The New York herald., 1862-12-11

At the third board there was rather disposition
to sell stocks, and decline of % from the
highest prices, of the afternoon took place.
The with which money could be raised for
the purposes of government on United States gold
bonds renders it very remarkable that the idea
not sooner suggested. Gold is selling at q
premium of 32 per cent. Government is paying
this premium on all articles purchased for the
public service. II is OF will be next year in re-
ceipt of over $40, ,OOO, 900 of gold over and above
the interest the public debt; yet it seems
to have occurred to the financial authorities at
Washington that this specie fund which will shortly
be accumulated in the Sub-Treasuries of the United
States might prove the basis of a new financial
policy, and lead the way to general resto-
ration Of specie payments. Nothing however,
could be simpler or more easy OF execution.
Mr.. Chase requires 5000, 600, 900 for the year
1923, and $500 900 900 for the year ls63-4 Let
Congress authorize him to negotiate 81 900 coo 900
Of gold bonds in twenty SERIES of $50 900 900 EACH
the first maturing in January, 1854, the second in
January, 1866, the third in January, 1866, and so
on. for twenty years, at intervals Of twelve months.
Assuming that the revenue from custom duties
will only exceed the requirements for the payment
of interest the public debt by $40 600 600, let
the internal revenue tax banks, railroad compa:
nies and insurance companies be made payable in
gold, so as to secure annual surplus of
over $50 900 900. Let this surplus be specially
pledged by Congress for the payment of each
series of gold bonds as it natures. Then
let Mr.. Chase call for bids for his gold bonds the
awards to be payable in currency, in instaments,
on the lst Of each month so that in case Of a
scarcity Of currency the money may be disburscd
by the government as fast as 10 Is received, and
the same set Of notes may serve to pay several
awards. The first few series of bonds ought to
sell at a substantial premium. Gold is only man-
tained at its present premium by the timdity of
merchants chiefly foreigners. who apprehend the
collapse of our financial system and hoard
specie In order to protect themselves against
an indefinite depreciation OF the national eur.
rency These parties would attain their OBJ
ject as securely by purchasing gold bonds as
by purchasing gold itself; and, as in the
former case, they would receive interest
on their investment, while, in the latter, they
are compelled to pay money for carrying gold
boards, the presumption is that most Of them
would adopt the new plan, and sell their specie to
buy specie bonds. IL being made perfectly clear
that there would be in the national Treasury on
each New Years day over $50, 1000 Of gold TO
nay of the series of gold bonds then maturing and
that the national faith, which has never yet been
violated, was pledged to such redemption, the
new gold bonds would rank az gold to all ntents
and purposes, and one Of two things would nevi-
toh,v occur: either these bonds would sell at
premium approxmating to the premium on
gold or gold would fall very materially
in price, and currency would appreciate
a., a correspondinu ratio. In either case
the object Of the government would be at.
tanned and step made towards the restoration
Of specie payments. One thing is certain: it ia
hardly possible to set limit 70 the demand for
gold or its equivalent. Mr.. Chase reports that
the aggregate amount OF specie IN the Northern
states is s24e. 100000. yst. with tits enormous