The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-12-26

admire the HERAID; believe IN the HERALD; ana I
believe in tho financial policy the HERALD advocates
and utterly repudate and dsclam all belief in the
policy advocated by the Chamber Of Commerce I DO.
eve in Jonathan Oldbuck, and believe in his policy
but must take exceptions to points in his argu-
ment He has hit the right nail shs head whom he
that the importers would be greatly benefited BY an
immediate return to specie payment& So far ~ their
debts In Europe concerned, they would DO that H.
they have converted their goods into greenbacks or
bills payable and then those into gold dollar
for dollar but II they have their goods ON hand ana
must sell them ct gold values they make no gain
chant imports goods to cost 5000 in gold he adds ton
per cent for profits; he IL willing sell the goods
difference 70 him which; no makes two prices ~
enc gold price and one paper prosthis done every
So II he sells for paper he can convsrs his 81 1oo
paper into y 900 gold pay bis debt and have hts profit
b.. !. would make srs. difference . him E sf.sr SELL
paper into the same amount in gold, and that he prac-
ticay would BE- doing IL after having sold his goods he
held the proceeds In paper and then returned TO
oidoack says-..wh.s i legal tsnAsrs /. Is money.
money BY Congrsss The consultation says Congress
shall coin money and AZ the value thereof the true
have been coined and the gold has been alleged 70 The
extent OF nine per cent and Congress has cnxsd lie
bound accsptt pure gold In our business Now
n Congress can alloy nine cont they alloy ninety
tx the value thereof The rrhs e sao
paper" appears 70 be conclusive. repeat, what 10
an Sss not i and & . Sa
for redemption Pshawi Congress nx valuesi The
q NC " sad sn ss 40 AZ 5.
Tho proposition ihat money s that thing which legally
subject FOR correct y and Srousn n
Itself; Il has not been made 90 BY Congress CON
paper and A. the value thereof" WHO ever cav co..
gold and silver but an ounce Of pure gold worth
Just much unoOined coined; Il valus-propsry
alloy ninesy-nne Per CONT So they can. Oar ooin
rs. .,oy:d ton temp, per cent ou: !: worth se nor:
ssnss bat sisy cams. ~ nov much ss s1' sss S
coin shall ask for my house Congress alloys ssn per
cent for The purpose Of hardening the metal desss
sent value and make take q ito declared valls IN
legal payment OF debt due me- but viii double The
price Of all my commodities tomorrow. gresnbsck i
an evidence Of debt promise to pay, am crsdi
tor Of the government 70 she amount Of the hold
the holder becomes the creditor Tho government aid
they should legally pay our debts and they became the
themselves are measured b. properly, gold, nous, g.
dsnominatod amount Of them will NOT to-day buy q
sssias aside an questions 4 70 he scarcity o. y.sosi
fulness Of four mean flour bearing the relative
purchasing the same amount q labor: '' : A'''
But We will NOS quarrel about term. Lot ~ call them
s 3 s are -. measured sprcs
world and hs dobt d worth seventy tho dollar
and ons dollar WIN NOT buy but seventy cents worth Of
property measursd BY the worlds standard; and whom
No deal with the world We must measure by their
sandsrd-buy and sell BY that
Ing. selling and running In debt By standard and
nav asked BY the bosdholdss and baukers-ali
the world DID shs bondhoidsrs buy our bonds In he
worlds standardS They bought our debt our green
greenbacs Tor bonds and now they would sct = IL
importer who holding he paper measure Of values
him about t0rss-tsnths more properly than lie bond
would buy today thrsstsnths moro labor 70 nav our
national debt ten days labor where We asrsed % give
pus seven. A JAx0N.
A Wow Of the Financial QuestSAn.
To rnn Epiroa or TEE HKRAtD:-
In The muittudinous discussions with which the
papers tssn upon currency, government bonds con.
traction expansion and specie paymsna the writer has
nowhere seen mention made OF phase Of this sub.
ject finance Of the first importance 70 Tho commercial
world; and. with yosr permission, the writer viii
briefly state H. s the dslstsrious influence arising
nom the bonds deposited with The Secretary Of tho
Treasury by the banks TO the issued 70 The
banka The effect result Of this system irrespective
Of the loss 70 government Of twenty millions Of gold psr
annumD has bean 70 cause the banks almost wholly TO
ignore heir ony legitimate busipes The disoountns Of
Of government Sosds Win ne dcub,s purDo,s a..
HANGING The value Of her dspost Of honda and Of
sury.1 The ~edss opsus1t d simply 81 giving 70 sov-
ernnsns bondholdsr preference Tor leans over every
% :as 1ss or ios s
the rate Of ali other securtisa when thoss other
sscurt,s. ranss haoisuav higher In the market sAaa
10 sush has prevailed this iseumass pro-
tee q lending On bonds aad stocks that rigid sSami
became sach would disoloss startling rspudiaon d
ccmmeroai paper and that q this very nomsnA The
throwing Qua 70 street sharks undoubteA paper an en-
animation Of the doinss Of the banks will show thew
hrnA md nka A. H. -
applied in dscount would materially have avsrssd che
strngency which has greatly distressed shs msrean.
misuse the deposits OF the mercantile community al 81
ss lust ground 70 get rid Of this OF evil The
paper because every pieces OF such pspsg u
issued In the process OF distributing the production OF
Of ths BY genuine business paper i mssnt Il
course papsr issued BY men In regular business In The
tors monopolizng any article Of commerce. Az hin.
drance 10 the real business . hindrance and an
ma sas ns ne %, loans on ssecss
individuals insurance and other corporatlons banks
The mercantile community VIZ ai~sys have The cold
frewn and specially Interested IN maintaining shs sups
Indeed one would suppose ,Ss hscsn q Il III sS
securities thus dssrsisd aud - ssds os che special
ting Down shls uniu.: sa6 nu1ious disusoisos.
There 10 - another aspect the banks ere required
redeem asSsas Ss5S notes Nov, = .ssDssSs a.
rsnish IN smoust ~ dollar IN Grssnbaeks h v
three dollars IL national baak notes. Il follows th1s f
sveFy one dollar u eseenbscks withdraw ana CO
oesd ~ the Treasury three dollar IN national beak
3s s sss \; .s. . e ~ z: sa
rshcy Wholly u Ussnbacka Now, bear spssula1cr1
s.s ss ~ r S s: \; S S:s. s
The tanks mako larger curiMmsns of national hank
hcte< u edition y The eeuhacks they have themselves
wilhArnwn. substitution OF areenbscks for nationa
bAnb pcss would remedy this great evil for v plsn
thM rms " capitalists such @ Vanderbilt, Drew,