The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-08-29
THE FINANCES OF THE COUNTRY.
NEW YoRK, August Is, 1854.
70 ms KoNoa ABIl ME SECRETARy OF Tss TRkAsukY:-

come offensive civil Prudent mon, controlled,
hot BY impulse but BY reason would have waited
ment TO count the AZ the wild Juror seized
both rulers and people The momen,ous struggle had
been foreold by old aud wise statesmen. Their advice
undecided Passion took the seat OF reason, and
bombast issued from lips aud press.
We plunged into the strife making provision pay
the cost We have twice carried army the gates Of
the rebel capital have victories and failed TO follow
them up, have waited until the enemy has recovered
from defeat, afforded time to replenish his sorer,
rest aud devise new schemes OF annoy ance.
wehavs been amused by promises from high authority
that in ninety days this foul rebellion should be put
down. and yet ninety and upwards of nine hundred days
have passed and the strife not ended las exhaus
come.
From u mistaken policy we have permitted our mer-
chant marine to be driven from every and suffered
our nav al arm TO be almost paralyzed.
We have permitted France ana England NOT only TO
give aid aud comfort to the but the latter TO take
al active and open part IN the the conduct OF The
commander OF tho Deerhound unless disavowed by Eng
and by the principles OF International law 10 an act OF
open hostility
The act of France in placing Macmillan upon tho
throne in Mexico is unlriendy acI and rulers
have abandoned the Use policy OF Monroe-dctated by
reason and approved BY the wsest English statesmen.
We have yieued up Argueies to the demand OF Spain
and returned hun u Havana that nest Of prates block
runners and secessonsts
To-day all EUROPE the name of an American
citizen Is reproacn. when tour ago il proud
title; to day our Onion loving countrymen hang their
heads IN shame at the loss OF American honor.
Four years ago the sails Of whitened
every and brought from every CLINE
10 the Ian OF the nation the riches OF the world We had
ships carry and found markets receive exhaust
less exports We lifted up the peoples OF other countries
by dsnnyins labor and giving freedom TO thought. We
seem to have forgotten the value OF nations honor,
have lost sight OF the value OF nstons credit. We
have succumbed TO iear and stand meanly trembling
before despotc power, when, moi arrested, will end
political paralysis.
In war the purse is as potent the sword. The
ton must provide the purse or cannot command the
sword when the purse Ias the sword drops ifcless
from tho grasp The purse must not DO empty; II must
pc ed by money, or the undying love OF the people,
ready sacrifice money and lie governmental,
| every thing but the national honor.
our enemies, actuated by spirit OF hatred intensified
by what IL has for nearly four years fed upon Ia
earnest In tho face OF the TACT that they have
suea,hed the sword and thrown away the scabbard
do not believe them. They stand proudly defiant and
taunt us with "subugation or extermii aton give
separation or death yet we do not believe them. hey
poison and murder In manifestation Of their hatred;
/ are fathless still.
All theso things have from the beginning. are
now, and will remain until tho end shall
now, after 10 many years Of Fad experience, believe
what they say Have than hundred thou
sealed the Of with
boody We stand gazing amazed at their obstiuacy,
making little provision Tor meeting the cxgencies OF the
day or 70 avoid the financial collapse which must lead
God forbid that the future historian find material
within the compass OF century TO write the history OF
our rise, decline and fall.
To you sir the people look land trust in vain 10
put financial house in order You have task before
you fearful To look great IN It's responsibility, gori
in AS in the vocabulary OF youh there
| is such word FAIL let it be stricken from
| lexicon OF the Treasury department
You have piebad currency-egal tenders, one year
five per two year tive ceuts compound interest
ing bonds-we hrties interest paya-
| Bile III currency. What q currency. What an uneven
interest paying DEBT We are one people, nave one con-
sttutou aud ought TO have currency one debt one
| credit and one destiny
not that have stated the currency bonds
correctly-suiciently however for the present
pose Within the present Presden al term debt has
sweed to Inc enormous sum Of two billions of dollars
The Treasurer is begging for more We muse add three
hundred millions You obliged TO appeal 70 the pat
riotism Of the people lend you YOa offer
ward cupdiiy by Offering to pay one thirty above the
legal rate OF interest: yet the subscriptions come In
slowly.
your predecessor injured the public credit ny giving
away. Unless you restore 70 the people las think you
may) you viii ind difficult the Treasury
and make pubic credit to repensh the Tres
sury and keep II in good working condition..
