The New York herald., 1867-02-20


purpose OF throwing upon 10 whatever usst Ne may,
Aswsvsr feeble and indissncs 10 are asUsasd by no
sAAsr motive than sincere and patriotic dexre 10 e.
yess tho truth the whole truth and nyhlls bui he
tsath 20 FAR ws may be able 30 do II hs monens-
asy suspension Of the law Of syiaisa would rruaacs
The wreck Of matter and the orsfh o. worlds
- trust ws shall not be reg ded tadugirg hyper
ssae when We say, that doysed persistence In violating
~ known laws Of political economy IN the maasgsmsri
- our national nnances viii produce the universal
wreck OF every industrial interest OF the na;Ion aud 90
crush the aboring classs OF this country to
81 sentiments Of patriotism, and bring crisis thai
would possibly involve the very fate Of the
assf We speak advisedly. We know is suspected
~ leading members Of Congress- that there political
ssnspiracy at work, with view bring about npan-
sa dissrsss disaster and ruin, for partisan purposes
charging the same TO the dominant Union party.
- amid the general wreck to install the administration
b.ry In power with all is ebenious Affiliations
II an established rule in the practice OF the law Of
Oesna with gale constantly increasing 10 violence,
vehont any change IN sits direction thai whichever the
sspectve course and velocity OF the ship the
md tho centre Of the other and IL there
- no change In the velocity OF either the ship
Isss Under such circumsssnces the prudent and inie
ns seaman will not hesitate an instant to Change tho
q hs that must BE FOR
ssre safety Let rs then Initiate the prudence Of the
DnR1UoH. ~ Ef4ftrf
The Secretary OF the Treasury in his report used this
0aguags:-'Strong as s his conviction that we have
eoe0 for some me and still are moving In the wrong
HAreabe bis confidence in the ability OF the country 10
SaRht itself speedily is unshaken." Right ITSELF How
eaa the country right tsef II the ship IL being steered
right selff Is II the duty Of tho Secretary TO
change the course Of the ship At advise Con
ss 20 that they may seize the helm and do what
needs be done And get the face Of this assertion
che Secretary thinks indeed confident that II GER
sssnme specie payments within two years. With the
utmost possible difference TO him. are bound to ex-
press our belief that this is the most prepos idea
sver promulgated by the fnanciaA minister OF any
The sumS.9 s@'ds: o,.a S by vS him are
. the money centre; second, The curtailment
q the currency; third, the revision OF tax laws;
interest payable abroad, In place Of the six per cent
bonds now held there; hfth, the rehabilitation Of the
BOuthern States With regard TO these remedies will
yoark that In judgment the first is Of practical
importance whatever to check the disastrous tendency
hhe second impossible to any material exspt; the
eqaate the purposes the fourth is puerle and the
1fth question Of political philosophy rather than Of
We have for some time past looked anxiousy TO SEQ
ZONE measures suggested by Congress, since It would
seem vain to look TO the executive department Of tho
government, and we have been very much gratfed by
the able and staesmanke speech Of the Hon. Mr. Kel-
by. of Pennsylvania In the House Of Represen atves
Dc lofty style Of the speech and which may perhaps be
eAargesble 20 personal afront what Is more likely
% keen, deep and indignant sense Of the suicidal
nGcmcnt Of finances, 10 the abest effort that
have seen cmanate from eithershouse for many day.
have not space 10 devote to such notice ri tho sa
ssnsent ourselves with saying that the honorable gen
Ueman Justly condemned the whole policy Of contract
ias the Volume Of the currency at present and while the
asnped what every sensible a9d practical man should
seadenin-the placing Of snch Enormous power Ia the
Aands Of any as that which is now vested in
a
Ysl ch9Facter!se - 'ussless, widespread and dan
SsfSus The course which the Secretary is
As: the contracting OF the legal tender circulation by
f0w millions per month 1.-THE conversion Of the matur
dsred for conversor and The selling Of gold from i,ms
- Time together with the holding Of what remains in
As Treasury scen over the heads Of the commercial
eonmunty, with view TO deprcss the premiums
Rsld to state II more correctly to initiate the value Of
- irrodeemsbs paper currency to point far beyond
~ natural value We are ready enough to admit that
i6s general sentimeu. Of the community fayors low
Smfum on gold; but II public sentiment has strayed
ITO devious and dangerous path. s the high Office Of
lmutable and anexorabe law is not to be controlled BY
pubsic sentiment We also that thers very
iDuss 70 through terrible crisis other bsfore
0unohing specie paymentA Here again We think public
% ssT q The precious Ct @ metals nsed % Be- suSjeosd
my ssrious inconvsnience much les 70 any distress
Ss 70 not regard ths application Of the thumb
Sssith % eonvslssoent patient We suppose that such
SsalnsAt may KILL and quite certain that cannot
= csndemnation the country being subjected
ohAD species % chariatAnrythis process OF venesec
-. which b mot merely useless y y Infinitely worse
r specie payments, The country further snd further
D. ths desirable contamination every day. according
= - IL We can throw any light upon this nnanoal
SuAaem which far transcends al other problems In is
"a viii tate Il the outset that the ourrsucy Of the
Uuitsd States 10 iYredesmabie paper currency pos
sl1ng no intEinnto value We suppose that the total
onrvepcy dciars We shall assume also what u mot
~, We believe ssrously disputsd that deposts
Sscy Of tho country circulation plus dspOst brief
eaDana,ion Of this point will sufacs If purchases
q hs svss In R:y%s1as men check drsTn
~ check, perhaps in the nne bank, % his own &C.
ssuat o. not hs deposits u In some other bank and
sv here ss srsnscsion Of sschssse Effected entirely
~ dspoaitsby the transfer o. deposit from one ind
M ~ sssd IL %
- : hs check represented deposits deposits became
ssS.s: os 1sli | ssssss VIII have oSsssvss how large
poton of the currency has bean composed Of certified
Ssss mus b regarded - currency % the s1tsns Of
-. asposs. .al clrou.,.:.. then w'l ?: used .
= 70 :sz ssp VII R'rs % sp sssy s
Al tender reserve Of ths national bankn We say that
- banks iacur ntile os no rssponsibty. Il b true
- banks may fall but, notwithstanding thin their cir
ousIsa secure ana 6y failure hsy cannot nnlos any
esaalssabls su6snng On the community, We ban (
& :aA s.as Sss:s Sns ss:ass :a:s..s
- thsy arc already In suspsnston The paper money
Gnnos 90 abroad, matter hsw large the importaons
= ut nos b boarded for any length of timS matter
ye9 politcal alarms may exist 10 uue that there
- bson hrsud Practice lately In sealing up legal
slsu but somebody loses the Interest thereon and II
o@v,y amounts v f~sss q spsculAsion Of short du
AGuumins, thea, ne susrsDoy 70 smount Il
a coo ooo 0o0 sruasion and dsposils viii observe
shs rsa vaius rsa6ivs pnos ef domestic products
~ ehangs1 excsps In eonssquence of over supply
- ehoH supply Of any particular article 6upposing the
0apply Of sseh 70 be In s usual Or unusual quantsy
~ say that barrel q pork will b worth two bar
- q aosr, matter how much paper u may require
= eGNcs the exchange II Industry y prosperous DAY
-. vsll INV The iabcrug man hvinss n he can nnd
. sapseynsat ~ viii starys prs ns Sus sne eoan
-. - = eontrp OF expansion Of the currency.
sschAngss oonld bs efscted BY @70o, 0o0, ,00t
~-.sney - veil ~ BY 81 500 900 600 currency And
- csn Be s6sctsd BY u, eo0 900 go e weu :: by