The New York herald., 1873-10-18


Duncan, sherman Co (nom'D .lO6la loih less com
FARTHER VIEWS OF BUSINESS MEN on THE SUBJ EcT
OF RESUMPTION.
Mr. Trowbrdge, OF the firm OF Hopkins, Dwight
a Trowbridge cotton brokers. Pearl street. does
not think return to specie payment VIII take
place for good while yet some people beneVe
that we Will awake some morning and hnd that
the country has unconsciously tumbed over into
the time me-honored old plan OF specie payment, with
out knowing how or wherefore He does not
believe IN this theory.
A RETURN TO SPECIE CAN BE THE WORK OF TINE
AND CIRCUMSTANCES ONLY.
II Is Just as impossible Tor the government, not
withstanding it's iaudable Efforts, to command
resumption OF specie payments as 1t Is tor the Sec
retary oil the Treasury to sell greenDacks for 100
cents gold on the dollar. The problem must work
itself out slowly but surely. No tinkering OF the
President or his Cabinet, the newspapers or bank.
ers, can hurry or retard the wshed-fOr event. Gold
and silver go hand In nand, and resumption OF
the one would accomplish it In both, a thing that
crisis in Wall street, although unfortunately en-
quilting a few strong houses, is one OF the best
Things that have happened for long time
and other operators VIII be very careful IN their
transactions Business VIII be conducted in
safer and more improved way; and reckless specu-
lation must suffer an effective check. Mr.. Trow-
bridge says that the Treasury should possess
very large amount OF gold in It's vaults before
return 10 specie could be attempted and thinks
that the policy Of the secretary OF the department
has been, upon the wnole, an acceptable and
MIR. Lehmen, OF the wealthy Hebrew firm Of
Lehmen Brothers, cotton brokers, Pearl street,
says lnere l5 yet no cnance OF returning TO the
general use OF gold and silver as formerly. Every
body agrees that 1t would be
A MOST EXCELLENT RESULT IF 1T COULD DE ACCOM-
PLISHED,
but unfortunately, this cannot be just now. The
government is observing the best policy to bring
about tins .consummation devoutly TO be wished, .
in retiring as rapidly as 1T can our national ablli
ties from the market. Let 1t keep on dong so. The
greater the amount OF government securities that
are bought up and cancelled, the more valuable
and nearer to gold price Will the remaining ones
become. Let US retire all we can OF national liza
bilitles rom the market That viii send our bonds
down to their level. This is the only way to do 1t,
even II Congress should authorize a special taxa
tion to produce funds for the Treasury to work
with. The present iuctuating state oil exchange
has worked great evils for commerce In general.
Merchants who have to buy exchange must be
know what changes in the gold market twenty.
four hours may bring about man may be en-
riched or ruined in that space OF time. Nobody
likes to live in a 1everish state OF excitement,
such as this condition Of our monetary affairs cre
ates 1t is better to tax ourselves heavily Tor
year or two, furnish the means for the govern
ment to buy up and retire as much as we can of
outstanding liabilities from the market, and so put
an end to our financial difficulties Dy the only pos
sible way that is open to US. The suggestions Of
the President and the secretary OF the Treasury
are doubtless all very well in their own way, but
will be ound impractical IN working.
THE CIRCULATION OF SILVER CARRIES WITH 1T
THAT OF GOLD ALSO.
The one cannot be brought about without the
other, and neither OF them Is feasible just now.
Mr.. Johnson, OF the firm OF Arnold, Constable &
Co., one OF the very largest importing dry goods
houses in the city, says that 1t is impossible to
think OF returning to specie. II the government
should attempt such thing all the merchants In
the country would be ruined Resumption OF
specie must come about Of its own accord. One OF
the best means of bringing 1t about is to encourage
exports by every means in our power. Let us
throw our breadstufs and other American produce
on the European market. England, France, Ger
many and other countries on the old Continent
want our -four, wheat, corn and cotton. Let us
give these staples to them at barely paying prices
This viii throw large balance OF exchange
in our favor; gold will then become a
drug and lose its premium. But to try to embark
In specie payment without large amount OF gold
In reserve would be to plunge US in the end into
greater difficulties than those from which we wish
to escape. Silver currency will do very well for
small transactions, but nobody would like to carry
bulky bags OF dollars for everyday business about
town.
WE MUST WAIT WHILE.
When Grant puts his foot down he does not
retire it; and when the government is prepared
to take action the country will back 1t. At least
5000, 600 OF gold VIII be needed In the Treasury
before ything can be done. In the Gold Ex-
change brokers may make any amount OF clear
ances they please but they do not pass the actual
coin. Their operations are Imaginary, and in an
article that is not in the country at least to the
extent OF their sales.