Vicksburg weekly herald. (Vicksburg, Miss.) 1868-1883, 1870-03-05
TIE WEEKLY HERALD


Gold hes been steadily ana rSnidIv
dropping from an 4 70 q cent 4
day, until Il has az last reached
1l5, the lowest figure at which Il
has ever been quoted since the
commencement Of the issuance OF
greenbaokB. This decrease IL un.
accountable upon other ground
than that In consequence Of the
general use Of greenbacks in the
United States, the greater portion
OF the specie has been driven out
Of the country and into European
banks, where Il is now seeking safe
investment, and none seem so f1-
vOrable as American national seen.
rites. Besides, the Secretary Of
the Treasury has been steadily
emptylng his $2,00U,0O0a week. into
the market. The, result Is that
commercial men are perfectly
aghaSt and many of them assert
that we stand upon the brink of A
horrible financial crisis. The de.
crease In the value of gold has of
course had a marked effect upon all
commodities, but IL would Of
course have been ruinous to have
attemptedIto keep pace in rapid
ity Of the decline in gold. The
most appreciable effect has been
observed In the cotton Market
The price Of gold is the pulse bv
which to regulate the price Of cot
ton ; and as q consequence cotton
has been tOppling'with great ra-
pidlty, and we are now compelled
to declare that there is no demand
whatever for cotton In this mar
ket.
The new funding bill authorizes
/. That S4OO,OO0OOO five per cent
ten.twenty year bonds be issned
at par for gold or for present Ave.
twenty year bonds. The gold Ia
be used for redemption Of 1--WE.
twenty bonds.
2. That S4O00OOOOO four and =
half per cent fifteen.thirty wear
bonds be issued at par for gold OF
any Government debt bearing 4
higher rate Of coin interest.
3. That an unlimited amount O,
four per cent twenty-forty veal
bonds DO issued, as the Secretary
OF the Treasury may decide neces.
sary, IN exchange for any Indebted.
ness ofthe United States, including
legal tenders. go :
I. Total exemption from taxes.
0. That coupons be paid abroad
as well as here.
9. Agents to be appointed her,
and abroad 10 sell and neRodat,
the loan. and not more than / pei
cent to be paid them.
z. Reserves $15,0OO eDch year on
of import duties to payment of in,
terest and reduction OF pnnoipal 0.
public debt. Bends now or here,
after to be held by the Treasurer
IN the Sinking Fund" aad%SpecIa
Fund" shall be cancelled aud de
stroyed.
8. After October lst 1870, n,
other bonds than those under thi
act shall be received AZ security FOL
National Bank circulatiOnA An,
two-thirds of such bonds must b,
Of four per cent issue. Existini
National Bmks. must EithdraV
their securities and substitute
bonds as above.
8. No bank can receive owe.
eighty per cent Of the par value O
bonds deposited. d
10. ANY bank can pay legal ten
der notes TO any amount to tn
Treasurer, and receive circulatin.
notes therefor, based on the fou
. per cent bonds, without limitation
and said legal tender notes shall b
cancelled and destroyed.
The Economist quotes a CON
ment Of the N. Y. Times upon tn
Legal tender decision, and says:
The obvious meaning Of th
Times Is, that the Supreme Coui
is to be packed by Judges pledge
beforehand to reverse the decisio
rendered two weeks ago, and tha
the President and Senate of Oh
United States are 10 be Tie agent
for Carrying out this schemI
When it Is considered that tn.
proposition comes from q journl
that has been conspicuous for II
advocacy Of q pure Judiciary, an
thatshas even gone so far as to prt
pose Vigilance Committees on
Lynch Law as means Of remedyiu
the corruption of our local court
it IL the dnty Of the press te raise
warning voice. This Is the moI
essential from the fact that othC
journals outside this city, aad CO.
respondents of influential paper
probably following the false lea
Of the Times, are also preparir
public, opiaion for q reversal OF Il
decision By changing the charact'
and composition Of the Supgeh
Judiciary.
The srue policy for Congress AZ
the GoveFnmentlis , to set 70 RoI
10 clear away the debris Of the Il
cOnVsriiAlba Aaper m0Bey, tand. 6
tahlish, e soen as may be, Q sO1T
currency, Convertible on demaE
into specie.l 10 would, Be far bett
10 do.lhIs than 70 attempt 70 TesoiE
q deelsion asinst which 20 obje
tion can b Urged on the score
principle OF equity. In no evel
can IL asqlaln hs altered for
year or two. Even II the eupreu
Court could be made to stulti.
ITSELF and disregard its own deCi
ions, Reuld Be necessary
maintain appearances, and comp
with The terms nfi4W. The &C.
would have 10 be argued ov
again before the new 1hdEss, 81
s6.n = aaa fntnrvnl ahNnlH ha Z