The New York herald., 1864-08-07
e FINANCIAL AND COMMERCIAL.
sArreDAr. August e-sP AZ.

anances which should every patrio,ic Americas
pRng T regret, MT. nos .ter uamixed with the hope
~ bcter flture mu.H than three years ago
people in tie euoyusni OF the highest pros
peTty kuown T. ctyzatou. We had Increased in po' ~
istpn from eight mioas nvs hundred thousand IN tld
10 thrty.one Aunarcd and forty thousand
in 1850 ard wealth durlng the same period had
advsnoe, tcon two hundred aud dfty dollars
per nat heiug average between 1916 1880
10 tour hi tret ard dollars per head in
1850. This rapid sagmeutauon OF national wealth
Unparalleled ia the n ,he world, and future
sin richer II promise tam tie past had been when
suddenly Iron. Dark coaa the Southern sky rang out
the first peal q the thunder uG rebellion aud he mighty
ordeal through ich we passing really began We
entered upon in history, and debt
TO which we may be said to have been before almost
strangers, cared us in the face, while taxation oomed
upon view like tai shadow in the distance
Since then the worst anticipaticns which could have
been induced in of the prospect befors have been
more than realized and the vast resources Of pro-
gressve land have been eaten up by financial policy
which is still gnaw.ng like canker at the vitals
of the republic 1t is little less reproach to
our civilization that a peope TO whom 30 mlch
given should have known so little how TO use IT.,
or have allowed its substance to be wofuy wasted
and its future be So heavily mortgased, when COM
statesmauship or common pu< in practice
could have saved rom the unsatisfactory not say
Ia Oecre eaCl Otner
and the world TO-DAY And yet, with the experience OF
tho bitter and eveIul past before US, still continue
to steer the bark OF finance down tine rapids which lead
to that Niagara Of destruction which only tho wrully
blind the hopelessly ignorant fail picture in
their minds eye
We are both censstutionay and by habit people who
face danger without and bear ruin with e1ua
nimty but We are people also sensitive TO
tsry Influences and TO whom the dollar Is nearly, IL not
why are at present not concerned about this
great question Of money Is that all moro
or less immersed in our own svocaons, bringing
as they DO less OF temporary wealth Too many
forget that the riches they eagerly wait and toll for
may vanish like gourd, or, to quote the proverb take
TO themselves wings and Gee away within no long tme
leaving them poorer than before. There is foresight
enough either among our statesmen people. We
pursuing, financially hand to mouth policy which II
indefinitely continued cannot but evontuate We
are hguratively speaking, selling birthrisht it
Tor mess Of pettage, and rulers the
began have still doing little better than Nero
did while Rome burn!ng. The government selling
ts bonds which will have TO be ultimately paid in specie
II remain solvent natoa for forty cents the
dollar, with the prospect OF receiving still less
At the time 1t paying prices proportonate to this
alarming depreciato OF the ency for everything It
consumes. 1t is sauandeng its present and hypothecat
be impossible for to repudate its gold bearing bonds
at any time without disgrace, whatever else it may do
for these already largely in the hands OF foreigners
abroad, and are likely hereafter TO be largely ao
sorbed ~ them The latter will OF course dis
teld themselves like cormorants, with the n
terest in gold which, in very ehort time,
will amount than the original purchase money.
Bee1ng the usurious Will be practised without
remorse upon Uncle sam and bleeding Jonathan" may
Kansas" No Individual, corporation, nation in
the world could sord long continue borrowing money
such runous the United States America is
now doing. And how comes 1t that are reduced 20
this uuhappy plight and that the evils which have ed to
It still being persevered ius This is great and
solemn question: which It becomes the duty of every
member Of both houses of Congress- and every who
has influence in the cauntr md who has not ito
take into his serious consideration. Not o0y is the
ultimate sovency Of the nation at stake but the very
necessary to carry on the are a danger OF
beng withi through tAe suicidal financial poicy OF
the government
" showed the other day that In little more than six
gears the old Continental ney deprecated 70 such
disastrous extent that thousand dollars in pa2or
only worth silver and that the French assguats
similarly issued aud secured, shared similar fate
within about the same space of time passing eventually
in both to utter wor,hlessness Bat statistics and
The representatives, Il the people Mt washnston a.
present time and, ike pearls before swine, the
warnings OF the past viii be uaheeded by thcm This st
trbutab.e 10 tue aggregate 20 combination OF ignora
and corruption AID the oy desire Of retaining temporary
popularity In pre- enduring approb alton but
fearful visitation OF popular indignation awaits them,
what they gain tod y they will have to yield up With
heavy tribute tomorrow.
The OF nl has spread its roots deep AID
vfptn, ,ha cncia DO
backward there must crash. II forwa it will
be delayed; but when 1t does il will be followed b.
tbe npeca:i us OF the eope, the ruin o, SPECTATORS
and merchants and the rejocings OF all Rebedom
II backward, we shall witness the same havoc among
speculaors who iced the products OF industry Nd
themselves useless, nurtfu and productive
cass. We shall have, too, some commercial failures,
temporary check upon enterprise and tight money
kct for a little while; but thissGcunry with its
peratve and elastic powers, w1sd
shock Of the operation o. withdrawing the Treasury legal
tender and ts onward march with
vitality and evivnl strength Better by would It be
for us TO do this-and we have on former occasions
shown how il may be conveniently and expeditions.
ly done-thsn allow the nation to sink with
exhaustion upder the incUbls Of a rapidly In.
creasiug OF Ir-edeemable paper money, the
natural end OF which Is within the ordinary scope OF
srbmetcal calculation and overthrow which, before
Il passes bcyood control. duty every member 4
Congress and ought to be the aim Of true patrt
But this last result despair Of seeing The end
OF this currency viii In ~ probability be gigantic
collapse The bubble will % increasing TIL that
oimax Of expansion is reached when il must burst.
II speaking IN rday's paper OF the total amount OF
paper Vi circulation made by a typographical
say eR1t hund ed aud thirty millions, instead
Of eight huudred aud sixtf miious
Tie share tnarSet exhibited weakness again 10 day,
and nearly everything dowu. Compared with yes
terdays sales t. lroad declined Z PER cent Erie
preferred siocE x nnison River j Readin 1az, Mch-
gsn Ceutr = Aioi. souther :. Cleveland and Pits
burg u Chicago aud Rock Ia ], Pttsbarg aud Fort
Wayne - Aicago ana Northwestern H. Cumberlnnd
Coal ~ Canton Comp on 4. Q cksilyer Mining K,