The New York herald., 1866-03-29

uVAuS wHss ~ Oon W pI0v0ns ~ AonuoAAAAb s@'S
position Of the planter as uncertain as possi-
BILE, by damaging labor and property, doing
all that it may to shorten the crop ofnext year.
The Loan Bill I'm tho Senate.
"Immediate resumptlonw p is the cry of the
hour with the blind guides, the short-sighted
zealots who do not see that they themselves
would fall in the wide ruin they are SO reck-
lessly, ready to bring down on others. In our
present financial difficulties this shibboleth Of
ssspecie PAYMENT "dollar that is worth
dollar,v and the clamor Of immediate re-
sumption"-all this together is exactly analo-
gous to the cry Of "on to Richmond" 30
dunned in the national ear in the day of our
military troubles. Both come from the same
quarter; and as the one directly induced
great disaster by forcing us into contest that
we were not prepared for, so the other, if sue
cessful, must have similar consequence BY
urging Congress and the country to precipitate
action on q subject of such vital importance
that it cannot be touched without danger to
the country.
The Loan bill Is the machine that Is expected
to accomplish the purposes Of these clamorers
for resumption. Let 1t be understood that
specie payment is not what these men most
desire. They desire 1t as q step toward some
thing else-as means by which they can en-
rich themselves ct the expense Of the country.
This clamor comes from the holders of govern
ment obligations, and what they expect to Sc
cure by forced resumption Of specie pay
ments is vast appreciation Of the securities
they hold. This appreciation would reach
figure sufficient to tempt to the grandest
schemes. Many Of these securities were bought
at par when our currency was far down in Its
depreciation-when dollar was worth In gold
not more than half its face. And the return
to specie payments will double the value
of all these. This is the selfish game that is
played for by those who cry out for specie
payments. They wish simply to increase the
value of the government bonds they hold.
That which they bought for fifty cents they
wish to make worth dollar. This apprecia-
ton applied to the millions Of the 60 vernment
loans involves an immense amount Of money,
and it is in the eagerness to secure these vast
sums that the whole clamor for specie pay
ments originates. It is the money OF the hold
ers OF government bonds that has carried the
subject into Congress, and that fills portion
of the press with the new "on to Richmond"
cry of immediate resumption"
The cry for the resumption does not come
from the people, but from the great bankers
and others who hold this government paper,
and who wish by such schemes for contraction
as the Loan bill TO force resumption in spite
of the disasters that must ensue. They know
that o sudden return TO Specie payment would
break down in one general revulsion the whole
commercial establishment Of the country.
But they clamor for it, despite that knowledge,
eager to secure their own advantage whoever
else they may destroy. It is certain that such
great change at present would involve gene
raj bankruptcy and paralyze all trade and
manufactures. Yet they urge 1t upon the
country rs q great benefit that ought
not to be- kept from the people.
They are not satisfied with that quiet but
slow operation of financial causes that is bring
ing gold down with the steadiness and GER
tainty of the law OF gravitation ;.but they would
precipItate 1t, and hence this scheme of the
Loan bill, proposing the retirement Of the best
part of the national currency for the benefit of
the banks, and at vast unnecessary expense
to the country.
The shriekers for immediate resumption In
seeking 10 seize an advantage would secure
only disaster; tor that which they seek to make
more valuable they would make worthless. If
by their schemes they could force the cOntrac-
ton necessary to secure specie payments, they
would destroy the business Of the whole peo-
pie, and so strike at the very fountain of the
national revenue. The safety of the national
revenue--of that income that makes the gov
ernment paper acknowledgements upon the
prosperity of the people-upon that tranquility
of the whole commercial fabric that return TO
specie payments would inevitably destroy.
Nothing would feel the effects of commercial
trouble so soon or so greatly as the revenue,
and upon that stands the value Of the whole
system of government credit. Thus the clafhor
for specie payment if successful, would not
accomplish the objects it proposes, but would
involve the clamorers Themselves in the gen.
eral ruin that would fall on all the country.
ADVERTISERS ARrrHNErIc.--A canting radi-
cal journal Of this city cndeavors to explain
away the official revenue returns Of advertising,
published in another column, by stating that
il only charges fifteen cents line for adver-
Using, while the HERALD charges forty Very
good. We can easily show from its own figures
that the HERALD is the cheapest, as il is the
best. advertising medium in the country. The
radical journal charges fifteen cents line FOR
| its issue of twenty thousand copies: conse-