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

LADIES AND GENTLEME& ! 0ngbt, before
proceeding 10 ay beiorc YOU what purpose to say To-
night 10 correct, the purely personal ansons which
che President OF this NEE ting kind enough to make
to myself but one etdiemrht OF Tact winch might
lead TO wrong impression that so largo
n sum as he named paid, during my
administration OF the Treasury Department II was
ess By hundreds OF millions. II, ladies ana gentle
men, This honr shall seem tedious to you, hone
IN your kindness and consideration for me, you VIII
divide the responsibility, laying part Of It, You viii,
upon the suec With which have ~ deal, and ibe re-
maiuder, II yon please upon tine soeakeE
fought first OF ALL that pivot all the opinions
entertain upon the subject 0f finance, touching the
present coalition OF thiugs.-OY the present condition
of things" mean the PERIOD already heightened beyond
what could have desired the period Of suspension oil
specie pa,mentsupon the idea That We are l" prhs the
paper rurrcucy OF the country TO au e9ualty III value
with coin that now 50 thar u may pe unueoeH-
sary to repeat The statcinent a. 20 On But
make a distinction between tho resumption of specie
paymonts ana the equalization OF the commercial
value OF the paper currency with coin, considering
the egnalization as a matter much more important
than the actual fact VI the resumption OF
specie payments by the banks OF the country III avs
close myself fully IN opinion To y0n upon tn' point
for that here tonight chiefly nave TINS 10 say
that do not look upon IL IA proper or desira'ecer
tony NOT proper-hat the banks " The country shall
expect wiz and If the banks are required 10 redeem
their currency nc the option Of the banks, either ia
United states notes. known legal tenders or IN
spece practically We shall have resumed Tor the banks
ar well "a for the country.
do purpose. tonight, to enter INTO "i Inc uoUs
by which IL Is shown that attempt upon the parf OF
the hanks 10 resume specie payment TO the exclusion OF
the redemption in United States notes, "odh De AZ
tended with disasters TO Jhe business oil the country
4 GLANCE AT FIRST PRINCIPLES.
W. arc passpyor rather the great cities OF the At
lautic coast are passng-through u severe nhaociai
crisis Tonight L propose to deal with ms brahch OF
y subject only far as 10 suggest some VI the causes
which lie at the foundation of the present c"nd"n OF
Things. We have "A paper currency OF more than
s7D0oaOOl r. is not possible. Think Tor any
h,dy to say whether that volume OF currency Is
IN exces. or not There those VINO dena1d contrae
,,,n AS means of res,lnng specie payments There arc
those vino demand expansion for the purpose OF reeN
ing the country tae present c0cditon ~ ihiogs
su spension of spec payments OF rather Inc coIhv-
ance Of the present condition Of thugs is due 10 hree
causes: Frst-that state rather as consequent Of the
Two which AUTOMATICALLY. or going back no more
than Ave years. the depreciation OF the credit Of tue
country Ia 1869 the coin bonds Of the United
ststes which bring All interest payable In coin.
were worth about "a In si0O, at discount Of
IA or % per cent Under such circumstances was D0
possbs that the obligations OF the country that were
not payable IN CON, or certainly not payaDe upon L
instant in coin ard bearing interest, should DE- at
mar " th coin I think may say that during rho last
four years this evil has been renicied that tho
ntsrestbesrng Obligations OF the Government are at
par in not only in this country but
in the chief COMMERCIAL and financial countries
OF Europe. And ] take OCCASION here to make
abatement IN correction OF error that think pre-
walls IN the community with reference 10 the yalue
few months the French loan PUT on the
market-the comparative value Of that loan aud the
loan the United Sfates. We were offering sipin't"-
neously q I'VE per cent twentyyear bond; France
offered i've per cent bond. Their bonds
were taken upon subscription IN immense
aunntties far In excess Of tho amount offered. aud
tbe question naturally arose, Why should thor bonds
be sought for and accepted in large quantities While
ours we're subscribed for onyin moderate sunisi The
difference in the conditions was ths-that theT oohos
were put into the hands OF the bankers at 50 or cents
Oh the dollar aud sold subscribers at "a or 81 cent?
while Sold at 100 cents on the doiisr
OF coin, and never for less. Therefore there
was iD their proposition Nh element OF "peru
Iatton which idid not enter INTO ours
Another circumstance which has esnxihnted 10 the