The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-05-08
TO THE EDITOR OF THE HERALD.

TO THE EDITOR OF THE HERALD.
WASHINGTON, D. G., MAY s, 1857.
Tho article in the HERALD OF the I'd inst ON the his
tory Of the resumption OF specie payments in England
has had the attention Of several prominent officials and
several bankers and business in this city, and the
most general comment Is 'history win repeat ITSELF
and how like tho existing and prospective condition Of
business affairs in this country the pictures drawn by
Sir Archibald Alison in his history Of Europe and quoted
in the article above mentionedn And the extracts Of
the speeches OF Mr. Matthias Atwood the banker Of Bir
mingham, and Mr. Barring, afterwards the first Lord
Ashburon and the negotiaor Of the Ashburon treaty
are especially worthy OF the most careful consideration
II is a pity that notice not called. the
editorials to the article in the paper Of the ID,
convinced that the great length in the absence Of
notice prevented many from reading it who would have
appreciated 1t highly If read. II cannot be denied
that the facts cited of very grave concern
to all business especially, and should not be lost
sight Of by those who charged with plotting the ship
OF State through the troubled waters and impending
storms the financial future How important that other
journals that are now clamorous for Immediate
ton OF specie payments should weigh we'll and digest
these facts and then answer the arguments drawn from
them II they can What the people want Is lght-a
clear and concise description Of the effect traced back to
its cause-a demonstration in simple, though forcibe
natural consequences Of the financial blunders OF the
dominant party, which might have been avoided, and
which should have been familiar to those who undertake
to guide the parties the people OF the nation IF these
men who leaders will not listen to the nstruc-
ions derived from the history similar unles tney
should give place to those who will The national debt
has been reduced already hundred and thirty
millions Of dollars since the LIST OF july 1885, and tho
internal much less than for the time last
and the expenses increasing through the existing
Indian and soldiers bountes, all farther contraction
should cease, and the public should be advised. II this
Is DONE and the public distinctly shall understand that
there shall be contraction during 1857 and that
the government will sell OF its surplus gold to
keep the accumulation down to sixty millions OF
dollars for the year. shall at have relief business
would revive prices of such articles much below
pt val mr. md yN0
have heathfuI employ and activity In all branches
OF productive industry, the internal revenue would
be Increased, the unemployed would get work,
and we should once more have life where
now is ssagnation; activity where there is decay.
Then remind the public that one-tweneth part of the
whole national debt has been paid OF since July 1855,
aud that We have about 600 Of idle gold 10 the
Treasury, while paying about $40 600 900 per
year to the national banks FOR Che honor OF being gov
erned and neeced by their gasping and specializing off,
cals That have conferred upon these banks most
per year for their condescension in accepting it,