The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-08-12
Total, -l,4i59o9 l,3lIas7 l,l3s,972 l,i66,5l5
BY recapuation these aggregates give the following

After long period of years, the financial affairs of the
United States are gradually getting right. The country
is exceedingly rich, and is filling with specie, not by
the forced process Of borrowing any other artificial
contrvance but the solid foundation of investment
Of its surplus produce This specie is to perform the Of
fee OF circulating medium, in all the minor channels OF
trade form the foundation pivot which
volume of individual bills will turn giving them stabili
ty which they have when based upon the quick.
sands of paper money Those individual bills form the
great legitimate credit system of the country and is safe
only when balanced with specie currency. the foun-
daon is Slapped by the issuance ofpaper the whole fabric
is in danger of falling Notwithstanding that the ndica-
tons all parts Of the country that of great prosper
y and gradual revival of trade there clase of
who continually striving produce the impression
that nothing be done without borrowing and lending
that the country cannot exist without paper mil in
shape Foremost of this class since Mr.. Bddlc has
retired to the shades of Andausa is individual who
appears under the sobrque of Peter Scrber This wr
endorsed by the National Intelgencer and similar
prntsas of"high character and extensive mercantile
and financial knowledge" This writer in a letter of the
4th inst brings out plan to supply the government with
money and the country with paper currency presuppo
sing that both absolutely necessary This is to be
done simply by allowing certain banks to issue $40 900
paper money which the is to borrow of them
at per cent and to pay its debts with them in few
words to force loan from the people through the nsru
mentality of banks sagacous the scheme is has
the merit of originality because the State Of Pennsyva
MIA Z" Relief Note Scheme" precisely the in all
particulars and that it is needless say failed
started As sample of the mode of reasoning by which
this chsmpsn of paper arrives at the necessity ola scheme
of some kind we insert the following
For example, suppose landlord having large
various points of the country desires expend
in buildings other improvements one point sum of
m 10 or and ~
point have coecabe claims the disbursing point
the landlord would naturally instruct his agents to trans
fer his money through these channels and thereby ac
tate his tenants that is he would far practicable
bring the trade of his tenants in harmony with his own
operations This was the practice of the Bank OF the
Unined States ,chen II the legitimate agent of the
great national landlord, General Government; and
then all branches productive industry nerchanged and
facilitated and in turn facilitated the Government in
its collections and disbursements. When that policy
changed that agent dismissed and agents appointed
called subtreasurer with orders to take nothing but
gold from the tenants that nterchangewas INSTRUCTED the
trade oil the tenantry was twared and from quarteday
to quarteray the rents fell off till at last the landlord
could collect enough to paw his laborers much less
improve his estate He became beggar in the midst of
elements Of plenty and large portion of his
also."
Here the necessity of the upon the supposed
that the tenants have claims the point where the
landlord is to pay and that accommodate them he is
bound to take their claims in payment whether those
claims good bad When in the case Of the United
states, uc seeing that tenants
had been engaged in most absurd speculatons and had
trusted people that unable to pay he very wisely
refused 70 take the claims based' and is difficult
perceive how he would have escaped "beggary" by any
other course. The wisdom Of his discovered
in that result for while the expenditures of the country
at enormous height in 1886, bearing proportion
the increased expenses oevery individual and bank in
the country, its cut Oft one-ha, in
year. and yet the Treasury fulfilled all its contracts dis
charged every obligation of the Government and main
tanned It's credit at high standard While caught in pre-
csely the predcament every bank and nearly every
Individual in the Union failed. The Bank of the United
States which boosted in the above extract took from
the tenants in section their claims collected against
those in another failed with SOS 600 of those claims
III us hands under protest in every city the Union. Tie
united states Treasury, by refusing these claims did
These facts think show clearly that il
surely impotic to involve the Government with ndi.
vdua credits 1.-THE tcnants. fail because of their own
inJudcious specuatons 1T strikes MS as little absurd to
acrbe the failure to the fact that the C,vcrrmen, youd
not take claims on insolvent debtors
The scheme which is to the result Of This
necessity for the Government to take paper for its dues
expressed as iollows:-
"Let Congress pass joint resolution directing or an
thorsng the Secretary OF the Treasury to borrow sm
of money exceeding ten millions dollars M
exceeding six cent per annun, and the aame time
to adopt organise through and with existing
banks at leading points Of trade in the country an
said currency shall be receivable in payment of Govern