The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-01-18
FINANCIAL AND COMMERCIAL.

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SUNDAY, Jan. ", 1864.
There is deep feeling Of anxiety in the CON-
.as1nity in regard to the promise which Secretary
0ase made in his last annual report that the
Oeenback currency would soon approximate to
Oe recognized value Of CON- and that resump-
0Ro Of specie payments would be brought about
0nch earlier than even sangune persons now per.
nit themselves to hope.r The exact time that
this event to take place left by the Score.
tary entirely to conjecture but, as the promise
taught the people to hope that the day was not
distant they now becoming solicitous that some
movement should be made towards this consum-
nation Of purpose in which SO many millions are
interested. There is no reason why the specie
sbasis should not be restored before the
middle Of the coming summer. and the
public are as fully aware Of that fact
AS they are that the great bulk OF the gold IN inc
country is now used for speculative purposes. IL
is useless and waste of valuablestime to attempt
10 brighten the gamblers in gold by introducing IN
Congress laws in relation TO the buying ana sell
ing OF coin which could never be made applicable
20 the case. The Wall street operators are birds
too old and experienced to become alarmed at the
char that comes from the brain Of Senator Lane,
of Kansas. The only feasible and effectual plan
to permanently put stop to gambling in gold is
to return to specie payments. The people have
TOO long been pestered with paper promises, and
the postal and spht-back fractional currency has
become so annoying and obnoxious that endu-
rance has been almost deprived Of its virtue.
The public have desire once more to see the
Mint stamp upon metal without being COM
PEELED to 60 into Wall street for the
purpose Of gratifying their curiosity, and no
plausible reason has yet been rendered to con.
vince them that their rights and wishes should not
receive proper consideration. There is plenty of
gold in the country-probably nearly sufficient to
edeem, dollar for dollar, every outstanding note
ssued by the Treasury Department, as the follow
Ia table, taken from reliable statistics and careful
stimates, we think will sufficiently prove:-
mount OF coin in 1855 ............. $3.50 900, 900
reduction since 1885,. 725 900
Imported since 1855 10000 900
Brought by emigrants since IS55....... 100000
Total. 81 OBS 600 900
Exported since 1855. $500 100000
Taken BY passengers. ACKNOWLEDGEMENTS. 90 10000
Total ....................... $500 DOC, 900
Leaving coin in the country. $46S 900 900
The amount of specie that would be required to
meet the demands of trade may be estimated by
the amount of fractional currency in circulation,
which at the present time does not exceed twenty |
millions, and when that amount becomes restored
to its wontsd channels confidence will 60 with it,
and the demand for gold will not approach the
ability to supply. But Mr. Chase will not consider
these facts or bestow any consideration upon the
demands of the people. He is too much absorbed
with his plans for the approaching Presidential
campaign to give attention to the interests of the
community or to endeavor TO restore the financial
affairs Of the country to condition commensurate
with its resources. The day of relief, however, is
approaching, and when another year dawns upon |
Us we trust we shall be able to see brighter flu.
ture, and be cheered by the prospect that the az
fars Of the nation will be better attended to by |
better men than those who now rule the country. |
The Albany Statesman charges Secretary Chase
with having committed number Of blunders in
putting into operation his financial plans. 1t
says
Secretary Chase is very excellent lawyer but he
like insane man with regard 10 financial matters Mr..
Chase is nov engaged in committing the following fol-
FoLLY No HE offers to swap on Treasury notes
bearing ye per cent interest for Treasury notes bearing
srnmens OF I've millions Of dollars every hundred mil
Four No. 2-Mr. Chase snot only makes this swap,
which like exchanging quarter dollars for pstareens
but no actually pays commission for aiding In bringing
FoiLY No 3-Mr Chase wishes to bring about an easy
money Market yet offers I've per cent every per-
who will run the banks for greenbacks. the said
seenbscks to Be converted into ave per cent Treasury
potes
EoLLr No. an Chase owes Smith, the contractor,
certain OF money Smith Is willing TO take green
bscks which interest Mr. Chase objects to this
and insists that hsi shall be paid with Treasury notes
bearing eve per cent interest Smith says, yery well;
much the better give me the notes" MI Chase says,
r0s s q
these greenbacks viii quidate your claims" TO this
smith replies, "why all this bother and delay why not
nhnci srgmArOte.' and
thus save time 70 ue and money 70 the government"
The following table viii show the prices Of stocks
a the close Of the past ave weeks
H. q n~r1 you0 yov Ira