The New York herald., 1864-09-12

4
norninaly hanged, become iu reality greater "a pro-
porou exs<nt duratAss yne improved ve1re
Of the currency; md house for instance, ths, rssa
at S2o ooe currency with gold At $50 esy wsrth
in osin ooy $500 woaid ~ worth gold bnssA
taesse with scsd az ZOO Acd goe the eny accepted
standard OF values and therefore the true cslen
late by Neither reed property thc wages Of rsor
have kept pace win the depreaatioo s the ourreocy
nrce the suspension Of specie payments, The former
has, inaeed unless in fayse iocslios averaged very
small advance in The currency the gold price, whss
there are numerous instances * rea estate now sasesd
for sale the price in paper which asked Ia
1851 wnes The currency a, par and among rhe sa
tEe business ccnnnit, advance Of the salaries q
| enploYes, unless those OF the lowest grade, sss
been exceptional. Worrirgmsn OF recognized trades
have doae better w the force OF combina,ions
| but even TIE advances made from timo "
! time in the.r scale Of paymeat have iaieo
furnish the fA equivalent Of the depreciation o. tas
paef in which leg were PAID. Perseas living on fixed
saaries nave practically ouud themselves oa reduced
ray for The last years. noss OF ose who
euabied to CRAFTY their thrifty desires by sputupg
smehiug BY for rainy dayn have Of late been unsbls
10 Than make both ends meet; wh.e those who
ID the habit q living fully 10 thsi INCOMES have
to debar themselves OF portion OF the uxuries TO
which they hed bsfore accustomed themselves else
cultivate crcdit likely to soon result 10 making them
Jealous advocates Of tho passage Of the long
talked Of and much wsniea national bankruptcy
law. At the same tme the property owners OF
the country have found their miisons dwindiiag
down 10 halt millions in a which made
resistance hopeess, and showed them plainly that
their fortunes were at the mercy OF events ever
which they had control. They could only sooths and
possibly deude themselves by the hope, II not the DO
lef that greenoas were at least would be- hs good
! ss gold.
For much Of the depreciation OF tho currency tie
people Indebted TO their rulers. The Incompetence
OF Mr. Chase and the blind obseqsousness OF Congress in
making hs Recommendations aw resulted in financial
policy which promised tho shortest cut to national bans
rupcy adopted the time Of the issues Of the
odd continental money OF the Revolution and the French
sssgnats hem afraid OF the consequences OF their
acts, the head OF the Treasury and the wise heads OF
Congress attempted, IN their ignorance OF the i'm
mutable laws which govern finance and trade.
supply and demand, check the depreciation
OF ,he by imposing restrictions the purchase
and sac OF gold But this SO much ballast thrown
out OF the Of their great financial balloon, aud the pro-
MUM on gold rose higher and higher still bent, how
ever aiesting ts flight they passed law which they
Imagined weud be clinoher, and, by putting stop TO
all speculation in cor, bring down the premium with
run. Every the effect OF that last enact
ment The price OF gold rose rapidly from 18S to 2S5
and Congress- In fear OF the evil consequences OF its own
act repealed IT, But 1t is far easier TO commit
than remedy IT, and confidence in the government By
this hasty legislation too much shaken TO be imme
datey restored feeling OF uncertainty with regard to
the future had taken possession Of both the popular
and financial mind There was q strong deposition
to buy gold and hoard it, a measure Of pre-.
caution against q recurrence Of thess violent fuctua.
tons, influenced they and would continue to
be by the contingencies or the war and bad legs
aion and gold failed 70 decline 70 the range of quota
before the passage OF tho repealed ac and
II has remained higher figure since than the
condition Of the finances OF the country bad they
and still are, actually warranted Evou suppcsing
that the likely 10 last Eve years longer and allow
ing for than eight hundred millions Of government
national bank currency In circulation, the high
premium Of tho past three months owing
. fear OF the possibilities, or, we may
say, the probabilities, Of the future than to the
existing state Of the military, financial Or political
situation Gloomy forebodings Mauenced the OF
both spectators and real purchasers and large amount
Of gold Withdrawn from the general market Some
OF this shipped to Europe where II remains, while
the balance found It's way into strong boxes safes, wal
let's and bank vaults on special deposit.
The reduction OF she demand for gold for commercial
purposes has done much towards inducing decline
ia premium the present improved feeling consequent
the promising aspect Of the military situation. This
diminished demand Is attributable 20 our reduced i'm /
ports ard large exports the former owing to the curta
OF market tor foreign uxuriss in consequence
Of the necessity inclination 10 ecouomse In \
living among the great majority Of the people !
Il is further owing to the demand for United I
gold bearing bonds In Europe tho export OF which
dspenscs with that Of corresponding amount OF gold
The demand for these will obviously be stimulated by
OF recent this side and tho
eject which not yet felt In this particular
Am ng them the anticipation Of the payment
OF the interest on the 1881 and nvetwanty
bonds by the Treasury the fall 10 god our victory at
Atlanta the possibility OF peace earlier period
than previously supposed, both rom military soc
poiscai agitation the subject on our side
bu, aa the money that may be made by specu
lations In them at their present low price in gold.
The decline OF the gold premium will be properly
accepted. in Europe as a symptom OF the reyivin.
credit OF the government and the eagerness to invest in
lis bonds will receive impetus, aud should not be
surprised 10 see mania for spccdsng 10 United States
gold bearing stocks sprng up in Germany beiore long
But the policy of issuing any more OF them 70 be con
dernred, trus, that when Congress- meets il will
egste that the ruinous bupdcrs OF Mr. Chase, which
it sanctioned and which being obsequiousy carried
out by Mr. Fessendan, will be corrected and that the
rercy evil which is rapidly increasing win be checked
before break under the osubus for with
every new year OF under the presep, dnancal
policy nearsg crisis which can only be arrested
by radical change ia that policy termination Of the
conflict itself God which sold at l8s the st or June
$50 the lss OF july entirely out Of proportion
with OF Tho volume Of the OF the
debt but tbere must come time If the lasts
three years longer and the Treasury persevercs the evil
II has pursued since the rebellion began when
greenbacks will be much deprecated "a 30 be refused
by the people assignas in France, and de-
tsrmined enort will be made specie paymeuts
CITY COM MMERCIAL REPORT.
SAlutSAY, sept. 10, 1854
AsHxs.-Receipts, mono. Market inactive and quota.
tioEs wholly Bomipsi.
RsxApsrupsReceips, 3O5e bbls. -four, 55i bbls. and