The New York herald., 1867-02-21
FINANCIAL THEORIES.
Expsrtnsion Of Cein.

Expectation Of Cein.
TO THE EDITOR OF rHE HERALD.
We shall comment on dram Of . bill which has been
publshsd In the nterna Revenue Record for January
H. 1857 entitled IAN act 70 hazmonizs the relations Of
the national coin and paper" nc -
sEcrIor Be II enacted An, That the exportation
T s y sss Or Land y g Cssu Rs er paSs
and y hereby prohibited and shall Be- punishable,
This measure s absolutely necessary. not only 70
resumption Of specie payments, but. 70 restore conn
dence and obviase the Of druat and apprehsn
sion. There be safety quiet In our Affairs 50
long s the expectation OF the coin provided for the daily
and hourly use Of the people b allowed And why
should We not stop the export would stop The leak
which vps sinking the shps Can anything be mare
preposterous and absurd than for nation 70 pro.
vide Z currency or coin, make its paper ~
deemabls On demand in the coin or lose ~
value, and then export the coin.s pledged and
relied on as II wssf In any other case this
would be called bad faith, cheating and swinding the
people 10 pay foreigners FOR an or mpors alb
sracting the basis of the currency and dernnging all
business violating the Ian and triny with the interests
and rights Of the people tasf. rsGN EaN
The coin OF country employed currency Is thou
sand fold important daily 10 the people than the
amount Of surplus imports If retained At hos ana in
a uses viii daily facilitate exchanges and paymens
pay Tor To export Is as the laws now are not only
TO diminish and discred but strike down, far as
The entire currency Of the country Is but fraction
compared with the whole amount Of exchanges aud
mens, or this coin when in circulation aud plenty,
forms but small proportion--roo In amount
10 be relied on article of expor-yet on account
OF s uses and relations TO allow il 10 be- carried out Of
the country IL 70 invite and welcome ruin
sEc. allows and sanctions the export OF bullon
SEC 3 That to harnonzs the circulation of national
coin with that Of United states Treasury notes and national
paynE or receiving q the Treasury the bank
os Or the ad q Sas e s. ~ S
specvey represent money DO and Is hereby prohoitsd
sEo That the national repre- scp.ns in
Inn @ sads s Ss n y ar =
TOMS and for interest On oussndn. national bsnd sna
in no respect dependant on each other:
in law and usage and bs sschanssaSIs essh other
s RsaiSse o. a'iSs With ssS
rspsesentnS she Assumed Intrinsic vaiae stamped
the mint the national sans notes Tsgrsssn:Ss
held 10 pledge for their security and reasmPon and the
each conssr,ibs only BY thai which they
These iust obvious and consistent measures, carries
into effect will restore currency to its legal
and relieve she principal dcultes and apprshen
siuns and prevent revuson, siagnation and ruin Our
and proper sphere at home and used in our domestic ex-
changes and payments l. will not be drained away
and os at the pleasure OF foreigners nor deprecated by
competition Of coin with paper 1t will be treated, not
merchandise, speculative, luctuatnR uncerlan bus
the liked and urorm standard and measure Of value,
provided for that office by law, rs standard measures
OF length are II win rectfy and regulate tho amount
imports. foreigners food our markets with an cx~
cess of imports the risk and loss win fall them: theg
carry on our money but must take our pEoduc0
in my stop the OF their operations u they
take national bonds they must take them at the
price here net a thai. aud exchango Mem for pro
duce when thoy send t]icm home. So y
NICHOLAS KNICKERB0cKER,
stock Exchange Bulidng.