I see, by a letter from Mr. Benjamin, that he is intrusted by the President with the custody of the “secret service” money.
Late papers from the United States show that they have a money panic, and that gold is rising in price. In Lowell not a spindle is turning, and 30,000 operatives are thrown out of employment!
From England we learn that the mass of the population are memorializing government to put an end to the war!
I saw a ham sell to-day for $350; it weighed fifty pounds, at $7 per pound.
February 21st.—Cold, clear, and calm, but moderating.
Mr. Benjamin sent over, this morning, extracts from dispatches received from his commercial agent in London, dated December 26th and January 16th, recommending, what had already been suggested by Mr. McRae, in Paris, a government monopoly in the export of cotton, and in the importation of necessaries, etc.
This measure has already been adopted by Congress, which clearly shows that the President can have any measure passed he pleases; and this is a good one.
So complete is the Executive master of the “situation”, that, in advance of the action of Congress on the Currency bill, the Secretary of the Treasury had prepared plates, etc. for the new issue of notes before the bill passed calling in the old.
Some forty of the members of the Congress just ended failed to be re-elected, and of these a large proportion are already seeking office or exemption.
The fear is now, that, from a plethora of paper money, we shall soon be without a sufficiency for a circulating medium. There are $750,000,000 in circulation; and the tax bills, etc. will call in, it is estimated, $800,000,000! Well, I am willing to abide the result. Speculators have had their day; and it will be hoped we shall have a season of low prices, if scarcity of money always reduces prices. There are grave lessons for our edification daily arising in such times as these.