The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-01-02

from incompetency and by yielding to the
Treasury Ring spectators who wanted to pro-
long the lob and make the most money out of
it. He has had hundred millions or more, and
that principally in gold at his command dur
inc the whole time he has been in Office, but
he has not used that to strengthen the credit
of tho government Ask any able fnancier
| or statesman here or abroad, if the United
States debt is not as secure an investment and
as sure to be paid, both interest and principal
as any national debt in the world, and he will
say, yes In fact. there is no debt so certain of
being paid. It only required proper skill
and management to convert the whole
fifteen hundred millions of five-twenties into
securities bearing lower rate of interest, as
provided by the Funding act. Indeed, we do
not see why the whole amount could not have
been funded at four and q half or four per
cent. The American debt at that rate ought
to stand as well, at least, as the British debt,
which bears only three and three and half
per cent interest. The failure comes from not
using the resources and credit of the country
properly, and from employing spectators to
do the work of converting the debt instead
of the Treasury Department doing its own
business. ~ 'ysy'~ s""f,
There is no doubt that the great obstacle to
specie payments lies in gold gambling, and
this the Secretary has promoted by keeping so
much gold in the Treasury and by being him
self the principal operator in the market.
While he has held between fifty millions and
hundred millions in the Treasury one or two
men, or small clique of men, in
Wall street, with only q few millions
in their hands, have been able to keep the
premium on gold up and to disturb values to
the amount of many hundreds Of millions. To
say that this state of things has any reason for
it or could not be avoided is absurd. Some
Legislation might be necessary to remedy the
evil, but the Secretary should have known
what that should be and have given Congress
the information. Suppose, for example, the
banks should be prohibited from loaning
money on gold, as they are on legal tenders, or
from in any way fostering gold gambling-the
Gold Board and outside operators would soon
find their occupation gone A few of the
principal banks combining then could resume
specie payments, probably, without danger
for as soon as the people should know that
they could have specie they would not want it,
and would prefer paper money as being more
convenient. MIR. Boutwell,, as we have said,
has done nothing to accomplish these great
objects, and it is to be hoped that his success
sor after the 4th of March will be man more
suitable to the position and will place the ma
| tiOnal finances on sounder basis.
|
The Condition OF Parties In France.
The letter which we printed in the HERALD
of yesterday, giving an account Of the debate
on the petitions for dissolution, reveals with
| considerable clearness the actual strength of
the two great parties in the Assembly. After
vigorous and protracted debate in which
the leading speakers on both sides took part
the Assembly decided by 1873 against 1876
''to take no notice of the petitions for
dissolution After such vote it is impos-
sible to doubt the overwhelming strength of
the conservatives in the Assembly. This
triumph of the monarchists, however, with
the ministerial changes which it rendered
necessary, is not to be regarded as a final
solution of the difficulties of the situation
1t proves that in the Assembly the monarch
lists are strong; but it does not prove that
the Assembly as at present constituted repre-
sents the French people. This latter is the
question which, sooner or later, must be
solved, and until it is solved France will not
be at rest We do not blame the majority for
holding on to the power which they possess
we do not see much virtue in the minority
demanding o test which, if it does them no
good, will at least do them no harm but we
cannot refuse to admit that Gambetta made q
good point when he said that in June last
out of one hundred and thirty-four elections
republicans were returned in one hundred
and fifteen cases. AS soon as the Assembly
meets after the holidays we are likely to have
fresh trouble from the report of the Committee
of Thirty.
The New YEARS FESTIVITIES IN New
YORK AND WASHINGTON. was lovely day
for the ladies in New York and Washington--in
ourpolitcal and commercial metropolises-yes-
terday, the brightest New Year they have had
for a long time. In New York the queens of
the anniversary, arrayed in all the charms of
nature and art, were cat home," and the lords
of creation, en- mdsse, in obedience to the
agreeable and attractive duties of the day.
were out in imposing numbers from the
bright morning till the new moon went down.
But in Washington during the forenoon the
ladies' as usual, were out on Pennsylvania
avenue en- route to the White House, like
shoals of shining butterflies among the banks
of bright flowers which, in the early Spring,
| illumine the valley of the Sacramento. We
give report of the social festivities of the day
in both cities, which will serve our fair readers
as silver lining to the clouds of fire and