New-York tribune., 1872-07-19

CITcWTufing In'NlnIn BOuTh
ore with freedom than with Slavery. 1he West re-
qurcs more 1t reaches ont on every side But what
nam1a1n % Lat lne grdonrnn W 10 tbe me
population or business. and that II Is ekcsssye when t
beyond the law OF money the world over.
which serves 10 anchor ft
DELUsIyE ExrECTAuoSs BASED ON THE DECLINE N
GOLD.
But II may be that the Administration az represented
at Philadelphia led 10 expect speedy resumption
growing out Of the varying and at times largo nominal
appreciation in the value OF paper during the past
three years. The decline In the premium gold from
80 TO per cent at time have induced the ex
pectaton OF further decline TO par at early day, and
that when this day the whole difficulty wiz van
ish and specie payment will be restored. II the past
irregular and nconstant decline Of 20 any other per
cent in the gold premium marked actual appreciation
oI paper 10 = extent mere Youd pe muen
sve may be inferred from the that he premium
gold has advanced during the past four months
four per cent without any sudden and un
loookedfor operating upon the business
condition OF the country Other influences
of the gold premium. Cold is a sensitive thing During
the war va ~ not only wen, mp Gl h ene 81 p'p9
hour OF darkness advanced almost to 900 per cent
-Four years after the IL carried ny speculaors
mp 30 per cent IN the course OF two or three days La
England 1T rose 10 per cent mmedatey upon t1e an
nouncement OF the landing or Napoleon from EDa'
These violent spasmOdc fluctuations did not signify an
actual depreciation Of paper in the ratio. so Dow
while tne 1ny method or pGey OF ens % da a iSa
premium gold, 20 "bear it, IN the language u Wall
citation OF paper Ii can hardly be questioned thAt tle
course OF the Secretary has had the eject GeSt
itself has become commodity. and Is cheaper
than the general class OF commodities. inc an,
range OF prices compared with what they formerly
on gold basis. II may not be the exact measure
now, but 1t is tho approximate measure shan not
pause 70 enter into any minute inquiry upon t,s SUD-
cessibe think however. win dissent from tho
proposition that the average Of prices here Is moro tan
that is that the premium on gold not the ul
existing depreciation Of greelbacks single fact VIII
showed by careful calculation that the average Of
prices 63 50 per cent higher than IN looGl.
but the average premium on gold during the same ua
only about 80 per cent; that IS, the purchasing
power of paper was very materially les than Was inal.
Gated by the premium gold. Is there not reason u
believe that the same thing is true In great measure
The real question is not how much currency We can
absorb but how much be carried with specie pay
ment This Is the essential question: ana 70 ths Iho
Intelligence OF Administration should s0berly address
Itself The history OF the past indicates that one dollar
specie the banks for every three dollars OF paper In
circulation is the necessary condition Of public conn
dence and financial security. When that proportion was
materially varied when the issues OF paper mucn OK
ceeded that limit disaster Invariably followed Neither
in 1857 had the proportion become four to ono
had been Inflated by any vast issues Of neon
yertble Government paper. But assuming that WIN
the designated proportion OF gold specie aYment s0d
be maintained, where Is the eoldi Wul tue PhadOi-
phia resOluliOn-makers telli
AMOUNT OF GOLD IN THE COUNTRY
The amount OF gold IN the country in 1861 has been
at s275OOOOOO, but this included the amount in thu
Pacific States, and the paper circulation Is limited to
the Atlantic States and the country east OF the Rocky
Mountains the calculation ought TO be limited 70 them
The amount In this part OF the country in 1861 has been
given by competent authority at slG5OOO0Oo The an
nua production OF the mines about s600Oo0oo.
making total for the eleven years beginning with tho
fiscal year which closed June 80 1861 and ending with tho
cal year which closed June 3O 1871 OF about 66OOOo
The imports OF coin for the same time were O9o
ON ln Of flpr
amounted to s758i5ls9s Allowance must also be nade
for portion Of the production Of the which have
been employed I'm the arts. What amount has been de-
voted to this use be accurately determined but
under the common estimate. Treating the amount
brought into the country by igrants as offset by tho
an allowance for the amount which went South. and
which TO be thrown out of the count the balance
will stand thus .
PSod9oS. PS9 l. Of mines for II ycs :n jan: 3d. I 6sSO
Imports or same tlne'' E']V4'
o3l550as
Used hearts............. lOOUO0DJo- s53 l5iS9s
Coin now In Atlantic sIlso8ois
Ihave no doubt that this sum very considerably e1-
ceeds the actual amount OF specie Fifteen or twenty
and then it is impossible to account satisfactorily
for the remainder ne average amount in the national
constantly kept there cannot see is about Slooc0oOo
Inc pahss m II,e he se ste r Da sY ANU he ou IN
other hands, making not over Sl5O0OOOO altogether or
now ow low are spiSe 20 PAYMENTS to be n
tanned with such dsrropOrtiOni Can this end even be
by the practice alone of boarding gold in the
Treasury, to advance its premium, to
purchase the obligations OF the Government from ume
TO tme2 will pause at any time during the canvass
for Nor does this present the whole inquiry
There seems little reason to hope for any rapid accnu
latOn OF specie the country which VIII remove these
embarrassmens, since we are steadily sendlng large
quantities abroad foreign obligations. This Will
be exhibited by the following statement OF imports and
exports of merchandise anu specie during the last four
fiscal years
SrATKxEsr Imports exports oCcG7ss oBf spes durtS
ne fiscal yar ending Jgnt 80, 1851 iaciEsrs
Fiscal yesr erd'g June 30 Merchandise. Specie. Total.