The New York herald., 1867-02-20


production Of our gold mines II should also be reen
oered that we haye coin interest payments to make
that there IN always be coin balance resting
US In our commerce with the uncivzed nations OF Asia
All or nearly al, OF which payments must be made al
the money cantre Of the world--London. II will bo
with the greatest difficulty that shall be enabled 70
establish favorable balance Of trade 10 the face OF such
obstacles We understand that the csn receipts from
customs originally apart by Law and hypothe-
Gated 70 the holders Of the gold bearing bonds rs Sc
curity for the interest thereon and cannot but
gard the whole policy of selling gold from beginning to
end, as morally wrong preudica to the country and
calculated TO impair public credit The extraordinary
depletion Of the Treasury in May last during the Eng
lsh parc with the superssrvceable object Of relieving
the English money market, was the most ipsensate
abuse OF power that could well be conceived The gold
sold at 13o and went Immediately or the
try and probably cost the taxpayers the average
ss % IL P ~ ~ n Dollars m 10 cure ae
rency II is scarcely reasonable TO expect the American
people TO take OF the English money market If
they can manage their 10 avoid general bark
ruptcy, Il will only be by giving affairs very different
turn from the course In which they now directed
Nor the sale OF gold necessary to protect American
credit American credli rests upon the resources Of
continent, that " rightly used, will amply sustain il
S ni !. % xRh
would seem there ara determined efforts being mado to
But whence this excessive snxiet,-shis prnrient
desire for the resumption OF specie payments
Cui bno' DO our fellow citizens suppose that tho
resumption Of specie payments Is to usher in the
dawn of bissf Have they fully weighed the CON-
sequences Of the resumption Of specie payments
Win all our oststanding inueDtedneSsf We have
stated escwhere that the process OF resumption need
not necessarily produce serious Inconvenience. But II
We suppose that the national debt contracted IN a
depreciated currency worth dfty cents the dollar
then the mption specie payments with its conse
auent imposition of the debt upon the people at It's aco
valno In specie will have the effect Of doubling the debt
at oncea propoeion suppose that will be arded
~ self-evident We quite understand the anxiety Of
foreign bondholders for the immediate resumption OF
specie payments We suppose that naturally enough,
they are 10 hurry for their money II Is OF small
sequence to them what becomes or the country aftr
huu Al
their bonds But Will this bc just to the producing
classes upon whom after ALL the burden the debt will
reste The issue Of paper money by the government
great but necessary cv,by far the lesser Of evils
gigantic civil war having broken out the contest bo
came one that involved tho validity Of the government
ITSELF and hence driven the desperate expedent
OF paper money, as all governments such tremendous
crises have hitherto been. and probably always VII be-
driven The legal tenders are revolutionary cur
rency. and debt is debt contracted in revolu-
tionsry currency. IT, then, the legal tender currency
has been great evil, and has imposed heavy losses
the producing classes already will IL not regard
gniuiious outrage 70 impose rpon the people, at its
full value In specie. debt at contracted in such
curcncys There is no instsnre in hist ory where these
colossal debts of nations have been paid Off The
debt Of the American Revelation disappeared wiz, the
with the Gssi0nds and nidndaf. Among those debts
that survive tho which created them may be
toned that which hangs like mstone the neck Of
France those that crushing Austria Italy, span
and Turkey But the most gigantic OF all debts is
that OF England,s which, beginning with William of
Orange, in 1885, attained It's maximum Of fse5 900
under George w., in 1875 The largest increase in the
English debt took place between 1897 and 1915 during
which time the Bank Of England had suspended specie
payments land did not resume till 1921 and with the
exception Of brief interval. the nation had been
engaged in foreign war 10 important to observe that
England engaged in foreign war; and hence not
obliged TO resort to paper money! and although banks Of
Of sn Of saea a
exceed twentynve per cent at any tinean important
fact for those Of people who desirous Of dis.
