The New York herald., 1873-10-19
187s-QUADRUPLE SHEET
ness men we append the following additional con.

ness men we append the following additional con-
tribution OF intelligent thought to this subject
Mr.. Steinway, the eminent piano manufacturer,
thinks the present time very ausplclous one LOT
All ~ o goSs a. well
AS foreign, would OF course, shrink in conse-
quence, but that would not affect the intrinsic
value OF the c0untry's wealth In the aggregate.
We must at once try by expectation OF American
products to create balance OF exchange IN our
Ana 6as we can achieve Dy o more oera
much needed In Europe 1t Is hardly to be expected
Ina tnat all our former large supply OF silver can be
hoarded up and the interest lost on IL for the last
ten years. IL must have been exported to China
and japan. In poor countries like these silver is
absorbed. All that goes there stays. No one ever
heard OF gold being exported to Asia, but every
body knows OF the amounts OF the other me tai
sent tnither from the United States, England and
WE HAVE BUT LITTLE SILVER AMONG us,
notwithstanding the vast quantities taken from
equally strong, we could not use silver as an ex-
elusive currency. General Grants views are,
aouDtess, sound on TINS great question, but 1t Is
difficult to perceive how they VIII work in prac-
tice.
A gentleman belonging to one OF the wealthiest
importing dry goods firms In New York says that
there Is nothing whatever to prevent the imme-
diate resumption 0i specie payments. II the banks
would resume specie Tomorrow nobody would
with their bills A business man does not want mis-
pockets stuffed with weignty metal, when light
convenient note VIII answer the purpose just as
we'll Gold is only useful to shippers and its utility
to them should be done away with at once by Con-
gTtSSlondl actiOH making greenbacks TeCelVaple III
payment OF customs and other duties II the Gold
Room were abolished thaJ metal would soon find q
lower level In the market and specie payment
might at once be commenced Silver is now down
to nearly q par with currency buL IL could not be-
come general circulating medium because OF Its
bulkiness.
WE MUST EXPORT MORE
or our cereals and other home produce SO as to
leave margin OF exchange In our iavor. Then
gold will OF Itself resume It's former place in our
commercial transactions.
gentleman representing the well known firm
OF the Messrs Remington says that the way
things are now specie payment cannot De resumed.
Even II 1t could 1t would make small difference in
the end. TO bring 1t about 1t is only necessary Tor
Congress to declare chat greenback dollar means
100 cents in gold. This mas never been done by
Congressional enactment. II 1t were why was
there clause in the Legal Currency act
providing Tor the payment in gold OF all
import and other duties? Now let the country VIII
tnat currency be legal tender Tor import duties
and all government transactions wherein gold
only Is at present acceptable. II 1t does we will at
once be back to specie payments There will be no
longer motive to hoard gold or to make corners
ofit The greenoack dollar, answering all the pur-
poses OF coin, will reduce metallic currency 10 It's
own level IL Is, therefore, only necessary Tor Con-
gress to declare the greenback dollar as good as
100 cents god-that is making 1t acceptable by the
United States in payment OF duties, &c.-and we
are back To specie circulation at once.