The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-10-31


This amount Of money, it must be remem-
bered, supplied the business requirements of
twenty five loyal States only, being at the rate
OF about fifty -four dollars per head for the
population, the Southern States being at that
lime entirely without money The close Of the
war extended the channels Of trade into the
eleven Southern States among twelve millions
81 people whose only currency had just then
been entirely destroyed. The government
having very properly undertaken to regulate
the issue Of currency, what, then, was its duty
under the circumstances? 1t having been
found by years experience that thirteen hun
bred million dollars circulation was not too
much for twenty-five millions Of our popula-
ton, what should have been done when that
population was suddenly increased by the close
Of the war 10 thirty-six, and by emigration,
&C.. TO forty millionss Surely the conversion
Of the floating debt into greenbacks, instead
Of gold-bcsring bonds, in amount sufficient to
NEE, the business requirements in States just
then newly opened to trade was the only
proper measure to adopt. The opposite course
was. however, marked out by "a Boston clique"
and finally adopted by the government.
report 10. and endorsed by the Thirty ninth
Congress, recommended "A curtailment of the
currency TO the amount required by legitimate
, and healthiul trade" What that s'healthful'
! amount might be our financial Sangrados have
not ~ vet informed ms. Whether IL il thirty
H.. "A III. k...I II.
eight dollars, rs in England, or the per capita
allowance OF The United Statesfifty -four dol
lars In 1866 and twelve dollars in IS68-they
do no, deign to say. They clearly intend to
draw every dollar possible from the channels
Of trade and bring all Legitimate enterprise as
well as Legitimate speculation TO the feet Of
the five per cent per month brotherhood.
Tie ultra contraction policy having been at
the close 81 tina rebellion thus sprung upon
The ccuniry aud adopted without discussion or
examination, the laws carrying II out were
readily pushed through. The acts authorizing
the Secretary Of the Treasury to call in and
burn up four million dollars OF greenbacks per
month. 20 sell gold for greenbacks aud fund
short obligations into bonds at high rate Of in
tcrc-i instead OF grecnhscks, are examples OF
the class. Some OF the most Objectionable
have been repealed, but the others remain In
force, and the note wing policy Of the govern
men,rcmains unchanged TO this day, as the great
Wall stree, lookup sbsndsntly demonstrates.
The real trouble Il that the country is now
suffering from contraction Of currency and
enormous taxation. There Ia now only about
Eve hundred million dollars in circulation
among our forty million people--not half as
much a. in 1866 and not one-fo fourth enough
10 transact the legitimate business Of the coun-
try n the present time, 10 say nothing Of the
imperative demands a the tax gathercrs.
We ar willing 10 award fall credit 10 Judge
Davis 40 the representative financial stump
orator Of the republican organization; but, like
all others of his clas., his views arc contracted
sy the narrow limits ~ parry. and he IL evil
IDENTITY as ignoran, a. f'cndiotos, Seymour.
Ben Butler, NcCsIlocb ana the rest, Of tho
financial history Of the world, or a. incompc
tent a. any 81 them 20 make practical sppIi-
cation % IL lessons ~ the necessities Of the
hour.