The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-12-15

Total FOR the cvo crtics months OF The saas 2 ia
Mug Of 1ses that prevailed ia tho begin ming Of 1884,
aud should the ratio o. ncrcas for the coming four
months, compared With the lie. for November. 1861
equal to the ratio Of increase which obta ned during
thees months last spring, " will be found dncult.
with Tbs caution, 10 avert toe general
tina spr.ur would amount 10 tho enormdus figure OF
tDfrty-hvs hundrcd failures for Ave months.
age Of seven hundred per month. large number OF
these fa,luros will be BY tho detection the
value Of goods induced oy the contraction In the volume
currency Ia circulation, tho consequent Icssenng Of
necesstatsd by the lessonng OF the volume
money the hands OF the people. aud the atm further
consequent slagnson OF business; In TACT largo
number and even the greater propoisn Of mo isl,.
very Goods, both domestic and imported, are
already Selling az loss In currency than the cost Of
aud tradesmsn arc doing bnsincss a. lnss
in the majority OF cases-a procedure which
don Of ,Ss PRESSURE towards The specie basis and con-
acqueptly some relaxation in thai which s.osdiy de-
presses business BY depressing curren ysue must Be
had the commercial interests or the country viii have
,cen grouni 10 atoms between tho upper miatoas Of
excessive supply and the neither mhsoas OF dcprceis
ton IN current Bcaness needs every facility N
order to dispose OF aod induce the absorption OF thirty
per cent ~ sycoss IN supply ari yet month py incrh
Of the volume OF circulating medium and tho conso-
gaent leassnng OF monetary activity.
Tbe sseat dsoaisy IN Tho way OF return o. ousiness
holders or national bonds and tasr partsxns for specie
lasIs In monetary tan actions IAN immediate aud
fOrcthc ANmpt1l o. sV1 Nhioef unN tt nf1 WHO
mnst- IBIS is the theory which ~ psrsstantly urged
~ holders OF stocks tho hand, and ers,sny
denied by business On the other. IL II hardly
necessary 10 argue IN favor Of tho proposition that
specie basis s by essensal 20 the validity Of
tue currency Of tho country Ths whole theory, based
upau the idea thf, coin and coin ouy, ought 10 Os
made lie measure OF commercial vsiucs has been
than once demonstrated 20 be alacy Fer commercial
nrrosos in luipor.aun and expectation, Toi)
ABSOLUTE necessity but for purposes Of n.sfnal trade
papes currency ~ tbs mora convenient OF The two
HON srs necessarily difference beng
mat cotn IL snd universally representa-
tIvs OF value while . national paper currency 10 only
nationally representative 10 greater extent than
cold perhaps currency Of tns sind 10 representative
OF me IDEA Of credit uniquely COMMUNICATIONS M sous
vhal less absolute and somewhat suojeGt 10 iucu
atom though for purposes OF trade " scudared moro
avaabs BY this fact being asybls and sdapiavs
snan colp Nor Kssd there b. Of necessity any exacs
corsspopdsncs equality bstwcon the values Of the
sod dollar and the paper currency dollar stnces rem
~ upwis.iness. the former can never - made
available - the circulating med.um Of any great
comm srcsi community and must, therefore, be 70.
ssrdsd simply article Of ccmmsros. 81 whch ths
bustosss man bays vaue v compasiso1 with
peosr ~ sts largely - may sus hia purposes. =
srsI rapss cusscv. foe NE -sus Of whieh tns cssd
"a country 10 pledged ~ therefore, - really repre-
sss,asvs d vsus - cola aad aos - ssasssy argsse