The New York herald., 1869-01-03

n
round millions by the following figures -
National bank notes. $500 0oo, 600
Legal tenders. oooOOu, vu0
Fractional currency cy................... 5000, 900
Total. $6ss oo0, 900
Practically, this currency consists OF only two
kinds-viz first the direct issues OF the government
and secondly the issues OF the national banks OF
which government il really the endorser, paying
ronndly for the pleasure ana privilege 9, M endorsing
OF using them in the place OF legal tenders, which
they practically represent To attack the legal tenders
would be- therefore, to remove the foundation OF the
present currency system, though the foundation
only; for in point OF fact, the banks based upon
them have long since abandoned the system OF pro
issues Of bank may be founded upon the principle
OF redemption In legal tenders. the principle has
sibllity concerning them has become practically
extinct. Guarantees Of prompt redemption
are no longer thought or. and hence has arisen
any practical liability for the redemption OF its
notes is exceedingly expensive and costs the coun-
try something IKE Lor ,nIeesevenrns OF
safer nor more convenient tnan the remaining four
sevenths which is direct government paper. To
enforce this theory OF practical protection OF their
issues or expunge the offensive institution OF ma
tiona banks altogether would seem therefore, TO con-
sttute point OF sound financial policy, demanding
AFFECT the commercial interests OF the country, than
any question be raised against the legal tender
the banks as principal debtors; or In other words
they enjoy all the profits Of banking with the further
convenience Of what amounts to immunity from
its obligations to protect its notes.-the country pay
ing them fifty millions year for the pleasure OF
handling their issues and in the interests OF trade
the solution OF this dculty Is OF far greater
auence than any talk about convertibil'ty can be.
Notwithstanding these drawbacks, to which the
effects OF the November fluctuations must be added
the prospect for the year current Is far better than
It appeared at the opening OF the year
1858: and unless further cQntraction or a
Ouixotic removal OF the foundation OF
the circulating medium by unwise legisa-
tion against the legal tender system should
prevail an advance in commercial values may be
anticipated The prospect to the lab0ring classes
is also encouraging in the probable reduction OF
the cost OF living Already grocery obbers have been
compelled to abate the scale OF prices which was
in vogue at the beginning OF the years and. though
this red uction has not aected the consumer, owing
TO the Intervention OF the middle men, IL can hardly
fail OF doing so within few weeks. This viii
pave the way for an adjustment OF the cost OF
manufacture to the existing scale OF values In
the Market further restoring the equilibrium and
correcting to considerable extent the risk involved
in investing capital for manufacturing purposes so
that on the whole, business may look forward to
wear the tendencies Of which, unless nuned by
inudicious financial tampering, are decidedly
healthy and recuperative.
The statistics Of the year 1858 have in the item Of
suspensions fallen below those OF the year 1867 both
in numter OF failures and extent OF liabilities, with
the exception OF the month OF December, which has
been marked with an excess OF suspensions over
those OF last year. As nearly they be collated
the figures OF total failures stand as subOined:-
1~r& LInE,, ,l.asa AS-