The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-10-06
NEW YORK HERALD, FRIDAY, OCTOBER 8, 1885,

NEW YORK HERALD, IT
upon by the burglars confederate in tho yard st. Clair
mot struck and with revolver, returned tho VII
ains shot, hitting him. and u supposed, dangerously
inunng him. considerable blood was dscoverable IN
the yard yesterday morning Bob Of the robbers how
ever, escaped
william a. Blake and Isaac Bernstein, the former iv-
ing At IS Nansia street. and the latter q II Greenwich
street. were yesterday committed for examination on
charge Of having ON the lath OF last month"; induced
carnan named Oscar r. Cornwell In the employ Of
Msssra yelling Co., Of Warren street, 70 give into
their charge and take another part Of the city for
consideration about two thousand dollars worth Of
muslins which he was conveying 70 the Camden and
Amboy Railroad pier for shipment. The carman was
sent 70 the House Of Detention, 70 BE- retained -
witness e4
The match game Of billiards in this city last night for
two thousand dollars bcween Mons. Carme and Dudley
Kavanagh, by the former BY twentysix points
Carme scored hundred and nfty points, and Kavs
nagh two hundred and twenty four.
The annual fair Of the Queens County Agricultural So
ciety the Fashion Pleasure Grounds near Flushing
closed yesterday About twelve thousand persons Wis
tied during the day. There were three or four rots
in which much interest was taken-s
Toronto paper states that Bennett G. Burey tho
rebel lake raider who at the head Of party Of fellow
conspirators, captured Lake Erie, last fall, the
steamer Pho Parsons with the design Of using her TO
effect the release Of the rebel prisoners Johnson
Island and who recently escaped from the Jail At Port
Clinton Ohio ID safely on his way TO Scotland, his
native country Burey, lit will be remembered, was
surrendered toour government under the Extradton
treaty by the Canadian authorities, and, AFTER being
brought across tho border confined first At Detroit
and then At Port Clinton.
The steam frgate Neshamny, the largest vessel ever
launched In Philadelphia launched yesterday after
noon
The stock market was active and buoyant yesterday
Gold was firm, and closed at 1891
Trade irregular yesterday; but as general thing
merchandise was more active and prices higher
Foreign goods were held high, in sympathy with gold
Domestic produce irregular. Groceries were firm
Cotton in good export demand at full figures Pc
troleum higher but heavy business was DONE
On Change -four in active demand, and rates ad
vanced Wheat was fairly active, and shade higher
Corn in moderate demand at steady prces Provi-
sons nrmer whiskey was dull, but unchanged.
The Restoration or tho south and tho
Restoration or Specie Payments.
There is great deal being said about the
restoration of the South and how 1t can be best
effected, and the radicals are very eager to
prefer their advice to the President upon the
subject But it requires to be generally un-
derstood that there is another subject less dis
cussed, but none the less, if not even more,
important, and that is the restoration Of specie
payments. How long it may be before this
end which the nation has in view is reached is
very doubtful but it Is a question which
should engage the serious attention of all in
terested in the welfare of the country.
At present there is an almost universal dis
position shown to ignore it, and to leave the
financial future to take care Of ITSELF On the
principle that it is prudent to make hay while
the sun shines, all but those dependent on fixed
incomes are endeavoring to profit by the re-
dundancy and depreciation of the currency,
and are opposed to contraction or whatever
tends to improve the public credit and make
the paper and gold dollar approximate more
closely in value. It may be safely said that
the entire trading and manufacturing interest
Of the nation is opposed to contraction, and
that every step in our progress towards
specie payments viii be bitterly con-
tested for while expansion is always
attended by an appearance of fictitious
prosperity, contraction is invariably pain
full, and in proportion to the extent
to which it blots out spurious wealth It Is inn
poverishing. The process is, however, salu-
tary, and the only one, excepting reputation,
by which nation reduced to an irrcdeemable
currency can return to hard cash basis.
France, during the Revolution, after her as
signats and the mandats into which they were
funded were discreditcd, returned to specie
payments by popular Reputation, which was
established notwithstanding all the efforts of
the government to PREVENT it. England, on the
other band. returned to specie payments in
1928, after a suspension which dated from
1897, by the slow process Of appreciating the
currency. Thus eight years elapsed from the
time of the battle of Waterloo before specie
payments were ventured upon; and then IL
was premature, for before the end Of the year
1926 the Bank of England had been drained Of
all but about million pounds sterling of its
gold. A panic preceded the return to specie
payments, and another followed it at the end
of 1926, which latter caused the failure of nine
ty-seven banks in England and Scotland, as
well as an immense number Of commercial
bankruptcies and general distress among the
people. 1t took England in all ten years from
the termination of her wars with Napoleon to
restore specie payments.
II does not, however, follow that it will take
us an equal length Of time to achieve a similar
result 1t may occupy longer or shorter
period, and meanwhile we are exposed to .
multitude of contingencies; but we have the