, 1869-12-01
AND COMMERCIAL,


MONETARY.
TCEspAY EvKHIN0. Nov. 81
The nrst Of tho many plans for "specte 1e-
sumption THAT will be psttentcd to lhe coming
Cougress Il before ug. viz thai OF Geacsa. Gar
neld, Chairman Of the Committee on Banking and
Currency. A Herald correspondent hu inter.
view ed the General, and through thia UtY5E me-
dun We have tue following announcement Of
the Ge1ef.ls iuteusionI: First, that he "tntends"
to make the Committee on Banking and Currency
the committee which shall shape the financial
policy Of the House, position which, tho HtYan
assumes, has heretofore been usuTped BY the
Committee Of WaJ2 nnd Mcans; second, that he
has p:au for getting back to specie Resumption
OF grcenbacks, and that he means 10 introduce It
soon AFTER Congress- meetk. General Garfield
stases that he IL In favor OF a
contraction Of the currency u measure concur
rent with lis "plan, !" but that his mA!n rellauce
for \ restoration OF q gold standard OF values,
and OF resumption OF fpecle payments {oy which
we prtEufne he meAns redemption Of gtcenbacks
nj pa1), Il the plan which he has EMBODIED tn 4
bill already prepared for Introduction Into COu.
grcns. aud OF which be furnishes the Ktr1I =
cory. The whole substance OF this bill Ia tha.. On
I certain date, the Secretary OF tho Treasury
shai beE:n to pay guild at a premium o. ~ per
ccEt. fur any 2rCenbacks that may be presented;
In other Words to buy greenbacks for gold at ses-
ehty.Geven cents on the dollar, and thai on the
LAT oi each succeeding month, the premium on
the gold shan be reduced one per cent. Tn4t Is:
that for onc month, the Secretary OF
tie TEeasugy shall buy AIi the srrenbacks
presented al II cents on the dollar; for the next
n,onth he shall buy al ~ cents on the dollar;
for tic ,htti munth q. ISL, cents on tho dollar:
for the fourth month at 7si{ cen,s on the dol
lar Ard 60 oo, until, at the end OF two years and
1ve month";. the price OF greenbacis would be 1Vo
{. MS on the dollar. This il the substance OF
General Gatncid'a plan Id morn concise and intel
lRiN'e thapc tLan he has II IN bis hilt We eas-
peel, loA escr. Tint the General has got his ca1t
oetore hlS horse, and that cuntrdctioa Instead Of
telrg Me.ely desirable, concurrent measure IL
LIE Essl nf his plan. II this IL not the cass, his
plan Il only cskt-oN iallacy, which
mAs thoroughly discussed during the
last fes.Ion OF Cougsrts, aa,l has
he!ther merit nor originality 10 commend
IT, The profotal to permanently reduce the pre-.
mum on gold BY monthly reduction Of the rate
III which the government will sell, IL m as.urp-
Ion that the Treasury can permanently control
the price Of god. II this were true, there would
he 10 question about specie redemption Of tho
XreelbxckP, the government could resume
Whenever It pIeased; but 1t Is not lrne- The GOT.
