The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-01-25

mode OF sealing debts-belleye lis potency exhans,be
and demand that the food shall never subsid For
own part am persuaded If We start now We shai not
reach the goal OF resumption any earlier than the
devoted patrons OF exclusive paper money system
Secretary OF the Treasury They have bcon and as
disiastefui to TO any OF my friends. He is not
r6ls for which he was united The author Of Black
| stones Commentaries sought parliamentary posi-
only rsmsmSersd Socsuss junius pointed .. him his
SLOW, unmoving finger OF scornn John Quincy Adams
man, but sometimes attempted postry, and aDermot
NcMorroghn the result The political sins nj the
s1s =. 1s N.
position, IL Il likely that any successor would have
Of me confidence q the country His rscommendations
cause made by him. only scrutnized- do think il
win Be very wise for Congress to get wrong financial
though wrong politically. For myself shah not MAKE
the mistake Of opposng him where my conscience as.
he has named day for the resumption Of specie payments
somewhat earlier than will be possible achieve yet
the unalterabe purpose to early day have
doubt Is sound In principle policy and morals and II
Congress shall thwar this purpose Il viii have doomed
any party which shah undertake seriously 10 proes
nate the day Of our redemption from the evils
cesse PAPER curcncy, me evil Of dear living win a.
latter may not be able at the time excse the conn
try Strong as We are We cannot afford to take the
wrong side OF such issue On the 11th day Of Nav
1895, the premium gold had fallen 1881 per cent
having fallen from 200 per cent in March, much
-
pcrceptble ripple in financial cclos and less panc
There were 2733 failures in 1850 in the United States
amounting to SOL 739 Alb but in 1865 there ouy
$780, amounting to ZOO or about onefourth part
OF the average number and amount Mortgages made
tile credits by common consent had been hanisbed The
Sou IN losing al bad lost Its credit and trust in that
direction was impossible All is that 60 pay as you 60
was sornd policy The scrptura Injunction, owo
anything" had been implicitly obeyed aud then the
golden moment not only FOR political reconstruction
put Tor return 70 specie payments Then the
capital or the country idle and might have been
largely enlisted into the service of the country
The campaign Of apapcr currency and waited
only 10 be honorabiy discharged Useful once, it
now only an incumbance The Western States prior 70
the largely involved in debt and they only
paid off Indebtedness less than $500 600 000
but they became large holders o. United States securi
tics, with Of becoming stu larger holders. Up to
this time Mother in tho West any part Of
tie country have our people asked or received the
az W. measure s 81 trea a me Srn
debt Thanks a. least to the Secretary Of the Treasury
fot having bcrnc aloft the motto Of an early resumption
country from indefinite expansion OF credits. from
plunging headopg into debt and never in opinion,
measures for vigorous retirement OF the excoss
Of our paper currency. wish could believe that
toms for tho years 1e67-es wore no, too large bit
cannot and Instead Of $1l5 900 If get less by
country. The capacity Of the South to consume and
pay for in mense importailons has been vastly ovcraed
ami tho trade alone one s rS tho
stored The PROMPT action 50 generally expected
upon tho Tariff bill now pending in tho Senate,
by which the rates OF duties would he somewhat
increased for time greatly stimulated importations,
and We have had both glut OF merchandise and OF
year. II Ia most likely the Secretary Of the Treasury
UNDERESTIMATE the amount OF United States bonds held
abroad, and that instead or $3.50 000 not less than
$500 600 600 OF national securities are so held So
long these rcmsin below par abroad they will bs held
less fancy stocks likely TO be returned
aixation any moment II they could be equal
to pal IL does not seem 10 that the holders would
part With security for which they were receiving ak
q
at three aud half per cent interest Boy ond question:
wnsn our nonas bring What nsy represent. dollar tos
II were Desirable a. I'VE per cont and perhaps a. Tour
It is safer TO the United States ct three and half
per cent than any other naeu In the world but first
must make our present obligations worth their par value
IN gold Al home. wish true that tho stocks or
the Uhed States not 70 be found all in foreign
markets. but not rich enough 70 hold all the good
tcation that Massachusetts, i've per cent stock brings
mora IN London than United states sxsss Or Viz.
ss ' quite q. srs
ish (sSl Brazilian toS), and evcn Moorish (sS stocks
States stooks sss Of these loans s four per cent q
governments greatly inferior ss we think, 70 that OF
CENT 20 no ~s 10 proa
10 the pockets Of creditors but those Who obtained
Of purct ase have been expected the govern
ment wocld 10 the uttcrmost fsrh.nG all promised
principal and interest," and thoss who relied upon the
good faith OF our government 0, who may hereafter
rely, will never receive less. No other government has
met is SoiG:sisns with a, more puneasy Y. u s0Ty
problem Of how much currency circulating medium
country rsqairss for the heahu transacson Of ice
business, Is hsvng'so many points OF disturbances
that It's actual solution is Of some difficulty Each
examiner will vary the result according to toe data IN
Guided excluded and probably according to the theory
he wished build up demolsh propose TO present
facts upon this subject that 70 me seem Important
The entire amount OF bank note circulation Of the
whole country IN January, 1852, WAS $is4 ooO O0o,
and Of this $4,000, 600 belonged TO the South
srn States Tbs maximum amount Of bank
circulation At NO previous time hes gone be-
S2o7 600 and that was year Of as large production
and Of a. much general prosperity as any persps m orr
To- as ss o'
there $200 00 900 Of specie IN the country bat that
held BY banks represented BY paper an equal smount
cd and temporarily brought into use. considerable
amount there ever will be- Was boarded or IA trsnstu
mercha ndse The business of the country was not
larger In $780, certainly, than IL was In 1850, except In
national taxes, and these Gnquesticnahiy create do
unQuesonaby to some extent dinn the business
Of the country II isa great nience however that
rent In all parts Of the country With what proprety
be claimed thai the business Of the county re-
I nnnda.ss the si lsn S's Ili Us lock At IT,
Paper cnve.ey mo'O IN Circulation tDecemser L lseS
Notes Of ssss sss bank: converted now out
ustsd States notes. legal tender sss.4ls4s
circ SSasa 1 issusd % na.ons bani asss7ss
=
1867 the circulation 81 bank notes Of the Southern
Ststes 0oo and was at the outset Of the re-
bolton much Increased; but the Confederate currency
was subsequently largely substituted for H. and the
amount outstanding certainly does not exceed that
sum- aud lis chief value lies In the fact that the credit
OF the banks n 70 pay their debs shall
bring the 81 600 900 OF Je Davis King Cotton
currency the account That, In "swingng around
the CIRCLE" seems 70 have been condemned and exc
cuted oven before Ns authors West Of the Rocky
mountains on the Pacific slope gold and silver have
maintained thsr sovereignty, and very little paper has
got into circulation. The amount Of gold and silver
day than u was sig years ago, aud may be
estimated In all the States and Territories a f25 00O
chandise h distributed al Wholesale there sre many ar
cles bought and sold exclusively Tor gold and no other
prices quoted for Them Instead Of coin, gold bars or
bullion very largely used by banks and BY importers
70 pay for foreign merchandise These oircumstances
wholly dsmonetzed The copper end nickel coinage ha: