% st ] i 4