The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-09-09
poet to witness a reconciliation which Fenian-
ism or Orangeism could never accomplish,
and which would yield to Ireland a harvest OF
tranquility, prosperity and peace.

The Telegraph as n Financial Agent.
or all the surprising effects produced by
the magnetic telegraph, none are greater or
more important, probably, than the revolution
it is destined to make in the financial opera
tions and affairs of the world. A great change
has taken place already for where five or
more per cent used to be demanded for bills Of
exchange on the transmission of money between
one part of the country and another, or between
different countries, before steam power and
the telegraph quickened communication, much
less is now charged. But we ara only in the
beginning Of this financial revolution. It is
only quarter of a century since the first tele-
graph wire was put up, and only few years
since ocean cables, connecting one country
with another, were laid. When the telegraph
system becomes extended and improved, and
communication facilitated and cheapened, as
will soon be the case, the whole system of ex-
changes and monetary operations must be
revolutionized. The new invention ofautomatic
telegraphing, to which we have referred on
several occasions, and which, 1t is said, will
multiply communications eight times or more
over the present mode of operating, is
destined to produce extraordinary results.
Indeed, it would be presumption to make any
prediction az to what future inventions or i'm
provements may do in facilitating and cheap
ening telegraphic communication
The time is coming when all the large none
tary operations Of the country will be regu-
lated, probably, at this commercial and dnan-
cial centre, from day to day, just as the transac-
lions of the city banks are adjusted every day by
the Clearing House. The effect Of this will be to
lessen considerably the necessity for currency.
Transactions here to the amount Of hundred
to hundred and fifty millions week are ad-
justed each day bya balance Of one to two
millions Of currency. Apply this principle and
system to the whole country-and it can be so
applied by the use Of the telegraph-and we
shall understand how little currency or money
comparatively will be needed. II we estimate
the financial operations of the country at five
hundred millions a week-that is, upon the
basis that those Of New York amount to
about fourth of the wh0le-from five to ten
millions only would be required to balance the
account daily. Ofcourse we do not take into &C
count here the currency needed for small change
in the little every day transactions Of trade.
Still the volume of circulation must become
much less through the extended use of the
telegraph and general clearing house system
for the whole country. In view Of these great
changes, then, how important it Is that the
telegraph should be under the control Of
government. A mighty agent like this, which
is destined to operate so universally upon the
business, property, condition, intercourse and
social life of the entire community, must not
be left in the hands Of q monopoly or private
corporations. Congress should without delay
take control of the telegraph system through
out the whole country, and manage it as the
post Offices are now managed, for the good Of
the public.