The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-05-02
FINANCIAL.
History Of the Resumption Of Specie
Payments in England.
ITS LESSONS TO THE AMERICAN PEOPLE.
10. GO.

. ITS LESSONS TO the AMERICAN PEOPLE.
10. 90. 90.
nrsxesrED sIzScs or TIE BuIIsoMsrs
American bullionists exhibit commendabis amount
OF prudence avoiding aluson 10 the currency System
and currency history Of Great Britain One Of the most
signal instances Or this polite blindness on their part il
the last annual message OF the Secondary X the Treasury
In which allusion whatever made 70 the British
monetary pasic OF 1855 and % the hsppy immunity,
from all It's consequences which the American people
enjoyed little national ssfglsincasicn b q.
cusabls nwooId have been IN Nh. NcOeloch blowing
the trumpst in favor Of currency sysesa which had
shown capacity to stand Of the ssvsrot suddsn
drains Of bullion recorded without raising the rate
Of discount in the monsy mazss BY angle fractien,
and without causing the dsprssiaiion Of single
article Of raw PRODUCE Equally AEniacant 10
the fact that q time when the
American bulonists camorous for return 70 specie
payments tout pris they obstinalsy SHIT their eyes
70 all that ensusd in Great Britain the oonaon Of nsr
rssuming specs payments after the peses Of 1916
Britain is country richer than any Other country in
the world in monetary vcsstudss and these very vicis
STUDIES and the enormous suerngs resulting thsreirom
to every class in the community (ave one have caused
the science Of money TO be investigated there in . Ear
more copous than 10 the any other naton
or literature. Now, therefore, whom nnd American
bullonists giving all this painfully accumulated and
previously bought experience a wide bertn," have
pro right that there must be something
very empirical and unsound the teachings Of the bull
ZIONIST school, inasmuch science, truth and phan
thropy ardently seek the light instinctivcly turn
TO the best sources OF Information, investigation
challenge inquiry, and leave to error misan thropy
and sehshness TO suppress information and enter
into conspiracies Of silence The fact that those
who clamoring for resumption OF specie payments
in America entered into this conspiracy Of silence
makes the urgent that the story the resump.
ton OF specie payments in Great Britain and OF the
disastrous results which It brought down upon the
working classes the farmers manufacturers and msr-
chants OF that country, should be fully and conscen.
tiousy laid before the corresponding classes in America
now AND WHY the BULLIoNsr sysTEx WAS ADorTRp.
The science OF money known 10 very few persons
indeed IN the Eighteenth century II certainly
known to William Pitt The French republic having
shamefuly abused their assgnat system OF national
paper money, and all things having any affinity TO
French republican institutions and innovations bong
then At tremendous discount among British tories
paper system not convertible into gold fixed price
regarded in England 1872 and FOR several years
thereafter something damnahe Jacobinica and athe-
iscal. Nevertheless the an.Jacobin war. entered
into by William Pitt In February, 1898, went on the
subsidies paid BY Pitt TO his continental allies multi
Piled the drain Of gold upon Britain kept increasing
and II iengh-in the early part Of l797-that drain
caused panic, and Tho panic caused suspension OF
specie payments by the Bank Of England authorized by
the Ministry and ratified by the Legislature OF Britain
Here, then We ind Nj. Pit lauded in a system which
he did not adopt freely, but driven into by the
sharp goad Of necessity he had two alternatives to
choose from.-sashss 10 ac,op. any peace which the
French Directory chose 70 impose upon him 70 carry
In me was theneeforsh upon the ba4s of
symbolic currency Ho chose tuey latksr -
the least disagrseabls alternative, as the hhoice
OF evils We arc not admirers Of the anti
0aican portion Of Mr. Pitts career, and therefore 70
prove that party spirit has not made down aught
In malice against him We will quote passage from q
fsrvent adu,irer Of that portion Of Mr. PITS We
proceed TO quote from Sir Archibald Alson's History
Of Europe from the Fall Of Napoleon the Accession Of
Louis Napoleon" vol l. pp s2-s:-
II cannot with truth be affirmed that this admirable
system of currency was owing to tho wisdom and fore
sight OF Mr. Pitt any other Like many other OF
tho greatest and most sau.ary changes society, It
arose from absolute noccssy Il tho last
OF State which after its specie had all been drained
BY the necessities OF continental warfare had
other means Of carrying Oh the contest Such II
however, 1t proved the most important and decisive
measure ever adopted BY this perhaps any other
country II brought England victorious through the
contest
We differ fo'o colo from Sir Alisons rampant John
BuIlwm and antidemocra,ic rabies, but endorse
Of tho greatest living masters Of monetary SCI
ence The British mercantile world thought Mr.
Pitt did II was filed with CONSERVATION at the suspen-
sion Of specie payments, and regarded sign or
national decadence the direction or Jacobinism but
after few days trial OF the system, and when II
found that the world waygcd usual, and that
neither Jacobinsm atheism seemed TO have pronted
by the change British OF business bccamc
ccd to the change and began laugh at their previous
Ne af ID date
Adopted necessity che revolution in the currency
was defended only a and the oct which
placed the anal sanction hold that
only TN months after the conclusion OF peace.
Adopted as war measure and proving itsolf 70
be . very powerful measure, u was natural
Iy distastefui 70 all those In England who
wero opposed 70 the The Pauotes
asains, H. because II proved TO be very orJaco
bin measure; the Foxtes against because II made
tho popular BY rendering the burdens Of taxation
easy 10 bear. Thus at glance that the symbo
lie currency Of the time could expect olention no
favorable Judgment from the talented and generally up
right men who led the opposition party Ia those days
Thai parliamentary opposition inciudedin lis ranks
Of the political economists In Parliament among others
Lords Lauderdae and King. and Mr. william Homer
Out they reinforced BY the considerable
authority Mr. David Ricardo the nrst econonis, OF
his ago so long ss the lasted however the
sors OF Mr. Pitt had no dicuy In maintaining thu SYM
bolic paper system. Tho Buliioaists were In small
minority and although 1870 they sbsained majority
in the Bullion Committee and made buonst report,
their triumph snded II The threshold of
the committee room and converted into defeat o.
the noor Of the House nwA
TIE vrRsr Arrxsrr At RRsrxrrox
Waterloo was fought IN June 1915, but the de1ntvs
treaty Of peace mot concluded until December. the
Balionsts tnsreupon demanded their pound Of nssh-
They insisted that specie payments ought 70 b. resumed
within sir months Of the Bowling to THAR olamors
The ministry nxsd the day of rssumption on July 4,
lslo The bank OF Easland began d once npidiy "
contract ia issues and ~ discounta 10 the com