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Act Authoriving the 6'8 of 1881.

$200,000,000, during the current fiscal year, and to July 17, 1861–An act to authorize a national loan, prepare and issue therefor coupon or registered and for other purposes.

bonds of the United States, bearing date March 1, Seo. 1. Be it enacted, etc., That the Secretary of 1864, or any subsequent period, redeemable at the the Treasury be, and he is hereby, authorized to bor- pleasure of the Government after any period not less row, on the credit of the United States, within twelve than five years, and payable at any period not more months from the passage of this act, a sum not ex

than forty years from date, in coin, and of such doceeding $250,000,000, or so much thereof as he may nominations as may be found expedient, not less deem necessary for the public service, for which he than $50, bearing interest not exceeding six per is authorized to issue coupon bonds, or registered centum a year, payable on bonds not over $100 anbonds, or Treasury notes, in such proportions of each nually, and on all other bonds semi-annually in as he may deem advisable; the bonds to bear interest coin; and he may dispose of such bonds at any not exceeding seven per cent. per annum, payable time, on such terms as he may deem most advisable, semi-annually, irredeemable for twenty years, and for lawful money of the United States, or, at his after that period redeemable at the pleasure of the discretion, for Treasury notes, certificates of' indebtUnited States; and the Treasury notes to be of any edness, or certificates of deposit, issued under any denomination fixed by the Secretary of the Treasury, act of Congress; and all bonds issued under

this act not less than $50, and to be payable three years after shall be exempt from taxation by or under State or date, with interest at the rate of seven and three municipal authority. And the Secretary of the tenths per cent. per annum, payable semi-annually. Treasury shall pay the necessary expenses of the

preparation, issue, and disposal of such bonds out Act Authorizing the 5.20'8.

of any monoy in the Treasury not otherwise approFebruary 25, 1862–An act to authorize the issue of priated; but the amount so paid shall not exceed

United States notes, and for the redemption or one-half of one per centum of the amount of the funding, thereof, and for funding the floating debt bonds so issued and disposed of. of the United States.

Act Authorizing the Consolidated Loan of 1865. SEO. 2. That to enable the Secretary of the Treas- March 3, 1865--An act to provide ways and means ury to fund the Treasury notes and floating debt of to support the Government. the United States, he is hereby authorized to issue,

Seo. 1. Be it enacted, etc., That the Secretary of the on the credit of the United States, coupon bonds, or Treasury be, and he is hereby, authorized to borrow, registered bonds, to an amount not exceeding $500,- from time to time, on the credit of the United States, 000,000, redeemable at the pleasure of the United in addition to the amounts heretofore authorized, States after five years, and payable twenty years from any sums not exceeding in the aggregate $600,000, date, and bearing interest at the rate of six per cent. 900, and to issue therefor bonds or Treasury notes of per annum, payable semi-annually. And the bonds the United States, in such form as he may preherein authorized shall be of such denominations, scribe; and so much thereof as may be issued in not less than $50, as may be determined upon by the bonds shall be of denominations not less than $50, Secretary of the Treasury. And the Secretary of and may be made payable at any period not more the Treasury may dispose of such bonds at any time, than forty years from date of issue, or may be made at the market value thereof, for the coin of the United redeemable, at the pleasure of the Government, at States, or for any of the Treasury notes that have or after any period not less than five years nor more been, or may hereafter be, issued under any former than forty years from date, or may be made redeemact of Congress, or for United States notes that may able and payable as aforesaid, as may be expressed be issued under the provisions of this act; and all upon their face; and so much thereof as may be stocks, bonds, and other securities of the United issued in Treasury notes may be made convertible States held by individuals, corporations, or associa- into any bonds authorized by this act, and may be tions, within the United States, shall be exempt of such denominations--not less than $50—and bear from taxation by or under State authority.

such dates and be made redeemable or payable at such

periods as in the opinion of the Secretary of Act creating a Sinking-Fund, etc.

