Showing posts with label John J Cisco. Show all posts
Showing posts with label John J Cisco. Show all posts

Thursday, January 31, 2019

Financial and Commercial

A prominent Boston merchant has transmitted to Mr. Cisco a financial scheme which deserves more attention than most of the plans emanating from amateur financiers. The writer shows clearly that the only reliable source of the government at present is the continued issue of paper money. Starting from this standpoint, he argues that the chief evil to be apprehended from the use of paper money is the export of specie to foreign countries. This danger can be obviated, in his opinion, by the negotiation in London, at regular intervals, of a sufficient amount of United States bonds to keep the balance of trade in our favor. At the present rate of exchange we could afford to sell bonds in London so low as to tempt investors and speculators; and even if, in order to secure a sale, we were compelled to accept prices lower than the market value here, the loss would be unimportant in view of the advantage of keeping our specie at home. A sale of $30,000,000 of bonds in the course of a year would probably keep the balance of trade in our favor. The scheme has been transmitted by Mr. Cisco to Mr. Chase, and will probably receive careful consideration.
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See: John J. Cisco to George L. Stearns, February 9, 1863

SOURCES: The above paragraph abstracted from “Financial and Commercial,” The New York Herald, New York, New York, Monday, February 9, 1863, p. 2 and is quoted in Preston Stearns’ The Life and Public Services of George Luther Stearns, p. 283-4

Thursday, January 17, 2019

John J. Cisco to George L. Stearns, February 9, 1863

United States Treasury,     
New York, Feb. 9, 1863.
Dear Sir:

I have to acknowledge receipt of your favor of the 5th inst. and with it a copy of a very able letter on financial matters which you have done me the honor to address to me.

The views advanced by you are very suggestive and certainly worthy of serious consideration. I have communicated the letter to the Secretary of the Treasury, inviting his special attention to it. Herewith you will find an extract from the money column of the Herald of this date referring to it.

Very respectfully yours,
john J. Cisco.

SOURCE: Preston Stearns, The Life and Public Services of George Luther Stearns, p. 283