The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-03-15

archy, with an English Guelph upon the throne, |
promptly and forever.
Progress or Correct IDEAS ON the Currency |
Question.
Not long ago our public men, politicians |
and press were continually reiterating the old
bullionist idea Of making current paper money |
the same value as gold by legislation. Make
the grcenback dollar worth the gold dollar
right away, they said, as If the government
had only to say the word and It would be
done. The French Convention said the same
thing with regard to the assignats, and used
every effort to force them TO an approximate
value with specie; but 1t 30 happened that the
contrary effect was produccd--the assignats
became more deprecated by the forcing pro-
cess. The laws Of nature and trade cannot be
set aside by DEGREES Of men. Canute was not
more unreasonable when he planted bis chair
on the sea shore and commanded the tide not
to como any further, than the currency theo-
rists are when they think they can bring paper
and money to par 1t any time by inst saying It
must be so. The English bullionists had the
same idea as the French Convention. They
tried at the conclusion OF the long war with
Napoleon, when gold was at a premium, to
force the currency up to its standard. The
consequence was that they violently dis
arranged business and the established value Of
everything. Bankruptcies, financial difficulties,
both with the government and in commerce,
and long years Of distress among the people
followed this violation of natural laws. Our
own public men and press, not knowing or not
needing these laws and the teachings of his
tory, began at the close of the war TO proclaim
the same views. Even the Secretary Of the
Treasury caught the infection and expressed
views which he has since found were imprac-
icablc. Ha
But light begins to break upon the minds Of
people. The views OF an enlightened and indie
pendent press on this subject are making an
impression. We notice in the proceedings Of
The United States Senate on Tuesday that Mr..
Sherman introduced joint resolution to pre-
vent an undue contraction of the currency. 1t
provides "that the aggregate outstanding
United States notes not bearing interest, and
including fractional currency, shall noAbe di-
mnished below four hundred and twenty mil
lions" Then, after providing for the payment
of accruing indebtedness from whatever sur
plus there may be in the Treasury above
certain fixed amount, the resolution says, "but
the amount OF Understanding legal tender
notes shall not be diminished by payment or
conversion al rate exceeding Ave millions per
month" 1t Is not our purpose to enter here
into the merits Of Mr.. Sberman's proposition in
its details. We merely notice the fact that our
public men and the country are becoming more
enlightened on the currency question, and that
there is a growing disposition not to rush head
long into financial and commercial difficulties
by inJudicious contraction. f0
There are some men, 1t In true, who never
learn anything-mcn of one idca-merc theo-
rists, who still clamor for immediate
specie payments, in opposition to COM
mon sense ana fixed laws Of nature.
They are radical in everything-as much
so with regard to the Currency and finances as
about The negro. They ignore tho teachings
of history and the application Of the light
which experience gives us to the actual circum
stances OF our condition. The steady decline
in goll of late, which is o strong argument
against disturbing the natural operation Of
those laws that govern the relative value Of
currency to specie and other things, only
makes them more clamorous. But the influence
OF these currency quacks is limited, fortunately
and both the government and people begin to
see it is best TO Let ;lat which is we'll alone
They rcaliZc the fact that The country is pros
porous. Notwithstanding the fearful war we
have Just passed thsough; that there is
healthy and steady appreciation of the cur-
rcncy going on; and that, il not tempered
with, it will gradually approach to par with
gold in the natural course OF things.
In connection with this subject il viii be
well 10 notice the views of President Johnson.
In his reply to the delegates representing the
ago, he made some very appropriate remarks
about the currency and returning to specie
payments. We refer to them because they
embrace the true stat,smanlike view Of The
meter, and because they are substantially the
same we have been urging all along. He
sai1;--
The full and complete reconciliation Of the country
ought to be precursor to all moremcnissbould be the
first object Sach reconcino ion would produce the de-
velopment of the manufacturing, the commercial the
agricultural and the other ndust ia interests OF the
country He spoke OF the state OF ths currency and
dronl views entertained OF contraction and expanson
and sad:Whcn look at these things the nrst object
Is the restoration of the go, You thereby en-
large the for the currency circulate in which
would have the effect Of preventing contraction,
Willie would give all the practical benefits
TO be derived from contraction. Il would give
prodscis OF the soith--some three hundred millions
Of dollars worth OF tobacco cotton, &cnto our COM
II would any possibility OF nnan crash
II would make the currency perfectly sound, and Il
would develop all the industrial resources and promote
the industrial interests or the The restoration
OF the Is the greatest tmuapt that can
applied no; only 10 the manufacturing but 10 the agricu
tur commercial ana other industrial interests Of the
nation.
Place these views side by side with the tbeo-