The New York herald., 1873-12-18

uonur B nauonai Dessing, II marches boldly,
confidently forward to new issues OF scrip, de-
spisng the clamor OF rich and poor alike. VINO
equally fail to appreciate the blessings they enjoy.
Trade languishes, real estate Is burden TO the
man who owns it to MAINTAIN its improvements
pay taxes and assessments, and even the patient
policeman mutters treason when he gets his
monthly pay. But man Is superior TO fate. The
mills OF the gods grind slowly. Not so paper
mills, and scrlp upon scrip, just as Congress pro-
poses, furnishes pan2cea for all complaints ~
Is this 10 be the terminal point OF MIR. Green's new
departure Surely the real estate owners OF New
York county are nj least Interested III the solution
OF tins problem. Regarding the financial situation
In Congress- real estate will be best served by
new loan provided II be not accompanied by any
experimental endeavor to give Ii a currency form.
INITIATION, HOWEVER DISGUISED, WOULD ONLY uN-
SETTLE VALUES,
as has been pointed out. Mr.. Green's experiments
promise TO give enough trcune IN TINS RESPECT
Increased taxation, however Disseminated, impos.
ing an additional burden upon business sun
staggering under the effects OF the panic, wouia
retard recovery. IL Is, perhaps, the proper m9ue
OF dealing with the issue when the treasury pe-
partment has so suddenly presented 10 the coun-
try, coupling with II the most rigid economy IN ex.
pendltures but policy here points out that II would
be unwise to hamper the revival oil industrial ana
commercial activity with fresh shackles ana ex-
pedlency requires that we take up the lesson that
Should hays been applied at the close Of the war,
since learned at q heavy cost that TO future gen.
eratons must we leave the task OF wiplng out
from the national ledger the burden OF indebted
ness incurred IN securing the integrity OF the na-
tional territory.
THERE SEEMS TO BE NO ALTERNATIVE BUT AN IN
CREASE OF THE PUBLIC DEBT,
with its corresponding increase OF the interest
burden OF the country, to meet the present emer-
gency. This could probably be best attained by
authorizing the secretary TO issue such additional
amount OF bonds provided for under the funding
acts OF 1870 and 1S7l-either fve four and half or
four per cent, as the exigencles OF the Treasury
may require their rapid placing TO meet the de-
fclency in last years appropriations and the ex-
cess OF this years requirements over revenue
receipts. The proposition now before the House
TO withdraw the national bank note circulation
aud substitute therefor legal tender notes is not
OF a nature TO effect real estate TO any extent,
either prospectlvely or IN eSse. The plan is OF
doubtful constitutionality as well rs OF doubtful
justice The only way IN which the substitution
could be brought about would be by compelling the
national banks to redeem their circulation as fast
as presented. To do this they would be compelled
to present their bonds now held as security Tor
their existing circulation TO the Treasury III ex-
change Tor legal tenders with which 10 redeem
such circulation, being
A FORCED REDEMPTION IN CURRENCY
by the Treasury OF such bonds, after the formal
declaration so pompously made IN JOINT resolution
that the credit OF the United States was and Is
pledged to their REDEMPTION in coin. Besides,
unless Mr.. Williams be made Chiel Justice, and
alter that what may follow is Impossible OF con-
lecture, Congress Is not likely to FISK decision by
the Supreme Court that IL has no power in the
existing condition Of things 10 Issue more legal
tenders, its ''war powers" having ceased with the
rebellion.
1t must be borne in mind, too, that although
President Grant IN his Message virtually abdicaed
his constitutional power OF veto IN respect TO
financial measures, by promising IN advance that
he would submit his Judgment entirely TO that OF
Constess, nc ye. ooA stIohs RiouHu aSaiiisI Iund-
ton, IN which he was more heartily seconded by
Secretary Richardson. ln the event therefore of
the passage OF any bill looking 10 the increase OF
the present legal tender issue, he may yet and oc-
caslon for the recovery OF his veto power because
OF Its (Such blll's)
DOUBTFUL coNsTITUrIoNALITY
Taking the entire field, therefore, there is not
much in the present financial outlook TO cause un-
easineSs IN real estate circles Congress seems de-
termned, II additional taxation must be imposed. it
Will be OF the lowest possible amount. Contraction
or specie resumption is Tor the present postponed.
Imitation is opposed by the administration, ana, II
1t provides for more legal tenders is OF question.
able authority. While new loan. at a low rate or
interest TO meet current expenses, would not
materially change the aspect OF the present situa
gressional action, ''barrng" the vaearies OF Mr..
Green, is in every respect encouraging. it is
shrewdly argued. in respect to the latter, that If
the Comptroller had pushed forward Improvements
to such completion as would really benefit prop
erty owners he would not have his present com-
plant 70 make respecting unpaid assessments