sendosa Il may briefly IS fSnsrtsa that though iucon
yertble bank bills are practically bills Of credit yet
they are not so In technical sonse, like paper money
Although the English debt was imposed on the English
people is face value in specie which face value
purpose Of gaining the seoH OF rate OF interest,"
yet is important q observe that the currency In which
;, S Ss
pubic Vas not really bound 70 return to cash payments
the return has very greatly enhanced the value Of the
currency and that this enhancement by adding proper
tonaly to the fixed burdens laid on the industrious
classes, has been ost injurious 70 their insressa
But the bondhoders carried the day, and AZ q conse-
qusnce the laborng classes Of Great Britain and Ire
titled and moneyed arstocracy for half century We
will only add with regard 70 the English deb that there
being materially reduced and ws hazard the prediction
that before ths close OF the present century pcrhap
eovsrnmsnt or stopped paying hs interest ON the
We do not mean that she VIII have adopted republican
mouaEy Bns We mean . 'I .y that ss i she viii have
extendedsthe suffrage, abolished her laws Of enailment
and rights Of pnmossnsars thus cnsnens - 6sf tenure
stantial change Of her form Of government "when
Notpgham csssie Is In ruins and half Bristol heap Of
biiI must then pass Through Parliament or over it, IN
the significant words OF Lord Macauley; and thai
IN the government WAS necessarily obliged 10 commis
injustice the industrial classes by adopting an arbi
rary and false Standard and contracting debt OF co
itng injustice afresh TO return TO the natural and true
standard when the moment arrives at which expects
people have managed 70 get along hve years with
rredecmable paper currency, and BY putting million
men 70 no nsa IN Sopv can sy
vve four Ave yesrs longer with the same currency,
and by putting million Of men In the workshops and
mills increase the producing power Of the country
ss 70 rsducs the debt 70 manageable propor
tiousf II is not the rrodcemahe paper currency that
has brought industry Of the country 70 condnon
Of susrenson Il the actual aud threatened sales Of
gold that have Inflated the value Of the currency far be-
yond s natural point thus forcing the % nSsarV o.
and preventing the rapid conversion OF the rites
We object, then, to any policy that looks 70 re-
materially reduced We strongly object 70 any policy
that will impose enormous debt ut Its facc value In
y sss TpUn wssnnsop. Who warned usso
"cherish public credit and 20 avoid tnr accumulation
Of debt only by stunning occasions Of expense but
by vigorous exersons In mo OF peace 70 discharge the
dsb,s which unavoidable wan may occasoucd not
ungeuerousy throwing upon posssrty tho burden which
The burden Of our debt upon our children 10
nos only mean In Itself, but u will 10 By NO
means calculA ed TO promote the tranquility, strength
durability Of government II our debt bo not put
in course OF liquidation at once No believe never will
be Il win be impossible 70 psrmsnently resume specie
payments tli the maturnr Indebtedness " funded and
our bonds brought back from Europe and until then tho
policy of selling gold from time % time and menscnsy
holding contents Of the Sub treasury ready 70 launch
into tho market for the purpose OF Etnciay apprecat
ing the cssncy point fer bsyond W natural vaiae.
s ieprehen In The highest degree Il. effects are
aiready In enormous mportatious q the produc0
Of foreign labor diminished and ex.
ssrnaiy-and II the generally bighted condition OF shs
country. NAa
The true policy Ne conceive, W deprsciste the cur
rsncy 70 forty my osDts the dollar hssny facA
IAnR tho onnvsTann ~ seven shirtea checking mpor
s-sWn and turning The balance = s:sas . eur f.vo,
enabling people 70 pay 5000 000. 900 IN Axes with
sass and reducing debt that By the time The bonds
are brought back from Europe, and the debt Al funded
we shall be ready specie payments with noe
than 81 900 600 900 Of funded dsbs n sxsence q
an annual interest charge u go 00o, ,ooo Such policy
will reduce The debt 10 convenisss psoportions and
enable rs 70 extngush Il entirely 10 twcnty or thirty
years provided We are nos involved 10 expensive van
the meauiimA EN aMef 47esf 81 4Mae. F