Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-10-23
NJ q " n Y NJ A IL x e II.

sunday, Octs 90, u, II. M.
The great Of the day is the resumption OF specie
payments months past the policy Of the banks
been directed to that purpose Public opinion public feel
ing moral feeling have all united TO urge resumption There
is however great ignorance in the public midland espe
ciay among nancier-reative the policy best adapted
accomplish the object in view
Let eok into history light lead proper
path.
In England tie s for resumption OF specie
payments took place in 1917 Parliament designated peri
cd when the Bank Of England should that important
step fixed 1922 During the Ave years
vened between 1917 and 1922 the loans and liabilities OF the
Bank OF England gradually reduced until the value of
paper aud specie approx point par
lament passed the law, the difference between Bank En-
gland PAPER and gold % 30 per In the specified
time this difference, by Of curtamen reduced
equaliyto Hundreds Of failures took that
catastrophe unavoidable redundant mixed currency
alw avs leads 10 such lameatable events
In this country the bank suspended in September 1914 and
resuaed the Goth February 1917. The suspension
caused by the excessive issues Of paper aid the govern
menthc drains made upon them for specie by the Boston
banksand the import offofeign goods without corespon
ding export From November 1914 up 10 January, 1876 the
difference between bank paper and specie in New York
% cent and the foreign exchange yaccaing hut
favorable the country Between April 1916, and October
of the year. the difference between paper specie fell
from II 10 per cent This produced by the natural
ton OF trade and AT the close of the war;
poratons OF British and foreign goods made which
threw obstacles in the way OF the banks up 1917 In
previous year, congress and public opinion united to force
the banks to order. Accordingly, cursinenls
made, which caused great many bankruptcies i'm 1917
but banks enabled place currency again on
1 better footing.
One OF the great obstacles 10 the resumption 1877 the
public depose In the banks $4,000 press
ed them in the which the deposes recently
done la she presenidsy
In January 1917 the government the United States Bank
and the banks held ultaon and reed upon the
basis Of arrangement by which they resumed specie pay
the Goth Of the ensuing month"; February The prn
cpa element Of this arrangement friendly
the bsance principles OF equity and harmony combined
with mutual resolution regulate and control their by
general system. n bank pressed all The Others in
that district support H. Curtalnent mutual support
Tine thus formed the leading points of this arrangement in
which the United States Bank, The banks, and go
vernment all coDcurred.
Such is brief view of the leading resumption
cf specie payments In 1917. How stands position at The
present.
T. understand this position ri ,nce over the
financial history for the last three years Let for this pur
pose axe the banks, the business and the OF financial
affairs in this for that period The which led
present suspension originated in New York. and the
that will lead resumption have similar origin.
Looking piles Of documents have
| following fscts;-
| srr RANKS on ruF or yoRR.