The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-11-13

she called Mr.. Bateman Q thief He causedcner
arrest and Judge Dodge fined her ten dollars. INC
case is not yet finished.
Griffin, who IL charged with completely In the
Royal Insurance bond robbery In 1885, was
committed to the Tombs In default OF $io'ooo oan'
DIR. Cremmen, OF Henry street. has been arrested ON
the charge OF having some OF the stolen oonos IN n
possession.
The steamship General Meade sailed last evening
for New Orleans. a new plate Of iron having been
substituted for the one In last Saturday night
when in contact with the steamship Marmion, near
Sandy Hook.
The Inman line steamship City Of Paris, Captain
James Kennedy, will leave pier As North river at
one p. NJ tomorrow Saturday for Queenstown and
Liverpool The European mails win close at the Post
once at twelve NJ. on the 14th Inst.
The steamship Erin, Captain Webster, Of the
National line, will sail from pier ~ North river at
two p. NJ. on Saturday. 18th inst, for Liverpool call
ing at Queenstown to land passengers, &C.
The Merchants line steamship United States, Cap
tain Norton will leave pier IL North river at three
p. M. on Saturday, 14th inst, for New Orleans
direct.
Prominent Arrivals in the City.
Senator s. c. Pomeroy, Of Kansas, Is stopping at
the Aston House.
General J. A. Potter, Of the United States Army,
Hotel.
General George J. Fisher, OF BufYalo; DR.. Charles
Barnard, Of California, and George e. Spencer, Of
Alabama, are at the Metropolitan Hotel.
Colonies ThOs. Davidson and A. B. Garfield, of the
United States Army, and Professor Reeder, Of Pha-
delphia, are at the st. Charles Hotel.
DR.. W. Hays, OF Covington, KY, IL OF the Maltby
House.
Judge Geo. @. Munger, Of Rochester; Robert f.
Chandler, Of New Hampshire; .. A. Washburne, OF
Rhode Island and Chas. Z. Leedy Of quebec, are ct
the Fifth Avenue Hotel.
General T. G. Pitcher. OF the United States Army,
and Madison Sloat, Of Indiana, are at the Hoffman
House.
Captain Andrews, Of the British Army, and Judge
Hender son. OF ST. Louis are at the ST. Julien Hotel
Our National Finances and Currency-The
Duty Of Congress.
The most urgent duty Of Congress now is to
place the finances and currency Of the country
on a sound and durable foundation. Through
| the ignorance and Encouragement of Mr..
| McCulloch and the want Of correct financial
| views in our national legislators we have been
drifting and foundering about in perilous
manner. Had it not been for the cxtraordi-
nary resources and surprising elasticity of the
country under difficulties we should have seen
| great trouble. Mr.. McCulloch has brought
| himself into an embarrassing situation, so that
| be knows not which way to turn through his
absurd resumption theories and wretched man
agement Of the Treasury. BY his contraction
to regulate the money market he disarranges
business, encourages gambling in gold, stocks
and currency and makes the people pay q
ruinous rate Of interest. Having reduced
the legal tender circulation to about
three hundred and fifty millions lie
now claims the power Of increasing it
to four hundred Millions the amount
limited by law, and from the tenor of our
Washington dispatches it seems he contem-
plates exercising that power. Thus the vast
business interests Of the republic are placed
at the mercy Of one man, and that man utterly
ignorant Of the subject Of national finance and
currency. This ought not to be. 1t is mon
strous that one man or any set of men should
have such power over the trade and values of
the country. The first thing Congress should
do, therefore, is to pass laws determining tho
amount and character of the currency and
regulating the finances on sound basis.
A great commercial nation Is subject to peri |
odical revulsions. They have occurred in this
country heretofore every ten years or 80.
They are the natural reaction from over
trading and speculation, and can hardly be
avoided entirely, but with q sound monetary
system they may be made comparatively HARM
less With sufficient and flexible currency
business would soon recover from temporary
shocks and flow again In the regular channel.
But 1t cannot bear such violent and frequent
Interruptions as the country has suffered during
Mr.. McCulloch's administration Of the Treasury
Department.. There is not probably more than
one-fourth the currency in circulation to-day
that there was four years ago. The amount at
the close of the war was not less than thou
dred millions, inclusive Of legal tenders,
national bank otes, compound interest notes.
the seven-thirties and fractional currency, to
say nothing of the bonds which circulated to
some extent while they were ut par or the pre-
MUM low. The actual circulation at present is
not more than between four and five hundred mil
lions. The seven-thirties and compound inte-
rest notes have been Withdrawn, and there is
not, perhaps, over a hundred millions Of legal
tenders in active circulation. A hundred and
fifty millions, or about that, may be held as
reserve by the national banks for their liabili-
ties and another hundred millions locked up
by other banks and moneyed institutions So
that, in fact, the actual circulation at present,
including national bank notes, legal tenders
and fractional currency, does not reach more
than between four and FIVE hundred millions.
How easy, then, with this comparatively limit
ed circulation, 1t is for the Secretary Of the