The New York herald., 1873-12-04

tious having separate interests What the Wcss
and South want the North, TOO. wants, ana 80
does the East, only in q less degree. Ana tnis ID
q larger self-reiaDce, larger appreciation oi
the value OF sell-help aud better understanding
W r@s nanssr q M ons Itself
about the financial condition OF the government,
see that II Is placed upon sound ioundation pro-
vide for tine retirement OF the present greenback
legal tender circulation either by funding or other
wise, institute ree banking under stringent police
regulation and supervision. with
THE DISTRICT ATTORNEY IN THE PLACE OF THE
BANK EXAMINER,
and relegate to the people the privilege OF making
their own issues OF paper, with proper provision
for their prompt redemption, then will IL have
done that which will most surely benefit the real
estate as II Will all other interests. Ali this Is pred
icated, however upon the assumption that SIM
ultaneously with these reform measures In bank
ing and currency win be the Inauguration OF .
movement looking to the resumption OF specie
payments by the government. IL is very evident
that our present legal tender note basis is false
one, tending to unreality IN all other values. The
legal tender quality gives this issue q fictitious
currency status that does not or right belong to
IL, as were paper certificates or Indebtedness on
the part OF the government. When all our paper
issues stand only upon their simple value as evi-
dence OF debt, and pass current only on ia, tne
value behind its paper represen tative then shall
we have reached just estimation Of where we
stand in respect to what constitutes such material
value. People who repudiate any such change in
our money system az Is here suggested, and in
qSire with what they y suppose TO- to pc 81 starting em
votes again simply beg the question. While to
such an inquiry Is answered, no, this Is not
necessary, we may still have uniform currency OF
real value properly secured, under Tree banking
system il Ii also pertinent TO point out the TACT
that the much vaunted national bank currency did
not save us from such failure, with its attendant
distress, as the Northern Pacific Railroad, or
snrinkage IN values Of oyer 100000 In less than
We cannot too strongly impress upon real estate
men how largely their interests are involved in
make OF them. 1t mas not been sought to be main
tanned here what particular disposition would best
point out, IN a general way, the following
FUNDAMENTAL PRINCIPLES IN SOUND FINANCE:-
FIRST that as coin only is money, it only ought to
be the government currency; second, that as all
paper issues are only evidence OF debt, the people
the best judges rs 70 the necessity ior the ex-
tent Of and the security required to ensure such
third, that the function or government IN respect
to banking is that OF police officer only viz. to
see that the laws are faithfully oDeyed and arrest
evil dOers fourth that with this interference only
and subject to the authority OF the courts 1t Is one
In the application of these principles will
be found the largest stimulus to legitimate enter
prise in all directions, in which real estate cannot
fail to find its full share OF advantage. II real
estate men appreciate the iorce OF these observa-
tons or agree in the deductions here made they
should not delay in bringing their influence to bear
upon Congress, which is certain to make some dis
position OF the important subject, whether wisely
not remains to be determined The President
candidly admits his inability to grasp the subject in
his hating suggestion as to the propriety OF the
gold reserve by the retention OF the gold paid
them as interest upon bonds pledged as security
Tor their circulation. 81 have not reelected
enough,n says the President, ION the bearing this
might have In producing scarcity OF coin with
which to pay duties on imports to give 1T my posi-
tive recommendation, but your attention is invited
to the subjectn
Again, the President. in speaking OF the currency,
draws attention 10 the contraction 1t has suffered
during the last four years, both directly, by the
withdrawal OF three per cent certificates and CON-
pound interest notes, and indirectly, from the
growth OF the country In the same period,
In population and industrial enterprise
The President. however. seems TO over
look the corresponding imitation which
the shrinkage OF values during the past two
months has produced, but adds nalvely enough
lor one in his position, "These suggestions are
recommendation that they shall be adopted liter
ally, but hoping that the best method may be Or
rived at to secure such an elasticity OF the cur
rency Will keep employed all the industries Of
the country and prevent such an imitation as will
put Off indefinitely the resumption OF specie pay
ments, an object SO devOuty to be wished for by
all and by none more earnestly than the class OF
people most directly interested, who earn their
bread by the sweat of their brow. The decisions
OF Congress on this subject Will have the hearty
support OF the Executive" With such an easy
shifting oil the responsibility as is here evidenced,
such an incomplete understanding OF the subject
Is mere confessed 1t is certainly not out OF place
to those directly interested In the result that,
If Congress be not properly instructed, fresh dis
aster will assuredly walt upon its action.
There were no auction sales OF real estate yes
terday. the ANNOUNCED sales being all adjourned to
a later daLe