The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-01-15

camorous for the return TO hard money because they
knew would improve the real value Of consos and that
the interest upon the would have greater purchas-
ing power when paid in gold than in deprecated paper
currency But the effect Of sudden return 10 specie pay
ments by act Of Parliament was shown in the ava
lanche OF commercial and bank failures which attended
1t and the great distress among the working classes and Il
not until after 1925 that England emerged from the
succession Of shocks which the premature resumption
inflicted upon her In case the attempt TO resume
specie payments within equal length Of time after the
termination of the war would be still more prema-
ture, for our currency was issued in far larger
volume than it was in Great Britain during the
suspension from 1877 to 1921, and 1t underwent
q far greater depreciation, the average premium
gold In England during this period OF her history
having been less than twenty-five per cent, and the
highest range OF the premium in any year-namey
1s14-fory one per cent We have, therefore, corro
spondngly large extent Of ground TO rerace before we
arrive at the metallic basis from which we started.
What most require now for the nnancmi eood
OF the country is some guarap'se for tho STABILITY
OF values which will inspire confidence, ana AZ
definite a programme for the future as Con-
gress can devise. The necessities Of the country
demand thu. sne people should know what course the
government proposes in order that they may govern
their affairs accordingly 1t not to the interest Of the
merchants aud bankers and manufacturers of the coun
try that our markets should DO characterized by spas
modic fluctuations, as they were last week, owing to
doubts to what Congress or the Secretary of the Tea
sury may do repetition aggravation of such state
of things could hardly fal to result in panics
which would PROSTATE the industry OF the country and
leave the Treasury Golfers almost empty Such appre-
tensions should be calmcd by definite, not Indefinite
legislation and until the nation has recovered from the
sweeping effects Of the radical measures should
be attempted
The panic of 1857 put this country back several years
in the march of progress but panic OF equal extent
now would be far disastrous and lingering in its
results. The bears on tho Stock Exchange and
in the Gold Room may prophesy a CONNER
cal collapse with fippant tongues because it
their interest to do With the downfall Of the
wealth and prosperity Of the country the bcars would
become the lions Of society fourishing in jungle Of
ruin and heaping up riches like loam 1t serves their
purpose TO say that railroads almost worthless pro-
perties just it does when they turn the "bull''
tack declare that there is nothing to be compared to
railroad property in the whole country and that stocks
must rise and continue to rise.
Many of those who talked last week about the reduced
earnings OF roads and the competition OF government
securities and general commercial panic will change
their tune this week and utter opposite arguments and
cry stocks up the best Of thcr ability The inference
of self interest," but that they have gone from tbs bear
TO the 'bul side OF the market Wall street talk is
provorbaly unreliable but. strange to say, 1t always
has its influence Contraction and resumption have
become bugbcars, TO prove which 1t Is only necessary
refer statement OF the national debt wherein il
Is shown by the stern logic of figures that the hands Of
1.-The Secretary of the Treasury tied to the existing
situaton and that for nearly three years to como at
least he will have alternative but TO drift with the
tide TO oppose it would ia any case Only be to delay
tho day Of resumption.
sho aggregate value OF the mpasts other than dry
odds and specie at this port during the wcok ending
January l2,swas 1909 ESQ., The total imports Of tho
week compare as foliows:- ~
Wsok Endinl m Dec. 80. Eow B. 80 Jan IL
Dyr goods. .,.... 81 507.zN e1so6 2oe $500. 02l
Gent merchandise 3,s2o4 ~ 3acs.oW l0oO,o3o
Total. ~. ITS tG,les10 ess7l, s5l
The shipments Of specie from The port Of New York
last wcok and during hc year compare - follows with
the exports for tie same period in 1908
Second week.. .vAo8A,8A $40, Dos
Previously reported. .......... ~, 3t3 bb2, OF
During the year. .tl.osS,0oa ti,1e26J0
ExCcSs 10 1901 taooUt$