The New York herald., 1865-11-25

70 hoard II ID better for al business mon to dsa, =
realities than lotions.
CussnoY oAxnor N sorz rArss AsD srsom
Il Is not possible 70 sustain uniform MIXED currency
Of specie and credit without producing fluctuations in the
relative value Of each The country should therefore,
Il shall be Determined 70 connne our currency 10 specie
or It's actual representative must create depository
for the precious mea whore certificate Of deposit can
be obtained and thus the Inconvenience OF remov
ing large In bulk This plan would eectuaily limit
this kind Of currency but would still be subject -
mand for specie in foreign trade The attempt bass
paper currency or credit In country upon specie VIII
ys 70 NE s sS
The rst attcmpt 70 create exchange upon deposit of
specie made by the Bank Of Amsterdam. The hodss
or gold and silver made special deposit and obtained
certificate therefor This gold and silver remained in the
vaults Of the bank until the certificate was presented
save the risks Of transportation that
rested with praoA The convenience Of trade has caused
piIb but has n our banks led 70 an error in
Tug the amount OF specie held by the banks for the
dsmption Of its notes AL the ssssmPts % make sw
utterly failed From tho nrst moment that the right =
coin gold was conferred upon the federal governmens
upon IT, ana ever sure there has been sloy equal =
nine per cent infused into every coin Thus we have
coin for currency and this aalss vsns We
from being sent abroad TO pay balances IN tredA
No dependence be placed upon the supply Of COLE
rule By which 70 determine tho quantity that may b
cessay transact the business Of the conntry ana tn
n1 .epsry rules must great and serious evils
upon trade commerce and manufactures II must be Il
lowed increase and diminish TO suit the wants OF the
people and Il is for this that no legislation hao
limited or restrained any individual crcdits Legislatoo
should be and has. been very much directed =
making the currency safe and sound, but much cgs-
laton has BEN directed to limiting the quantity.
The value of currency should be well and satsfacso-
r secured and made as saIe 70 sne nedeh sonia ~
left 10 the law OF supply and demand the same as goid
This view OF domestic currency was presented 70 the
Secretary Of the Treasury the commencement OF the
late war; and successfully urged upon his attention
The plan OF banking and currency In force was then
a purely American system-a scoined paper,'' based
upon American honor and American credit, and ex-
pressy devised for our American trade 70 take tne
makes our business truly and certainly independent %
foreign CONTROL whether that control shall be attempted
by bank action or the fluctuations OF trade and exchange
This coined paper siega tender note" " unlike our
aoycd coin, will not pass out OF country upon every
Europe In this particular II win accomplish what the
alloy in coin was intended to do and In which u has
susrEsroN OF SPECIE PAYMENTS IN ENGLAND a4@
Much has been said and written about the long su1-
pension OF specie payments In England We think
few facts connected with the great law OF supply and Do
mand will cnligbten England was ENGAGED In greed
foreign for thirty years She subsidized many M
by loans and gifts OF gold her armies werc paid IN
gold while in foreign countries and in this way Great
Britain drained OF gold during her long wars a. We
After the Of 1878 the British traders and merchant.
brought back gold very slowly and the balance OF trade
In favor Of tina, nation did not give back the control o.
specie the Bank Of England until 1925 In the mean
time trade demanded facilities, and Parliament granted
the privilege OF banking and issuing unsecured bills -
several hundred associations The scenes followed
there that we have Witnessed here under old bogus
system of unsound notes. The banks failed because
their capitals were sqnandered and nothing was et %
trade and manufactures OF Great Britain became 80 large
that London became tho centre OF the worlds OF.
changes and her merchants and bankers have continued
70 loan and credit every trading seaport the gobe
Gold silver not 10 be relied on In this country -
base ior our IadS M hs ,rs
money centre Of the world and the merchants and other
capitalists loaners creditors Of every commerca
country. Consequently they have an exclusive q
creditors power Of calling FOR payment at pleasure
These creditors in England controlled in this respect
BY the action Of the Bank OF England and the Bank q
England is subject TO tho direction Of the EnglisA
Chancellor OF the EKchequer. 4...
TIE POWER on rnx RANK op ENGLAND AND our
RHHOY fNt fa,Nfls
The Bank of England has the right to alter the rate W
interest to Its customers ut pleasure Tho rate Of y.
tcrcst when advanced to high point by the bank, A.
ways induces the merchants and capitalists TO curtaa
credits and call in deDts through ell their agencies This
powr Ia frequently, and often capric0usly excrcseo,
under the prctcnce or rcplenishing the Golfers Of The
bank with gold, and IN show To the commercial world
Is power 70 control tho aow q me precious meals
always controlled the specie OF commerce. and held ous
banking institutions subject 70 their pleasure The
the Bank Of England by the Cabinet Of Great Britain ha0
been twice prominently exercised since 1850 In thna
memorable year the Baron Rothshiid wished 70 nego-
tiae loan Of twelve millions sterng Russia before
any declaration OF war had taken place The Bank ~
England instructed or requested by the Chsncelos
to prevent It, Accordingly, In time OF profound peae
and when there was no demand for money at the banl
and the vaults Of the Bank Of England contained ia ave.
of interest from four per cent eight within the space
OF ten days and thus defeated the loan to Russia More
and At the beginning o. the Ia late ~s ns
desire to embarass and weaken the United Statcs IN
their financial arrangements and thereupon, 10 subser-
vency to this DESIRE the creditors power over us wae
enforced by extensive sale OF bonds stocks and other
securities, that were returned 70 our market WHINE
credits were withdrawn and collections enforced, until
and to submit to all the evil c6hskduence6
Of deprecated and embarrassed condition of our
% DsSt Y Sss sS s 'S u: sssss
with England and using as base Of banking the gold
which they can call for at pleasure. This dependence
will continue until New York shall as she undoubtedly
until we finally resolve 70 continue our domestic =
inland trade upon tho basis OF own coned paper"
our credit and commerce was more MARKED and was
intended 10 be fatal to our nationality, than al
the raids Of her pirate craft and blockade runne Ine
English government and people were fully persuaded,
well somS Of own people, that the goyernmcut
Of this country would be- compelled 70 resort 70 Europe
creditors and lenders control II th hopes ana
expectations had been realized and iOnal exist
had depended upon their good VIII or VIII ngness "
lend money who doubt that at this time We should
be meaning over divided, dscontented and disgraceo
peopef Happily for the Secretary Of the Treasury ana
the Congress Of the Union were persuaded 70 adors
the General Banking Law and the legal tender or comes
paper base Of credit for our immense inland trade
From this point OF time-which should be hed In CRATE
full remembrance by great and united pcopIe-tnn
nation with Its mighty inland commerce, trade anA
manufactured has been free from the complications
fluctuations and designs Of enemies and friends u
Europe.
royrsn no cor PAPER nssn3 sta
That Congress has the power to coin paper and NJ .
regulate the value as we'll 10 coin aoyed gold aud al
ycr and nx or regulate the value 10 generally conceded
The power OF Congress hes In the words o hx rogu-
late the value" They alloycd gold and they nxed IL
vaIuo when coined They have also fixed the value Of
coined pnper and who shall question It's value for do
~ sx