The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-10-14

helm. This is the meaning OF these late Cleo
tons, and Grant Is the man.
RMmors In Washington About Financial
Matters.
We learn that o number of republicans In
Washington who are prominently connected
with the financial institutions OF the country
have been consulting together about our ma
tional finances, and have agreed upon pro-
position to relieve the government and country
OF existing and future troubles. II is said, ALSO
that these financial philosophers are about to
lay their plan before Mr.. McCulloch. Surely
the people should be thankful for the wisdom,
benevolenco and dsintprested conduct Of such
patriots of the republican faith. Seeing 1t has
been the republican party, led by Salmon P.
Chase, Jay Cooke. McCulloch and the rest Of
that Treasury ring, which has crushed us down
with burdens and involved us in almost mex
tricable financial troubles, 1t is certainly some
relief to learn that an enlightened few OF that
party have found the panacea for the evils we
endure.
BY tho republicans "prominent in financial
institutions Of the country" we suppose the
bondholders and the Wall street gold and
stock operators connected with the Chase
McCulloch Treasury ring, though he was too
modest to say so. Well, what do these finan-
cial patriots propose to do? Simply to return
to specie payments about eight months from
this time-that is to say, on the 30th of June
next And this is to be done by redeeming in
fha pdu 4c;o holJ 20
the government shall pay for the bonds about
thirty per cent more than they are now worth
in the market The government can now enter
the market, just the same as Mr.. Smith, Jones
or Brown can. and buy these bonds at little
over seventy in gold. Yet it must not do SO,
according to these philosophers it must give
a hundred In gold, though all the rest Of the
world can buy at seventy, or 1t must not buy
at all till the market price is forced up to par.
This would be nice little arrangement for
the bondholders, If practicable. But we are
not told where the gold is to come from to pay
for two thousand millions of bonds. Mr..
McCulloch has got hundred millions
in the Treasury, but that Is only q
twentieth part OF the amount needed.
Should he part with his hundred mil
lions in buying bonds at par, where would he
find gold to take up tho other nineteen hum
bred millions? Nearly all the specie coming
into the Treasury is required for current de-
mands, and be would be left with but little Of
the precious metal How, then, could specie
payments be brought about by this plan
Nineteen-twentieths Of the bonds would remain
II,
without gold in bis chest Would not gold 60
up again, and, perhaps, higher than it is now,
under such state Of things? The truth Ia.
there is no way of reaching specie payments,
without fearful revulsion and . bankrupt
Treasury, but by letting things take their
natural course and by ceasing to tarper with
the currency. The country wo - up ID
the course Of few years to that point when
e. r.osent volume Of currency would be not
at all too much for its necessities and then we
should reach specie payments.
This conference OF financial patriots at
Washington holds out sop to the people,
however, for the purpose Of having their bonds
increased in value over thirty per cent They
will consent to have the outstanding bonds
taxed or the debt funded at less rate Of in
terest. This is simply dodge to get the
specie-paying plan forced upon the country.
If we had Secretary Of the Treasury who un-
derstood the subject Of national finance and
would take advantage of his opportunities to
reduce the debt he would use all his resources
in buying up and cancelling the debt as fast as
possible and at the lowest rate. He would
be in no hurry to return to specie payments
till large portion Of the debt were liquidated
and the weight removed from the people. We
should come to specie payments much sooner
by constantly reducing the debt than by in
creasing its burden through forcing it to par
value. But we must wait till some ADLER man
is put at the head Of the Treasury before we
can hope for any improvement in the present
ruinous financial policy of the government.