the Treasury may be deemed expedient. And the SEO. 5. That all duties on imported goods shall be interest on such bonds shall be payable semi-annupaid in coin, or in notes payable on demand, hereto- ally; and on Treasury notes authorized by this act fore authorized to be issued, and by law receivable the interest may be made payable semi-annually, or in payment of public dues, and the coin so paid shall annually, or at maturity thereof; and the principal be set apart as a special fund, and shall be applied or interest, or both, may be made payable in coin or as follows:

in other lawful money: Provided, "That the rate of First. To the payment in coin of the interest on interest on any such bonds or Treasury notes, when the bonds and notes of the United States.

payable in coin, shall not exceed six per cent. per Second. To the purchase or payment of one per annum; and when not payable in coin shall not centum of the entire debt of the United States, to be exceed seven and three-tenths per cent. per annum; made within each fiscal year after the 1st day of July, and the rate and character of interest shall be ex1862, which is to be set apart as a sinking fund, and pressed on all such bonds or Treasury notes. the interest of which shall in like manner be applied to the purchase or payment of the public debt, as

Act creating Legal Tenders. the Secretary of the Treasury shall from time to time February 25, 1862—An act to authorize the issue of direct.

United States notes and for the redemption or Third. The residue thereof to be paid into the funding, thereof, and for funding the floating debt Treasury of the United States.

of the United States.

SEO. 1. * And provided further, That the Act Authorizing the 10.40'8.

amount of the two kinds of notes together shall at March 3, 1864-An act supplementary to an act en- no time exceed the sum of $150,000,000, and such titled " An act to provide ways and means for the notes herein authorized shall be 'receivable in pay, support of the Government," approved March 8, ment of all taxes, internal duties, excises, debts, and 1863.

demands of every kind due to the United States, Seo. 1. Be it enacted, etc., That in lieu of so much except duties on imports, and of all claims and deof the loan authorized by the act of March 3, 1863, to mands against the United States of every kind whatwhich this is supplementary, the Secretary of the soever, except for interest upon bonds and notes, Treasury is authorized to borrow, from time to time, which shall be paid in coin, and shall also be lawful on the credit of the United States, not exceeding money and a legal tender in payment of all debts,

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public and private, within the United States, except ury is hereby authorized to issue coupon or regisduties on imports and interest as aforesaid.

tered bonds of the United States, in such form as he

may prescribe, and of denominations of one hundred Act limiting the Amount of Greenbacks."

dollars, or any multiple of that sum, redeemable in June 30, 1864.-An act to provide ways and means coin at the pleasure of the United States after thirty for the support of the Government, and for other and forty years, respectively, and bearing the folpurposes.

lowing rates of yearly interest, payable semi-annuSec. 1. Be it enacted, etc., That the Secretary of the ally in coin, that is to say: The issue of bonds fallTreasury be, and he is hereby, authorized to bor- ing due in thirty years shall bear interest at four and row, from time to time, on the credit of the United

a half

per centum; and bonds falling due in forty States, $400,000,000, and to issue therefor coupon or years shall bear interest at four per centum; which registered bonds of the United States, redeemable at said bonds and the interest thereon shall be exempt the pleasure of the Government, after any period from the payment of all taxes or duties to the United not less than five, nor more than thirty years, or, if States, other than such income tax as may be assessed deemed expedient, made payable at any period not on other incomes, as well as from taxation in any more than forty years from date. And said bonds form by or under State, municipal, or local authority, shall be of such denominations as the Secretary of and the said bonds shall be exclusively used, par for the Treasury shall direct, not less than fifty dollars, par, for the redemption of or in exchange for an and bear an annual interest not exceeding six per equal amount of any of the present outstanding bonds centum, payable semi-annually, in coin. And the of the United States known as the five-twenty bonds, Secretary of the Treasury may dispose of such bonds, and may be issued to an amount, in the aggregate, or any part thereof, and of any bonds commonly sufficient to cover the principal of all such five-twenty known as five-twenties remaining unsold, in the bonds, and no more. United States, or, if he shall find it expedient, in Sec. 2. That there is hereby appropriated out of Europe, at any time, on such terms as he may deom the duties derived from imported goods the sum of most advisable, for lawful money of the United one hundred and thirty-five millions of dollars annuStates, or, at his discretion, for Treasury notes, cer- ally, which sum, during each fiscal year, shall be tificates of indebtedness, or certificates of deposit applied to the payment of the interest and to the issued under any act of Congress. And all bonds, reduction of the principal of the public debt in such Treasury notes, and other obligations of the United

