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

admire the HERALD; believe In the HERALD; and I
believe in the financial policy the HERALD advocates
and utterly repudiate and disciam all belief In the
| policy advocated by the Chamber OF Commerce be-
eve In Jonathan oldbuck. and believe in his policy
but must take exceptions points in his argu-
ment He has hit the right nail enc head when he
that the importers would be greatly benefited BY an
immediate return to specie paymenta So FAR - their
debts in Europe concerned, they would DO that H.
they have converted their goods into grsenbacks or
bills payable and then those into gold dollar
for dollar but II they have their goods hand and
must sell them at gold values they Will make NO gain
| by the change. The proposition - self evident
chant imports goods to cost 5000 in gold he adds tan
$1,000 in gold Or 81, 400 in paper-h makes NO
difference 70 him which; he makes two prices,
day. look x the price lists q he importers ana Won v
find II he sells for paper he his 81 400
but Il would mako great difference him H. after sell.
ing bis goods al paper valuation, he could
ticay would BE- doing IL after having sold bis goods he
held the proceeds In paper and We then returned 70
0dbuck says:--"whas Il legal tendsrs I. 10 money.
What money! that thing which shall be declared
shall coin money And az the value thereof the true
legal power ceMerrsd = in fixing tho value" Metals
81 n
value" a. u Il was purs gold for homo currency and
ars bound . .ocsPs :. psrs gold e our ea.ns Now
AZ she value thereof The constitutional right 70 coin
!. bot i ana & III! subject
laws OF trade, Of supply and demand, do that Con-
grsss more liz values than can Ak the tdss
pays redesms ali debts mot in and Of itssiff
subject for redemptisn,"h Il L. property In
and q. vSs y sss
with promise TO pay on its facef Congress coined
and s. s q q ssS
IN ITSELF III CONGRESS can alloy nine per cent they can
alloy ninety-nine per cont" 80 they can Oar coin
than nias-tsstSs Of ~ weighs in purs gold. Ana
a. e s: . ss much s:s eS
give fcf tomorrow, nor what price payable that
q no 70 ssbsss
the COIN but they may debass their coin TO half s pre-
legal payment Of debt due me. bot win double The
price OF all my commodities tomorrow. greenback 10
n s p s 70 q. J" am
in my hand 60 out and exchange y for property and
TIE holder becomes the creditor The govosnnsns sad
measure Of values throughout the country, and they
themselves are measured By property gold, nour &c.
much -four ~ u used 70; Il has bought lsss. I mean
setting aside al questions - 70 the scarcity plsnt
value TO other property formerly barrel q neur
purchasing the same amount Of labor.
ney.-monsy e home They. are measured abroad
and q home ~ geld bscsuss gold Z the money Of the
n.
and one dollar wiz mot buy but seventy cents worth Of
property measured oy me worlds standards and whom
standsrd-buy and cell BY that -
And there comes In the trouble We have been buy
nav We are y and
Of them bsing bcndnodsr-so pay In The standard Of
The .s.a D,d me SSsahGssrs buy our bond. u ne
baok cheap they could and gave debt for debt
gresnbacks for bonds; and now they would The
asks Us exchange il dollar for dollar into soldsivs
him about .nrcs-tsnshs more property than MS bond
national debt ten days labor where agreed give
but seven. A JAXON
A view Of the Financial QscsslAu.
To rnn EDITOR TIE HKRArD:-
In the muttudinous discussions with which The
papers teen upon currency, government bonds con.
traction expansion and specie paymsns the writer has
nowhere seen mention made OF phase Of this sub.
ject finance Of the first importance % the commercial
world; and with yosr permission, the writer win
briefly stsss IT, II 10 the dslstsrious influence arising
from the bonds deposited with The Secretary Of shs
Treasury BY The banks to the issued 10 the
banka The effect result Of this system irrespective
Of the loss 70 government Of twenty millions Of gold Per
annum has bssn 70 casss the banks almost wholly to
Of government bosds Win shs double purpose u en-
surg. The seds. qpsua1t y simply y giving 70 sev-
other applicant and net osy pssfsrspss, but actually
70 abais unnecessarily per cent such loans below
sscuriss mage haDlsualV higher in sAs market sIss
government bonda
tcs Of lending bonds and stocks that rigid ssaml
nation Of the loans Of Ill the national banks they
commercial paper ana thai 1t this very nonsnA . ne
very extremity Of commercial need while the baaks
throwns ous = street sharks undoIbtsl Psgsr sx
losps on bonds and stocks 70 Be 70 extent which,
applied in dscounts would materially have avssd The
tie community. The tsmpsssios 70 che banks % 70 |
misuse The depos.s Of the mercantile community Il II
sovssnais purpcss Of Il the discount II gssa.
buslness paper because every piece Of such psp1
industry and hus bsnslcal 20 she whole unity
Of the nation BY genuine business paper meant Of
ordinary transactions Of shs bussssa not 70 spsosia-
tcrs monopclising any article Of commerce. Any hn-
injury V the bususss * The naion But osns on ssocEs
and pcsds an properly DO made Only IN the street. q
The mercantile community viii always have the cold |
shoulder a. banks long banks the enlisted fol-
ovsrs q ne Secretary q the Treasury ssd aes % HE
Indeed ono -oaIS suppose .has hsldsrs Of eli ssSs
ss 'ss = wee .ssi ~ < sss
ting dews this unjua ana mv'6cus dsunslion.
% sssr csr.s ssosos,'os o. Ts.ssssss On SssS .
redeem nsacna BANK notss Nov, q erpsnbaons a.
sss ss ~ sss as ss 4 Ne
every one dollar Il grssabscxs wthdrawn anl ca
ssss u: ~ = ~SS.s . Keep I, ~
Tnis aimsuly vesld - cbvisisd by having Vie car
ess a. os &. s sss hear
rvenbscks end hoard them their 0rsproofs 70 compel
~ 1sss 2 nans l.rssr s.r'.msns q national hsnk
ans poss would rsmssy this srsai evil: for : pisis
sAM rms " capitalists such - Vanderbilt, Drew,