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PAOB
D

L.
Darien Ship canal.

168 Legal tender decisions, their scope
Debt statement of United States,

aud results

181
nionthly.......161, 228, 316, 343, 466 Land and water earriage.

........ 373
Debt and finances of South Carolina 187
Debt and finance of the State of

M.
New York
20:1, 26 Maine, water power of.....

116
Deht statement and Mr. Boutwell's Mich gan Southero and Northern
improvements

253, 4-7
Indiana Railroa 1

310
Delmar's report on the tariff 289 Milwauke and St. Paul R tilway 449
Lepreciation of gold and silver.... 1 Mouey market, Cuurse of monthly 74,

156, 235, 281, 395, 467

two years

.... 230

Ne

66

1

Edmunds resolution.

94

N.
Eg pl, financial position of

459 National banking associations, agre-
Erie Railway.

35
gate r-sources and liabi ities

27, 471
Europe, the new year in.

62 Nati nal Bank system,items of reserve 88
Evansville and Crawfordsville Rail- National Kank re uros.

144
road

25 National Bauke, act regula ing repo ts
Exchange, foreign qui tations, of for of

229
56 Naugatuck Railroad Company.
Exchange, quotations monthly 78,

Yor Central ivi lend
160, 239, 286, 399, 471 New York bank returns, weekly. 79,

160, 240, 320, 400, 473
New York, com erce of for year...

06
Finance Bill of Serator Morton..... 73 New York and tunnel railroads

142
Forei n exchange, quotations for two New York State, debt and finances
yars....

66 of

...208, 261
Foreign exchange, monthly qurita. New York Central Railroa

2216
tions
78, 160, 239, 236, 399 New Y rk and New Haven Railroad. 254
New Yrk horse railroads.

430
G.

New Jersey transit duties abolished, 229
Go á and silver, Depreciation of ..

Nortolk and New York, why one

81
Gold course of, prices for five years. 47

grew and the other did not
Guid, prices of, for month...78, 19,

0.
239, 285, 399, 471
Olio railr ads.....

130
Gold premium, the influences u w

231
affecting the course of

Ohio and Mis-issippi Railroad

212
Gd c utracts legalized-copy deci-

vur foreign ndebte iness, its advan-
8100 of the Supreme Court 268

tages aud di-advantages ....15, 178
Government securities, range if prices

P,
for 1868

68

Pices of merchandise for eight years.
Government securities, prices of, for

47
month ... 75, 157, 237,283, ':97, 4 8 Pices of gld for five years
Government telegraph system pro-

Prices at Nw Yrk Stck E change
for three years

8
posed and oppose 1

97
rices bank sharee, two years.

54
Goveroment purchaser of bou is 4 1
Great Britain, tra ie of.........

52, 233

Prices of government securities for

montb
Gieat Britain, ayricultural statistics

75, 57, 37, 83, 397
of......

431

Prices of gold for month 78, 159, 239, 285

Prices of railroad stocks for month
H.

76, 15", 238, 2-4, 397

Prices of consola and American secu-
Hudson River Railroad

262 rities. ... 76, 167, 237, 284, 397
Huron and Ontario canal...

36 Prices of excha ge for month ..78,

160, 239, 286, 397
I.

Philadelphia bank returns weekly
Illinois Central Railroad.....

257

79, 160, 24 ', 320, 400, 4 '2
Internal revenue receipts for four Phila lelphia and Reading Rai'r vad 189
years

103 Pirtsbu g, Fort Wayne and Coicago
Italy, financial situation of..

461 and Clevel ud ad Pittsburg 257

37

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P.GE

....

Public debt, monthly statement 151, Redemption of the currency and Con-
228, 816, 343, 466
gress

246
Public credit bill, copy of..... 220
Public credit bill and advance of five-

S.
twenties..

225 Specie paymerte, what basis have we
for resumption of

32
Q.

Specie movement at New York from
1859 to 1868.

68
Quicksilver and Mining company... 317 Specie payments, a way to return 10. 120

Specie payments, the resumption of,
R.

and the condition of the country 184
Railroads of the world...... 839 South Carolina, debt an 1 finances of. 187
Railway consolidation

870 South and the next cotton crop..... 189
Railroad, Milwaukee and St. Paul.. 449 Stock exchange, course of prices at,
Railway stock, watering of ....377, 447

for three years...

88
Railroad stocks, prices of each
month ... 76, 108, 238, 284, 397

T.
Railroad stocks, prices of, for three

Taxing Wall street...

244
years...

88

Taxation of loans as capital. 134, 368
Railroad stocks, prices of, for month

Tariff, Delmar's rep. rt on

289
76, 158, 238, 284,397, 469 Telegraph system by government,
Railroad earnings for 1868

129
proposed and opposed..