a manner as may be determined by the Secretary of States, shall be exempt from taxation by or under the Treasury, or as Congress may hereafter direct; State or municipal authority.

and such reduction shall be in lieu of the sinking SEC. 2. That the Secretary of the Treasury may fund contemplated by the fifth section of the act enissue on the credit of the United States, and in lieu titled " An act to authorize the issue of United States of an equal amount of bonds authorized by the pre- notes, and for the redemption or funding thereof, eeding section, and as a part of said loan, not ex- and for funding the floating debt of the United ceeding $200,000,000 in Treasury notes, of any de- States," approved February twenty-fifth, eighteen nomination not less than ten dollars, payable at any hundred and sixty-two. time not exceeding three years from date, or, if Sec. 3. That from and after the passage of this act thought more expedient, redeemable at any time no percentage, deduction, commission, or compenafter three years from

date, and bearing interest not sation of any amount or kind shall be allowed to any exceeding the rate of seven and three-tenths per person for the sale, negotiation, redemption, or excentum, payable in lawful money at maturity, or, at change of any bonds or securities of the United the discretion of the Secretary, semi-annually; And States, or of any coin or bullion disposed of at the the said Treasury notes may be disposed of by the Treasury Department or elsewhere on account of the Secretary of the Treasury,

on the best terms that can United States; and all acts or parts of acts authorbe obtained, for lawful money; and such of them asizing or permitting, by construction or otherwise, shall be made payable, principal and interest, at ma- the Secretary of the Treasury to appoint any agent, turity, shall be a legal tender to the same extent as other than some proper officer of his department, to United States notes for their face value, excluding make such sale, negotiation, redemption, or exchange interest, and may be paid to any creditor of the of bonds and securities, are hereby repealed. United States at their face value, excluding interest, or to any creditor willing to receive them at par, in

Another proposition, which received some ending interest, and any Treasury notes issued under favorable consideration, was to postpone the the authority of this act may be made convertible, payment of any part of the principal of the into any bonds issued under the authority of this be so increased as to make the payment more if the discretion of the Secretary of the Treasury public debt until the national resources should act. And the Secretary of the Treasury may redeem and cause to be cancelled and destroyed any Treas- easy: iry notes or United States notes heretofore issued The opinion has heretofore been steadily ander authority of previous acts of Congress, and maintained by the Treasury Department, that sebstitute, in lieu

thereof, an equal amount of Treasury notes such as are authorized by this act, or of

a reduction of the paper circulation of the other United States notes: Provided, That the total country until it appreciated to the specie standamount of bonds and Treasury notes authorized by ard was the true way out of the financial emthe first and second sections of this act shall not ex- barrassments of the country. This policy was Seed 2400,000,000, in addition to the amounts here decidedly condemned by Congress, and an act tfore issued, nor shall the total amount of United passed limiting the amount of reduction which 40,000,000, and such additional sum, not exceeding might be made. It is now, therefore, aban50,000,000, as may be temporarily required for the doned by the Department, which recommends redemption of temporary loan; nor shall any Treas- as the next best step that coin contracts should by note bearing interest, issued under this act, be be legalized. At present* the courts will not a legal tender in payment or redemption of any enforce contracts or agreements made for the potes issued by any bank, banking association, or banker, calculated or intended to circulate as money. California, coin contracts made before the pas

payment of coin. In all the States except The Funding Bill, July 25, 1868. An act providing for payment

of the national debt, sage of the legal-tender acts, as well as those and for the reduction of the rate of interest thereon. * The legality of coin contracts was sustained by a doBz it enacted, etc., That the Secretary of the Treas- cision of the Supreme Court in February, 1869.

