The New York herald., 1873-11-07
The Financial Pressure = Proposed
Schemes and Measures OF Relief

resolutions were adopted expressing the con-
viction that time offers the only solution of
existing difficulties that the Chamber re-
tains its confidence in our national banking
system; that it is the duty of the banks and
the government to resume specie payments
that the failure of Congress to redeem and to
provide for redeeming its legal tenders in
gold has been pernicous in its consequences;
that Congress be petitioned to discontinue
the purchase of United States bonds, and that
the surplus gold of the government be used in
the redemption of Treasury notes. Now. here,
after declaring that time offers the solution of
existing difficulties, the Chamber proceeds to
suggest various things for the assistance Of
time, and in the end calls upon Hercules to
give US lift in getting the wagon out of the
morass.
Chambers of commerce, banks, merchants,
manufacturers, farmers, and, in short all the
producing and business interests Of the coun-
deliverance, but for speedy deliverance,
from our existing difficulties. We have heard
of various schemes of relief which, as the first
measures of business in the new Congress, will
be proposed in the House of Representatives
Immediately after the reading Of the Presi-
will embrace comprehensive scheme Of re-
lief, embodying the leading ideas and PROPOSE
tons lately thrown out by the President in his
conversations with different parties on the
causes Of and remedies for our present
financial embarrassments But assuming
relief so generally expected, we shall
probably have weathered through the
winter before any bill is passed involving
the reconstruction Of our present financial
system demanded to meet the public neces-
sites Of this depression Meantime, if we 60
on as we have been going under this pressure,
our national paper money will soon become
as good as gold, without the assistance Of
Congress, and much to the astonishment of
the Secretary Of the Treasury, with his petty
specie payments in silver.
In truth, too, our present financial en-
barrassments, looking at the country at large
and at its general substantial prosperity
and resources, are to q great extent
imaginary. From an inquiry into the con-
dition Of the great manufacturing firm of the
Spragues, for example, it appears that sfhey
have surplus over their just debts
of at least eight millions of property,
and they confidently believe that if an
extension Of reasonable length is
granted to them they can pay in full all their
liabilities and preserve their print works and
considerable portion of their mill property. :"
1t is to be hoped, therefore. that they will be
given reasonable extension, and that a gen.
eral spirit of mutual assistance and protection
will prevail among our capitalists, banks and
business men, especially in the prevention Of
failures and suspensions of business, which, if
not prevented, will, while greatly aggravating
our financial troubles, throw thousands Of
honest working men and women out Of en-
ployment.
"The street yesterday was less disturbed
than usual of late by rumors Of railway mer.
camille and bank failures, and the impression
is evidently gaining ground that we have
reached the s'bed rock Of this panic. and
that the way out Of it is beginning to be CON-
pretended.