The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-12-31


duties the better we wll! IN be for II.
The Necessity u PsSlic:.y :, Dur Flnasssas
Pslicy.
The power Of contracting Or expanding The
volume OF currency ct wilI touches TIE pro-
perty and interests Of every On, WOMAN
and child In the country. II enabled lin who
exercises this power to enhance orto dld1nisk
| the price Of every article Of consumption, end
consequently to a1Iect the power Of every
uiAps exertiens to sustain himself and family:
AID, when this power il exercised, suddenly
and l~h iciously, As It has been done on eus or
two otcssicns during the last two yesrs, y
often crs,Stss . panic which Is attended with
heavy SACRIFICES and great destruction Of pro-
perry. In iIlLstration Of the eAecss Of this sud-
den and severe contraction We may rofSr To
the instances Of the Morse panic In 1854 and
of the late panic In November last. In both IN
stances the reductions Of values on the Stock
Exchange, in week = ten days, amounted 10
some twenty-five or thirty millions i'm tbs
aggregate. And this great Loss was mainly in
cured through the want OF adequate notice W
sales OF gold. The amount on hand In the
Treasury and the uncertainty Of the TINA
when and quantity to be sold causes a degrees
of alarm which is inconsistent with an inbelh-
gent mode Of doing business. But If the law
required due notice to be given to the public ~
the time Of sale and the amount to be sold soms
week or ten days in advance of the occurrences
~ 10 lIox. os,N
modic jerking Of loans, and consequently no
unreasonable sacrifices OF properly Every
man could prepare himself at leisure with the
necessary means and enter into open competi-
tion with others for the precious metal So
might it be also with the negotiations Tor tbs
government bonds, Sc. The objection raised
by some to this mode Of dsposing of gov
lions might be formed so as TO keep
the government from obtaining fair
market price, u mol valid, ~ i'm open market
the competition " Ould inevitably bring price
up 10 fair valuation, ii the article were putup
in iets within the means Of ordinary bayers-
But, even If the government should receive .
small fraction less than f,,li valuation, what
~ tuls W ur CuWphrcu WIN tic LOSSo5 W uAs
classes Of the community arising out Of panios
and spasmodic commissions in the business OF
the country? Tnen let us have no secret opera
tons by the Treasury let "a have everything
done with due public notice, and we shall
then have stability and confidence in business
circles. While the government shall continue
10 exercise an arbitrary control Of the gold
market ii also exerts its influence on other
Wholesale markets; but this has only tom
porary effect on either; II disturbs values.
but does not permanently reduce them.
Whereas q public policy, known and under
stood BY all 10 tend to gradual and pevma-
neut preparation for specie payments In the
future, without unreasonable haste. and with
no spasmodic commissions, Is what the country
wants. BY the use Of compound interest notes
and The gradual conversion Of them at maturity
into long bonds this transition is deemed prac-
toable, and the actual reduction for each year
my be determined BY law and made known
to the country in advance.
UNIVERSAL SUFFRAGE IN EUROPE.