The New York herald., 1873-10-27

Greater Individual Economy, Increased
Industry and an Elastic Cur
rency Our True Hope.
LET US OWN OUR OWN INDEBTEDNESS.
What Gan Be Done with Our Public Debt
at Home, and How We Gan
Tempt It's Gradual Return.
Bank Reform, Currency Reform and Tariff
Reform Needed.
"WithOut Fear, Favor or Hope
of Reward,

Of ReWard.''
1t is recorded of a very eminent physician, whose
name once filed London, that In parting with a
favorite student who had just taken his degree
he thus addressed him :-"Sir, am gratihed at the
successful examination you have passed. You
have distinguished yourself in all your studies and
feel pride, as your preceptor, In your brilliant
matrculation into your profession Permit me,
however, before severing the relations between
us, to give you this parting advice, that you viii
ind more valuable In your daily practice than all
the wealth OF instruction you have accumulated in
your years OF study-keep the head cool, the feet
warm and the bowels open, and you can tell the
faculty to go"-and be Senators. 1t would be well
II our financial doctors, who sit upon
THE CONDITION OF OUR GENERAL FINANCIAL BODY
from day to day, would bear this In mind and in
season and out Of season, whether they speak
with the weight OF government authority or not,
impress its lesson upon the general pub
Mc-"Keep the head cool.' 1t were well
at this juncture Of our affairs. as
people and nation If nothing but the
calmest, most deliberate thought were
brought to bear upon this subject. We want no
heat in matter OF this kind at this time. Neither
the warmth Of political rivalry nor the now OF pr
vate conceptions, but simple understanding Of
present wants and needs, with an ultimate refer
ence to future eventualities. ''The feet warm."-
In this will be found our strength We must delve
and dig. Production Is our mission as people.
With millions Of Of virgin SOIL into which the
plough has never vet entered that, smiling In the
face OF the sun, await but the tickle OF the spade
to laugh with harvest, the starving millions OF
Europe call to us for bread. Our feet are in the
soil; as we nurse 1t and make 1t fruitful so shall
they be kept warm. "The bowels 0pen."-Just
here as In the natural man, comes the greatest diff
ncuty We are now, in monetary sense, suffer-
Ing from severe fit OF indigestion.
WE HAVE OvERBuRDENED OUR FINANCIAL STOMACH
with efforts too great for its capacity and with its
rejection debility has followed the attempt at as
Eimlation. The remedy for this arrangement is
simple one, and yet involves all the resources of
human knowledge. We must start the system
again at whatever cost hopeful to remedy ills that
must be endured now, when fresh strength shall
bring with 1t increased power. Our present weak
ness lies with the character OF our circulating
medium. 1t Is not within our control. fixed
amount leaves us at the mercy Of few spectators
at any time they choose to bring about lookup,
OF which we have had experience enough or the
fears OF ignorant hOarders financial writer
few days ago traversed the assertion that gold
only Is capital, and demonstrated clearly enough
to those who had given the matter consideration
that even, excepting Its intrinsic value, gold as
coin is only token. Granted that 1t is a free bill
OF exchange, 1t obtains this preferment simply
through the common acceptance OF mankind. To
get down TO real value we must go back to that
which is a necessity Of our continued existence.
"GIvE Us THIS DAY OUR DAILY BREAD.n
Christ taught the world to pray, not unthink.
ingly but really as showing the sum and substance
OF all worldly possession. While we furnish this item
OF bread to the rest OF the world we are doing
better than uttering specie in payment OF our in
debtedness, and II we take a carload or boat
load OF grain and capitalize 1t into paper repre-
sentative OF Its value, that paper is as good
as though the grain had been gold and we
mad coined 1t into currency form, except
for the matter OF custody. We can watch the gold
equivalent more readily and easily than we could
the cargo, and In this only lies It's superiority.
TINS Is 70 oe gotten over py larger commence
more practical Christianity In our daily business.
There Is at present abroad too much OF distrust,
TOO much OF suspicion, too much OF anticipation
private advantage. 1t is not so. Human nature
has not degenerated On the contrary 1t Is better,
responsibilities. This IS why we we are passing SO
OF interchangeable values, with paper representa-
tiyes; It was condition necessary to the growth
OF this country that we should run largely In debt
or in other words, capitalize resources in pro-
spectve. But
ARE WE SO VERY MUCH IN pRBrs
1t Is true we owe great deal Of money, but II o
man owns house worth $50, 900, upon which he
last amount or capitalist 10 the extent Of $50 ooof
1t is 80 with us as q people. We owe largely, but
with our resoFces although debtor people, we
It is complimentary to the thought OF this article
that suggestion made in II with regard to cur
rency reform has found favor alike with the Ma
ttonal Board of Trade and the Treasurer OF the
United states. There is however, an apparent
misconception In the spirit OF the suggestion in
both directions, the more marked in the case Of
Treasurer Spinner, that calls for explanation:
Mr.. Spinner is reported to recommend the issue OF
o new currency bond as o basis OF banking, such
bond to be Interchangeable for and with currency
at any time. THIS Is not the plan that was sub
mttted here, and Is Objectionable inasmuch as IL
II proposes to increase the interest burden Q! the
country.
THE IDEA SOUGHT TO BE CONVEYED BY THE HERALD
OF tree banking system interchangeable tor and
with currency, we might, besides providing US
with an m elastic medium o. d. domestic exchange
until the interest, instead OF being drain upon US.
would mean simply circulation. II Is one Of the
weakest features in our financial status that we
arc largely q debtor people abroad the interest
charge upon this debt being so much taken from
our our INDUSTRIAL accumulations each year. While
ths debt continues to be held abroad we are suffer.
Ing tne evis or an absenteeism only less In degree
tnan tnat which at one time pauper,zed Ireland,
ish Empire. England. with It's enormous debt
30 much greater than ours, is Indifferent
by her own people. Consequently In tho yearly
settlement that takes place with the payment OF
interest nothing nothing y Withdrawn from the country;
interest on the public debt is paid back again 10
holders OF consols and so nnds II way to the stmu
laton OF new productive enterprise. We, in
TIE PAYMENT or OUR INTEREST ABROAD.
simply take the amount due from our saytngs and
q 70 " our bonds al Sy n
banking We can tempt their return we win have
made larger step towards resumption than any
possible action on the part OF the government il
Is necessary in this connection to refer the ms-
taken views OF President Grant and Secretary
Silver Is not I" me currency OF any prosperon:
commercial country or any country where the law