The New York herald., 1877-11-30

house exchanges in aiteen cities amounted 10 moro
than $4,000. 900 900. These we're exclusive oi tnas
aggregate Of transactions Of winch no record -
or made The whole annual ex-
changes o. the country cannot be les
more than one per cent proceed upon the gold
basis. But resumption OF specie payments means the
Whole Z, upcnaous isSrc Of American re Su. Of
hundred per cent Of u. II mems the actuai
physical presence o. sod 10 greater or 49,, css
In every bank, whether State bank, private BANK saw
ings bank or national bank. and in all the public
treasures, Federal State, and municipal u means
the extension OF gold actual as fund INTO
winch not only all tho circulating paper notes bo'n
OF government ana the banks are to be converts
Bile az the Will OF the hoIdcrs-many OF whom
win demand gold-but all the loans and deposits o.
the banks and ali the debts of the states ard num-
cipntes, OF all the corporations and OF all the peo
pie: In word, II means the extension Of gold into
actual ply sicoi use instrument exchange and
measure OF value in all the $3.50 00o 600 900 OF
changes which annually take place among us. or the
nature o. .nls WORK o. eaohoips mo use o. go'a LOT
irolicr OF the Currency for 1870 showed that thcrs
was al that time IN The whole country 2oss
OF those banks at tnat time (and there has
boon no apprecable change sinceh aud
ported themselves having specie at all; l27 nad
less than 800 52s had less than $500 each; Sid
had less than $1,000 each; 2i9 had less than 5000
each. and OF the whole number only 234 had
So 900; OF these 90 had less than $4,000 eacn. So
you that 97l national banks had less Than $500
specie and that 800 OF them had less than $1,000
each. But II by specie payments Is honestly meant
system Of payments IN specie-not the confidence
game played by state banks upon The peopie OF this
country Tor seventy years. under preteucc o paying
III spccethen INTO every one of these 20s9 instiu-
tions located In thrtynnc states and Torrltoresahd
absolutely essential preparation Tor resump.
tion-must be drawn gold enough 10 meot demands
amounting to hunureds OF millions OF dollars. General
GarneId must not deceive himself as 10 the demand
VIII be made for gold. He snowcd In his speech
that tho Bank OF France order to contract
lis paper notes 800 oOo,O 600 had pushed into
circulation $22o 600 OF gold ara silver; and
trumphantiy says my oid friend GARFIELD, the BANK
af 10 Nf day
IL apparently did not occur 10 him that
500 Oooo 900 oil gold and SILVER were necessary 10 20
injected into the circulation OF Francr--a country
among whose people and In whose bank, other thun
the National Bank, there WAS already 81 600 GOO, 600
OF the precious meials-lt might possibly oe
necessary inject 5000. .ooO 900, $500 o00,U00
$4U0, ,Uo0 900 AT least into tho American banks
and and, among s ns peops as ayess NECESSARY pr
$40 600 900 have been ''pushedn
cuation, and we have metallic reserve In Fed
era treasury and IN The banks OF s4so, ooooo Or
s440 600 900, then we, too. may possibly be within
hiiy days OF resumption Meantime tue condition OF
the national banks IS sufficiently Illustrative OF the
extent OF the pushing yet 10 be done; and about
resumption even IN France we shall probably know
more In nity days than We know row.
NOT DONE ~ THIRTEEN MONTHS.
