The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-11-05

from The earth is not sufficient TO hquidate the ba-
lance Of trade with Asia England is forced TO pro-
cure coined silver from those countries where il ex
ists as currency. France should 1ebase he silver
currency it would result in profit 20 the French GO
veJnment OF the difference in the Valae OF the old
and new currency less the expense OF reconage (no
tr1fing afalY), and we should then have debi ed
silver currency IN the three greatest commercial m
tons Of the world-Great Britain, France and The
United States-adopted solely with view 10 pre-
vent its expectation. But, as this debasement OF
the silver currency would neither proven. nor IL
qldate adverse balance Of trade with ASIA silver
would stn have TO be purchased on the continent OF
Europe, where it alone exists to any extent. Az
first, Immediately after the debRsement OF the BIZ.
yer currency in France, it would be drawn at gra
dually increasing rates of premium from Holland,
Prussia and other States, that as yet had not de-
based their silver currency. but the drain on them
would soon be so severely felt that they would
also be forced to debase It by adopting the
same standard as France. When all European
nations shall have gone through this state OF transit
ton win they have gained aDything2 VIII i not
simply result in legal alteration OF tne relative
and no way preventing or diminishing the shipment
Of silver to Asia The alteration in the relative va
ue OF gold and silver by adding ten per cent TO the
cost of all commodities imported from Asia in ex.
change for silver ten per cent, which would at the
expense Of the people, balance the profit made by
the government on the recoinage OF the silver cur
Of recoinage, which would be loss without the
slightest compensation.
All the prevailing errors in regard to gold and
silver arise from confusing the two entirely Siersn,
articles OF luxury and ornament. Gold and silver
when used in the manufacturing Of articles Of lux
ury or ornament are commodities or, in other words
capital; but when used as coin they are not COM
moditjes, capital, but the representatives Of
capital or commodities. This you clearly show in
your money article Of the 18th Sept, and you are
perfectly correct in stating that the increase of the
production of gold (as far used coin) ia no in
crease of wealth; it s simply an increase of the
representative of wealth; and this increase Of the
representative without corresponding increase Of
commodities or wealth itself only diminishes the ex
shangeable value of the representatives, gold and
silver
The only remedy for the present drain of silver 10
Asia would be either to have gold legalzed as coin
to 60 to Asia to any extent and replace it when ne
cessary by coin of similar value composed Of gold
and some suitable alloy, 80 as to have coins Of small
value with which to make small purchases, without
reducing their size to an inconvenient point as
would be the case were We to attempt TO coin pieces
Of smaN value in o metal as valuable as gold.
Either Of these remedies can be easily adopted
without the slightest injury to any existing or future
interests.
Spectators In the Bank OF France.
The Paris Steele Of October Is, thus condemns the
restrictive measures adopted by the Bank of France
and maintains that the interests Of speculation and
not those OF genuine commerce, are served by the
existing regulations of that establishment
There are moments when we cannot help plying
our commerce, which, active, solid and valiant,
had resisted triumphanty the difficulties of the war
and the seductions OF peace. These moments are
those when banks raise their discounts and reduce
the period Of their accommodation. In truth 1t is
rare that our commerce is at all guilty Of the
motives which render these restrictive mea-
sures necessary. What would not be the pros
perity Of our commerce were establishments Of
sufficient magnitude formed for its special service
which would preserve it from being the per0 iical
victim of speculation? We turn over the last re-
port of the Bank of France and discover that the
bank lent l43 millions public securities, railway
shares, bonds and other description o. property
negotiable on the Bourse. What has become Of
that money? Very probably it has fed .specula-
tion and has made those famous and usurious con-
tangos which prevent gamblers from running them
selves by the first throw. Would II not have
been better had these millions been employed in
feeding our workshops, warehouses and private
dockyardsl And when will the Bank of France,
that establishment which has rendered and may
still render such invaluable services to France,
cease to be, against its own inclination, the great
pawnshop of speculation We say against its
own inclination" because we believe that those
who direct its operations would gladly dispense
with these loans on securities. The Bank of
France ought to have nothing in common with the
Bourse. 1t should husband It's resources for the
assistance Of genuine commerce.; and the f43
millions advanced on securities and bonds clearly
prove that by the side Of merchants there stands
another class, which may legally demand from
that establishment. funds almost entirely destined
for speculation. We likewise fail to comprehend
why the Bank Of France should not itself dispose
Of all its resources. The GO millions which it EN-
ploys In renfes, as reserve or In some other ca
pacity, might certainly be better employed, both
for the interest Of its shareholders and Of the coun
try, in commercial advances. We do not submit
these reflections with the intention of attributing
the responsibility Of the actual difficulties to the
aware from very different sources.
The Steele concludes with the following passage !:
We win examine the means of causing the exist
ns s s e. minister aT 81
This report does not, in our opinion. sufhcientiy
point out the real evil the more nation is great
and powerful, the less right IL claim TO be ex-
cused from hearing the plain truth.
Miscellaneous Foreign Items.
The Manchester Guardian Of the 18th Of october com
mens with great severity tho state of political degra
dalton prevailing In our southern States, as evidenced
by Governor wnes vulgar" attacks on Colonel Fro
monts family, his birth, &c
Tho London star Of Oct II asks -Ts the wealth. In
dustry morality and energy Of the Northern States 70
be ever chained to The car Of saveholdersr
The Lopda Nsos OF oct 10 says;-That likely under
the Buchanan clique rule 40 European gentleman will
reside At Washington In the capacity Of foreign Minister
letter from 81, Petersburg, in the Paris Debds, says:
We learn that the amnesty granted 70 political Offend
surveillance Of the police, and VII be forbidden to reside
In large towns on the other hand the Emperor has
ven orders for great tolerance 70 be manifested wards
persons who we're only under suspicion.
Late accounts from Rome say Three Catholic priests
have arrived here from wurtembcrg with the view Of
negotiating copcordat between that country aud The
Holy See The Pope has veped congregation, when
The project viii be communicated 70 the latter by the
prieen IN person.
Bis Holiness the Pope has siTned amnesty com.
prsng about thirty persons, for the most part cor
temned for the affair Of Nov. le 1s4a This act OF Grace
It R said Is 10 be published OF the inausu
raten OF tie monument 10 memory OF the proclamation
Of the DOGMA OF the Immaculate Conception.
The Paris Unipcrs confirms the intelligence that the
sultan has presented 10 the Emperor Of the French the
sanctuary and church OF ST. Anne detained by the Turks
since the capture Of Jerusalem by Sultan Saladin.
Advices from Berlin says III 10 probable that the
cuaton OF the Dsnubian Prncpautes will give rise 10
L.. IL. =.