The New York herald., 1862-02-07

If it be deserved, than through the reports Of
our Commissioners. Only q state of things too
abominable to be seen will justify secrecy. But
let us be patient in any event. for we shall
open the Southern prison doors with the
bayonet by and by.
Important Development OF Opinion In
tho Legislaturc at Albany.
The recent proceedings of the Assembly at
Albany, on the important question of the pub
lie finances, are of the highest Importance to
the country. They show that healthy reac-
ton has at length set in in our State Legislature,
which bids fair to extirpate the last elements
of factious and disloyal opposition to the
general government. The debate on the va
rious financial propositions, and the practical
resolutions which were passed by so over
whelming majority, prove that there are men
in the present Legislature who are equal to the
duties of the great national crisis through
which we are passing. All true legislators are
known by their wise and practical actions, and
not by the empty rhodomontade to be found in
mouths of political empires.
The Legislature of the State of New York
has been called upon to grapple with a
measure which required the display of solid
legislative ability. In disoharging their duty
they have gained for themselves the approba-
ton Of the whole country, and demonstrated
their superiority to any of their predecessors.
While, on former occasions the members of the
State Assembly have wasted the public time in
vain and useless disputes, the present body
have vigorously applied themselves to the great
necessities of the moment, and the cordial sup
port of the federal administration on question
of the very first Importance.
In setting forth in their resolutions that means
should be provided for redeeming the paper
currency of the government by payments in
specie, the Assembly hve only asserted gene
rally admitted principle of sound finance and
political economy. Every one who knows any
thing of trade and commerce is aware that it is
one of the first necessities in ordinary business
But this is a rule which applies particularly to
times of peace, when specie is plentiful, and
therefore the most healthy basis of financial
operations. At such time all mercantile
and commercial affairs can be easily regulated
by such standard. Banking Institutions and
trade exchanges are similarly governed for en-
gendering mutual confidence among individuals
and communities. But war, with it's inexorable
necessities, changes all these things; and there
are periods of public difficulties and calamities
which call for measures by no means adapted
to times Of peace. On such occasions the ordi-
nary modes of business have to be temporarily
set aside or greatly changed. When financial
revulsiOns come upon community or upon
individuals whether caused by famine, losses.
failure Of harvests, or any other event-each
one has to adopt the best means he can for
meeting his demands, until season of prosper-
ty returns. The same effect is produced ON 60
vernments by war. A long, widely extended
and exhaustive war frequently calls upon 60
vernment for colossal exertions, and in most
cases renders prompt and continuous payment
in specie an entire impossibility. In such
cases the government has the undoubted right
of resorting to its credit, and of issuing
convertible paper money to meet its ne
cessities. This may be done with perfect
safety so long as the necessary precaution is
taken, either before or after the issue, to pro-
vide means for its redemption at some future
time. Of the popularity Of the measure there
is no question whatever. In country like this
there could be no more secure investment for
the people, ard the government notes would
readily take the place of gold. The property
of the people is worth more than sixteen thou
sand millions of dollars, and this immense
amount of public wealth would always be the
most solid security for the solvency of the
general government, and therefore for any issue
of money it might make.
Unceasing specie payments by the government
in time of war are just as impossible as they
would be to individuals in periods of want and
distress Those who think otherwise have
only to reflect on the immense amount of gold
and silver which would be required to meet the
daily demands of government with more than
half a million of men in the field, and vigorous
war to prosecute both by sea and land. No
government in the world could do it.
The blind opposition of Mr. Speaker Ray
mond to the practical resolutions of the ma
iority Of the Assembly on this question is the
strongest evidence of his unitness to preside
over a legislative body. A mere political
charlatan, without any knowledge of true
craftsmanship, who only became Speaker by
accident, it is no wonder that he ranged him
self on the wrong side of the question. II
was well for the country that there were practi-
cal men to repudiate and defeat his dangerous
and disloyal scheme. Like all men of one idea.
he was most persistent in his endeavors to force
his plans upon the intelligent majority. But
the good sense of the Assembly bore him down,
and after repeated and complete defeats he and
his handful of supporters were reduced to a
poor minority. This has made the honorable
Speaker very wroth, and in his rage he has had
the audacity to attack and denounce those who
sustained a sound policy, by which the govern
ment is to be strengthened and sustained.
The Assembly have thus, very differently from