Vicksburg weekly herald. (Vicksburg, Miss.) 1868-1883, 1869-12-18

100000 per year, which amount
shall be so distributed by the Sec
rotary Of the Treasury as to equal
izo, as nearas possible, the banking
interests Of the different States.
And the following are the Feas-
Ons which this specie payment
il%nanCier presents in support Of this
remarkable scheme:
l II will create a demand for our
national bonds, and TO this extent
fortify the national credit.
, 1t will tend to satisfy those
parts Of the country, especially of
the South anu West, where curren-
Cy and banks are wanting, aud thus
arrest a difficult question.
3 II will not expand or contract
the currency, 10 that the opposite
parties ON these questions may sup.
port il.
4 Under il the banks will grad
ually strengthen themselves and
prepare 10 resume specie payments
b II will give tho South and
West the opportunity TO organize
banks, and will interest those parts
of the country TO this extent in the
national securities and the national
banking system, BY which both will
be strengthened.
6 II will hasten the return to
specie payments.
In its structures on this financial
scheme, the Herald says:
Finance Is not the vocation of
Mr.. Summer. II is one of The exact
sciences for which the peculiar cast
and drift Of bis mind are not adapt
ed.
The Senator's reasons are mere
assumptions, and we think they
are delusive aud Absurd. Suppose
we try the opposite system Of
a~bolishing all this national bank
currency and substituting green
backs for II. Upon seven hundred
millions of currency the Treasury
will thus save forty-two millions
a year In gOld-a saving upon
which the internal revenue Tux
upon incomes from salaries might
be utterly abolished, with still q
clear gain OF ten millions in cur
rency to the Treasury. In other
words, We pay in gold now
eighteen millions, we will say, of
our income taxes on salaries TO
support these national banks, and
Mir. Sumner proposes TO increase
the cost Of these s%uperauous in
situations 10 millions more than
the whole revenue from such in
comes.
This drain upon the internal re-
sources Of the country must in
crease steadily. But It does not
follow that this Is disadvantagaous.
The Senator, then, to use a home.
ly phrase, "has the wrong bull by
the horns" The forty-two million:
which he proposes to take from
the Treasury for the benefit ofthesC
national banks should be taken
from these banks for the benefit o
the Treasury,
UNITED STATES DoEDs IN EUROPE
The London Times says:
According TO recent statistics thu
United STATES will continue, by thu
remittance Of bonds, to pay for al
excess OfimportatiOns from Europe
at the rate of many millions ster
ling per annum. The primCipa
; financial writers Of New York ant
; Philadelphia, from time to time
, urge their readers to consider how
: long this Is to 60 OIL.
: To merchants and capitalists OF
this side the question is equal.
m~OmeAtOUS. A transformed o
D several millions sterling Of bond
from American 10 European hold
= ors amounts simply to the fact rha
( for every future year the United
; States Government must remit L
; Europe a prOportionate sun In thu
shape OF interest, which, II tn
{ bonds had not been sold, woulI
have been payable TO parties a
home.
| The bonds sent to Europe ar
r sold, not given, to the takers, anC
, the point Is, do the American
I get u commodity in return lha0
may be equal in annual productive
power to the amount of interes
they have agreed TO pay in cOnsid
+ GRAFTON for II? If such be the cas-
I there will be no injury to eithe.
party,
5 If the money received from En-
rope for the bonds were expended
{ in improvements in land, in tn
r construction of profitable railway
r or other public works, or in thI
importation OF labor, the resul
from augmented production nigh
not merely compensate for the pay
a ments to be made, but yield aeon
s%tantly increasing surplus.
= The N. O. Bulletin has q gool
=. article on the approaching reaction
c in prices 1t says. prices have gon
: to an excess in one dlrection-up-
now they will go to another cxccs
c down Ii this DO the correct sur
misc then let us be prepared for
{ heavy decline in tho price of Cotto.
q after this crop. Cotton will 60 dow
= because of an increase in the quail
;. tity, or because Of a great decline !
z tho demand owing to Il materiu
u contraction in manufacturing. Nc'
) England manufacturing stock ha
It deprecated II per cent. within
i brief time.
It 1t is thought that Germany wi
If readily take the new AZ per cen
loan. There has been q decided in
&C proyemcnt in the price of bonds.
r The financial policy in prospcl
exCites much discussion as our c.
tracts show.