New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1866-10-08
FINANCE AND CURRENCY

II, commercial and financial horoscope Of orr
country pre- ages serious trouble. Those a1' i.i Lead
ing features:
/. A plethora Of what is (wi.h questionable p-o.
pfety) called Money, aud (sts more iaaocGra,el-)
Capital.
.. Ian on call at shor; time 60 begging, aad are
to be obtained at low interest o.. el." orsiJrt tine
on almost any sort Of collatcrol7.
3. stocks Of all kinds selling az enormous prices,
and generally rising in market yalu'.
T. The pr3mium on Gold advancing. '2I nearly zap
TO 50 per cent
8. Gold flowing hitler from Europe. though orr
imports Of goods enormously exceed or exports Of
products-lhe Gold with The accr.rg commercial
balance against MS, being invested 81 Stocks and
Bonds, mainly those Of tie Government. In other
words, we arc drawing bills against ai0les,T ofou
children aud grandchildren selling them a. = per
cent discount, and spending the proceeds il wines,
silks and other Injuries which "pe,' in tic using
High prices for labor, !for prolrct5 70. almost
everything, rendering ours the be-, market in the
world t. sell in aud the worst to bug ill., a. increase
and diffusion OF sumptuous tastes aldllzur.ous habits,
all seem Go torcstadow o grand crash which 10 saill
in Gnancierine can long postpone il there be not
radical change IN our financial aud comnrr al policy.
Tbat change we think the Secretary Of the Treas
ury might and should naugG-ate. II he Lad any
earnest vital faith in the doctrines Of hi- Tor, Wayne
Speech aud his Annual Report, we bslicTe be would
do &C. After long and patient waiting and hoping,
we have been driven to the conclusion that though he
clearly appreciates the present perous position Of the
county he viii do nothing whatever TO improve it.
that he is one Of those dispensers Of fine phrases in
praise Of virtue and morality whose word, are in per
petua conflict with their deeds.
Is this uncbartable Look at his expose just
issued, and Judge:
The primary impulse TO the present imitation Of
nomina, values is given by the great disparity in
value between 81, 900 in Gold aud the same amount
u Legal Tender" Men buy stocks con time, cal.
culaing that their price will be enhanced By further
deJasement Of the Currency. In other words a
Spectator bargains 20 take and pay for many shares
OF Erie. Central. or some other stock, at given
future day the strength Of lis expectation that the
Currency will then be stll farther debased and the
Currency price Of this stock consequently enhanced.
In other words he bets that our Legal Tender" will
have les. actual value 80 or 90 days hence than at
present.
This debssement is effected in two ways: First. by
making Legal Tender" aud Bank Notes more
abundant; secondly bEmakiug Gold scarcer and its
requirement more difficult. Whatever tends to lock
up Gold tends to depTeciate our actual Currency.
Look, now. at M. McCullocl's latest expose just
issued, and note these items OF his account current
A@'r'' " i &. e. Coin a lsi p..: So o5en
ClIcucv. ..... Al s-ar-s Currency do. lJ!3JlaJ
Total. s'es 2ls 765 No interest o.. 81. - %
Here are over Eighty Millions of Gold and Silver
hoardCd-for what The Debt is being reduced at
the rate Of S2OOOOO0O per month. The current
Revenue largely exceeds the current Expenditures.
The current receipts Of Coin very largely exceed the
current demands therefor as is proved by this accu-
mutation. What possible reason can you conceive
for keeping on hand this enormous hoard subject TO
embezzlement burglary, and all other mischances,
when its instant use in reducing the principal Of our
Debt would diminish the annual interest payable
thereon by a; least Five Millions Of Dollars
We've the Secretary 10 use this coin forthwith in the
purchase and extinction Of Public Debt, he would,
first reduce the premium Oh Goblin other words,
diminish the debasement Of our Currency, thus bring
ing US ever SO much nearer to healthy, natural
prices secondly, be would sgnsly appreciate our
Public Debt, and compel foreigners who bcnceforth
buy it to pay something Ike its actual value; thirdly
II would arrest speculation and diminish mportaiion
fourtbly, il would enable the Secretary 70 renew his
loans, when lie shall be called to renew them, on
terms far more favorable than he can otherwise hope
for. Hy buying up and exti-zc..L.lr nearly
Oae Hundred Millions o. raJl. Debt ie IT,
cIta3! J..-...s.-s VIA. ..-4-a- C.-,...s a.