executed since, are satisfied by the payment do these large receipts, under a high tariff, indicate of the amount called for in depreciated notes. in regard to our foreign trade and to our financial re“Perhaps,” says the Secretary, "no law could lations with foreign nations? be passed which would be productive of better amount of our securities held in Europe, nor is

It is impossible to ascertain with precision the results, with so little private or public incon- there any perfectly reliable data for ascertaining, venience, as an act legalizing specific contracts even, what amount has gone there annually since to be executed in coin.” In his opinion it the first bonds were issued

for the prosecution of the would check the outflow of specie to other mated the amount of United States securities of difcountries by creating a necessity for the use of ferent kinds, including railroad

and other stock, held it at home; it would encourage enterprises ex- in Europe, at $600,000,000. He soon after became tending into the future, by removing all un

satisfied that this estimate was too low by from one certainty in regard to the value of the currency be safe to put the amount so held at the present


hundred to one hundred and fifty millions. It would with which they are to be carried on. It exclusive of stocks, at $850,000,000, of which not less would also remove a formidable embarrass- than $600,000,000

are United States bonds, nearly all ment in the foreign trade of the country, and of which have left the United States within the last familiarize the people again with specie as the six years. The amount is formidable, and little sat• standard of value, and show how groundless securities have been transferred in payment of inis the apprehension so generally existing, that terest and for foreign commodities, and just as a withdrawal of depreciated notes, or the ap- little from the consideration that probably not over preciation of these notes to par, would produce $500,000,000 in gold values have been received for à scarcity of money, by proving that specie, ex

these $850,000,000 of debt. In this estimate of our pelled from the country by an inferior circula- not included, as they are not a debt, but the evidence

foreign indebtedness railroad and other stocks are ting medium, will return again when it is made merely of the ownership of property in the United the basis of contracts, and is needed in their States. Fortunately, for some years past, individual performance. The Secretary also recommended credits have been curtailed, and our foreign and that it be declared that after January 1, 1870, satisfactory. In addition, then, to the stocks referred United States notes shall cease to be a legal to and the individual indebtedness, of the amount of tender on any contract, or for any purpose which no accurate estimate can be made, Europe whatever, except Government dues, for which holds not less than $850,000,000 of American securithey are at present receivable. The act ties, on nearly all of which interest, and on the making this declaration should also author- Teater part of which interest in gold, is being paid.

Nor, under the present revenue systems and with a ize the conversion of these notes at the pleas- depreciated paper currency, is the increase of our ure of the holders into bonds of the same rate foreign debt likely to be stayed. With an abundant of interest with other funded bonds. The harvest and a large surplus of agricultural products amount of Government notes outstanding has of all descriptions, United States bonds are still been as follows:

creating, to no small extent, the exchange with which

our foreign balances are being adjusted. We are November, 1867. U. S. Notes $357,164,844 $356,021,073

even now increasing our debt to Europe at the rate Fractional Currency 30,706,633 33,413,985

of $60,000,000 or $70,000,000 per annum in the form

of gold-bearing bonds. $387,871,477 $389,435,058 The gold and silver product of California and The circulation of the national banks has the Territories, since 1848, has been upward of

$1,300,000,000. Allowing that $100,000,000 have been as follows: October, 1867, $303,988,971 ; been used in manufactures and that the coin in October, 1868, $295,684,244. Thus the total the country has been increased to an equal amount, circulation of legal tenders, fractional currency, the balance of this immense sum—$1,100,000,000 and national banks, was $685,118,302, being has gone to other countries in exchange for their $6,742,146 less than at the same period of the addition to our agricultural products and to our previous year.

