, 1865-03-03

country. There appeared for !. time
METAL md serous ieals were enirsina Of
geld psnic, which might carry mp prices far be-
yond theh'ghsst po,at avSr reasasi, anl tss be,
sss ten ss xsd dsa i .bas
danf, and IN increasing disposition Is every sae.a
mani esting ITSELF to get I'D Of rather taaa to
EG7fs!lt i.E With such feeling spsca'a:ors for >
@ and sonsietion Of the public, that those r1se
aaa n INC dark days Of the contest. Hencefot-
tsn te sa vii spesuon
TO IL cuEten.J so that VIC may took for sudden and
excessive !slls, With gradual recovery in each
case 10. toWasd the Previous pries.
ed Gold IL spite o. all our Victories, and Of pop
alar wish and expectation, and Of all efforts to put
Il Gown, ohstinateiy refuses to 20 much below
g to allow rnpfd all Il Would 81 e td7o to say
that sueh vast sum has not been necessarily the
mafn czuee Of tue imitation. II any Que should a.
sezt the contrary, iet him SIT What would be the
effect Of an tsene OF one, Two, three or four rnes
the present amount Evers sensible maa deprec-
any fprtheE increase Of paper money, and pre-
diets the moet disastrous results OF any addition
% the present volume, In the imitation OF pricea OF
all kinds Of property, None are more Rlire to
the evils Of increase than the Secretary Of the
no Increase OF Treasury notes Is to tke place, the
gradual"
Sometime since, we published letter ttom
Goodwin Smith, OF England, in which he attribu-
ted all our financial difficulties to tho passage Of
the Legal Tender Act. Thomas ". Olcotr, Esq,
Of fAlbany, an eminent banker and c.ear-hoaded
dnancier, has written brief reply to this letter In
acommunicatlou to friend, from which we make
the following cstract:-
= What Mr. Smith SAYS about NJ. Fcs
senden and his Inherited burl .ns. and tome others
Of ois conclusions, most readily subscribe to.
legal tender act Is tho root OF all difficulties. The
ttue and only cause OF all our woes Is tha rebel
lion, and this legal tender act was IN unavoidable
incident Of th0t paramount and controlling caanl-
~. lts effects We all know, and Its necessity va
all aeplore; bur, as cho!ce OF evils, cannot
doubt the wisdom Of the enactment Il tayor5
debtors, we all know, and it favored tho creation
oi the mighty nettnoa debt, essential to tho sue
not the failure Of a few wild cat bonks onI7,
but Of every bank in the country, with every
individual and firm and corporation doing bus!-
nees upon credit Bot for that act it Is my helief
national and individual. How strange to :no.
pose that We could have loateu- three thousand
millions OF debt upon our insignificant supply OF
eonl lis both financial ana physical imposat-
hiEty. There ta not coin enough IN America,
meet the demand Of our wat-a war compared with
which european wars arr ns p!rmles TO q moun-
tafn. AMI our friend Goldwin Smith excuses Eng
land for like grave ocnse upon the feeble ground
comparatively Insignificant surus Of gold!
We must read aud digest the rebellion first and
Adam Smith Afterwards. 1t II true, as Goldwln
Smith stated that real estate did not at frst rise in
vanced a. al in prfce--and this Is a remarkable
fact. But 1t Ia difficult ~ how the nuctuAlons
In Tho value OF our paper currency have been oc-
easionSd By the conflict between our two systems