, 1869-03-10
FINANCIAL AND CON MEKClAL.


TCEspAT EvENSo, Marc4 Q.
An article In Putnan.'s AdQ1,ias for March. en-
titled "The flsln Path to tpecie.' takes The
ground tha. hceautc most Of the debts nov out
etaIt1rr verc CONTACTED when gold ~as at IN
avtrogc premium o1-ssy 1ss-only IS cents IN
EoId il equt:kbly due on the dollar OF Ertenoitf
tndebtk dCcet. Startling from ihls point, II a.
fuues that The WAY to get back to specie
baste Is for the government 70 issnc new green
backe At the rate 0! f73 for every f10o OF taose
row outetard!ng.'wh new rseenhacks ehtl be
sedcerab.e expressly in rold on demtrd> The
writer in [uiham asspmes that these now frecn-
backs would remain a. paf with gold, because
they 1sn payable tn gold On dcman1, And
cites the eKanrlc or s.he Tfeasury gold
ct.t!3cstts. which atc prcmltea 10 pay gol1 on
dem1nd'' and Ate at pns with Rold." WIta-
ont II prrsen. taking Into confederation the ques
ttuu CT cf1cpndtatine p per cent. which would re-
suit IN The application o! this principle to the pay
ue.t Of the borts II Is plain thss these now 13s
rrecnbacks would rot retain the vaiua Of cvcn Sc
ia gold. 1he 7rca,nsy gold erstffca!cs are wa1th
/ pas In eo,d bec4use the holders OF them kno1
,h.t the sod II IN The Treasury 10 redeem them oR
en- demand, whereas there won!d rot b. cnouzn
I gold In 1hs Treasury oFer and kbofe what IL
pltdsfd for in:e1e.t On the public debt, to pu
! pce4cnth Of fhese Is: groetbac8s. Everybody
would know this, md the &c ertcrbseks would
con. eqneutly tiuk to about 80 csn's. Amer thin
| va. maintained Jen q go the fTfnfna w'1tef
! would say hat 60 cents was al th1t waz
rno.ally dus on TIC outstanding de5te, and that
another rev sr7ecahscx p3edgtoR 60 cents II
! pold tnstcad OF Is. ehould be Issued, and
sore should 70, ntep by step, until e.ecueaeks
ropld be worth pothinG. hceause, being ~hpilr
I dependent upon government ersdtt, they would
dCprceiAtc every time the government aHtIapted
70 "eca1e" them. We arc surprised to had 80
erndc financial srsc1e In magazine other ~tsa
! 70 coed a. P4< t1u1, except rpon the tneo7 thst
everybody Ia privileged TO bluudcF IN Discus
stcns O! anAtee.. II ID one degree wotte than The
theory Of tho Clnclcnatl Gskstl<, which, while 1t
] p,opoees to eettle - : cenH tu gold
! on The dollar OF Indebtedness In grccnoatks, pro
poses 70 do 70 by debssips this coinage IS
per cant and tteutng coin dol.Ats worth In
| rinsicz.ly only rs ecnu, thus chAuEtug
> | me standard dnl!tr from 100 cents 70 =
ern:s- Now. wtthon. going tn:o the tctais o. MI
the .t,ets Of this last r,ode Of seprdAtou, 1t Il
sufficient ID siy lhsl within the psit two nou!ht
aiorr reatlf tfsJ millions Of OFT bonds haze oee1
j.. slipped 10 Eufapo and tlken, either rs Irvsat
uuents used as col1asesa.s upon which TO borrow
: money. The propossl BY Congress to reduco th,
!, ectn collar 10 &c would affect both the pnrcps
aud the pttfrst Of there bonds. 80 Is to inenseI
!; dcrrre1ate thclr value. TIE borrowers OF th'
:; muneJ wuu'd ce required II once to make thet
+ col olatert!s good. This would ueee.slt4t
j. large exports Of ko1d, which wou1d advance Il
J. | pt1ee. \ noot OF bonds wuu1d be shipped hacl
{: to this country. They. AID K1ecnoAck1 w1u
: Il en-, would delree!ate in vilue. and the reaul
. would be grand tpanslal snaeh. 10 which r
:. should ret back to epec,e hasis with the 1p4s
;. The ustonkl e.cdit and BY "p111n PATH stzuve.
J. With The nrarcaal wrecks Of TIE bustnets Of th
country. There Ia no policy in hn3ne4s 20 wise 4
u I eta1ulrg by u1e's bargains, and p&ytnE ali tn
! / WAS sg1ced to be paid.
= Tho demand for money in the local market
nod, rs.eJ seufe, though it Il fully equal to ii
ability Of The baEks to meet 1t, - the.s enrpla
+ d lcat able funds is. In general quite low. The
u sre hov sref. accommodating Ill OF thaie tcgula
oepp.le.s At the rcrpar rates. and tbs tiehsness
a uprt5 10 fit principally " tpter'ktort and ba
u rowtrs who have to resort to the oatside naske
% The thlpu, nts OF cu,reneJ to the euun,sy We,
y about tqul To EefterteJ. A good desl OF VIII
gees oct now goes 10 the whez-rsisfER feEior
!; Of Nontern Iowa aud souttetn Minnesota: Il
4, nstc1iiy, however, YET goes 10 po1n.s more neA
:. vesy md southwest from hare.
3: Exchange va. dr1ues today, thoaeh Tbs n
/: vk.7cty .r7ecuiaf. Stlts were tusoe oet~et
Is b.nk1 in the motrirE !: SIC per tl.hD dlscoa1
:, II d IN the n fefuoon some Wafo askanS asS p
x1u0 premium. Ssles Wesr mAdc In TIM All
uoor At Tar. which seemed 10 Be lhe E1oes setth
10 | .s:e II .nc tosa Of euslnees. Bankers rates
J; hns1cess Al TIE counter remain unchanged.
y | 1.1u premium eellins md Ito discount bosirs,
:: Government eoncr have advanced a12tn In le
y dar 10 day. 70 s.. lhe s:fetsih Of the appass
10 | disnos,tiop OF tne ptesent Congress to pass
be ~Putuc Credit b u which II virtually lie 81
:" NJ general Sche.ck's b, in The last Csnxrc
be ! 1he decline N GOLD, however, Eiree ycssefd
I'd morning, II balHeed a2ainat The aovanee
'c rords NO thsln Nav York quotatocs iof
1l' ,,,rcr have cot advanced IN proportion. Al
n n hands oc ,sc list except the laslf heins gao
III s.mc \. II ,hr eloss Of bustress ycst.rday
IL I,-,ir,s. uosst1nns lor puJtrT and fel!InE u
ca mInt Borte L,al sto:ks eola and Silver