The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-10-30

questions must either remain unsettled or
foreign Powers viii take advantage of our
domestic troubles to press upon us miliaing
terms For all these reasons, and many more,
we hope to see the restoration of the Southern
States completed by the admission of their
representatives in Congress as soon as that
body shall meet, and thus have peace and har-
mony restored to the whole country. This is
the sentiment Of the people also; and We give
the Jacobin radicals warning, that ifthey oppose
such wise and healing course they viii be
defeated, overwhelmed with obloquy, and will
never be heard Of again, except to be exc
Grated, as their prototypes. the French Jaco-
bins, were.
Our Finances-The Public Debt ssd the
Currency.
The return Of peace to the country has
brought with it other considerations be-
sides those Of strictly political bear
ing. 1t has brought forcibly to our I'M
derstanding that during the progress Of
the war we contracted debt which
already exhibits the round numbers OF nearly
three thousand millions, to which Q sixth Of the
aggregate will probably be added before the La
bilties incurred are all cancelled. 1t tells us also
that this enormous expenditure has entailed
upon the government the necessary annual pay
ment Of one hundred and eighty millions Of dol
lars in the shape Of interest; to which we must
add the expenses Of an extraordinarily large
peace establishment and the percentage for
the sinking fund. in order to get an idea Of the
amount Of taxes that must be levied to keep
the machinery in working order Hundreds of
projects and theories have been advanced by
financial scribblcrs to show how the necessary
amount of money to meet the yearly expenses
Of the government can be raised without OPP
pressing the people or running the risk of
creating monetary disorder; but not one of
them would bear the test Of applicability to
existing circumstances, or that history would
not show to be fallacious.
Besides we have afioat an irredeemable
paper circulation, which may be detailed as
follows
Grcenbacks socalled $42s i60, 500
Interest bearing legal tenders. 2l70l2141
National bank notes ................. ZOOSzo, 1s0
Stato U1uk Wis, esthiaboo. OVVVOyVVV
Total amount OF currency. 1922 se,245
The redemption Of this vast amount of cur
rency attracts TO greater extent ct present
the attention Of men moving in monetary
circles than docs the ultimate cancelling Of our
enormous public debt The financial histories
Of European nations are in vain referred TO in
the hope Of finding some successful theory that
might be probably followed. The records Of
England are searched. and nothing is found
that by initiating would be unattended with
danger. It is seen that at the close of her pro-
tracted struggle with France her finances were
m low AZ are our own at the present time,
while her debt was more than equal. II is
also seen that while gold was at discount Of
thirty to forty-tive per cent the landhOlders
and bondholders in her assembled Parliament,
through interested motives, sought to restore
the currency TO the metallic basis, and that in
the attempt, although partially successful, they
brought upon the country series Of disasters
which nearly ruined her commerce, FRUSTRATED
her trade and impoverished her working
people. The Bank Of England, which was
induced in 1921 nominally to pay specie,
was forced TO adopt the rule Of con-
traction 70 save itself, and the great
revulsion Of 1926. which was about the
most severe that England ever felt or the world
ever knew, was the consequence. II was then
discovered thst forcing . return TO the specie
basis was stroke OF mistaken policy, and IL
required the succeeding Ave years and the mild
influences Of the laws Of trade and the strength
bestowed by increased population 10 restore
the finances Of England to sound and healthy
condition.
Are we prepared 10 submit 10 the trials that
the British government experienced during the
period embraced between 1918 and 1887 II
not, let rs refrain from looking thither tor pre-
cedents for our action. Let NJ rather permit
our increasing trade, foreign and domestic the
natural augmentation Of our already immense
real wealth and the steady additions to our
populationto work out the problem Of return
to the specie basis and the manner Of discharg-
ing our national debt.
Secretary McCulioch, like Nicholas vansit-
TART the English Chancellor Of the Exchequer
al the time Great Britain was struggling to
overcome her monetary difficulties, hes an
nounced his desire foH speedy restoration Of
specie payments; but he is nevertheless fully
aware Of the dangers that would attend hasty
action in that respect. Those who anticipate
the use Of gold In their daily transactions for
year or two hence will be sadly disappointed.
And II at any time summary measures are
adopted by Congress to bring about such re-
suit, or the wild theories Of Thaddeus Stevens,
Of Pennsylvania, who was chairman Of the
Committee Of Why's and Means n the last Con-
gress, are listened to, we must leok for the re-
enacting of those scenes which not only ruined
and pauperized large portion Of the people
Of the British islands at the time we have re