New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-11-30
ON CAR0NpELET STREET.

| 0N CAhUNU6I6I eSIkEEI.
| Secretary Boutwell,, i is now given out,
has a new patent plan for returning to
specie payments, as the equalization of
gold and currency is called. We are not
| told what it is, but, whatever it may be, if
it contemplafes any interference with the
operation Of causes acting either for or
against such equalization, it is sure to
prove either pernicious or abortive. Dur
ing the rapid fall of last season, we took
occasion to show that the decline. as far
as it had real and permanent value, was
due, not to any measures or policy Of the
government, but to influences over which
governments have no control, and that
those influences would probably continue
to act for some time.
The final result would be return to
specie basis, and this status would be
maintained as long as the causes which
had produced it should continue to oper-
ate. But those causes being beyond
control, it follows that specie basis
would be liable to be at any time dis
turbed by countervailing influences, such
as short crops and great wars. One of
these causes has come into being, and the
result was to cause rise in gold to 124,
and to check the decline to the specie
basis point for an indefinite period Sec
rotary Boutwel's policy appears to be the
same now as it was last year-that is the
conversions of the surplus treasury gold
into bonds, which are thus taken up by
the government, and paid in advance of
maturity
This plan does diminish the debt and
lessen the interest account of the govern
ment; but at the price of large present
payments, which may weigh heavily on
the industry of the country. Thus far, to
adopt the resume of the Chicago Tribune,
the total reduction of the funded debt is
about $165, 100000 since March 4, 1862
The reduction of the interest charge on
this is $3.50, 740, leaving the total of the
gold interest liabilities of the government
at the rate of S114, 1884, 1879 per annum.
The revenue Of the government from GUS
toms for the fiscal year ending June 30,
1871, WILL it is estimated, be $3.50, 900, 900
in coin, thus making the surplus for the
year invested in fye-twenties, $40 ZOO, 900.
1t is intimated that Mr.. Boutwell, hopes,
by the refunding of 5000, OOO, 900 of FIVE
twenties into the new five per cents, and
$500, 900, 900 more of five-twenties refund
ed into the new four and a half per cents,
to reduce the annual gold interest obliga-
tons Of the government to 500, 900, 900 |
within few months, thus leaving sur
plus Of from 100000 900 to S9O,O0O,O 900 |
of gold from customs to be applied to the
extinguishment of the debt. AS far as
this policy looks to the speedy refunding
of the present six per cents into the new |
five per cents and four and half per |
cents, authorized by Congress last July,
it is pretty sure to prove delusive.
Yesterday the Citizens Bank sold a lot
of $4,000 sight exchange on New York
at discount Sterling was worth about
12O.
The stock market was fiat. there being
no symptoms of any renewal of active
Some of the speculative
stocks fell off materially. This was espe-
cially noticeable in Calcasieu and Sugar
Shed. The former sold during the day,
and after the Board, as follows: 10 shares
at SIS; 20 at S14; 20 at S13 50, and Is
at S13. Sugar Shed was offered down
to $40, and in large lots, 1900 shares
having been offered at the Board at that
figure.
Slaughterhouse seems to be steady be-
tween SIT and $18, but we heard of no
sales.
State warrants were sold in small guam
titles at 71I.
The following were the offers and bids
at the Board last night: