The New York herald., 1873-10-15

nody favors Hard Cash."
The following letter was received by Mr.. N. A.
Cowdrey, President or the Continental National
Bank in this city on the 7th inst. -
EXECUTIVE MANSION
MY DEAR Mr. letter p o of Oct sh. 5 s m
duly received and read your pre- letter
not
% ha m as 20 na y % %
bsnss contained in my letter Messrs anthony and
threat Whole cbect was 70 restore eonadencs % aa to
the p1s mind and e give That ne
view at the same ann m time the soysnsy 9fthe National TTss
ns IN turn Know Know
its ability % render aid, &C., than any person diseon.
alluded the fact that the forty-lour million reserve
notes in the Treasury would regarded as money in the
hs ass iS ss hs
sSi % I w wSos G 70
country large our monetary system Is the
/ IS the best that has been devised No one now
s n % his sa Sa s na
the gold dollar has in % like sns ns
system, and will doubt Lead to legislation to relieve
The panic has Brought about to par with
silver. wonder that silver not already coming into
s
will have made rapid stride towards specie
paymcuts1 NurReuCy VIII ucNcI ~ pcoW SAvoi "i~A
The circulation Of silver win have other beneficial eff
millions Of fractional currency TO make the small change
and further will become the standard Of values, which
Will Will ss from m SS&ss 'ah1
Stss ss ns
'0nsi
H 81 Il % sH The The %o
over Silver has this and we once get back to that
rency sHii' viii be rapid. s''i App-
saa with 1' here
WheSer Ss
keep there until sa + 4 xed and then we win find
tries have asked us te coin their silver for them There
has BE e G If will ip be
than he equivalent Of becoming exporters Of articles Of
Orders win come for large amounts Of coin It Will be
become the manniactarer Of this currency with prot
and will probably secure portion Of our pay in the
/ have thought much about the recommendations I
regard to banking laws Since last had the pleasure Of
personal interview with Is not necessary to state
ve to he
ever my snceres thoughts and will court the views Of
have written this hastily, but II 4 calls forth any
them. Yours truly U. s. GRANT.
The above letter Of President Grant to Mr.. N. A.
Cowdrey, President OF the Continental Bank Of
New York, which only limited number Of persons
had heard OF yesterday, created considerable ex-
element in financial and commercial circles.
Opinions Of prominent men on this aabsorbmg
and important question are as varied as the colors
OF o chameleon. No two agree on any one par
ticuar plan But the general expression OF thought
by thinking men is in favor Of "hard currency"
and the only point to be considered is, how to at
OPINIONS OF FINANCIERS.
HERALD reporter visited several prominent
fnanciers yesterday afternoon, and interrorated
them as to the practicabiity and policy OF Presi-
dents Grants suggestions contained fn his letter
to Mr. Cowdrey.
The main fault found with the letter u.s. the
amount OF silver named therein is too high.
One gentleman In particular said :-"Silver has
almost at all times ranked at least five per cent be-
low the premium on gold. Only yesterday gold
was worth So and silver az This premium is so
little above the value OF paper currency that there
can be very little incentive to people for boarding
It, Silver Is, in the common acceptation OF the
term, a base metal, and has been 80 considered In
American coinage for years past.
THE NEW TRADE DOLLAR
is pure metal, and must necessarily be drawn from
its base OF coinage to foreign countries for which
it is designed but VIII never he returned here.
Hence this country gains but little from the new
coinage, but, on the contrary, the metal which our
mines produce now in such profus10n will avail but
little to assist the United States in supplying the
want OF fractional currency. Our new trade dollar
will be extensively used for melting in the manu-
facture OF silverware in foreign countries At the
same time, the volume OF paper currency is so
large that II silver should appear in competition
with 1t, the latter would be boarded to certain
extent and the 'greenbacks would be
RETURNED TO CIRCULATION.
Yet" continued the gentleman, 1.-The suggestions
OF President Grant come 30 suddenly upon US that
an intelligent conclusion cannot be Jumped at in
moment. IL requires time for reflection. Every
body Is in favor OF specie currency, and such a
resumption wont be OF the utmost benefit to the
poorer classes Everything used In domestic econ
omy Is now inflated from the fact that paper money
has no apparent value. Give man dollar bill
and he will spend 1t with an abandon demonstra-
tive OF Its intrinsic worthlessness On the other
hand, II he has dollar In specie he will turn it
over several times before parting with its CON-
pany."
Several more eminent fnanciers were visited,
and they all expressed themselves substantially as
above. In the main, however they agree that the
Presidents views on this question are sound and
statesmanlike.