The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-11-28


renee 10 financial matters, particularly a. to
tho currency, paying the debt in lawful money
and the national banks and from the general
discussion Of these topics by the press and peo-
pie, 1t 10 evident the question Il soon to be de-
cided whether statesmen or the stockholders
are to have the helm OF affairs In this country.
Expressing such an idea few years ago would
have excited smile OF incredulity, for then
we knew nothing Of national stockholders or
bondholders as power in the country, and even
now great many may wonder what 1t means,
for this moneyed oligarchy Is new element in
the republic. But il we look abroad espe-
cially TO England-we shall have no difficulty
in seeing the great and pernicious influence
exercised by the bondholders in country
where there is vast public debt By study
Ing the condition Of Great Britain, In connec-
ton with ib debt and the power Of the bond
holders over the government, We may form an
idea Of the conflict we are about to experience
here, where the voice Of the taxpayers is more
potent than in the Old World.
We noticed the other day the hasty and eager
action Of the bondholders TO operate upon Con-
gress, when Mr.. Edmunds, Of Vermont on the
first day Of the session, proposed to recognize
their claim to have the fve-twenties paid in
gold. Since then number Of bills and resolu-
tons have been offered upon this subject and
other cognate subjects, all showing the import
ance attached to them. Mr.. Ingersoll, Of Iii
nos, has introduced bill to prohibit further
reduction of The currency; Mr. Perham, Of
Maine, to amend the National Currency act !;
Mr. Poland, of Vermont, to amend section
forty-ons Of the National Currency act Mr..
Eliot, Of Massachusetts,, pledging the faith Of
the United States to the payment Of the Ave
twenties In coin; Mr.. Butler, Of Massachusetts,,
in relation to the public debt providing that
all debts contracted to be paid in gold be so
paid, and all not so contracted to be paid in
lawful money Mr.. Broomall, Of Pennsylvania,
to fix the value Of legal tender notes and for
their redemption Mr.. Eggleston, Of Ohio, to
prevent the further contraction Of the currency
| and the further conversion Of currency into
bonds payable in gold Mr.. Bingham, Of Ohio,
to repeal all acts authorizing the Secretary Of
the Treasury to retire and cancel United States
notes; Mr.. Ross, Mr.. Baker and M. Bromwell
offered resolutions Of Q similar tendency
against contraction and for . greenback cur
rency exclusively; besides other resolutions
and bills submitted with regard to taxation and
the national finances. In fact, members have
returned to Washington full Of these questions !;
consequently we may expect to see soon the
rubbish OF impeachment and other matters
swept away to make room for the fight on
them.
1t Is curious to look back at the commence
ment Of the discussion on these questions and
at the progress Of ideas with regard to them.
Some two years ago we commenced to discuss
them, beginning first by publishing accounts
Of the financial difficulties and struggles in
England after the long and exhausting wars
with Napoleon, and by comparing the situs-
ton Of that country with ours At first the
HERALD had few or no allies in liz war on the
national bank system, against contraction Of
the currency, and for the payment Of the
| public debt while the circulation should re-
main abundant and before Attempting to force
specie payments. The press everywhere was
silent, and no voice was raised In Congress
| The subject was new one--that "a, in the mag
nitudc OF it, proportions hardly any one
appeared to understand II or 10 give Il atten-
! ton. But Il could not be ignored II IL .
mighty problem that has TO be solved. Gradu-
ally the press and our public men, In and ont
OF Congress. TOOK u mp, ull q Last Il over
shadows all others Il . worthy Of notice,
however, that the partisan press Of this city
confines TO founder about on tns subject In
the most nervous manner, being uncertain
what party will take the popular side, how
parties may bs split up aud rcorgsnized ON
the issue, or which Is he safest and most
profitable course 10 take.
The question now II, Are The bondholdsn 70
govern The country y The country 70 be
governed for their special benent, or are states
men, representing the msa Of The people, 70
govern iss That h the question. II ths cur
rcncy he contracted and specie payments
forced. with our present enormous debt thsa
debt must become perpetual hurden- There
will b no more prospect Of paying il than
there Il u England paying her debt A bond
holding eligarehy will BE- firmly established
which will be able 70 control Congress md
every other branch Of the gevsfnnenl We
have sssn the power Of manufacturing sapitsl
over lsgislstoni the power u bash capital
Was felt 70 bs almost irresistible In Ne tims Of
Nick Biddls's Uaissd Ehts Daakj but whaa
was oil this compared 70 Ne power u two or
shrss thousand millions Of bondheldlns cspitsls
II this - once fastened upon shs country -
astAncs will ~ powsslssa Thousanb =
national bank1. spread 81 over - rsDubllA
Win III - insarsacs ssnpanlss aad eeAss
nonsysa csrpssstloaa have tAsir capital IN
govsrnnsut honiA TAsy vanA ~ = -
naasae inveu1meol saa NY vaas - AaSub -
y specie psymsna y order - sAls pespsry
may - Increased iAir1 10 isrty pr go b
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