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terest continued to be thus paid with the reserve of coin preexisting in our country, experience sustained the expectations of those who devised the system. Thus on the first of the following December, coin had only reached a premium of about twenty per cent, although it had already become apparent that the commerce of the country was threatened with permanent suspension by reason of the conduct of neutral nations, and that the necessary result must be the exhaustion of our specie reserve. Wheat, in the beginning of the year 1862, was selling at one dollar and thirty cents per bushel, not exceeding, therefore, its average price in time of peace. The other agricultural products of the country were at similar moderate rates, thus indicating that there was no excess of circulation, and that the rate of premium on specie was heightened by the exceptional causes which tended to its exhaustion without the possibility of renewing the supply. This review of the policy of your predecesso