The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-03-11

j0.
FURTHER RISE IN SGoLo-TuE Dcrr OF Ma
CuAsE-Y Yesterday It moon gold rose to lGs,
though sales closed in tie afternoon at l5S.
There is no necessity whatever fdr this exces-
sive premium on gold and this. coQftased de-
probation of the currency. By late Soutderd
intelligence, which we published yesterday, we
learn that in Richmond gold was at $50, or, in
other words, it required three dollars and .
half in paper to eqnal in value one dollar in
gold. The Southern confederacy is in the
same position a. France after the Revolution,
when its commerce was cut of by the Allies.
There were few mercantile transactions In which
money could be used, and the assignats became
drug. In the same way the commerce Of the
South is cut of by the blockade, and not being
manufacturing, but an agricultural country. the
wants Of the community in the way Of currency
are necessarily very small. Hence an excess
of paper money is felt there rapidly. Tho
case Is different at the North. Our immense
commercial, mercantile and manufacturing
transactions, and our population, twice as
large as that of the confederaey, naturally re-
quire large amount of currency. The necessity
is greatly increased by the expenditures of
tremendous war. The resources Of the country
ars boundless, and the Internal Revenue bill i
said to be extremely productive.
There can be no reason, therefore, for 90 great
q depreciation of the currency so soon, and but
for gross Encouragement 1t would be now nearly
at par. It Is idle TO charge it, Is the New York
Times does, upon the sympathizers with the re-
bellion and secessionists, as some silly Southern
journals charge the depreciation Of their curren-
cy upon the Jews and traitorous Union men.
The copperheads have little money with which
TO speculate, and still less influence to sway the
public mind. It is the natural law Of currency
and finance which produces the result. Specie
payment has been unwissly departed from, and
until preparations are adopted for resuming it,
we may expect matters to grow worse instead Of
better.
If the evil is to be arrested. therefore. let Mr..
Chase prepare Immediately to pay in silver or
gold, and compel the banks to do likewise till
confidence is restored. He has the power, and
it is his duty to exercise it. Not q nom ent
ought to be lost, for gold is steadily going up
and paper going down, and it is easier to stop
the mischief now than when it shall have grown
| to larger dimensions. It will not require much
gold to bring about tho change. and the Trea-
sury in six months will largely gain by it, while
the people will be relieved from the enormous
evils of an inflated irredeemable currency
| What is wanted is to establish confidence and
then gold will no longer be demanded. B9'
| that can only be done by prompt payment in
specie on demand for greenbacks. Those jour
mails, like the Times aud Tribune, which are dis
oouraging Mr.. Chase from pursuing this sound
policy are giving more substantial aid and
comfort to the rebels than the whole Jewish
tribe and all the copperheads to boot.
| THE COPPERHEADs-WHAr rs THE TEvE Orr
GIN or THE NAMEg-The term copperheads, as
! applied to peace democrats and sympaihizers
with the rebels, is generally derived from the
copperhead snake, which is not only very We
nomous, but, unlike the rattlesnake, springs
upon its victim without warning. Now we
deem this derivation altogether inappropriate
for more noisy set Of political demagogues
have never appeared. They threaten too much
to perform anything. Barking dogs never bite
| The true derivation must be from our copper
coins. intnatng that the heads of these fellows
| are about equal to the head upon cent We
trust the government will let them alone and
give them rope enough. They will soon play
themselves out; for did ever such fools exhibit
themselves en- any stage! We are in the midst
Of terrific war, with vast armies face to face;
| and this is the moment that these Marplots call
for peace, peace, when there can be no peace
| till the contest is decided. Either we must
whip the rebels or tho rebels must whip US. II
they should be defeated il would be no disgrace
| to them, as we outnumber them three to one;
but if we, with our superior numbers and i'm
mense resources should be defeated the dis
grace would be too great to endure. Is it not
silly therefore, at this stage Of the war for the
copperheads to cry peace, when every conside-
ration Of honor and interest demands vigorous
prosecution of the war?
The CoopER INSTITUTE MEETNG.-The copper
head journals. like the Express, World and
Journal of Commerce, are assailing Messrs. Van
Buren,, Brady and Daily for attending the
Cooper Institute meeting in company with OPP
dyke, Greeley, Bryant, Gould, Raymond, Dud-
ley Field and other niggsrheads. The fact is,