The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-08
SOUND FINANCIAL VIEWS.
The Events Of the Week In the Money,
Gold and Stock Markets.
cRExAT1oN1srs In TIE FIELD.
The Foreign Crops-Credit
and Temperature.

SUNDAY, June 7, 1874.
The principal financial event OF the week, and
one perhaps, which is destined TO exert perna-
nent influence upon the commercial relationships
OF the country was the publication by President
Grs Of his plan for the resumption Of specie pay
ments and the restoration OF sound currency
basis. 1t may appear singular coincidence that
these suggestions were given to the world contem-
D0rane0usy with the change In the head OF the
Treasury Department, and 1t has been broadly
limited that the new Secretary is himself the
author OF the propositions referred to- but all this
Ii matter OF little consequence compared with
the general results that are likely to follow
THE IMPORTANT PRoNUNc1AMENTo.
Both houses Of Congress have discussed their
plans and failed to reconcile the differences be-
tween them. But the Chief Magistrate had spoken
In veto that ELECTED the enc0mums Of the people,
and now ne again strikes keynote that will soon
be heard vibrating throughout the country. In
other words. he has suggested plain, practical
financial PLATFORM which the nation Is invited TO
accept and which promises return OF the national
prosperity. The chief points Of the proposition
the Executive have been urged and argued in the
columns OF the HERALD for more than year, ana
are familiar to our readers, so that it Is only
necessary to restate them here briefly. They are
Fvst-A repeal OF the legal tender clause to take
effect, say July L. 1875. Tn would cause all future
contracts to be estimated ip coin. The specie dol
lar would thus become
THE MEASURE OF EQUIVALENTS.
Sec0nd-The redemption OF currency in coin, say
July ], 1870, and the complete cancellation OF such
currency, with an attendant issue OF bonds payable
IN gold, to be put out only in such sums as might
be needed for the purpose OF redemption.
Tnsrd-The withdrawal Of all bills after certain
period, OF less denomination than SIC, thus tend
ing 70 keep In hand SUFFICIENT supply OF the pre-
scious metals.
FOsuth-Rtgid economy, an increase OF revenue
over current expenditures, and the payment Of
taxes after redemption begins, In coin or United
States notes. Mr.. McCulloch once said when he
was Secretary OF the Treasury :-"There can be no
doubt that the legal tender acts have tended to
blunt and deaden the public conscience, nor that
they are chargeable in no small degree with the
demoralizason which SO generally prevails.n
Daniel Webster said :-.Of all the c0ntrivances
CHEATING TIE LABoRING CLASSES,
mono has been more eYectual than that which de-
ludes them with paper money" And now, General
Grant adds:-sT believe 1t high and plain duty
TO return 70 specie basis at the earliest practi
cable day not only in compliance with legislative
end party pledges, but as step indispensable to
lasting national prosperity" Let Congress and
hts Financial Committee of Conference take heed.
The words Of these statesmen have not been idly
uttered. The innationists may chafe demagogues
may utter their denunciauons, but the people at
large will commend the broad, sound and healthy
views OF their President and Secretary OF the
Treasury.
THE EVENTS OF THE WEEK
in the speculative markets are devoid OF interest
Money has been easy at and per cent; prime
business paper was discounted at and per cent,
and foreign exchanges were dull and tribe lower.
GOLD
towards the close showed exceptional weakness,
and declined to 110A, without any appearance OF
Immediate Improvement. Indeed there seems to
be no disposition to bull this market, even In the
face OF the large shipments that have taken place
and are likely to continue Tor some time to come
The gold fluctuations Tor the past week were as