, 1874-05-13
AMERICAN FINANCES.
From the n. Y. Herald.)

ALL STREET ApflI ~
The veto of the President to-day has given
universal satisfaction. 1t determines a ques-
ton that has disturbed every speculative coun-
Gil. 1t establishes the fact that there shall be
no more imitation. 1t brings Us back to real
money, and may eventually enable every man
to adjust his business upon a tangible basis.
The views Of the President are those which
have been repeatedly iterated in this column
and elsewhere, In order to keep the solemn
pledge of the government to make provision at
the earliest practicable period for tbs redemp-
ton of United States notes in coin, there is
BUT ONE COURSE AVAILABLE,
and that is for Congress to compel the reten-
ton by the Treasury of its surplus of gold and
the retention by the banks of their interest in
coin. The latter feature was in part provided
for in the Currency bill that has been vetoed
but the effort was so feeble and the end aimed
at 50 Insignificant that for all purposes other
than to gid the edges of administration pro-
misses and enable the President to say that
something was being done in this direction,
it was mere bagatelle. To make the plan
wholly available the cooperation of the gov
eminent itself must be secured. There is now in
the Treasury gold to the amount OF $50, 000, 600.
AS the business interests Of the country i'm
prove there is no doubt that this amount nay
be largely increased. Since March, 1869,
over
THREE HUNDRED MILLION DOLLARS OF THE
PUBLIC DEBT
have been paid, to say nothing of other millions
Of gold that have been exported bee use there
was no use for coin in this country beyond that
required by the government. This is a fact
which demonstrates that if for a few years to
come the receipts from customs are applied
simply to The payment of the current obliga-
lions of the national government and the inter
est on the public debt, including such amount
as may be necessary to keep intact the sinking
fund, there will be no difficulty in retaining
sufficient gold in the United States Treasury
to enable the government to maintain lis pledge
to the country and the world to redeem in coin
the outstanding legal tenders. Such redemp-
ton, we have heretofore shown, will never be
enforced; but even
THE PARTIAL ABILITY TO REDEEM
will restore public confidence, and when this
result is attained legal tenders and national
bank notes will appreciate to par with gold.
Yhe product of the mines of the country is from
$780, 00,0 900 to $50, 000,0 900 per annum, which,
added to the duties on imports, is an amply
sufficient sum, if we'll protected, for all the
purposes of specie resumption, and there is NJ
good reason why Congress, before its adjourn
ment, shall not pass a law carrying out the
recommendations of the President in his seve-
raj Messages and in his veto. 1t would benefit
at home and abroad. II would re-
store confidence everywhere, especially among
our European creditors. 1t would enhance
the value of every American security, for it
would mean the adoption of a standard of va
lue which the world recognizes and respects.
The government stamp upon a piece Of paper
for which there is no redemption is a deluSion
and a snare. But the government stamp on
every gold coin is a pledge of honor and a GER
tiicate to mankind that the bearer has render
ed a service to society which is measured by
that piece Of metal and that he is entitled to
an equivalent service from society in return,
payable on demand.