97
Railroads, their influence in develop-

T'rade of Great Britain

.162, 233
ing the wealth of the country. 161

Trade, aspects of our foreigo... 340
Railroad earnings for month....

..224,

Transportation from West to the East,
308, 382
how to cheapen

885
Railroad, horse of New York..... 430

873
Railroads of Pennsylvania, reports of. 313 Treasure movemen i at New York,

Transportation, land and water.
Railroads of Ohio...

130

1869-58
Railroad, Albany and Susquebappa. 101 Tunnel railroads for New York..... 142
Railroad, Chicago and Alton....227, 264
Railroad, Cleveland, Columbus, Cina

cipoati and Indianapolis .....231, 380
Railroad, Chesapeake and Ohio..... 23

United States debt, monthly state-
Railroad, Evansville and Crawfords-

ment..........151, 258, 316, 348 466
28

United States bonds abroad - advan-
Railroad, Erie...

305

tages and disadvantages.....175, 178
Railroad, Hudson River.

262

United States and Great Britain
Railroads, Illinois Central, Pittsburg

their relations.....

407
and Fort Wayne, Cleveland and
Pittsburg

257
Railroad, Michigan Southern and Virginia, debt of

...... 78
Northern Iudiada ..

... 310
Railroad, New York and New Haven 254
Railroad, New York Central..... 221 Wall street as a subject of taxation. 244
Railroad, Obio and Mississippi...
231 Water and land carriage.

873
Railroad, Philadelpbia and Reading. 191 Watering railroad stocks... ...377, 447
Revenue, special report on the .... 59
Revenue, internal receipts for four

Y.
years...
1031 Yantze Kiang River

824

68

U.

ville..

...

W.

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The money question is again the order of the day; it was raised sometime after the discovery of the placers of California and Australia, wben the amount of specie was greatly increased by the supply of gold. Fir soveral years in fact these placers yielded for each country 300 or 400 mil. lion francs, say 700 millions for the two (about 140 million dollars. The greater part of this gold was exported and reached the great com. mercial centres—the United States, England and France. There had been nothing like it for centuries-since the discovery of the famous silver mines of Mexico and Peru. Before 1848 the production of the precious metals in the entire world was probably from 400 to 450 million francs [80 to 90 million dollars), and yet it bad nearly doubled since the commencement of the century from the working of the new silver mines of Russia. But with a sudden bound, in a few years, we pass from 450 mil. lion,francs w1200 ör 1200 millions. It is natural that some anxiety should have: beért felt at this state of things, and that its consequences upon political economy should have been studied. It was asked especially if gold, which was becoming so abundant, would not lose its value, and if it was not wise to devise means of avoiding as much as possible the effects of depreciation. This precaution seemed to be demanded by those States which had either the silver standard or the double standard (silver and gold). Those which had the silver standard adhered to it more rigorously than ever, and those which had both were induced to proscribe gold as legal coin, reserving its use simply for commercial purposes. It was under the influence of this prejudice that in 1849 Holland withdrew its gold from circulation, and that some years after, the example was followed by Belgium. In France there were also some very clever men who urged our country to follow the example of Belgium and Holland and return to the exclusive use of silver, which they considered the true monetary standard of France, by virtue of the law of Germinal in the year XI. Our Government was not induced to do this, preferring to remain in statu quo; and some years after, public opinion underwent some change, At first it was rather pleasant to see gold substituted gradually for silver, which bore a premium, and, consequently, disap. peared from circulation. It was found that the new coin was more convenient and easier of transport, and finally as people became convinced that this gold, although supplied in abundance, was needed for circulation, and did not even fully supply the demand, they ceased to be alarmed at the annual production of seven or eight hundred millions in America. In fact, in 1856, when the mines had already furnished to the world six or seven thousand millions of francs, the precicus metals became very scarce, discount reached six or seven per cent in England and France, and the principal financial establishments of these two countries, whicb, in 1852 and 1853 had had a cash reserve of five or six hundred millions, were straightened to maintain it at two hundred millions. It will be remembered that the Bank of France made oonsiderable sacrifices to supply itself with coin ; it purchased, from 1855 to the end of 1857, one thousand three hundred and seventy-eight millions, for which it paid in premiums the sum of 15,883,000 francs. The same thing occurred in 1863 and 1864; silver became very dear, and the cash reserve of the Bank of France and the Bank of England sank below two bundred millions ; it was even urged upon our principal financial institution to sell its stock in order to obtain the precious metals. After this experience several times repeated, of the dearness of gold, notwithstanding the production of the mines, no one concerned himself longer with the question of specie.

* Translated from the “Revue des deux Mondos" for Hant's Merchants' Magazine.

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