manufactures which have been exported in large The existence of such a large amount of ir- quantities, we have parted with $1,100,000,000 of the redeemable paper money in the country has precious metals; and are, nevertheless, confronted produced two classes of unfavorable conse

with a foreign debt of some $850,000,000, which is quences: One, affecting the business and the tariffs in a good degree framed with a view of pro

steadily increasing; and all this has occurred under morals of the people, has been heretofore no- tecting American against foreign manufacturers. But ticed. The other, comprising the commercial this is not all. During the recent war most of our relations of the United States to other coun

vessels engaged in the foreign trade were either detries, is too important to be overlooked. This Our exports as well as our imports are now chiefly in

stroyed by rebel cruisers or transferred to foreigners. is so well presented by the Secretary of the foreign bottoms. The carrying trade between the Treasury in his annual report as to be very United States and Europe is almost literally in the appropriately inserted here. He says: hands of Europeans. Were it not for the remnant

of ships still employed in the China trade, and the The receipts from customs for the last three years have been as follows:

stand we are making by the establishment of a line

of steamers on the Pacific, the coastwise trade, which For the fiscal al year ending June 30, 1866. .$179,046,651 is retained by the exclusion of foreign competition,

would seem to be about all that can,

under existing 164,464,599

legislation, be relied upon for the employment of While it appears from these figures that the cus- American shipping: toms receipts since the commencement of the fiscal There are many intelligent persons who entertain year 1865 have been, in a revenue point of view, en- the opinion that the country has been benefited by tirely satisfactory, the question naturally arises, what the transfer of our bonds to Europe, on the ground

November, 1868.




that capital has been received in exchange for them, coal, which may be taken as a measure of the which has been profitably employed in the develop- product of all American coal, has been from Little whether the interest upon the debt is received 7,499,550 tons in 1862, to 12,379,490 tons in by our own people or by the people of other coun- 1866; 12,650,571 in 1867; and 13,500,000 tons tries

. This opinion is the result of misapprehension in 1868. of facts, and is unsound in principle. It is not to a There has also been a continued increase of large extent true that capital, which is being used in the agricultural products of the country, which in exchange for the bonds which are held in Europe. is not less important. The crop of Indian corn While

many articles, such as railroad iron, machinery, is estimated to increase at an average of three and raw materials, used in manufacturing—the value and a half per cent. per annum, which would of which to the country is acknowledged-have been make the crop of 1868 amount to 1,100,000,000 been of a different description. Our bonds have bushels, and would net, if sold at 46 cents per been largely paid for in articles for which no nation bushel, over $500,000,000. can afford to run in debt-for articles which have The cotton crop of the Southern States has neither stimulated industry nor increased the pro- been, since the close of the war, as follows: ductive power of the country, which have in fact 1865–66, 2,154,476 þales; 1866–67, 1,954, 988 to the custom-house entries will substantiate the cor- bales; 1867–68, 2,498,895 bales; 1868–69, esrectness of these statements. Two-thirds of the im- timated at 2,700,000 bales. portations of the United States consist of articles The crop of tobacco increased from 183,316,which, in economical times, would be pronounced 953 pounds in 1865, to 325,000,000 pounds in luxuries. The war and a redundant currency have 1866, and to 250,000,000 in 1867. brought about unexampled extravagance, which can only be satisfied by the most costly products of

The number of miles of railroad extension foreign countries. No exception could be taken to since the close of the war has been nearly such importations if they were paid for in our own 8,000. The tonnage of merchandise transThey are annually swelling our foreign debt without ported is estimated to have increased from increasing our ability to pay it. How disastrous such 6,000,000 in 1851, to 48,000,000 in 1867, which a course of trade, if long continued, must be, it re- is a rate of increase during this period of 800 quires no spirit of prophecy to predict.

