The sun., 1862-01-03
THE NEW YORK SUN.
FRIDAY MORNING, JANY 3 1862.



The journals OF Wednesd ay were generally
taken up with the incidents pertaining to the
New Year celebration, Of Which we have given
full accounts TO our readers.
TuE WORLD 10 the course Of remarks upon
the tinancial questions OF the day thus allules
to past historical experience as to the uie Of
an exclusive paper currency, holding that none
can he Issued, without having eome spc-ie basis
provided, that viii not del rrciato in valuc.-
In 1890, tho French Assembly pledged the
public lands for thr payment uf pronissory gov
eminent notes which were receivable for all
ducs TO the gUve'nmcnt, and were maio by
Law legal payment tor all debts. Thoy were
c'llod assisnais. In tho spIng of 100. ihhy
issued $50. OO0 OoO in S,p'ombsr, of tho same
wear, SlGO 900, 600 In June. 1870, thoy were
deprecated in piice, and IN Juue, l19l, were
at a discount Of Oue.thi'd. II SeptonDcr,
17ol, the issues were sGlo 900, 0D0. In Jia.
was 1000, ,O00, 000 Evcn after this
date they issued $500 100000 ml'o Of
what were termed territorial man hates,
which wore TO be oxch,nSeahle directly
for land, at the option OF the hol lar on dcmtni
Tho assigu,is finally fell TO one.thola0dth part
Of their psr price. Specie hal dsippo,r,i 20.
tir,ly from sight In France, and ~ Continued
until the ASST gusts were swcp' aSay from u,o.
Whom the a,sisnits were abolished immNnso
boards of specie made their appearauc from
hiding places ard money bscime plentiful, aud
trade bri and prosperous. Dnfi " the vi aolc
currency was always maintained.
The Bank of England suspended specie pay
tnanis on February q, 179I by order o. the
british goyornm nj. and It's notes were made
legal tender, and this state OF Affairs continued
until 1872 Tho depreciation OF the Bank Of
England notes ard appreciation ot the prices OF
all Commpditic progressed steadily every wear
from 1917 until, in the wears 1872, 1873, 1874,
aud 1878, the Bank Of England pound note or
twenty ,hilliugs was not worth more than SOW
en- or eight shillings. The OWL results OF this
irreiccmahlo pap system produced the plnca
ard crises so diststtous in England UP To 1929,
ani the effects or IN, Bank OF Enrl ,Ed debt and
government funl 4 svstrms arc Tho cause Of the
lcrtpiIcsl commercial crrss OF the pto'cni time.
| John Law founded his Rovd Rank in France
| in 11IA. In lcls than three yc'fa hs bank
] isiupd paper legations 10 the ,ttcnt oi two
/ thousand millions oi iOll,rs. They wcro tc'civ
} lllr for toNcs and all public ducs. Tho pri 80
/ nf metchin ii g AMI the Lccrssuics ot life to-c
immensely IN France during This pl1or inIiA' ,on.
Coffee rso from tiiv snu' 10 ci shtcep liy1es tho
pound, wax candles from thiriy-two -ous to nno
lvrcs. The excessive dearn"Ss Of food aud
n,CCssAric- iall with great severity IN clerks aui
small merchants and work men, whose wages
we're not increased hv the paper issues. In d.
ccmbcr, l,2O, one hundred dollars wore only
wuijh tea duil,Ts, AMI thn system eNplo led.
In Mlv 100 the Cong o.s Of th' q S
4. loratc a'ot dot, rmiurl 10 i.sln hllt of cro
! ri. No tyuuoiiuon was apparent in tril" unit
! 3" uuu GO wee iteu.d ipppt the nii Tie ui ia,
Yer i,,i. Cougros. Issued IN Ill /. ~, - - =
| utiuh fr,r1 t-.t hlVI1r hspu rCretN Il wit