, 1865-10-26

Local Stocks were dull and nominal Cook Coun-
ty Scrip wus DALI at 101s G10as for old, and 97haa
99c for new.
Tho recent action Of the Secretary OF The Treas
uy In isauing gold certificates has called forth CON-
iuents rom the press Of quite diverse nature.
Some Journalists, who have chronic disposition to
md fault azc opposed to 1t, and object ia because
It may act Is an expansion to currency while others
aver that It will have quilc c1ud;;ta1v effect. Thu
following is the act authorizing the issne;
And be u further enacted. That the serr,..r, n,
the Treasury Is Hereby authorized to receive DE-
posts Of gold cola and bullion with The Treasurer
or any Assistant Treasurer OF the United Staes, IL
sums not less than twenty aolars and to issue Ger
tihcases therefor ln determinations Of not less than
twenty doi!ars each corresponding with tho denam-
bullion deposited for or representing the certificates
OF deposit shall be retained in the Treasury for the
payment Of the same on demand. Aud ccfllflcatca
Gaymens ofintcrest on the pnblic debt, which cer-
,ifcaes, together with those issued Tor coin mud
oollioa deposited, shall not ut any time exceed
bu!on In the treasury and The certificates for coin
OF bnlon In the treasury shall be received at rar in
psJmcnt fo- duty OIL imports.
The N. Z. UcTsu comments On the Issue as fol
lows:
"1n plain tcrm+, this movement Is the Issue Of
paper currency convertible into Epec1e on dcukud,
Or precisely the ea1nc as nll bank Doe crcula-
uop nsed to & BE- before The passage Of the 1egat
nncalce, ~ nc" paper money, convertible into zpe-
Gle to m amount twenty per cent beyond the
smoant ,a q coin and bullion n The treasury" In
Of paper currency, and II the holders OF the twenty
per cent created In excess OF the gold Government
s5ss so1ds thonid make demand when the gold and
Government tel the holders Of the gold certificates
to to Mait, or vii Gose5nmcnt buy the gold for them
Per contra, tho N. Y. Times has the following:
The announcement that The gold certificates so
one talked Of are ready for use, will be hafled as
another step toward specie payments, and In such
ns i an s hs ~ de nssas o 4 a
precious metals which have been lying ia bank
vaults, like heaps Of manure which. until spread,
eertdcates wi BE- received u gold b. iSs Govern: @
ment in payment Of duties; and as thcs arc con
Eertib1e Il gold they vii find ther way abroad and
The Dank Of England. The precious metsIs vii be
constantly aecumulting in the Government
rsults, whilst thcae certificates asc flying
ment vii ii feel seeu1sr IL ,he fnosledsa u tho spe
c1c reserve Of the country, and general resumption
BY It and 'he National banks will Be- rendered much
established rs to the ability Of tho Government and
Tho banks to pay specie bank bill Or certificate
that may be confcfsed 4 pleasure Will be reesded
rcney, but everybody wante currency that n1ay be
converted Into gold Or silver And as soon spe-
Gle payments arc once more established X will not
paper currency or the country as it does IN time
OF suspension, when gene.M d1strsS In everything
ezcertthe solid yellow metal that is the worldwide
representative Of value, Prevails"
The n. T. EoHuserciak, Herald, and other or
cans Of Wall street epeculators, continue to squtrm
over the recent action Of Secretary McCulloch In
contracting the currency. They canuot get over 1t.
They dream nbout write about it. and It Is the daily
burden Of their song. They pretend to BE- In favor
ofa return to specie payments hut they have |
holy horror Of curtaiment Of the circulating me-
diutn- and they keep harping On the repeal of the
legal tender act, and other impEaceahle nonsense,
with q view to hmbug the pablic, and nothing |
else The truth Is, these Journalists are bound |
hand and foot to the Wall etreet speeuators whose
heaven OF heavens Ia IN easy money market and /
gold at go. While they clamor for specie pay
mentt, they are loud advocates for m extraordinary
lesne Of paper noncy-as II paper had any intrinsic
value Of itself to make 1t worth anything as money
to tho community. They would make uB believe
that barrel containing twenty gallons Of pure
spirits could be increased In value By dlng twenty
gallons Of water. Fortunately, the world thinks !
otherwIse, md Secretary McCnlloch win BE- Sup |
ported
These chronic GROWERS nre afraid lest the Fpecu-
lators may not have money enough with which to |
gamble in stocks. grain md produce; but they |
have nothing to say against coal being $2A00 par
ton, or onr 5000 per barrel; and yet these high
prices result from the over issue Of paper money.
Al present We have about 500, ,000, 600 Of pzper
money, and when Secretary 3FCulloch proposes to
decrease IT, they Immediately commence their rosz
Of anguish. They do not think Of nor care for the
general welfare Of the country-ther hearts ace In
Val street.