The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-07-19
The Senator's Speech on the Admins
tratiOn's Financial Policy.
prSuMrTIoN 4 OF SPECIE PAYMEaTs,
Why the Government Cannot Bring
Paper Up to Gold Value.
THE EXPENDITURE AND PUBLIC DEBT.

ALBANY, ~ -! jury 10, 1917
Tweddle Han was well ille0 tonight, to hear
Senator Fenton On our, national finances
The meeting was called to order,
and on motion ex-senator Ira Har-
ris was made President. DR.. Swlnburn
however stated that owing to illness, Harris was
detained at home, though he heartily sympathzed
with the movement. EX-State Senator A. j. Calvin
was then called upon to preside, and large num-
her Of vice presidents and secretaries were ap-
pointed. Calvin in taking the chair, briefly adj
dressed the meeting endorsing ana sustaining the
movement Of liberal republicans, and the union OF
democrats with them.
Senator Fenton was then loudly called for and
came forward amid enthusiastic cheering.
SPEECH OF SENATOR FENToN.
FELLOW CITIZENS My subject Is not ono usually
chosen for popular audience in political CAM
paign and while do my best to make it lnteres t.
ing and useful, l beg your Indulgence and patient
attention. 1t relates wholly to financial questions
OF public character and prefer to begin by giving
part OF the thirteenth resolution Of the Philad,l-
phia Convention, which Is as follows:-
We witness with pride the reduction OF the principal
and O. re h
will be perfected by speedy resumption OF specie
Why expect speedy resumption OF specie pay
mentf Upon what principle or plan may IL be eX-
% fnen the Of oa
lem, at least TO casual observation; 1t is
the most complicated in the principles under
simple and direct. However difficult it may be to
agree upon the details Of a reduction OF taxation
the general question whether there ought or ought
not to be reduction is neither intricate nor OBJ
scure. SO, however men may differ as to the rate
IL Comparatively simple. These propositions do not
greatly rely upon administrations for solution but
upon Congress and the people. Not so with the
currency. Here the conflict over details is not
greater than over principles. Yet, strangely
enough how the currency ought to be reduced eX-
cites no more discussion with the financial officer
Of the Government than whether 1t ought to be re-
duced at all. There Is no thorough inquiry and no
rule Of action proposed by those IN power and the
public mind is divided upon the fundamental laws
OF currency. '
And so il IL, that when we come TO consider the
question we are confronted ut once with the In
quiry on every side whether the whole policy OF the
administration, II it has one, is not mistaken and
fallacious.
THE ApMINIsTRA RATION AS REPRESENTED AT PHILA-
DELPHIA,
are lea to expect speedy resumption growing
appreciation in the value Of our paper during the
past three years. The decline in the premium on
may have Induced the expectation OF fur
ther decline to par at an early day, and that
vanish and specie payment viii be restored. If
the past irregular and inconstant decline OF twenty
or any other per cent in the gold premium marked
an actual appreciation of paper to corresponding
extent, there would be much reason in this view.
That this view, however, is delusive may be in
ferred from the one TACT that the premium
gold has advanced during the past four months
over four per cent without any sudden and mi
iooheu ioI CAUSE opefu,Hs upon ouo
ness condition OF the country Other Influences
have always entered into the determination OF the
gold premium. Gold is q sensitive tning. During
the wa. r. n,t only went up with the expansion OF
paper, but 1t went up or down with the tidings Of
battle. In one hour OF darkness 1t advanced almost
TO three hundred per cent. Four years after the
war IL was carried by SPECTATORS up thirty per
cent In the course OF two or three days. In Eng
land II rose ten per cent Immediately upon the
announcement OF the landing OF Napoleon from
Elba- The Senator then discussed the amount OF
There seems little reason to hope for any
rapid accumulation OF specie IN the coun-
try which will remove these embarrassments,
since steadily sending large quanti-
ties abroad to meet foreign obligations. This
will be exhibited by the following statement OF i'm
ports and exports OF merchandise and specie dur
Ing the last four fiscal years.
STATEMENT OF IMPORTS AND EXPORTS OF MERCHAN-
Disc AND SPECIE DURING THE FISCAL YEAR END
ING JUNE so, 1851, INCLUSIVE