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

will no doubt be fully appropriate to the i'm
pressive and solemn occasion.
The speculations OF Currency Doctors.
There are certain classes Of diseases of the
body physical for which there are more
doctors, more quacks, and more advertised
nostrums than for others, such as those of
consumption and scrofuls, for example, be-
cause they are more difficult to cure, and be-
cause pretenders can more effectually humbug
the ignorant. So it is with regard to the cur
rency and national finances. When the body
polite is afflicted with disease of this kind, as
at the present time, from the fact that currency
bears the relation to gold as one hundred to
one hundred and forty, every tyro, newspaper
paragraphist or bank clerk advertises his nos
trum. just at this time the press is unusually
exercised upon the subject. Tho burden of the
theme is, let us return to specie payments-let
us equalize gold and paper without delay.
This sounds very agreeably, and the ignorant
may be deceived by such currency doctors,
just as they are by the quacks in medicine. It
is beautiful theory, but unfortunately,
those who advocate 1t give us no sat
isnctory argument or reason to show that it
is practicable. II is easy to say let us return
to specie payments, that gold is preferable to
paper money, and that 1t is safer and sounder
currency. Who does not prefer golds Who
does not wish to return to specie payments at
the earliest practicable period? We all do.
But the question is, how and when can this be
done safely or prudentlys Upon this very
necessary preliminary question these currency
doctors do not undertake to throw any light
This matter is governed by an imperative
law, which can no more be suspended or vio-
lated without injury to the violator than any
other law of nature. We might as we'll get up
at midnight and expect the sun to rise to re-
lieve us from the embarrassment in which we
are involved by the darkness of night as ex-
pect TO find relief in the financial condition the
war has brought upon us by any untimely or
sudden effort. The return to specie payments
should be left to the operation Of natural laws,
and the least legislation possible there may be
upon the subject the better. History affords
many examples to warn us against sudden
disturbance of established values and the rela-
tons Of trade, however abnormal they may be,
for the time being. The brilliant theo-
rists of France during the revolutionary
period, at the end of the hast and
beginning Of the present century, and
of England during the long European
war and after its close in 1916, up 10
1880, brought indescribable sufferings upon
those countries. In such cases 1t is not the
commercial or wealthy classes that suffer must,
but the laboring people. Those who tell the
farmers and others who live by the labor OF
should return Immediately or suddenly to
specie payments know not what they say
know not the teachings of history. To disturb
untimely or violently existing values, the rela-
tions of trade and the obligations of debtors to
their creditors, and consequently to cause uni
vcrsal bankruptcy and paralysis of business,
would be felt severely by the mercantile and
wealthy classes, but the laborers would suffer
far more. The mere student In political econo-
my Is aware of this fact Yet this must be the
inevitable consequence Of a sudden or an un-
due contraction OF the currency.
If, as these currency theorists maintain, the
government can regulate the relative value of
paper and gold at will, independent Of the
laws Of nature and trade, why not bring them
TO par at once by decreeing that the gold
dollar Is worth only seventy cents--that is to
say, bring gold down TO paper, instead of
attempting to force paper TO the standard
Of gold! One Is about as easy to be done
as the other, and If this can be done Il
would be. very simple solution Of the diff
Guilty. We believe the British pound sterling
has been made worth moro than specie.
Suppose our currency doctors be allowed to
try their hands ut o similar extraordinary
operation; they might make The green5aek
worth moro than gold. The only trouble in
that case would BE- that there would then be
q demand for contraction of the specie
circulation to make It correspond with paper.
Seriously, there Il great deal Of shallow non
sense In the clamors about returning i'm
promptu to specie payments We shall rejoice
a. much as any one whom we can roach thai
desirable period when the gold and paper
dollar win DO sxchsngssble al par, ~ before
the war, and we do not think II win take
many years IN the natural course OF things
10 bring this about II the politicians In
Congress do not obstruct the restoration OF
harmony between ths South and North, and
the country be permitted 10 90 on in
its wonderful career Of progress and
prosperity, We shall soon grow up to tho
present amount Of currency, or 10 an approxI-
mate amount We do not pretend 10 calculate
exactly what amount Of currency the trade Of
the country may demand one year, two years,
Ave years or ten years hence; but we do know
that the demand will increase greatly, and that,
as q consequence, our paper currency will grad