The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-11-28
TREASURY POLiCY-THx MISTAKE.

To THE EDITOR OF rHR uERALD:--
We are pleased to ind that another morning paper
has seen the folly Of onward specie policy, and
the Secretary has so far yielded TO say that the
time has not come when such . thing win be feasi-
be-" Thus encouraged VIC may proceed TO lay the
truth OF our position before the public, with good
ground to hope that we snail satisfy the honest n-
teliigcnt ana patriotic members OF Congress f any
such there bel that coined paper has not depres
ciated In value. but that foreign demand has put
premium on gold.
Mr.. Greeley says "that there u nothing needed "a
effect resumption but the Will. Resumption involves
asarinkage OF nominal, not real values. That som0
must suffer. anyhow. Resume at once and ell nomk
nal values win adjust themselves TO the new basis.n
This Is the proclaimed advice OF the wise aud Astuta
editor OF tina leading republican organ Of the party.
Let US see whether this lcaler Of tho blind he NOS
blind himself. and therefore likely to tumble hia
party anu himself into the ditch.
The price Of nve-twenty bonds in London yestcrs
day was 81; the price OF god In New York was
26S. Add these two sums together aud you have
llo,S. The par OF exchange Is 100. Tas charges
for shipment interest. insurance, &c, win mako up
tho difference In the two marxetA Then We
deduct the difference on exchange, which u nine
per cent from the price OF gold here we have the
true premium on gold here, which Is Tx. This
then, Is the real difference between gold and our
coined paper now. This is tho grave and serious
curse that our coined paper Ii charged with having
inflicted upon US, and that involves the necessity for
sirlnkase OF nominal values Mr.. Greeley now
tue price 1t was sold at before the war. II vi
deduct this seventeen ana turee-eights per cent
from currency value, does ne Intend 70 reduce tue
price OF his paper To two centSf Do the members
Oi Congress and the great NUMBER Of oihcais wnos9
salaries nave been doubled during The war propose
To return to anle-war pricast DO we See or ieel
any changes IN tae expenses Of the federal
state or city government since gold was
y constant pressure for increase OF salaries AND
charges in every department., wne the price OF go0
mas gradually decAned. Salaries and otner charged
upon The people WAL not decrease But a. tnere "
nLlle further chance OF an increase III salaries
ana natural that saiaried officers should
wish To put down the price OF what they need 10K
support and put UP the price Of what they receive IN
payment
iaere mas been shrinkage Of the price Of gold
from 80 ly3s; but, Mr.. Greeley, there has been
no sninkage in the price OF your paper or IN any
otner articie IN dcmlnd II The price Of your paper
| did not shrink under Deduction OF seventy-nve
per cent how can we expect It " SHRINK under de-
! ducuon OF seventeen per eentY lour ngarea an9
al your caulati0ns and predictions are baseless, Rno
| DO you Know, AIR. Greeley, that to be consistens
you should ask Congress TO destroy the nine per
cent now existing petween our con and the coin Of
| England untl you procure this 70 he done we
| snail not stand upon the level you propose Win
lnis You complain OF our coined paper why do
you not complain OF our add erated anu oepre-
c1ited gold CON III one - Cd ectloHdDlc surrey tno
| otner Is. You do not tell u wdat advantages we
| Will gain by your process OF snruKage. As you do
NOS favor US on that subject you VIA hardly OBJECT
DO you Know, NJ Greeley, that ct the close Of
| every fiscal year since 1851 there has renamed
against q balance on the account Of exports AID
| lnportsY DO you know that nothing but the pro.
ducts of the labor Of our people can pay debts Que
| In Europes DO you know that for TIE last fiscal
year ending on June 80. there balance against
more than $50, CO., ooo whoa " less tnan for
| any former year since 1S6lf Do you know that We
nj IN
debt by sending " Europe the bonded debt OF tue
| unIted states. IS well AZ . large amount OF state.
interest, and which, with absentee expenditures.
amount to more than $3.50, coo ooJ per annumf Do
you know that the price OF gold And exchange 10 now
kept down to per cent " the c0nlinu0ua
purchase and shipment OF our bonds 70 Eur0pef Do
you know that the interest," to be sent forward and
| price OF gold and exchange 70 80 II the snIpmens
| and sale VI our bonds could and should o. stopped
these are facts Now who would be benenISa p
| your planY The buyer OF exchange not tue
| seller. Par OF specie makes par VI exchange. The
purchasers OF our bonds III Europe at the price Of
sell them 10 our Secretary for 100 in god. rms =
the great advantage you would confer IL $780, 00e ooo
IN god were lnro.n ON our market lt could have
| but temporary elect. The premium would run
down, as the supply may be too rapid; but the de-
mand at par would soon take IL 70 Europe, and
exchange and gold would run back to higher pre-
1 mlun than before.
| Gold viii go wnero the demand is greatest. Ana
until send to Europe the fruits VI the ton OF our
| people 10 The extent OF deDt there gold must
| dow that way and DC at a premlun nere.
You nave encouraged aud are now encouraging
fmportatlons and trying 20 aid the Importers winnie
you favor protective tar,n. Ihs h your consist
ency. You are carrying wafer on both shoulders.s
You are encouraging our secretary TO make debt
In Europe and tnds make pay tribute to Eng.
land How long could England maintain her lnue-
pendence II she owed her paOllc debt 10 our bank
ers nsre2 Fie upon you, AIR. Greeley: to wish TO
make our great, pch anu proud nation tributary To-
LnRnsh Drokers Unui our debt snali be paid to
these English brokers must dispense with specieS
lor II belongs To them a4d the laws OF trade VIII
give It ~ them. JONATHAN ULUBuCK.