New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-11-05

ham
only Intervene needed protect them from canseeSs
depreciation abuse before they should DC wen M
Our United States bank notes formerly circulated III i
rope as do those OF Banks Of England and France 10
day Large shipments OF our present greehp
canning mmgrants In the surely coming time OF inter-
national assinated decimal currencies TINS leaLuI1 VI
nations In connection with this plan Of triple cur
rency it is often asked why the money OF & u
pay reply TO this f. that frankfort win s n SeT
In Prussia with Berlin, and Prussia Win ntsnt hT
OF conforming her currency 70 the Ihtefnationd
decimal standard Austria has done the same ana De-
man currencies will give place to common standard IN
all continental Europe OF when dne franc VIII DC os ns
be badly matched with dealers skilled IN al the mystic
Tes of exchanges" will lose its cause when all mystery
Of exchanges shall have been solved and the
Treasury agencies with clearinghouse Of known reput
and wealth at the Few great money can oS p%
reimbursement at EewYOrk and San Francisco by cable
transfer from subTreasuresl being well known, ana as
entirely under the control Of the treasurer 10 Va any
other plain purchaser. .. f
. ALL OBSTACLES BUT TEMPORARY AND LOCAL
They also speak of the present aspect OF our money
market not being such to excite sanguine expeca
tons; and in the city article Of The London Times OF the
18th inst, find the following The gold gambling IN
York produced uneasy feeling with regard 20
all financial affairs in America, and has caused business
United States bonds to be much RESTRICTED luis stase
TO be matter OF universal surprise that MI B0ntWen
should think such moment Opportune 10 IneulIaoe a
reduction OF the interest OF the debt by free CONVEX
sion" And similar reflections are by no means uh'
frequent .--..u.. % and
friendly as well as preudieed minds so Influenced Dy ue
nearness Of obstacles entirely local ana temporary az 70
excite basty Judgment and criticism The action OF con
gress tlrongh its committees, upon the policy and re-
qurements OF the Treasury Department uenanus p1th
time and The opening OF this policy, ana OF me
searohin0 discussion upon 1t which Is needed ana invited
does not necessarily imply that Congress VIII lnlei
atey act upon IT. for although many are personay c9
ynced of the practicaby OF these measures upon the
grounds and terms now set forth we wish 70 P,eveu
rather than 10 any hasty action IN ordet 10 &C
compsh these AIMS the mind OF the public Doth DOT
rover and lender here and elsewhere has rst 70 DO
pared for such important changes; ana we CannVs gu
tirely fail of our object for shall achieve something
il we prevent funding Of the debt until 1t can Dc Done
at four per cent or less .... D.. .
EVIDENCE IN SUPPORT OF FOUR PER CENT RATE
In support of this position cannot expect or wish
Secretary Boutwell, from the very necessary reserve OF
his policy to declare himself definitely and we can only
surwise what he means when he speaks or not
e1DreSse9 opinion Of the Hon Charles Sumner and the
Hon. Robert G. Scheuck Chaifmen respecuNeH VI
the leading COMMITTEES in the two Houses OF OongIess
who both insist upon four per cent anu wOSo d
have not been expressed without ong couFc'onS anu
We nave also ample unofficial support from all sides,
among which Is the quotation from The London EconO-
Opposition Tn. London Economist says: still it ought
70 be well understood that rich ana growing cOnlmun
ties like America and England, really nave thelr ehor
mons debts under command and pay them on. bar
ring accidents IN very few years they choose 70 posi-
that in our own case at least without ieenng tne
Ogs@an az apV rate the United States should be able to
borrow at four per cent; and until tins IS accomplished
the financial administration or the Gahn0t pe
entitled to any very great credit" and 1he b0rd IN
reprnng the article from which this Is an extract IN
dorses The Economist very Justly as Dy lar tue aplest
financial minds In England Further evidence can be
multiplied, but is unneeded. with determlhasloh we
cent no,r can, but with the same de-
termination not 10 do more. .....
THE SUMMING UP. .. Lad.
The current view OF this whole subject from abroad Is
~. IA a.. Tos,Yo, Tt,rso
OF the 10th inst: ...
1.-THE security OF the Americans public faith Is excel
lent but their liability alter the terms Of the contract
against the will Of the creditors would render ther pesi
courage 10 permeate the Union is that bargain Is
bargain and that sufficient reason why one party is
arrang ements the faith VI its being kept"
We complain OF Taxation at home, and do not the
enormous which upon these grounds capital lmpos
ing upon us from abroad We complain OF our foreign
tradedebtor balances and do not that they arise
from the causeess sacrifice az omrdS 1ee or less oi
our exohan values, which Just as much represent
our labor do other exports OF Cotton, Corn, or
cold upon the future crops OF which they are fact
morgages This general condition OF things Is the result
Of misundersandng quite as wen as o. Popular DllDd'
and enemies or financial parasites must no longer
IL il curious to an impartial ookeron note that while
party proves that specie payments must precede the
latter must precede the former while third in
ssts upon the priority Of some other OF the many Vexed
questions or the day. one WHO We AL
aim the good but from naturally differing mes.
tai sandpOnts would be puzzled TO understand or arrive
~ anything The way 10 reconcile and harmonic these
seemingly discordant views will probably be found IN
the as nearly possible simultaneous action OF
Congress upon the points at issue. We may
meantime, look forward with hope and conf
dence 20 the Funding Bill which the Committee OF Ways
aud Means shall wisely prepare as the result OF their late
experiences m country and those OF their able Chair
man his cOtempOraneOus travel IN Europe; and TO
simultaneous reduction and redistribution OF our pres
ent taxation leaving the currency questions TO force
their solution co-incideutaly, and by their own
acceptable TO you and to the public and help to stmu
late this discussion until It's points shall be made clear 70
all, | remain, respectfully yours, CHARLES BowLEs.
FYuh Aretue Hotel Nctc- York. Nov. l. 1869.