per cent. The annual value of the tonnage The state of the country, like the circum- thus moved is increased from $486,816,505 in stances of a debtor, becomes a subject of the 1858, to $1,723,330,207 in 1867. first consideration in estimating the future. An evidence of the prosperity of the country Many circumstances of a favorable aspect have appears in the reduction made in State debts appeared since the close of the war. The incurred by the war, during the year. Thus foreign immigration since July 1, 1865, had the debt of New Hampshire was reduced 6.9 reached about the number of a million at the per cent. ; Vermont, 16.2 per cent.; Rhode end of 1868. Their indirect value, estimated Island, 13.7 per cent.; Connecticut, 3.4 per at half the value of a laborer at the South be- cent.; Kentucky, 21 per cent.;, Ohio, 4.5 per fore the war, would be $500,000,000. To this cent. ; Michigan, 6.4 per cent. ; Indiana, 23 per should be added $80,000,000 as the amount cent.; Illinois in 1867–68, 30.5 per cent.; Now of

money brought into the country by immi. York, 12 per cent. grants, which generally averages $80 per head. Although there exists this apparent prosper

The increase in the products of domestic in- ity in all the branches of industry since the dastry has been equally favorable. The num- close of the war, and there

is clearly a great ber of cotton spindles, which at the close of increase in the resources of the country, yet the war was about 5,235,727, has increased, as the peculiar fact appears that there is hardly shown by recent returns, to 7,000,000. This a single domestic article or product, agriculis a gain of 31.78 per cent. The increase in tural or manufactured, in behalf of which the the woollen manufacture of Ohio, Indiana, claim, either directly or indirectly, has not Michigan, Illinois, Wisconsin, Iowa, and Min- been made within the last two years, that the nesota, since 1860, has been $3,831,260 in the same could be produced to greater advantage amount of capital invested, and 700 in the sets or profit in some other country than the United of machinery.

The increase in the annual States. An increased protection, under the product of pig-iron has been as follows: form of a tariff, has been demanded for oil

painting, rough building-stone, Indian corn, 1864. 1,135,497

firewood, bibles, and ice. For the last, the pro1866

1,351,143 9.50 per cent. tection asked for was to the extent of 15 per 1867 1,447,771 7.16 per cent.

cent. in gold. The consequence is thus repre1868 (estimated)....... 1,550,000 7.06 per cent.

sented to be, that the United States is unable The product of copper, chiefly from the mines to exchange its products on terms of equality of Lake Superior, which in 1860 was 6,000 tons, with those of any other country, except its had increased in 1865 to 10,790; in 1866 tó product of precious metals. 10,375; and in 1867 to 10,735.

This unusual condition of affairs is brought The export of petroleum, being about 30,- to the notice of the public by the special Com000,000 gallons in 1865, increased in 1867 to missioner of Revenue. It is ascribed by him as 67,052,020; and in 1868 'to 97,179,919 gallons. beyond a question due “to the greatly inThe increase in the production of anthracite creased cost of nearly all forms of labor and






commodities, as compared with the price for vance in the price of groceries and provisions the same which prevailed previous to the was, on an average, a little in excess of 86 per

This increased cost is further consid- cent.; of domestic dry-goods, including clothered as due to three agencies growing out of ing, 864 per cent.; of fuel, 67_per cent.; of the war, viz.: irredeemable paper currency; house-rent, 65 per cent. in the Eastern States, unequal' and heavy taxation; and a limited and 90 to 100 per cent. in New

York, Newark supply of skilled labor. The influence of an ir- Philadelphia, and Pittsburg: The average inredeemable paper currency to increase the cost crease of all the elements which constitute the of manufactures is thus forcibly illustrated by food, clothing, and shelter of a family during the commissioner, David A. Wells:

the year 1867 and the first half of the year The statement is furnished to the commissioner by a 1868 has been about 78 per cent. as compared manufacturer of furniture in one of the Middle States, with the standard prices of 1860–61, who, previous to the war, had built up an extensive A comparison of the increase of wages for export business to the West Indies, Central and the same period shows it to have been 50 per South America, of a variety of " cane-seated” and cano-backed " furniture suited to warm latitudes.

