The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-11-29
FINANCIAL rHE0RIBa



Iss.skas OIdbark sp~nk~ % ~ Chamber -
Commerce.
~ nm Raura ~ ms Hx~Mo'-
a asrnualp~s a me Chamber Of Commerce made
. rsvcu 70 ths 18th l1sssat o. The necessity a
spss6y return o. specie paynsnA" and 70 give edsct -
ths sVzca fhus Expressed and sanctioned by the Cham
bsr r~nNor wss - opted ordering number Of copies
- prEfsz 2nd sent 10 seach member Of Congress and
ess&'w from Ssw York" rhls paper sbcunds In -
srios& s1i presents no f&cs- II Is therefore. an
aasusaissd opinisn TIE following paragraph appear
In NJ rsport'~wth avery increase Of our currency
me rrsniam % sofa aAy - expected 70 advance pars
pasxs
hs really wcnasrfi that . respectable body or sx.
porssna mponsrs. jobbcs and lawyers. holding high
rank Cor ntegsscc in this great city should ignore
sss and cspsnd solely upon assertions when dealing
~th suheci n0v spoken Of IN al places where trade
o. politics inasrsR tho pcopla II thsrc was any con-
nsiion tstwesn sold and our coined paper a cur
reBcy. tbsn the assertion might approximate the truth
but hardly thea: Cor krow thar specie currency has
always been hciioa IN tnis country. May Of the
beers u the caanor Of commcrcs have the banks
In aha cy On base rezs Of twenty millions speciss
sustain circulation u bills and checks OF than
two hundred mlnons 70 osi soch state Of things
specie currency Ia nrticn. Ever one knows
that tho sbFic - hasef upon public gallbllty and
dlslrusi Of bank crsda sross run on the
banks for specie followed with great distress among ali
removed when Congress wisely resolved . ..coa pspcr
for domestic rsn and leave gold a. well all other
mo,as 70 commcrca Since then We have had NO
actions disturb domestic trads But 10 IL true thss
he premium on gold has Increased with the increase
Of our coined paper sn On the contrary, all these
MUM on gold was lgo and unsi ID was reduced 10 20.
tho actual currency Of banks and Treasury the
had ors than acaSisd These ssnsismsn should cor.
rect their opinion 50 freely offered 70 Congress- WHOM
they nno they have taken theory for facts
II setting forth ths opnions II thsy owe debts n.
Europe they must pay in COLA o. sxchangs ana II they
persons unsafe eounsclIora Thsy are 50 shorI
sighted that they look ony 70 their gain Of forty per
ihs producers n our county rns forty PEI cent e.
change the premium offered V The producer al hts
commerce imposes upon merchants for Their excessive
importatonA The exporter can AFFORD 10 pay for
poo FOR S. But exchange sh. b. !. oar r. hs ss
porter cannot afford 70 pay than 50 So Thus -
plain that farmers and other producers Of expcrtabe
Allow me to call the attention Of the Chambsr OF Com.
capped their noticetns pncs Of gold and the ratio Of
exchange has been uniformly the scoinsd
mas advanced; when exchange islls gold falls with IL
Gold 10 not our Currency now ana has no relation 70 Is
- our domestic sIs:t S = T. s,.:.
lively high price for export Oar gold goes direct
Europe, the ohar pr0duets and thus exchange
y made, and No distinction y made where oiI Of ex-
change ID drawn against shipment Of gold or other
prOducea These gentlemen had better look up
Facts and accept the situation You know, ought
70 know. tho premium exchange 10 due 10 demands M
Europe for money you owe there. When you cease -
trade by paying your debts In Europe one here WIN
want 70 buy exchange above par: and. q course, W
allow Europe 10 buy OF little more each year than
you buy IN Europe then the balance Of trade will DO II
our favor and exchange beng at premium there gold
win return r. here Nov gentlemen. yoc may aepsna
under she present price Of exchange than %
resort . the old rule that you should % vel!
bank issues and bank discounts, and thus break
down and bankrupt your importers, - well as tobberA
and render you unable % pay your foreign
Debts and as you would Thea have no means TO bay
change the premium On exchange would gradually run
down 70 par. and then specie would come back Our
plan allows no such dishonest way Of paying deoo
70 sQualizo exchange Pay your debts gentlemen, -
Europe. and stop excessive tmportat:ons 4 you wens
gold ana exchange par The people with
thsr own coned papers" they do NOT want gold Cold
10 Of the largest exporabe products raise u ths
country II Is Of more - than othev articles
you buy for export whom you ass parchasing ne
products osher labor No IN this country hoards
gold but the Secretary Of The Treasury, ana Why hs
The Western farmer does nos want you to pay your
debts 70 Europe because he gets forty cent for
al he soils than he would DO you should pay your
debts and reduce exchange 70 par In this atiemp ~
West moro than thirty per cent you cannot expect
much aid from our Western brethren They are TOO
keeny alive 70 their interest 70 deprive themselves
Of the coned paper we now have for the purpose Of
enabling TO buy exchange a. par pay your debGo
70 Europa Nous savona Your old friend,
M JONATHAN OLDBUCK
Specie Payments and the National Baaks.