The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-12-10

Lecture by A. III. Army.

Association, by Mr.. A. II. Amy, on "Finance and
the Monetary Condition OF the Country" The at
tendance was pretty large.
The lecturer was introduced by Mr.. Alien, on be-
half OF the Association.
The lecturer said that In view Of the great interest
OF the subject he had selected he would bo
as clear and brief as possible, eschcwing fun
and rounded sentences. Business throughout
the country, he said, was paralyzed; mercan
tile life continual struggle for existence without
hope OF reward. The credit OF the country was at
discount throughout tine world. To the merchant
the community anh the country must look for re-
merchant represented the financial brain or the coun
try "a the mechanic represented the physical deve
opment OF the people. The merchant alone could
bring the country out OF Its present difficulties. TO
him. and not TO this tne spun theories Of the poit
clan, must the people look. The merchant was q
wisdom and integrity. The government, from causes
unnecessary to allude to- was in state OF
suspension OF payment in specie. The country
looked for relief in every quarter hitherto in
The American merchant never rcpudiates q con
tract. Tbis might be said OF many OF the States
There were instances where western States IN a
spirit OF enterprise, became involved dificnlres
but, with the spirit which actuated this great enter
prise these States soon resumed payment or all their
Indebtedness; and every dollar expended TO perpe
tnate the magnificent structure OF the republic shall
be paid. Let the government ike the merchant
show Its balance sheet and show liz assets and liza
blitles, and thus prove that the integrity n its
character Is beyond suspicion and beyond reproach.
The debt OF the country, $500, 100000, a
mere hagatelie when the Immense present and
future to be developed resources OF the country are
taken into account. IL IL impossible 10 pay the debt
nt present; IL Is unnecessary do so, and, indeed
1t would be unjust to the present generation to
pei It's payment. The work OF payment viii be easy
alter q time. All the government has TO do Is TO
give the country ana tia world an assurance It's
ABILITY 70 DO SO IN good Tune. The government innst
secure the confidence VI the people its integrity
anu ABILITY TO pay the debt II was at present
less ana unnecessary 10 regard the theories OF
slmt we should at once resume specie paw
ment ana put Ereenbacks and gold on a mar
The present holders or thu debt, three-fourths OF
whom are our own citizens, require only the interest
on ITS principal. The debt should be paid frou the
public domain. Every OF forest and prairie re-
deemed adds TO our wealth. Ey the rapid inrux OF
popuiation every decade mas added to our improved
lands more territory tBan ~ described by all the
sraoe area OF England. II tne rate OF progress OF
tbe population shall - continued as shown BY the
last census before the century closes we snail uum-
Der one hundre, millions OF people, and instead or
wealth ia each ten gears We shall add eighteen
Thousand millions and the payment would
w. no burden. Inc aebt has various pc
riods lor payment portion representing cur
renCy tabout four hundred mllionsl but the great
proportion Is represented ny nve-rwenty bonds
hearing SIX per cent interest, all maturing within
I've yeaIs from dasc at the option 0f the govern
Inent Tue ruling rate OF ncrestln the EngsA and
continental markets the past year has peen from |
1.-Two TO the per cent per and during the past
Summer 10 AL slfeet The rate mas been only three
four u currency. Is II probable the government
Will continue 10 pay dfty or sixty millions OF dollars
annually "a extra interest when reduce ts rate
ana not disturb the equity or the right OF Its creditors
loans AT fair rate OF interest stating certain time
OF payment, WIN positive liability, which shall not
po shu ,''ay pe easily pau lrsn oui great
htlon o' Specie. ilen confidence VIII DC restored
aia tee tesuuai.loi VI speee ayinenls VIZ follow
specie. II Congress b, is wisdom should authorize
"A new loan, calico iAs American consol, intermln
able m IL character bearing five per cent interest
II would be exchanged ut The option OF the bond
holders, and thereby a solemn enactment provide
that AL tle issdes should be PAID as the seven
Tue whole Sndeuicdness oi the country would
DC represented d. one grand Consolidated loan.
rational DEBT hs been Thought ~ some sapient
nuancels 10 be 4 national blessing. without wadiBg
through the saphlstu Which marks tina statement IL
Il1y he mere remarked That many IStenuating fee-
ntSs oaA =. ivcpehil'1 ~ 7ucn cyniuon pIONla-
inHt aa no. infOif, foreign Indebtedness. Tor we
are ADt uhhte " ou oigannatlon great copartnei
si,e .aca r.p,SrntthH al interest but y ioiexh
~ ~ unultgat curse. Ito saps TOE ufeplooa,
~ ue'tit9r the nianhoOu auu pfeshkes laln. Never
la Inc IA Ehoet days ~ ne rebeion alu uc-bAf OF
INC repub ~ except "a trs tenecti"n uat yer ons".
ioiS vera pressed upon ''oh,haru 49, ". az
fAtY PEI cent aiscoEI. J REGARDED y Almost
n q crime 70 aiEc w H,.os ~, ~, W 'hlse
hahnrsi inH' 2"n :" y. m' s ~, hs'e , ~
noes iOt 50 n't ~, p.s '',.o ~ Wy
as cpisiGrfi = q u'iei =, 't,'w ~. aNs.tW'''t.
u 70 49, tp-ai deheno'''5 ~ eslsl ~ s.e PiCifa'
hethtls. A. , -" 49,, $50 "., ~, " ~ ,",'
PEI WV lna " fne St5tci,,n f"p tbe.S1o,sfe
fatg ~ t.cos'et - ~ 81, -" 49,, az ,e, 49,
for lower raen ~ 9e p.pars 20 mo s o1et S ~
dged Inillons 81 II 'c-t.ensy bOnds "a Europ5 nnd
thus cave one hunt ~. "'ion. !, "",s "Ha ~ ~
taint uhe carry ~ ~. ,,os,snii' "a = 60
msurt tnt inert tau4' ~ ,oS c's,, -
~ W. dtparuhtl - Spya , ,a,tstll !,
!. - Specie pa ',usi'. y, 1870 a,ST
~ 'ass ,A1 ua's ! = e d s,n"rnt, ~
~ W" " I " 49, y ,i ~ y, 1870, 80
huoser@ y = iet asA1 nsuiason - "a" ,..''i W.
, rss 80, - 6as .id . ~ mr.
,' - 80 - -. ~, I, 49,, ,...i,.,,, - 80
Wy sspsi' tnae VIII e w ~ y, y, ~ = =,
-, t'" ooe w tms ,e,,,, IN tie nat,cnoi Lsn,.s
-. ~ U ~ p 10y :. ,y,Sil,s5 ~, - 80, =.
Tho, endcIsei',t's mus = n,sN5lel 10y ~ ~,
i ~ ~ 80 sn9,,, ro,irr ~ IN Cn.r,,,.s