New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-01-07

into other channels. n import dutes "o 10y y
surplus for accumulation after paying tn chsss fss
we can less price than sold portion tng
owe have parted with than TO prolong state
liable to our character as commercial people. II Is
one OF its unjust consequences that levy on extef
interest the public debt is paid thus throwing upon
q single branch OF industry burden which should be
The experience OF all countries attests that paper
circulation cannot be secured from pernicous nuctua
tons, unless 1t Is upheld by a broad basis OF specie
Independently OF consideration Of stability in the
value Of the instruments we employ TO effect our domes
that precious metals should enter largely
circulation ls 70 constitute the principal medium
for the payment .of their aud the purchase OF
neeessares supply their moderate wants To accom-
pish these objects we must withdraw our Iracuonai
currency and sufficient OF notes or other de-
nominations to make residue practically redeemsble
in specie The result would be TO infuse into the circu
lation supply OF coin which the Government anu
the banks could draw In OF emergency, and avert
much of evil incident to the fluctuations OF a cur
rency consisting largely or paper The BANK OF
issues no notes under ve pounds stcrlingabout s25
The Bank of France issued none before the war WIN
try had nearly IN gold and silver coin at tne
commencement Of that contest. without such suppy
of specie TO draw upon she could not without great
pecniary and commercial disaster have paid the enor-
fine OF nearly 81 oooOoO0o In which she was
mulcted by the Emperor OF Germany.
There are already schemes to remedy exist
ing evils of them providing for an additional issue
of bonds, redeemabe In greenbacks or,
in other words OF paper in one FORM redeemaoe IN IRE
deenabe paper In another FORM Unless tne my
consequence than to Prol9ng and aggrayate pre-
vang embarrassmeuts. and end tn catastrophe more
overwhelming TO the prosperity OF tne country anu TUG
credit OF the Government than we have yet exper
onced II Is great error to suppose that there Is any
e belief may be by the advocates OF paper
long all our reasonings are IN
with the standard Of specie 1t Is only when men under
take to make that which has no intrinsic value perform
an Office to which intrinsic value Is Indispensable or
in other words 1t IS only when men try TO solve the m
possible problem of ascerainInR with how much ncon-
Sn d Sc da hs mat
titled and into the most illogical theories III Is De-
eyed that the remedial process, by which to be
cdectualiy relieved is one OF the utmost simplicity
namely to gather together at the earliest day possible
by purchase or otherwise sufficient amount OF specie,
to enable us declare circulating paper redeemaDe
in coin. Tho precise amount needed may be the subject
OF difference OF opinion, but not 80 great as W
cause any serious embarrassment.
The present moment Is most favorable one for re.
storing the country to solvent condition The state OF
foreign commerce. the abundance Of haryests
and general prosperity combine to inspire conn
dance I'm any woIdrected effort to accomplish the OBJ
ject and opinion Of many OF mos, judicous
and experienced bankers and nnanclers that the Gov
eminent may safely declare that 1t Will redeem
its circulating notes IN specie on the LIST OF January
II is not TO he disguised that powerful influences
likely felt in Congress, and already ut work in
opposition to all measures framed with view to bring
about the resumption which public opinion clearly de
mands, aud to which the Government is distinctly
pledged Among these are large portion or the Danks
which look only to present profit the debtor classes
which naturally desire To pay the cheapest currency
the large manufacturers who derive from the premium
the present high tariff duties on fore products and
tho pacious Of Spectators, whose schemes can
best be accomplished with irredeemaDle paper IL re
mains 10 be whether these interests are to control
action OF Congress disregard of the common wei
fare or whether as Is earnestly to be hoped they WI"
be firmly aud etectually resisted.
should not have dwet this subject much in de-
tail but for the deep interest OF the people OF this state
ia securing and mantaing stable currency convertible
at all times into specie The evils are suffering have
been often repeated but they seem to fade out OF our
remembrance with season Of returning prosper
lty. More than half century ago. in similar inan-
Cal aud commercial crisis De Witt Clinton. While occu-
plying the executive cnair OF this state, addressed TO
the Legislature sitting in the same halls in which you
assembled tho following emphatic language: .
The bnhmon Of metallic the loss OF commercial confidence
.ne einoon ., fictitious epiai lne h L o. y yc snd ,h
dangerous extension Of credit are among the mhe winch 10" rom
THESE words OF illustrous statesman. coming back
to after the lapse OF years. and portraying with
striking fidelity our present condition. manifest that no
increase population and wealth, advance in gen
eral prosperity no progress IN productive industry In
art, or IN civilization, can shield us from the uctua
tons and which sure to follow III the tram
OF an irredeemabe paper currency
PUBLIC BUILDINGS
II is worthy Of your consideration whether some uni
form mode OF experimenting the construction OF the
public buildings which in progress should not be
adopted Beside the capitol there three hospi
tails asylums for the insane 1.-THE Hudson River State
Hospital at POughkeepsie the Homeopathic Asylum at
MidIletoWn, and the State Asylum at Buhaol, and
State Rerormatory at Emira, which incomplete.
The original estimates for tho construction of these
buildings are nearly as follows
The new Capitol at Albany ...;.....sio0 0@0
Tn, Hudson River State Hospltal....... 6ooOW
Tus Homeopathic Asylum. ....-...--..-.. 100000
The state Ref0rmatory. NEUTRALITY-SUSPICIOUS.. 650,OU
The Buffalo state Asylum. ........-....-.. 600,OU
Total..-.---.-...--- Recommendations
There have expended these buildings the fol-
lowing sums viz:
The new Capitol the external walls Of which
only raised TO the hight OF the fret