The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-01-18

~. MbRCIfh, tbe NNil>'Jcl FlnAtce, gave some
xl anauons upon &c STAT" OF a1aIs a. regarded his
itpsrtDent On tUiHieF occasion he had stated
hst here had hee netweer the budgets Of expenses
10 receipts diff "nce Of $500 ,0U0f, being an OK
sss Of ,be form over the latter; but in conse
oence of CERTAIN o. ductioI on account Of ,uppls
rsnlsry cytdi,s, she excess bad diminished IN
go ,CO0f The Budget OF Ways ana Means, which
vas, IN 1887, s5,9ll 7G0f.. rose, in lS47, to
~ CTS e5of. In lS47 there WAS a further in-
,Jease, the amount b,ipg 1873 1884, 800 This aug.
Tasays, which exceeded % 900 o0Ofr., the produce
Df 1887. There was snoSher cause for this angmen-
'abon--nsmely the redemption OF the debt, which
must be- oovered by the ways ana means. rnere
ere also increased receipts Tor the tolls or the
ScLeldt Tie regular and ordinary receipts had
'DIy produ, cd an augmentation OF 9,sl7,Oo0fr.,
which gss r. quired ~ meet he expenses FOR the
repairs Of roaQs ana ibe construction OF water coui
ses aiso 10 dehsy toe minimum OF interest," granted
for the consLI netioD OF the railways TIere were
eXIeI ded for public instruction OF every degree
much larger sums Of money now then were de-
handed for that object in 1887. Several Shoots,
PRISONS ard apprenticeship workshops had been
since that period constructed toe oevel0pemens
OF The pubic ~esltb had rendered the local nposts
moe productive by the amount OF abouS 10000
O0Oir., and ~ about one milton Increase IN The
patent duties. The customs and excise dSties mad
sugns nted considerably, In consequence of the
increased consumption OF sugar ana OF Pea dc ole.
NJ. Sin Eve complained Of the National Bank de-
Ginning 10 receive French gold except a. great boss
y
Bank hsd OCcasOIed considerable e Embarrassment
in com mercial usnsactops. Such proceeding
vas unjust selfish and iDtolerabe IL vas rsproSej
by every one Who considered the privileges con-
ieIr' by sbe law Oh mat establishment The bank
should have maintained the circulati0a OF French
gold, even at a loss 10 itself. They ,eiR DC
obliged 10 ~cfurn 10 The system OF O6Hg ltory paper
money, tscouse h're CGs no gold IA Betgi,In and
INC sstcsr tcos gradually disoI pt1riSs. Gold would
be compelled - take value 90 future day,
which at the present mOmen5 IL was impossible ~
indi( ate in the lace Of a crisis produced by the
doctrines OF free trade, the high price OF aimentay
cODr odit.s, and the late var in The Crimes.
While the National Bank refused to take french
gold at H. sGindVd value, Il had tse power OF
crestiuc a new issue OF its notes.
". OsY raid that the criticism directed by M.
Shave against the National Bank should rather
have been directed against the last monetary Law
they had enacted IN adopting the Standard of silver.
In the pies ice OF such o la the bank could only
consider 1Oieipn gold liz the light If me andsse.
sbe bank could not pay with gold; the law prohibit
ed il from doing so, and justified the protesting of
one Of its bills If IL could only pay IT with gold Sill
Yer has recently augmented in value, because China
ana India were importing u in considerable quaint
ties 10 pay for their purchases from the Europeans
Before The discovery of Australia, the imporiations
ard expectations could il were balance each
other, but Of the present day he amount Of the
impoitations being considerably adgaoced, had
occasionet certain discrepancies in the re alive
vaue OF gold and silver. They conld not now
adopt gold currency without confusing their
conn ercal relations. u was question thst should
be na'uroly considered before they co1ld think o
touching it, Holland had encountered great diff
csN.ts chen IL desired ~ Te-sst,Ibish a uniform
,srcy ana IL sdopted he silusr sfca30rd ,rhich had
ris0 been recommended al the Monetary Congress Of
piena az the best standard for the coin Of Ger
many. France had adopted the f,c0 systems, like
Belgium, IN 1882. In England s.lrer ;rGs not &e
sgdi cu.rsnoy Of the oOuntyy, JoT the lar Of that
'ou,,frg icOud not oAoc than f2 10 be paid in
iirr by one party and at he one hme. France
Uouid ge be obliged ~ rstufn 10 the English system,
ma also. perhaps, Belgium lie, however, believed
hat Belgium ought TO maintain the silver standard
n order 10 avoid compromising the public veal.
