The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-08-27

TO THE EDITOR OF THE HERALD
In your issue of last Wednesday I read letter
written by Treasurer Spinner, which contains this

written by Treasurer Spinner, which contains this
paragraph
than ago letters then
5 ms i
s much S nas been proposed to bring
Thus says the Treasurer, who, In his own estima-
tion II not In that OF the country, Is high, II not
conclusive, authority upon financial measures.
Being within the National Treasury and covered
all over with bonds, greenbacks. bank notes and
fractional currency, who should know as much as
he on the subject OF which these are the constitu-
ent partsY In the words OF Ben Jonson, "He that
drives fat oxen should himself be fat"
But our Treasurer, after much writing, comes to
this lame and impotent conclusion :'-He says,
"Resumption win be put on until the balance OF
trade shall be In our favor" at will thus come Of
Here are two opposing positions. The first
assumes that the price OF gold Is controlled by the
other that when the balance OF foreign trade shall
be IN our favor the currency will be made equal to
SUnder which King" &C. We take it, however,
that the last paragraph contains the most mature
opinion. Il y be SO then We shall be in happy
But allow US to ask How is it possible to recon.
cie these positions? How can "a law compel
specie payments" II the specie Is all carried away
by the balance OF foreign trade against US ne
says II Is the balance Of trade that prevents re.
bring the country back to specie payments. How
by his showing, can this be done why, by pay
ing our debts n Europe This is plain and fnll
answer . Then ne says S specie payment win come
ries been doing ior eight years past pay our debts
on the other sde' Let our merchants and our people
S ;Ss ST. ef s g .sd t
interestbeartng bonds-and we have ENCOURAGED.
In every way In our power. the sale OF railroad
bonds and every other kind OF interest be airing
security until we have 80 far carried our plan Of
specie payment into eject that there is now in
that requires an annual remittance to that coun-
try Of more than $3.50 900 600" In gold or it's EQUIV.
alent. This 10 q true and easily understood answer
We viii ASK the people how soon can we arrive az
and Increasing the debit fis is our new and
boasted system OF 1nancel And this Treasurer
dares TO practise upon your credulity, and amid o
Europe Il constantly increasing by the sale OF in
tcrestDearing securities, and the possibility OF O
return TO specie par has been receding gradually,
but surely curing the last eight years. and now 1t
is far In the future that our children will not live
to see IL.
payable In Europe, added TO our annual imposts
will swell the amount to $500 600 900 or 1900 Od0 COO
which sum may increase for many years These
are serious and unquestioned facts, and we should
understand that all who talk to us from high
places about return to specie payments within
or nom desire to deceive u.s.
We have much TO say on Ibis subject. You are
aware that we have for the last eleven years
foreign trade, controlled its price III in mar market
overt and the country now shows signs OF
acquiescing In this opinion. The next point We
wish to present TO our people Is the law that viii
ton N the near future and in spite Of
"pluck from the nettle danger the mower SAFETY
We want the attention Of the publio to our next
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