ernnent has heeu ceiling gold for the last four
years. without permanently Eet3uE1n0 the r.lce OF
gold u. Ill. By that means, and all that no = makes
the Rrsdusl decline in Its price, Is tbs cheek TO
tho expectation Of II, caused BY our great increase
Ut olhet exports and our improved credit. In fact
General GRrteldI plan Of selling gold st
more reduced premium each moath,
would only be made poss1ale By The
continuance OF tho decline ia gold from the uthsr
caute2 We have meLnoLel; Ins General haa svi-
dently mistaken the letsar power for The greater
The Hevuid article puypors to be = yt7batim ae-
count OF General 0stteld.s expressed sentiments
and lEttnt.nns IN 1ecAso to specie resumption,
AID thai journal tntoWs n ~ sort OF An aside
communication OF the Generals understanding
and mental grasp Of the subject, tAst "he has IN
unnsIalJ largo head" In tho Hfrali Idea this
msy be quality requisite 10 the mixing OF 4
nhanciers though We fail 10 aee any evidence OF
that character IN General "Gnsoeid4 plan" as
presetted BY the UeFch. There Is one
other point which shows that General GARFIELD
has very forgy notions about the didercnco be-
t7ecn tie resumption Of erec:e n . STANDARD OF
valoes. and The sezy different th,tc OF redemption
OF EreeIbacis IN spec:e. The General Ii reported
as snyNg:
"Chlcf Justice Chase has Alwaya bcllessd that
or:s!on slice the cloIe Of the wAr lie fegatd4 The
!tRal-Tet,!et act rs war measure, not Intended
s1o an.thirg that Hoald suddenly unseitle Talaea
antl cltate great 1Lanc!al dlstreat That Is what
LG!csc = sudden resumption o! specie payNcns4
wonld DO. Besides. when we rcquuc want Il 10
tt .!oLe IN 6nch way that We shall not b. COM
rslirh 10 suspend again.
No one who knoxt the eminent ability OF Chief
Justice Cha.c will suspect him OF bcltcyin: any
kuch Eonscnse a. that We could in tx weeks he
gin tie redemption OF crcenblcks In goll. with
any prospect Of eoutinuAnce; yet that Is what
GcEerai Garfield = above reported fcntlments eI.
rress, In tho1, II the Herald has reported Gen,
eEal Garfield correctly, the idets Of the ChaIrmAu
Of the noute Committee on Banking and Currency
NTc In complete muddie, Notwithstanding h!l
"upusuAl,y large heal
II may be interesting to snow the exact effect oi
the recent decline IN the price Of gold, on tht
rs1ce OF wheat IN thla MARKET ~ compared Httr
the sane on the beginning Of The unnth- Q,
| November !, No. 2 wheat sold In this market a
PC Currency. the price Of gold being on that da,
tssh. a1 which Price GrcenbscEs were worth -:
| M: II burtei OF No. wheat consequently wort,
;l...c n 1o'd. To-day the sauc graIe Of whea
SOLD Tor sc IN currehcy. Ard gold cios.d 1t 1e7t
At Nhirh price greetbackl arc worth sls.c In soI,
en the dollar, and hutne! Of wheat consequeatl
worth friction over H'sc'u golt. It will thu
he teen that the decline In tho cut
reney Price Of wheat s!nee tue te
| 1nbinE OF the month, corresponds TO Ii
tsec:ne II the premium on gold, 1nd that II
price OF wheat In real money has changed scarcel
any. From this illustration It can also be see
how 30 active export OF products, by checking II
export Of gold, and cAusipg = decline In the rrt
MUM, causes the appearance o! the parAdoz
that large ex1orts ot products cane dtci ne /
lhcIr pricc In ons markets.
TIE local money market exhibits no apect.
| chzpcc- MoEey continues 10 work very close
| atd the hacks lend " no1e but lAgorte custom
| er.. The tcpplS CT currency tn this market va
Erch more ample to-day than for several day
ras'. the receipts frpra New York being large, m
The country orders being light. ii they usually a.
| CT Tuesdays.
Exchange WAS crmer, md sold between baut
at par. Al the counter The rates continue u1
changed, b7nkc1s sell al par md buy nj sl-oo ~
s1,HN on
Duelcess 1t the Stock Board WAS onlJ Iontn;
tod2y. AZ the public have free ncrcss 10 Ii
ttRnatIg room nuss:de Of tie railing, good ma1
pe1so1 with speculative rrucityltics, drop IN I
Ere the thoN, bet thus far, have not added nus
! 10 tLc buAlurss OF the inst tuition.
The following tat!c gives dca.c1s' quotations Il
huttpK pise1ilng government uonda, socsI stock
gold, ard silver, IN this n,attet, this Altetnoo,
the seHl nnhual interest periods Ct tho Ease
States bouds are Rleo gtsen: