The New York herald., 1864-06-27
FINANCIAL AND COMMERCIAL.
euNnAr. June ss, 1884.


Amer an examination, however casual it may be, OF the
asurss which are intended 70 show she aggregate paper
circulation Of this country leaving out those sections
which are yet In rebsRoo, amounting to about one NTH
OF tho whole we think the supriss which the apparent
extravasaat premium ooiu creates VIII no longer
reasona,v arts, on the l4th Of June, according 70
osnc,sl gnverpment statements and other reliable
x,nt,st,cs the currency stood as follows -
Craare.cl treasury S4s2, 041 $50
yotareet bearing legal tenders. 2211oT so1
Fractional currency y................... 2i01I Vas
Nationsi bsnk issues ZZooo uoe
Total circulation Isl $50
startling fact is here presented, upon which we must
net close eyes desire to become familiar with
the cause which has produced the depreciation
or the representative OF money. All laws which
may be passed by Congress, and all special
Legislation having for Is object the reduction OF the
MUM coin, will prove unavaling while such infa-
tion the ourrency exists No better schooed in
this fact than the Secretary Of the Treasury who has
bad three experience and in Of his recent
letters he admits that the circulation must be esseDed
before hope for remedy the relaxation
Of evil which working the destruction OF nnan
cai systcm In the same manner that overturned that
Of the rebel confederacy.
Whom the Bank OF England first suspended specie pay
ments u l7o1, with outstanding circulation Of eleven
millions its notes suffered depreciation, and they
remained at uot 1901 during which year the bank
began me work OF expansion, and continued 50 to do
until 1914 when Il had increased its circulation from
eleven millions thirty miliions sterling Depreciation
CLOSELY followed the expansion and when the volume Of
paper was the largest the value OF It was lessened
twenty FIVE per cent and government paper at the
game time was reduced Hfty per cent Had the bank
continued to add 70 the currency the Depreciation as
natural sequence, would have kept pace with the In
creaae But did not do 90. the 1914 IL
menoed TO call In its Issues and 10 1921 the discount on
Its notes was only two and half per cent and In the
following year announced its ability 10 redeem In
Specie after suspension Of twenty.four years Mr.
Chase promised that instead Of following the financial
or the rebel Secretary Memmipger he will pursue
the policy which adopted by the Bank OF Eng
land. The volume Of our currency was enlarged
moro rapidly and in greater proportion than
that OF Great Britain during the time have
spocn or the contraction must necessarily be more
sudden. We are progressive people, and cannot wait
twenty years, as the English did, for q return to
specie We desire that the contraction when
commenced, shall be equally rapid She expansion
and the right and left blows which produces shall
fall heavily spon those who unprepared ward them
on they mus. blame themselves.
When paper money In England was plenty speculation
wild. and all kinds Of stockobbing schemes ad
vanced to deceive the people and to enrich the proec
tors, precisely Is tho In this country and
while the currency was being reduced, nearly every
brapch Of business suffered more less from tho
strngenoy which followed and those who had neglected
60 familarzs themselves with the effect that such
operation was likely to produce, and suprepared
for the change dropped from the business circles the
movement progressed and were lost sight OF. Under
smllar policy the disasters would here But
there is not money lender, stock josber . trades
man who is not clearly convinced that before the country
regain its formse healthy financial condition the
verest trials must DO encountered and with such know
edge. coupled with the admoutons and warnings that
have been often gven they must not expect sympathy
they fail TO weather the storm. The people will
jooe when Mr. Chase gives evidence that be has
menced according to his promises, curta the
cy and the interests Of the will be benefited when
the work Is accomplished.
The Secretary Of the Treasury has decided TO receive
proposals for the remainder Of the million
SIX per cent loan Of 49, No proposals will be considered
less rate Of premium than four per cent and bids
win be opened on the ctn Of July. rha amount 70 DO
awarded W thirty three millions
The following the quotations OF railroad and mis-
cssueous q The Close Of each OF the past four
We0kg.-