General Garfield, like most men, coniouuds two
things that are wldoy different he evidently sup
noses that because the premium gold has fallen
two and halt throc per cent We are therefore upon
tho verge Of resumption. Ths is great ialiacy. TO
destroy the premium on gold is thing, ana might
be done without tne Intervention OF u single ounce
OF tho metal; but TO substitute gold INTO
OF exchange Is quite another; 10 do this II 10
manifest must navc the real gold; for how can
there be specie pay without specie TO pay with
Ana IL II not obviously that Is after tho
difference between paper and gold disappears that tho
injection OF gold circulation must begin II begins
al all? Nor must Il 90 supposed that The withdrawal
OF paper notes tho substitution OF gold VIII proceed
drawn dollar of gold viii step IN and take its place
for IL not so We must procure our COLO by giving IN
exchange for ~ no. our paper dollar but Inc realized
capital OF the country. II we could trade our paper
dollars 10 Engishmcn and Frenchmcn, or 10 tho
American gold miners for gold ones-dolar for dol
lar-we should suffer good deal less hardship and
embarrassment In the work OF resumption. IL hap
pens, however that the work involves two distinct
Operations Wo must got rid OF paper by
process and acquire our gold by another There ia
only way In which the latter operation can bd
enected A void must be created In the monetary
CIRCULATION SO extensive that GOLD Will
labor IN IRON foreign countries to MI u up II Is In
this way only, by elentessiy taxing away from ths
and IN mcrcilcssy destroying tho value
OF their property, that we shall get our
IN ust 20 Is witnessed by tho condition OF the national
banks 800 OF which nave IN their vaults at this very
hour In aggregate, less than 81 800 600 Of gold.
Docs General Garfield or any other think Il
possible to accomplish the supendous work IN tnir-
teen months or IN ,n,ray ana "nous Tue moss .re
the country In point Of TACT wo have mado no
moro than lair beginning upon The work Of rcsump-
ton; there must be further depression OF prices
and vaucs-not less upon the average than thirty
per cent and asscrt-and experience win couhrln
what say-that the work yet TO be done far exceeds
In magn and oppressiveness the work that has
been uone. Yet General Garfield alleges the cond-
tion OF the country TO be upon the whole sound
satisfactory But what fearful mockery Is this OF
the desoation and anxiety and actual want that
in tons and hundreds OF thousands OF households
throug q hout the length and breadth OF the land,
wrought Wy this Infamous resumption outragel
dare not dwell further here, lest my Indignation
should got the upper hand oi my friendship for man
whom wish always TO rospect
OUR BoSDs-wno HOLDS THEN?
Allow me, In conclusion Of This long letter, 10 cali
your attention TO u TACT stated by General Gar1e.d
touching inc Dondhoders He says that a bank
located his district collects the interest $46 0O0
of United states bonds belonging 10 1876 persons.
Whether those o6 persons hold bonds as shareholders
In tho bank or otherwise General Garfield does
not say. Assuming. however, that this is tho
proportion OF boDdholders 10 the whole SUN
OF the Federal interest bearing debt II would
make u total Of about ib0 holders TO every million Of
d, bt $40 00O persons holders Of the entire
debt OF 81 7Oo, 900, 0c0 assuming u all 10 be held ut
home But does tioncrai Garfield know that thero
were over 700 900 to the 500 600 ave-
twenty loan of 1868 negotiated by Jay Cooker AZ
that ratc--if stli prevaing-the public debt
would DO In the hands OF 2,5V0,U ,UO0 American GILL
zens instead OF but $40. 0UOi And why IL Il
not sol Tho answer is, because the contraction
policy has such thing impossible To wiring
the debt Of the hands Of he American people aud
transfer abroad has been the steady consequence of
legislation ana administration since the close Of
Inc war, win tho effect Of transferring INTO foreign
lands least thousand millions OF u. aud aggrcgat-
ing Tor the larger part o tho remainder INTO COM
parativcIy few hands ut home 1 don't think
General GARFIELD VIII claim thut tho proportion
Of bondhoders TO debt IN tho bank In his DIS
trict 10 which he referred larry represents
the proportions throughout the country The Astors
alone hold anywhere from twelve 10 twenty millions,
and there are large holders In France In 1885,
four and quarter miIiions OF French citizcns held
Frencn rentcs and there rs no reason In the world
why 100000 Americans should not DO Interested
| IN tho federal dett was the proportion
| NJ the time OF Jay Cookies negotiation Cl tho
lyc-twcnty loan. sort oi emotional insanity pre-
yalls among our egsaors aud tho press touching
credit IA foreign countries. To Keep the debt In
Europe and people under a constant tribute TO
European capitalists seems frenzy with Them, but
the true policy 10 get II home, and dispose
financial anairs that tho public dcDt, instead OF
be M The storchouse OF the lew and the rich, shall
b, come the savings bank oi the poor and the many.
The nrst duty however, IS 10 repeal tue Resumption
act
RHE MOONEYS OF WILLIAMSBURG