cent. for unskilled mechanical labor, and 60 Thus on the 1st of March, 1861, gold and currency per cent. for skilled mechanical labor. The being at par, $1,000 in gold possessed a purchasing average aggregate weekly earnings in 1867 of power sufficient to obtain for the South American families of various sizes in different parts of importer 111; dozen of what are termed in the trade the country, one or more members of each of 1st of January, 1862, gold began to demand a pre- which were employed in some branch of manumium, and advanced during the next three years with facturing industry, their average weekly exgreat rapidity. This movement was not, however, penditure for provisions, fuel, house-rent, etc., participated in at first, to any considerable extent, by and the balance remaining to them over and purchasing power of gold greatly increased; so much above such expenditure, available either for so that on the 1st of July, 1864, the $1,000 gold,

which accumulation and capital or for the purchase in 1861 bought 111dozen chairs, then bought 143 of clothing or articles of enjoyment, are predozen. Under these circumstances, as was to be ex- sented in the following statement, prepared by pected, trade increased, as the foreign purchaser found 'the American market by far the best for his the commissioner from indisputable data: interest; but from July, 1864, a movement commenced in an exactly opposite direction, gold receding and labor and commodities advancing in very unequal ratios. Thus in January, 1865, the $1,000 gold, which four years previous had a purchasing power of 111; dozen chairs, and on the 1st of July, 1864, of 143 dozen, then commanded but 126} dozen in February, 1866, a still smaller number, viz.,_914 Parents and one child..

$10 24 $17 00 $6 76 dozen, and ultimately attained its minimum in Jan- Three adults.. uary, 1867, when the purchasing power of the sum

Parents and two children.

Parents and three children. named was only 89f dozen. From this point the pur- Parents and four children. chasing power has gradually increased, and for the

Parents and five children past year, 1868, bas remained at the rate of about 102 Parents and six children. dozen, or nine dozen less than could be bought with Parents and seven children.

25 00 the same money 1861. The result has been that the foreign purchaser now

General average of the above.. 14 29 18 96 goes to France or Germany; while the products of American industry, in the form of furniture, being of varying numbers in the manufacturing

The average weekly expenditures of families no longer available to exchange for sugars, spices, or dyewoods, gold has necessarily been substituted; towns of the country for the years 1860 and and, to use the words of the manufacturer describing 1867 respectively are shown in the following his condition, " unless there is a speedy return to statement, founded upon data gathered from specie payments, custom will soon so fix the channels the same 'sources as the preceding statement. and currents of trade that any attempt on my part to divert them will be attended with great difticulty;"

It serves to show whether the large increase and what has thus been shown to be the case in re- in wages has brought any real net gain to those spect to the export trade of the United States in fur- employed in manufacturing establishments: niture, may be accepted as true of almost every other manufactured product, which, as a nation, we were accustomed, before the war, to exchange for foreign

Averige weekly expenditures for commodities. So far as regards the fluctuation of prices,

In 1867. In 1860. In 1867. In 1860. investigations appear to have established the fact that up to the commencement of the year Parents and one child... $17 00 $12 17 $17.00 $9 96 92 1867 the general effect of the agencies growing Parents and two children 18 75 11 50 18 75 10 79 out of the war had been to occasion an average Parents and three chil


19 50 12 41 19 50 11 33 advance in the price of commodities to the ex

Parents and four chiltent of about 90 per cent., while the corre- dren....

23 33 14 15 23 33 13 18 sponding average advance in wages was not in Parents and five children 17 11 10 87 17.11

Average weekly
expenditures for
prov'ns, house-
rent, etc.

Average weekly


ing, housekeep

ing goods, eto. * AOS Surplus for cloth

8 35 12 26 15 02 17 79 15 23 11 67 23 78

17 52 18 75 19 50 23 33 17 11 13 50

1 88 18 1 22

4 67

Aver'ge weekly



prov'os, houserent, clothing, ete,

Sarplus in 1860.

17 52 12 00 17 52 10 31

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9 50 13 50 7 67 excess of 60 per cent. Later investigations, as to Parents and seven chilthe year 1867, in the Eastern, Mid and some

dren....... of the Western States, respecting the increase of General average of the prices since 1860-'61, have shown that the ad- above ..

18 968 12 16 18 96 10 85 1 31

9 46

25 00 15 17 25 00 14 09

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