There are many who cry we can pay the interest Of
the Treasury, TO act If they wished TO reach that
blissul state rapidly possible does it not become
heed such cainor and fearIessly
in the way of such contamination,
You have all around and about you fympathzers
and all the moneyed centres full OF them They do
glory success, but are ready to rejoice IN ur
adversely They do all they can to destroy public credit
They embarrassment by specializing in gold
and make raids upon finances and credit by setting
up the cry OF repddation
IS badly managed rs monetary have been,
still there remedies that be applied, and sue
cessfuly The legal tenders insufficient, 10 meet the
pablo demand II is that they have by their
dancv raised the values OF comm dites. Value is
a accord
ing to demand and supply demand is real specula
Real demand sustains prices-speculave initiates
them Value is regulated by the thing 10 be given in
change Money rs the means by which the exchange IS
made, and the precious metals form the standard as well
OF the exchangeable value, whether paid in
paper specie. Ii the commodity in ess quantity
th will supply the demand the price poes upif more
the price goes down II the demand s speculative the
price becomes nfated-f only real, the price regu
lated by supply. Money, whether specie paper,
has become marketable commodity-when plenty
cheap; when scarce its price is HIGH
were par. aud highly priced currency. They dis
placed the State bank issues-drove them nome. Now
pational bank ISSUES take the place OF she legal
tenders.
per barrel from eight and half TO nine and half
dollars the supply than equaing both the real and
speculative demand Issue your legal tender in pay
mcu Of the public creditor; put anoat the piles OF bills
slowed away the vaults OF subreasuriPs awaiting
payments In liquidation Of Congressional approt riaons
now suppose coupted as crcu alton anticipate your
! gold payments by receiving the government coupons
next maturing due less the unearned interest Thus
swell the volume Il gold aud put the coupons In
tton with the Spectator. Direct the district
torneys TO cause to be put before the grand ues in tbs
United states courts all combinations speculation
god ard al combinations 70 niurc the public credit give
notice To the heads of departments that have
for all the real wants OF the Navy and War Departments
holding them TO strict economy let the civil list be
provided Dr. and refuse plumber 10 the harpes surround
lug the treasury compel the payment Of the taxes,
force Immediate payment from the officers Of the inter-
nal and tho funds 70 The credit Of the
ment deposit 10 the nntionabapks give congress
to understand that they must make (ii they have not
already done sol suitable provision by taxation 10 re-
mbure the Treasury and to support the public credit
the people the fact Is, that
ilimabc that the ninent will in future be conduct
oil with the utmost Monty; tell them you have enough
for present. ana that YOU TO burthen them
lite 80 possible by taxation withdraw the uptaken
btes tell Them the truth is that the govern
mepl can interest upun Tour billions or dollars
peal their love OF country tain You show them
that Ia sustaining they sustain there
by they will decrease taxation Your coupon ive-twcn-
tics will rise value AMI lind ready domes TIC well
foreign market where's spark Of ibery dwells,
put tie slave ogsrcha OF the Oh World and
Mt defiance tell the people that you intend to
mend letters OF marquc and nterdct OF trade with
as a OF repen shing the Treasury:
recommend such rm temonsrances 10 foreign Powers
a. VIII mmand respect TO their treaty obligations and
| put an end 70 piracy.
10 of these suggestions u may be said tina,
have business with them We viii discuss that OBJ
lection when your snail be gueBtioned Desperate
diseases require remedies and the peope hope
hmm Ihnr l.fa IAl IL llfc ul