The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-07-18

cent bonds, ana the issue rst OF bonds bearing five
per cen. and four per cent Tho beneficial re-
ss ct a IRE last s'npf Business s' SsS
BY % acre at low "a and thus en-
as s
s sa
cged n Ts % to redeem the notes
% the as
wtSas e IN IL TIC Il s snail not
he ay &c na0s sd G G Without s' as;s
must IT r. be s sCnu a Sa truth for s
q sSssle gasnd%ts win not due dIrscy ang
result exist!6s condition Of THINKS and Therefore
h Hiy hs %od the f.
TO Pefs Rrea Ta s S
During the year 1869 gold was at an average premium Of
I he Hs asfs at hom as a
1
p year. Sr sveea ,s cent? fSs%s Ss q
VALUE or COIN AND CURRENCY
will depend upon the increase Of the business of the
country the AMOUNT Of our exports and The value Of the
vessels There 4 but Of legislation, except
ssh as sr o hG r. e the that
ments and that is reduction by force of law of the
country la; not been prepared % accept pre-,
pared to ady9caic the abortion OF measure which un
injury 10 the business Interests o. tic country impair the
o the & m The host t o the e COUNTS
under wise administration OF Affairs, will enable
tue government 70 resume specie payments without yio-
through the columns OF the Trtsuac has advised me Sec
rotary OF the Treasury to sell the gold IN the Treasury AMI
apply the proceeds TO the payment OF the pubic debt,
thus saving Interest, aud then 10 specie payments
and niercsngeably presented without at any time stat
Ing which. IN his Judgment is entitled 90 precedence In
the order OF events But II very well Dc understood
that hs sale Of the gold in the Treasury whether for The
paymsn, The public debt othcrwise would put out
OF the power OF the soyc ,TYa,s 70
that the sale Of gold the Treasury forcing down the
price unnntursliy would stimulate imports rom other
countries increase the balance OF traie against IT'S
create unnatural and excessive demand coin, and
ultimately advance the price Of gold tor the benefit OF
SPECTATORS and GAMBLERS but to The injury OF the
country. I do not hesitate 10 declare that this policy
which - the only policy Ia any department OF the gov
eminent 10 which MI qreoley has adhered Cor
the country has not witnessed since 1881 ana IL
Mr. Greeley pledged 70 anything u Is 70 the nagura
tion OF this policy unharpiy he should be placed at the
head Of affairs The way TO resume Is not u re umc ar
keep the country that line and condition OF prosperity
which shall enable 10 meet all its obligations and II Is
for this reason that the administration has beeye II 70
be wise TO retain an amount Of gold which should
70 enable the Treasury TO the payment our
national liabilities 10 specie without going INTO The mar
kct borrow and without making special effort for
undertaking which would certainly result disa-
move, tree OF ali dependence upon external aid.
This, n bref, IL statement OF the financial policy OF
General Grants administration This policy Is In stH
stance in accord with the positions taken by General
Grant in his inaugural address aud in his rst message to
Congress, and present II 70 You with CONFIDENCE hat
of you will say that on the fourth OF March, ly
he would have venturcd IN pronounce II possible tor inc
government to secure the results already attained.