, 1874-11-12

SPECIE PAYMENTS.
Tho New York Journal Of Commerce ronows
its advocacy Of tho repeal Of The Legaf-l lender
net as tho shortest aId best roRd to specie pay
luoute II Congress- welo to onnot that after .
certain dnto Eioonbacks should net be d legal
tcnder no one would care to hoard the money,
and oil kinda OF produce, merchandise roal
estate. mud other BcourltleH would become immo..
diatcly Ratablo. All clasAes OF Industries would
bo stimulated to fresh nctsity. Up to md over
the day when tue currency %opsd 1859 lts legal
1nent in tho murko,, and disposition to invest
in property Of all kinds, that tue change 10 tho
1cgal relations OF this currency would hardly
shock the prevalent prosperity. For al matnr-
ing Indebtedness tho pRpes, OF q check OIL tho
bauk representing It, would be taken as before.
lEeciBely aB tho business OF tho country hAs
often been done during banh-suspeusioD, 80
would it be after tho dalo was roachod.
Any otlor plan, tho journal thinks, wonld not
bo oflcaclous. 1t needs no profound Wisdom TO
Eee that resumption Of specie payments cnunot
10 renched in this country BY any direct method
Of fotccaating and providing. TOR it BY law. II
that, by any process whatever. tho grecnbacks
will bo redeemed in gold upon tho It'll Of JuIy
next, all who could hold OIL to thou would do
go. in anticipation Of their Increased value.
Everybody would DO q seller, ard no ono q
buyer. a few weeks Of thls experience would
tie up all tho floating capital, the Bcrows would
tighten upon borrowers everywhere, and long
before tho 4th Of July WAS reached, tho outcry
abandoned
THE NET CALIFORNIA MINT.
Tho new San Francisco mint iB pronounced by
the bulletin TO bo the finest mint concern III tho
world, having tho latest improvements for por-
fection in tho n,unutaoturo Of real money for tho
people, It saya:
Tue necessity Of Buch mint ns we arc now TO pos
sesa has been moro cltl lIoru Hanfcst Tho average
conugo for tho past twelve years hag been steadily ill.,
crcasiny from sixteen or seventeen millions, unlil
how It reaches twenty-five millions. During the lust
four mouths tht cotnage Is so, Qcp aud Tho
demands If commerce for tho lcw tratlt dollar be-
pieces day ID about all that eau bc safely attempted,
though 1t haa sometimes been exceeded. In The nuw
MInt the facilities for increase such tha! the work
can b multiplied to any degrees Of our possible re-
quirclneAta IL tho future.
10 CREDIT CAPITAL?
financial writer OIL ono OF tue morning daily
newspapers Of this city ilu1s fault with Prof.
Donulny Price because. IN bis reccnt lectn,o on
t'Con.mercial Crises" that gentleman did not
include credit among the Iosns Of capital.
CreGlk gaya this writer, ''is ln Intangible kind
OF capital" etc., ETC., following tho spcclouB mis-
conceptions OF Macleod. Lot us SEQ. A cap-
itailBt llaa $10,000 This Iii capital Tho cap
itaIist gives a borrower credit OH his bookH FOR
$1O,OUd, but retaus the money. IL tha utter
capta!7 II it il, 9l0,otI0 money is 920018
capitaliat; tho right to use il ut iutnre time in
$4,000 capital III tho bands OF tho borrower.
Credit is Il great factor in the mochaniym Of
modern civilization, Oh Macleod and his school
caim, but it is no moro capital than ono il two.
II can no moro be capital than ono thing can be
iu two different places ut tho same time, Crhdit
iB not capital, but tho right given by ono to
another to uHo Ills capital.
CHICAGO BoLD-srAREET.