"With these questions settled, the drain of coin could be checked, gold would rapidly decline in value, and we would then gradually descend from the high war to peace prices; and when expedient, a resumption of specie payments could be effected without disturbing the business of the country under the national currency system. As all the property of the country is pledged as a basis for our national currency, and, of course, a dollar in paper, with gold at par, would be just as good as a gold dollar when resump tion is effected, consequently, there would be no run on national banks for coin, as there would be if State institutions were still in existence, whose issues are based only on credit, which is liable to sudden fluctuations.
"With our currency and foreign commerce thus regulated on a permanent and equitable basis, providing for the future wants of the country without any further disturbing legislation on these important questions, our country would enter on a career of gradual increasing prosperity and wealth, unparalleled in the history of nations, without any of the great drawbacks which have so frequently checked our onward career heretofore.
"We consider it the duty of every citizen to aid, as far as it is in his power, in esta blishing good laws and a good government in the ordeal which our country is now passing through since the great rebellion is crushed, and we respectfully submit these suggestions to Congress and an intelligent people for their consideration.
"Since the above was written, we have procured some valuable statistics, which we append. These statistics show that an issue of $1 in currency for $30 of the value of real and personal property would give us an abundance of currency for all the wants of the country in a time of peace.
In 1860, we had 1562 banks, with a capital of $421,800,000, in round numbers, with a circulation of $207,102,000Coin, say 50,000,000 Total currency $257,102,000"At this period it is well known that all kinds of business were prostrated, but few improvements were progressing, and the currency of the country, for business purposes, was largely diminished.
"The returned value of all real and personal property in 1860 was as follows: we give the statistics in full, as they contain interesting information:*-- Total value, including slaves $16,159,616,068 Value of slaves, at $500 each 1,976,300.500 Total value, excluding slaves $14,183,215,568 Value of Free States $9,325,945,381Loyal Slave States $1,631,504,580 Less slaves 241,340,000 1,390,164,580 $10,716,109,961 Value of Rebel States $5,202,166,107Less value of slaves 1,735,060,500 $3,467,105,607 Total value of the Slave States $6,833,670,687Less value of slaves 1,976,400.500 Total $4,857,270,187"Our limit of $1 in currency for $30 of property would, in 1860, have given, on a valuation of $14,183,215,000, $472,773,000 in currency, which would have been ample for the country in a state of high prosperity at that period.
"After the commencement of the rebellion we have no complete statistics of circula tion; but it is estimated that the State bank circulation in the loyal States, January 1, 1863, was about $195,000,000, independent of the national circulation.
"The following shows the whole issue up to October 31, 1865, by the National Gov ernment, National banks, and the estimated circulation of the State banks:—