Spirit of the age. [volume] (Woodstock, Vt.) 1845-1913, 1873-10-30
Coin and Currency.


the influence of the unsettled state of
the markets and the circulating med
ium. But the ordinary mind will CON
clude perusal Of the New York pa
pers with very confused idea Of what
is practicable and necessary under the
circumstances. Between the admir-
ably expressed views Of "Knicker-
booker" writing in the New York
Times, and the gloomy vaticlnalions
of others upon the effect Of the adj
vance in tire late Of discount Of the
Bank of England, there is u wide diff
ference, admitting Of as many opin-
ions as there are readers. ''Knicker-
booker paints glowing picture of
the situation, brilliant with the hue of
gold in every mans pocket. The
millions OF specie already shipped
from England to be followed by
many millions more in payment for
the grain and cotton now moving to
the seaboard for shipment. The &C.
ton of the Bank OF England in rails
inc the rate of interest is not to be
considered as hostile to the return
of specie to this country, from which
1858, l27000 has been exported during
the year past. Foreign banks are
directly Interested in securing the
steady ma, kct that will follow specie
payments in America. And it Is dis
tinctly stated by this writer that coin
would now be on par with green.
backs but for the ''unwise policy If
the Treasury Department in uphold.
ing the gold market In support of
this opinion, it is shown that the
Secretary accumulated nearly $780,
600 Of gold during the panic, in spite
of which the premium has fallen low
er than at any previous time since the
war. With the amount of specie in
the country steadily increasing, the
question is asked, what shall we do
with it?
To this 'Knckerbocker" replies
that Congress must provide perma-
nent resting-place for the coin in the
circulating medium by ordering the
Secretary to Withdraw greenbacks as
fast as specie arrives to take their
place; and when par shall be reached
to call in all the National bank circu
lation and redeem the bonds on which
it is based with the convertible green
backs. To moderate the ardor with
which this scheme of ready resumption
is urged the New York Tribune argues
that the drain Of gold from England
to America threatens to ",lestroy con-
fidence and credit in Great Britain
with the consequent effect of increas-
ing the disaster of the panic in this
country This view is fortified by
reference to the advance in the rate of
discount by the Directors of the Bank
of England. Moreover, the Tribune
refuses the satisfaction so generally
expressed at the alleged fact of the
balance Of foreign trade being in our
favor. The official report of the Blu
reau Of Statistics is quoted as showing
that, for the last fiscal year, the Uni
ted States is S1OO,OOO,OOO behind on
the merchandise account; while the
returns Of the commerce of New York
city, for the month of September, give
the value of imports as $50, 900 in
gold, and of exports as but S27,3OO,-
900 in currency. But even this is
vast improvement from last year, and
the tide, already turned, will be large.
ly swelled in our favor as the cotton
crop comes in for shipment, to say
nothing of the grain now on its way.
1t is also but ten days before S15,0O0,-
600 interest on our public debt will be
due; and as our bonds are largely
held abroad the Tribune hopes that
the payment may ''stop the efilux of
gold from London" But as it will
liberate the same amount of coin in
this country, the immediate effect here
will be about the same as ifit were
shipped from England. In short, the
situation seems to demand, more than
else, confidence in the ma
tural influences now at work, and as
"Knickerbocker" recommends, a ''re-
spite from any new Legislative plans
of finance. '-BOst0n Post.
Extensive and destructive prairie