The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-12-02

BREAKS in THE CANAIs-THE PRICE or
FLoUR.-It is a remarkable coincidence that
the navigation of the State canals is always in
terrupted by breaks about that period Of the
year occurring between the end of September
and the natural time for the close Of navigation
by ice, the very time when the grain and -Four
is arriving from the West The Erie canal
always happens to get broken about that time
every year for the last ten or dozen years,
and this year is no exception to the rule For
some weeks. q short time ago, navigation was
interrupted by crevasse, which was repaired
after considerable delay. Meantime the receipt
of Western -four in this city was stopped, and
that article went mp TO eighteen dollars
barrel. There may have been other causes,
and no doubt there were, for the increased
price, but when the supply is cut Oh the
market naturally rises. We notice that the
Erie canal has again been broken near Rome
but this time not to any serious extent, and
the Chemung canal has suffered from similar
misfortune, which it will require four days to
overcome. In that time navigation may be
closed II the weather should prove severe.
There are people who think that these period
ical canal breaks just al the period when
the Western produce is coming to the New
York market, are not altogether accidental
that in fact speculation has quite a. much to do
with them IS freshets or any other alleged
cause. The Board Of Canal Commissioners
ought to know something about this and
should look after il. II is singular that when
there is pretty fair stock Of -four and grain
stored away in the city TO speculate on in the
fall, the canals generally get out of order and
prices go up in consequence. The Canal
Commissioners should certainly explore this
mystery.
REroRT5 FROM WASHINGTON CoNcsRNISa Mn.
MCCULLocH's FINANCIAL P0LlcY.--We have
noticed on several occasions reports that have
come from Washington about Mr.. McCulloch's
financial policy. We published yesterday
despatch pretty much of the same tenor as
former ones, showing that the Secretary is
governed by one controlling idea-that is, 10
pursue course specially tavoring the national
bondholders. II is stated that he is DESTROYS
Congress should enact law making IL dis
tinctly understood that the government win be
pledged TO redeem the principal as well as to
pay the interest on its bonds in gold Now,
what necessity IL there for such an an
nouncement! No one has any doubt that
ths United States will pay the interest
OF its bonds in gold when il !. pledged
10 do so; and il is not necessary to pay the
interest OF any others in gold. With regard 10
redeeming the principal, that may be done in
specie or legal tenders, m may be most con-
venient, according TO the funds OF either on
hand applicable TO such purpose, without any
detriment to the public creditors. When we
reach y hard money basis all win be done in
specie. Until then legal tenders or currency
will be used at whatever is the market value,
No one will be injured by that, and the faith OF
the government will be preserved just as well
ss II gold should be used in all cases. There IL
q great deal Of trash given out from the Trea-
sury Department on this and kindred subjects
that really amounts 10 nothing, but which l. !
evidently intended for bull operations in the |
interest OF the bondholders and national banks. |
We hope Mr.. McCulloch may tell US distinctly |
in his report TO Congress what his policy is. !
and leave nothing to be inferred. We want
stability in our financial system, not theories
and speculations. When we know positively |
what his plan Is We shall be able to discuss its |
MARTA