The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-02-17


Leer. Specie. ose.Gn Dpo.ils
Aug sote. eli 1895 1856 $3.50 746 e7eo6els
scIt oSo 100 6es 6s4 1905 acb sse ol6 eI2as 500
sssss
ss. 70. los Ss2 2os Ios7s2Se sssS iss
Oct 40. aoa moIs ls4 sssSSas 81 osS sss
Oct 1859 lo5 siss3s TO- olo ses7 az eo,ao4,ses
Oct $3.50 lo4 1se.4S3 1880 1876 SOC s. 500 t5r
Now sSS. iSsscs CSC IL 40 s,s4S'7ai So s3sssi
Nov. 1889. 1908 4bo l225s722 ss5e,s77 .es4a $50
Now Now ~ So iaiiossG ssiosss $40
Dec. $40. LOG sss est u ZIG 3!1 81 16s O.
sss ISL sis
Dec r. &C. 100 40 10 AIS 1887 lo7 eS,zss 3ei
Jam
Jan l5's7 go 20, ca So, Sss g %:
Feb 7's7. .ll2,s7s,7Is nI43s9a s476si s6,os7,Ise
Feb. ia 722 100 10 4s7 as2 s,iSi 7ss ess%a,4sh
The last returns compared with these Of the prcviou,
week show the following variations In the aggregate:
Decrease lean: a1e discounts. ' sss s 81.
Decrease In CIR culaton. Observation-Disclosures. 276,ois
Decrease In deposfts actual. b3Ceb
This shows quite change In the movements Of the
banks and the policy Of their managers We have bore
Q decrease In every department, The contraction In
loans ID only 10 limited extent; but small - It h.
shows degree of prudence called for BY the state OF
financial Affairs throughout the world The decrease in
specie full large anticipated but attention
attracted 70 the movement Of the present woek Ia The
impression hat the nett returns will show ssgregae
spesie reserve considerably under ten millions Of dol
lan.
The organs Of the cques Of bull stock Spectators
hard 1t work trying TO mpress upon O,nsress the i'm
portance oinaking such alterations the tariff will
once clean out the Treasury Other proposit ,ns have
been made One In 70 loan the surplus revenue OF the
government the different stases 10 banking
basis. We have tried this plan before, and tina
was many. In 1889, usder the Standardization Of
General jackson, the government surplus ,sPostsc
with local banks OF The dincrcns States to be used
baahinS purposes and was used literally In Initiating
prices and expanding all kinds Of credit Speculation
Ter the impulse gvon carried 10 IN immense
tent For four years tho greatest apparent prosperity
resned. Prices for every species OF property
pidly and resched fabulous points Speculation toos
mold OF everything: real estate particularly active
ana and village, ike magic. Toe siate banks
under the impulse Of government patronage Ia tbs way
OF dcposs discounted right and left They loaned
ney freely oil sorts OF securities frequently
upon securities ii all The bank expansion became
immense, upon . very moderate real basis. Aier this
sate Of thngs had about reached is culmn ang pon,
the politicians OF the country got up o nnanciAi
schenc. They proposed that The surplus REVENGE o,
the government should be divided among the different
sses In proportion 70 the population represents Ion
Congress. Here was . chance at the spells no, to be
thrown away, and instantly scissd upon. Tue pro
position was put nj oaoe into . practical shape, pv
through he regular Of Legislation, and became
law. Here commenced the financial crsi. which
aner developed aelf rapidly and runousiy 10 al
parties, including the general government. Before Vi.
politicians could sst hold Of the money became
nYy make The pet banks disgorse The politicians
not 70 be put on By any plea and The banks
compelled 70 pay up, no matter what The consequences
The demand upon them vHs great and payment
forced 81 such short notice, that rapid contraction
necessary. u We easier 10 ai,emps this than 70
carry cut II was impossible TO draw In loans
when wanted and the fact Of suspsndtns die
counts created much embarrassment among speop.
lators rhere ws, however, No alternative. Con
gress he'd passed aw dividing the surplus revenue
among the different States, and the sate authorities
determined 70 have n They eventually succssted 10
eesne H. but The baaks broke The trsdnr and speculS
ing community, and thss In time broke banks. The
financial operations Of The govenmsn from The removal
OF the deposs from The United stsAes Bank 10 The sa
banks 1854 70 the withdrawal Of deposits from The
sale banks 70 disnbute among the different stascs In
1885, resuissd In ths COLLAPSE Of that rear and Vie
pension Of spsds payments In 1897. The surplus rsvs
nus wh,sh The gov@nnest had accumulated ~ 70
1850 vas the cAsse Of all The dcuy thsn, and sbe su
Plus revenue nov In hand 10 likely 70 est us Into %
rss Of financial operations which win be ATTENDED With
similar consequences. The surplus reveoue which tbs
government lad bend In 1885 al bees squasss-sd
By ths dinsrcst States A soon the politicians goa
hold Of n doomed and dsappsAred Ia ass,r ars.
I've proce@ Of lending oui 10 individuals, under The
suspicss Of ccmm,ss,cDcrs, ws mere sham;
end that 10 about ell that will ever be known
or heard Of H. made trouble eeough % long a.
II In the hands OF the government The safe banks
sot easy until thoy got The handbag Of y, soi esn
politicians put In their ola'm which proved mors 20
tent tbss the banks; and that the last move Pouu
dssorse The spos whep once Ia their posses
,kn.
We have row surpu, Of sbOu, t-sny millions OF dol
lars It's all in the shape Of gold and silver, looked up
In the exclusive repositories OF the ToVernmsnt which