The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-03
WALL STREET,

yfleTt ana q SntfHe.-CHARLES SUMNER.
WALL STREET,
THURSDAY, April I'd I. NJ.
From the early days OF the national government
there has always been a fixed and well defined
financial policy. For nearly century the Efforts
OF successive administrations have been directed
10 the maintenance OF the puoic credit not merely
by the gradual extinguishmen 81 all loans, but by
the cancellation OF all obligations made for tempo
rary permanent or special purposes. 1t has been
reserved FOR the stock obbers OF the Forty third
Congress TO set at naught these teachings OF his
tory, 10 walk backward IN their reach Tor honora-
BILE results. ana to demand policy that is written
all over with reputation and disaster. The nation
Is in the hands OF political charlatans The specu-
lator has taken the place OF the patriot and the
demagogue occupies the seat OF the statesman.
AS a consequence the country is on the edge or
fearful financial crisis. Present facts and past
experience, history and principle, all have been
ignored, and we stand face to face with an ex-
panded rredeemable currency, uncalled for and
unnecessary and carrying in its trail such evils as
have not been encountered since the IA tai hours OF
1887. Let some OF
THE FATHERS OF THE REPUBLIC
be heard. George Washington said to Congress in
l792-'The state Of the national finances is now
sufficiently matured to enable you TO enter upon q
systematic and erectual arrangement for the
regular redemption OF the public debt. according
20 the right which has been reserved TO the gov
eminent. No measure can De more desirable
whether viewed with an eye to its intrinsic i'm
portance or TO the general sentiment and wish or
the natlonn
In bis sixth annual Message, in 1874. Washington
again wrote Whatever is unfinished OF our sys-
TEN OF puolic credit cannot be benefited by pro-
crastlnation and as far as may be practicable we
ought 10 place that credit on grounds which can
not be disturbed, and to prevent that aggressive
accumulation OF debt which must ultimately en-
danger all governments
Again Whatsoever will tend TO accelerate the
honorable extinction OF our public deot accords as
much with the true interests OF the country
with the general sense OF our constituents FL
nally, in his Farewell Address, Washington adds
las a very important source or strength and secu-
Iity,
CHERISH PUBLIC CREDIT.
Use IL as sparlngy as possible, and By vigorous ex-
ertions in time OF peace discharge the debts winch
unavoidable wars have occasloned.n
President Adams, in 1897, wrote to Congress-
1.-The consequences arising from the continued &C
cumulation OF public debts in other countries
ought TO admonish US to be careful OF their growth
III our own case.u
President John Quincy Adams In 1927, says -
81 deem 1t my duty TO urge this topic upon the
consideration or Congress-oi recommending TO
them the observance OF the strictest economy in
the public funds"
IL was only in 1884 and 1895 that the country was
entirely out or debt and al a celebration In nonor
OF the event President Jackson offered the follow.
ing sentiment" payment OF the public debt:
Let Us commemorate 1t as an event which gives US
increased power as a nation and reflects iustre on
our Federal Union, OF whose justice, fidelity and
wisdom IL is a glorious Illustration Later. in
1858, our own
PRESIDENT GRANT
said, in relation 10 the financial question = 'Tne
return to a specie basis as it can be accom-
plished without material detriment to the debtor
class or TO the country at large must be provided
for. To protect the national honor every dollar of
national Indebtedness should be paid IL gold, IN
less otherwise stipulated IN the contract"
Secretary Richardson likewise fairly reflected
the views OF his inustrious predecessors, when he
uttered IN his last report the following memorable
words Amy large augmentation OF the issu ne OF
United States legal tenders IN time OF peace would
not only be departure from that declaration OF
public policy and pledge OF the public faith to the
national creditors made in the act OF June 30
1854, as well as from that more solemn pledge con-
tanned in the first act Of the Forty-frst Congress
ito make provision at the earliest practicable
period for the redemption or the United states
notes in CON- but would postpone the day OF
attain in the distant future unsettle confidence in
our national finances and be serious detrlment
10 public credit at home and abroad.u
Can any language be more explicit, can any pur.
pose be more plain2 Do not the foregoing views
illustrate and describe the true financial policy OF
this government In time OF peace? And is there
any reason beyond that which is furnished by The
Spectator to warrant departure from the teach
ings OF these words OF wisdom?
The possibility OF q neac issue Of fnconUeTtibre
paper Ire9drd nth dmaze7nent ana anxiety, and,
ia ng jatdgnaefI such an issue trould be a detrt-
ue1at and shd1ne.-CHARLEs SUMNER.
THE UNITED STATES TREASURY.
The pr1ce OF legal tenders to-day, as compared
with goid IS 50 cents. Tie difference is the tax
paid by the consumer. The receipts from internal
revenue to-day were 1872, 1s4 The receipts from
customs were s44s,000. The outstanding legal
tenders unchanged. The Assistant Treasurer
70 day paid out $4,000 on account OF interest and
$4,000 in redemption OF fve.twenty bonds. The
Secretary or the Treasury says his recepfs FIR
the fiscal year will cover all but the sinking fund
$50, 100000 lie estimated for sl5.oO0O0o last
month, and from indications he VIII overrun that
probably 5000, 900 or 100000. The Equalization Of
the s44, 100000 reserve VIII Of course increase the
public debt that much.
UNITED STATES MINT STATEMENT FOR April.
Go1 con-. 's4@lb4W
Trade dollars ACKNOWLEDGEMENTS. 10000
Subsidiary silver coin. .................... l210s5
Total. s45 435
or the above, the mint at san Francisco coined
over $4,000 900 In gold and $3.50 600 trade dollars.
The demand rom Japan and China Tor the trade
dollar is still increasing, aud the minis are kept
busy The oids Tor government gold at the SUB
Treasury to-day amounted TO f3,250,000 at H. 81