The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-01-07

' e ss n y: pVpssy gs.: ~ wishes VS. saao
stilI more oejectOns6is Bill was passed az sns
,sss sssson Of the Legislature BY both houses but
Your s!tention 10 called to this subject with the
Z SSsy 70 % sp:s
rsss: sss ss q s anas ss's s:s
With oOhndsnOs that his issa 3 ss own on -A -"
m. IN, a, Nav T ynrs cys u
msrcsi centre 81 the unon Se s1ss te emo az. a
me ~ ss sG%
q 'as 9Sss Ro:s
frequently fraudulent By. which, the leSirimste
business OF the country u deranged ana r. rood
ssss: s sSs Sas y e e: s
q the e Ss
''to communicate BY message TO the Legislature.
at every sesslon, the condition OF the State, and
sucn mastefs 70 mem Is ne sns oeen
The nnauctal pressure under which the oouutsy |,
sion Sy sSs SsnSs not q payment n specie SSs
payment IN represented and 1inconverttble papsr-
SsSA Sse ssn e h4S
denoe was ct its lowest ebb, may be exempitned by
the Hypothetical case Of debtor, Who wnen called
that ne owed him the money; and il is 'vosthS *
consideration that their inability to meet their
bang and government notes outstanding rfpssr ~
G the disordercd condition Of the currency. out Of
source OF seneraa cdissassiacton to the people of
the country and u sertous injury and emDarrass.
70 ndssa %s a q
cent sudden revuslon IN nearg all the cnannee of
By az e n
ment. the fraudulent devices Icr pscuSisry FaiH.
the inordinate speculations, the pFonigate expen-
y Rncs are as "a
the legitimate consequences or q long continued
meRs anS the banSs IT, :: It Is beIievsd nothing
but imminent Danger TO the pubic safety njusttH
= ss
manifest duty Of the government to repeal y -
the earliest practicass dsy wSsn tne danger z.
has produced. And got after tho lapse OF nearly
nine years from the suppression OF tue Rebellion,
saS ra coS
ever had more abundant facilities for restoring or
US sS e @
this long period Of inaction Weare producers a.
the precious metals in large qQaatitiea erahe.
pfs e N az s sam peo
we coined 4244, 394 in gold ana $26 5s7SSl n
than AZ per cent Of the products Of onr gold and
silver mines have reached our minis, while ONE Of
e
paper. banished from the country the greater pare
Of the precious metals winch we have produced, OF
Injury we have gone so far in this false direction
as Il IS called tmore Than 81, o0o.ooo OF whick
is below The sdenominatlons OF 50 centsls
on nss ssySx 81 wn. s0 y
domestic exchange toIbe carried on with depre-
casd paper excepting tne pecss q base messt Y
the return 70 specie payments more remote and
difficult the Treasury Department has during thelase
053 Of gold coin II half this amount had been Kept In
the public vaults we might at this very hour have
government 70 be redesmsnle 10 specie; While the
gradual accumulation OF such supply Of the pre-
correspondanr restraint on and spscu
latlon and rendered the transition to our present
state Of restriction comparatively easy and harm
There can DO no higher proof Of the impoHcy Of
this process OF sel-spolatlon than the TACT that
can hope TO return to the standard Of specas-'
the steps to be taken are, FIRST to regain the pro-
ea " e 1snla%
paper. ~ which they have been driven into 0ther
channels II our import duties 10 not yield. . Z
on our public debt itswould be lar better to repur-
chase (as we can 1t . less price than We Sold .
proong state Of things which is equally injurious
to our industry and discreditablo to our character
consequences that we levy on external commerce
the Whole amount OF coin with which the interest
single branch OF industry burden which should
be shared by all. , fr-fr, ~ ~ ,-a.f -, IA -.l.
inc experience Of all countries atsests that :
paper circulation cannet be secured from PERM.
cious fluctuations, unless 10 Is upheld BY broad
basis or specie. Independently OF the considers
employ to enect our domestic exchanges, Il Is Of
vital interest to the laborng classes that the
iation as to constitute the principal medium for
the pay rnent OF their wages aud the purchase OF
necessaTes 70 sup2y tneir moderate Tarss 10
fractional currency and . suficient amount Of
notes OF other denominations TO make the residue
practically redeemable in specie. The result would
be TO iniuse into the circulation supply OF coin
on which the government and the banks could
enl incident to the 6uctuatlons Of currency CON
ssng M q paper The sank
France issued none before the war with Germany
under SO irancs-ab0ut $40. The latter c0uutSY
had nearly $4,000 goo IN gold and silver coin Ht
a supply Of specie to draw upon she could not,
without great DecunYary and commercial disasters
have paid the enormous war fne OF nearly
81 600 600 in which she was mulcted By the En-
peror Of Germany. atf % If91 shi 81 rtd1f4.
There are already numerous schemes to remedy
existing evils, some OF them providing for an adj
ditional Issue OF interest bearing bonds, redeem
aole In greenbacks or, IN other words Of paper IN
another form. Unless the testimony Of ali history
Is discarded these schemes can have no other con-
isS and end n
more Overwhelming to the prosperity Of the coun-
Try anu Lne cTeOlt Ol Tue 9OVeIumeut CL8u any W0
have yet experienced. 1t u great error 70 sup
pose that there Is any mystery In the currency
question however rs the belief may be
all our reasonings concerning 1t are In relation
with the standard OF specie. 1t ts only when men
undertake to make that which has no intrinsic
value perform an ONCE to which intrinsic value Ia
indispensable; or, in other words, 1t Is only when
men try to solve the impossible problem OF ascer.
tanning with how much inconverttble paper the
commercial transactions OF great country can DO
carried on, that their minds become mystif1ed and
run into the most Illogical theories. It Is believed
that the remedial process by which We are to
be enectually relieved 10 one OF the utmost sim.
plcity-namely, to gather together at the earliest
day possible by purchase or otherwise, . sufnctens
amount oil specie, to enable MS to declare our cir
culating paper redeemable IN coin. The precise
amount needed may be the subject OF some an.
ference OF opinion but not so great ~ TO cause any
serious embarrassment. Cf a7Jf .9r g01. ,ilg97.
The present moment Is most favorable one for
restoring the country to solvent condition. Tho
state OF our foreign commerce.; the abundance OF
our harvests and our general prosperity combine
to inspire confidence In any well directed e0rt to
~a-ys-A f. ~-4.