The New York herald., 1867-11-29
FINANCIAL AND COMMERCIAL.

FINANCIAL AND COMMERCIAL.
~~~~->~~~~-~~~~~~
THURSDAY Nov. %, 1897
This being Thanksgiving Day there has been total
suspension OF business throughout the CITY, and the day
has been similarly observed nearly all the country
The stock market rm the close last evening u
The suboined quotations. while the latest quotation for
gold was 1921 1897: New York Central. ll3,s :
ia; Ene, TX 7lK; Hudson River, las l26; Read
Ing ocH se8; Michigan Southern. 90 . soA; CIsvo-
land and Piitsburg, sax ssK; Rock Island, 9ok .
eck; Northwestern. 67k S7ss do. preferred. s7,<
GIN; Pacific Mail l22k . 123; Ohio and Mississippi
certificates, 2e4a2ex
The Committee OF Ways and Means agreed unani-
mcusy yesterday report bill for the repeal OF the
cotton tar Of two and half cents per pound and this
action VIII probably bc taken at the beginning OF next
week The measure In accordance with the sent-
meat OF the country the interests Of cotton
trade and Congress should not hesitate in adopting IT,
At the time when tho tax first imposed the decline
which has since taken place in the staple was not
anticipated, but the extreme depression in the market
FOR arising from the increased supply Of Indian cotton
makcs n absolutely necessary that cotton culture in the
United States should be no longer burdensd with
special sax The cotton crop Of India Csylon Egypt and
Brazil has increased largely that the Engsh market
almost independent Of that Of this country the stock
" ~ LlNokpoOk n1u LOuuon Dolng very
small in comparison with the stock or Indian The only
way for rs TO regain control Of the foreign market BY
Offering better article for less money than any other
country, and this We do By removing the impost
which Is equivalent to an export tax, and there
fore opposed to the spirit II NOT to ths letter Of
the constitution although II has besn well contsnded
that the latter instrument should be Interpreted
In the light Of existing interests and modern ideas rather
than those OF the period in which 1t Mmed While
cotton commanded high price and the government
was struggling 10 raise revenue SUFFICIENT 70 maintain
the public credit there was strong temptation to levy
the tax a. temporary expedient but that condition Of
affairs no longer exists The country is troubled with
too much taxation. and the revenues have for long
time past boon 10 ample that tho Secretary Of the
Treasury enabled to contract legal tender notes to
the extent Of moro than hundred millions during the
past year. Il is now desirable that taxation should b
reduced and contraction stopped order that the indus
try and enterprise Of the nation may be qucksnsd and
that trads may recover from the depression under
which II Is suffering mainly in consequence Of mis-
taken financial policy and particularly iu relation TO
currency contraction and tsxaon which last has BEEN
aptly called the touchstone Of finance
The on to specie payment party still trying TO
work further mischief and at tho last meeting Of the
Chamber Of Commerce the select committee Of the
Chamber appointed 'To consider the subject Of return
to specie payments the therefor and the earliest
date q which resumption OF specie payments may b
practicable" submitted report IN which tho present
policy Of contraction endorsed ana speedy rssump
ticn Of specie payments advocated. The committee
reason. Congress adhered the policy Of coatras
tion. why . full resumption Of specie payments
should not take place in 1862 This b some
thing like Mr.. McCuliochs prediction that we
should resume specie payments In 1857 Ths
committee argue like creditors anxious that the
currency in which tho debts due them should appreciate
In value ~ much a. possible before the time for pay
ment came Some Of the fossils OF the commercial
world who have already made their fortunes and have
more 70 than to lese by return to specie pay
mens appear to think patriotic to advocate speedy
return TO hard money. They The loyal lsaguen or
mercantile society and very desrous thas the great
Of the people should bc ground down with taxation and
driven to bankruptcy and starvation through contrac.
ton In order that Mr. McCulloch's bondholder' men-
MUM may be ushered In and that tho gold vaue ofthsr
property may be increased They hold up their hands
In holy horror when General Butler proposes
70 pay in specie that part or the pub
debt which the government contracted 10 pay
specie and pay isgA tender notes that other
far larger part which IL did mot contract 10 pay In
specie Tney shed crocodile tsars over the degradation
Of .he ego when Psndeton expresses his financial vews
and - shudder whom thsy hear ths great free and
easy West talk imitation. More srssnbacks 70 them
meant more arrows aimed q the hezs u the body pom.
tic and thsy call al VINO ns oontractionbts nks
themselves, 'scouadrss and srspudasoss." Thsy ars
Is dangerous and q much to b condemned and put
down The buonss OF England. who bankruptsd that
country and fed II with paupers In the useless effort
return TO specie payments BY contracting Bank
England bstwsen 1915 and 1921 They are the
men encourage bread riots and then put them down
by the strong Of the law. They claim TO bc con-
servatves but in fact they the radicals Of finance
who wish to unduly hasten . process which viii come
naturally enough 70 servo the interests Of the
country. While doprscats the schemes OF imitation
which are advocated BY many politicians In the
West and elsewhere. W contend that further con-
traction ought 70 bs stopped, and plain legal
tendsA issued in plaos Of the interest bearing
legal tender notes G fast a. the lattsr mature.
and that uniform circulation should b secured TO tho
country by substituting legal tenders for national bank
notes fast the exchange could be accomplished
without serious disturbance Of monetary affairs
There is element Of danger in tho fact that
national bank notes not legal tenders but that they
are reasonable in legal tenders: and certainly the
government entitled 70 the sdvantagss Of thu ccu-
laton than the national banks while the pay mont
70 the latter Of nearly twenty millions per in
gold IN interest tho bonds deposited q basis q
circulation tax upon the people which may BE- tairy
removed in tho manner suggested
That the debasss on the finances IN Congress win b
very exciting the bills and resolutions already intro
ducsd sufficiently fonhadow and tho probability s that
not only will contraction b. suspended for indefinite
period but that the power winch present
controls the finances will BE- greatly curtaIled.
The amount Of the national debt without dsducting
the amount in the Treasury was undsntsted At in
tervals. between June, 1854, and November, 1907
1884 1853.
Juno -. 81 40 0366s0 August "a ITO l10 COS
July 2s Is05, ,b23 55< september I. 272831l8 8s5
August 80 ISIS Sos 233 Octobcr1... T01 $50 100
september 90 1e55e737l8 November I. 2osl 03o p60
1855. December l.. 26Sz 0o6, e5k
March 81 =. ~ 9s6, ,o55o7J 1867