New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-10-22

while no one has been able to state maui
matically tho law OF relation bct"ee" '"e
volume OF paper money that may 90 cne"'"''s
in country aud the maintenance "
specie payments, there unguestionably Is suen ="
law. Take our volume OF paper money to-day ana 10
one can tell whether It is in excess OF the amount that
will permit the existence Of specie payments Another
reason ia that the balance of trade has been largely
against for many years LOOK al 'no
process ot exhaustion that was gong Oh
during the OF four years in the loss Oh
the cotton crop tho loss OF the labor az the millions
OF sturdy who fought ia the war, the Immense con
sumption produetl OF labor by the army aud the
millions OF men in the field consuming and not produc-
ing In all tho previous experience OF the country since
the OF the revolution, not excepting the war Oh
1872 has such drain been known. Look again on the
tao ealamtes which have been visited on the country
one Ia Chicago and one in Boston-by when sN'Oco-
90 was ewept from the Of the earth. The last or
rather the present financial year, promises to show
condition of things than has been known IN the
cOuntry 10 any year before.
RESUMPTION SHOULD SPRING PROM PUBLIC POLICY.
Aud may on this occasion mention the fact that GER
tain speciepaying countries OF Europe as france
and Austria go for years-Austria for long period
OF tme-with specie advancing TO very high premium;
for the that the balance OF trade between Aus
tra and between France and other countries
is hardly ever against either France or Austria,
against us during every year since the beginning
of the war Another fact must be taken into account
You have large specuations of gold in Wall Street. and
corresponding smaller specuatons IN other cities ana
towns around the country but that speculation,
whether large small IL based upon positive, actual
continuing demand Of not less than s5OOcOOO week;
not less than s25O,0O0,O0o OF coin are needed
annually for the payment OF duties and
for the payment OF the balance against US
in our trade with foreign countries dwell somewhat
upon this third point for this reason that may state
the conviction have that will be impossible to resume
and maintain specie payments until the balance of trade
little nothing AGAINST u.s. and have faith in any
particular scheme device experiment for the re-
sumption OF specie payments but only in generous.
comprehensive public policy, by which the industry
of this country shall be developed, and its re-
sources multiplied and s capacity to supply foreign
countries with such articles Of production as are
needed increased that the demand for gold TO go
abroad will be met by the gold returning from other
countries TO Ms Indeed when resume I hope
We shall resume at least for our lifetime.
There IL anecl0te ia point In which four
persons of great eminence we're concerned
John Quincy Adams, Josiah Quincy, Mr. Justice
Story, and Mr.. Sumner. Al the time Mr.. Sumner was
librarian of Harvard College. IL may be known 10 some
OF y0n that John Quincy Adams and Josiah Quincy
were noted for early rising and early asslduous morning
labor. On the occasion Of which speak. Mr.. Sumner
read his annual report librarian, and during the
reading Mr. Adams and Mr.. Quincy fell asleep. After
the business and the gentlemen stepped out
Judge Story returned and said to Mr.. Sumner in
familiar way, "YOu saw those gentlemen fall asleep
while you were reading your reporti" yes" replied
Mr. Sumner; "wel, they get mp early In the morning
don't pretend get mp early ia the morning. but when
I am up am M for all day" When we resume specie
payments hope shall resume for at least one hfe
time.
PROTECTIVE system
We have In these five or SIX years mastered one or
two propositions that deemed by many TO be be-
yond public control under the policy with which we
entered during the war; and II we're bound 10 con
fess I should have TO confess that / entertained
an opinion kindred To that, myself, and
that was that the export trade and shipping
interest could not be developed into condition
OF prosperity under what called the Protective
system" that system which was forced upon by the
necessities OF the war But have seen, whatever
might have been the prophecies to the contrary, that
under system the productive power OF the country
has been immensely increased by the Withdrawing.
through the temptations offered ny the high price OF labor
here abOrers other countries. both skilled and I'M
skilled: we have revolutonized some OF the leading
countries Of Europe In this matter Of labor, and not
only through the development here conferred great
benefits upon our aborng people through enhanced
Wages and the distribution among them as articles
of necessity and comfort those which were con-
sidered Injuries 10 former times, but we have
elevated the condition OF the laborers IN England and
Germany and given them higher prices first the result
snovny Itself IN tho Increased cost OF production OF
those countries ia which in end IL is seen that
able u produce today many OF the leading
T,aily . corresponding cost that lays the founda-
tion for increased aud Increasing Foreign
commerce not with those countries. perhaps which
enter INTO competition with Al the production of
leading articles of business hut with those countries
thar heretofore have looked 10 England aud 10 nearly
supplies Their attention Will turned
Copnected with this subject Is the Increase Of the
shoping " the country. I am happy 10 be able
10 say that what for five years has been constantly
Ginsbnng interest in the country during the last year
has given evidence OF some increase In the year
1sTl ana 1s72-I speak " the fiscal year
e per Country GS@' aSd ali ali tn %s oaSr o Countries
OF the globe carried on in foreign vessels Ia the
dca year ending June 30 1873, the proportion was re-
uced 10 % per small gain; but still something,
changing tile course events, and promising with sueh
Cioyernmeut 10 redeem from the ealamities
IN which were involved nv the war.
occasion. say something more definitely OF our in
promoted The best estimates tend 10 prove tnat the
height money OF au g goods ana n9 n an
products OF the country carried ont Of It, is
tlOsOOO year; and II this be go tho amount paid 10
show ne and merchants in the United states The last
year was ". 100000 against 3o00Oo paid to Foreigners
Now. then, assuming what pr0DaDly near ue
trade exclusive imports and exports OF specie and
bullion woud be SJ0oOoO against the United states,
who does not that the commercial problem wert
reversed American merchants and snipowners should
receive freight the amount OF sISOOO0O while
sQ7 100000 only would Into the pockets aud Golfers or
foreign merchants and shpOwGers; that The balance
when we might draw Ia foreign countries would be
,uuuI 10 the balance of trade against usl
nd when we have eaalized the trade OF this country
rh foreign countries snail have diminished the de-
snd for specie at least 81 10000 per week, and that
with the reduction OF tue pubic ebt AMI the reduction
OF one interest the public debt, We may hope Ia
the tune within a few years, when the actual demand
for all the purposes OF sails Government need not be
,norp than S25 00OOo cOinhardly IN excess OF the
present product mines OF the country; aud there
wonld then lie difficulty III resumng and maintaining
specie payments
SHIPPING INTERESTS AND NAVAL DEFENSE.