The bank had acted wrong in tarifylng god which
was as merchandise In Ielginm. IL GU yht not TO
have said. 81 do not receive for gold than l9fr
soc" IL should rather have said, " will take no
more god At ALL There was the fault; but the
system in itself was not the fault Of the bank. He
hoped that The government would not exceed the is
sue Of 90 900 600 Of treasury bonds which appeared
10 him 10 be amply sufficient 70 meet the wants of
the county. IL wss 10 doubt Necessary to augment
ehe smaller salaries ~ the employees nat at the same
ilme be IN 1Ught that the government might find out
some means OF providing for that augmentation by
d uiminution OF the nuGber OF iuhcsionares, and
the simplifcsiiOD of the administrative machinery.
N. RopFNBAcH said that 'te suppression Of the
cold staDcard had occasioped considerable injury to
commerce. In Flanders the complaints were very
general
Mr.. SHAVE observed that the National Bank, since
iis establishment, had discounted foreign paper At
IL per CENT AZ the same TINE charging the felgianS
per cent discount. Ii was quite evioent that the
object OF the bank in discouagng gold to force
mp IL own circulation. II knew that the people could
not take either The German form, the Dut,h noriu,
pr the English guinea, and IL wished to augment the
sue OF Its own paper.
NJ. DUMoHTIER said that the greater part Of their
were with France. Up b. the last Few
Years gold was current with them. and at the same
value "a in France. But all of sudden there were
new mines discovered. and gold therefore became
Deprecated. Gold was. in tac;. becoming a chime
ra He would not revert back to the theories Of
double standard for there was scarcely country
in which three standards did lot exist, viz, one in
gold one in silver and ono Ia copper. When per
sons ondtavor to maintain the contrary, they must
imagine that they were speaking to stnpletons.
The silver Was quitting certain parts OF Europe.
There MAS the Baron Osy-not his honorable col
league tlaughtsr) but steamship Of that name.
hy hich there was exported from this country late
~ 900 U0cf in silver. What would remain 10 main
'an their comm crcial affairs, the silver having disap.
ptared, and the gold being deprecated! There would
remain 90 them the bank notes II Was 10 that
.ysem they would be obliged TO have recourse ulti
matoly. In letting the birdie hang loosely upon the
neck Of the bank, they hao arrived ai the position
Of having N7O00,G00 of francs OF paper in circula
iiqp. Now. rhes the crisis came, and when they
yere oblige, \? ave cW1encc 70 e1,000,"00fr. Of
psrer. what would they do They mis-. have cur
iency less cumbrous than silver; and If they had not
gold they must necessarily have psper--.he bank
had d,moHtiistd the gold. The bank had right, II
u pleased, 10 refuse god; but ne denicu that IL nad
J right 20 SOY, viii not take Tor more than 1sfr
&c .hose piece Of gold which have been taken by
my neighbor at the valve a 20fr.' And then II
would no doubt, take care 70 send hack by the next
opportunity 20 ts ntiehbor, the same pieces
AZ their legal value. Their iron, their oils and
their cloths were sold 90 France, and were
paid for in French god. What an injustice, then,
IS done TO their industrials 10y their own bank
There wac abuse o. poser committed against so
ETY. generally. He called upon the Minister Of FL
nance h. present project OF law upon this subject.
II tho Minister did not do 40, be (Mr Dumortier)
certainly would.
The MrsrsTpR or FINAScF-The honorable mem
Der was In error in supposng that there are ineyery
country two or three standards ct money. In Hd-
aud there il only standard and tie same Ia re
gard To England. Have we not had examples OF the
arising from double Standard The
same difficulties were produced smougst us from the
very same cause. RS to 10 iawssnfcd that the bonl
had giren publicity TO The reds,re 'S,ch has tofs-
~ odo7fea bsrouse IL ,cas cieesfy ito right TO ~
csirs ~ 10 fuse gold as oyfsre Of merchandise