The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-09-09
Sentiments Of tho Secretary OF the Trea-
surys

00mChmomt0
sury.
TO THE EDITOR OF THR HHRALD.
New YoRK, Sept. 8, 1885.
Referring 70 the paragraph in this days HERALD that
the Chamber of Commerce had resolved to memorabilia
Congress- at the ensuing session. TO authorize per-
centage Of the duties to be paid in legal tender
notes. beg send you copy Of correspondence on
the same subject with Mr.. McCuoch before and after
his appointment as Secretary Of the Treasury. IR
THE CORRESPONDENTS.
Huca McCuLoeu. ESQ. Comptroller al the Currenoy:-
Our former slight acquaintance and the desire we have
in common to maintain the pscuniary credit o. the
suggestion a. to mode of checking speculation In gold
II appears to me that If import duties were made
receivable in greenbscks at their mean va%o iof sSy
ment and the interest in gold payable by government
were made payable in greenbacks, whose mean value
for . like period should be ascertained IN similar
manner the speculation in gold would cesse and green
backs up 10 their face. This, think, would IN
dSnessy be ne Osse %eSe ,se IS that
should resume its rghfu control over bak note crcu-
latonr adopted shall be glad IL this cesAmuncalon
shall be of any service to you. D. n
i~s wAamxaros, Feb. 10, 1866.
Your favor Of the 9th received The sugges.
ton which you make for reducing the premium on gold
is one OF interest the Secretary OF the Treasury to
VINO" wi" '0''"''" n HoC , nfdH CompsrOllsr
FEBRUARY "a; 1896.
am favored With your letter OF the 10th. Eomitted
TO mention in my letter OF the 9th that the paying OF
the national interest in at the mean average
Of gold for thirty, sixty and ninety days preceding,
ought the option OF tho creditor 30 ~ TO keep
faith with him that s that he should have gold or
notes he pleased Let government throw aside gold
as an element in its receipts and payments and am
convinced that govefnmess paper will very specially be
=, mar with gold J. r.
MARCH II, 1885
My two previous letters were written before your
elevation I now bog to offer my congratulations.
The money article OF the HERAlD this morning, winch
enclose says truly The fuctuations In the value q
the currency tend 10 reduce legitimate trade to par
ordinary calculations get defiance and the spirit
OF true enterprise is checked By the hand 70 mouth
course merchants and traders are bound TO pursue
What currency stands need q to Mt II Tor the uses
of commercial nation 10 stability"
These fluctuations would be rendered harmless by the
plan suggested my two last letters, and stability
given TO the value which could be sscertained within
mere trife Such extreme uctuation as eighty nve
per cent scattered thirty sixty or ninety days,
impercepbly affect the price Of imports rs TO
be scarcely felt, and resumption OF specie basis
would gradually ~ to avert the common ruin OF
the mercantile classes
have talked with several Of good financial
ability and they approve &c The plan which submitted
10 vou J.R.
TREAsuRv DsrAKrMgsT March ID, 1886
JR-Your favor Of the 18th inst. is received
As long gold IL kept up by ARTIFICIAL means beyond
its commercial value II will be dicult to prevent huctu
atoms in the market With continued success in the
field aud gradual reduction Of tbs paper circulation Of
the country price OF gold must continue TO fall
am hopeful the decline win be gradual TO pro-
duce money panic nor seriously disturb the business
OF the country II McCUIIOCH