Year: 1873

RESTOHBD.


A bill is now before the u. S. Senate which,
in the opinion Of many good judges, provides
a practical plan for speedy return to specie
payments We refer to the bill reported the
other day by Senator Sherman. That bill
ought to be acted on. The gold standard
should be restored. There are many reasons
why Congress should take this course, of
which we shall mention few of the more
urgent. 1t has been asserted that the Admin
istration is not really IN favor of passing Mr..
Sherman's BILL We shall see. Meanwhile
inaction; that there are sound reasons for
right action; and that any step in the direc-
ton of further initiation will be calamitous.


l. The faith of the nation is pledged to a
speedy restoration of specie payments. Every
legal-tender note issued by the United States
carries on its face promise to pay so many
ounces or penDyweightS of gold. For seven
wears we have been at peace with all the
world, and what have we dOne what are we
doing, to make good those prOmisesY For
four years the National Treasury has been
overfOwing. Every week we see the Secre-
tary of the Treasury trying to buy few
bonds at discount, and keenly watching the
indicator of the Gold-ROom that he may not by
any mischance pay par for them. Meanwhile
gold is left TO a legion of spectators, and is
subject to every conceivable fluctuatiOn In its
market price and the rate of interest paid for
its use We have no hesitation in expressing
our belief that this spectacle has injured the
reputation of our people for sound sense and
fair dealing.


IL, ho., Nf
those nations with which our commerce is
most extensive, it is an advantage to have
that currency flow freely from country to
country. BY persistence an maintaining an
irredeemable currency, though often Obstruct-
ing, we have not prevented other nations
from drawing gold from us when they needed
1t and preferred it to commodities. But our
policy is also very expensive one for us.
Having but limited uses for gold, the supply
of that metal outside of the Treasury has be-
come very restricted Like every article in
limited and decreasing supply, it falls more
and more under the control of spectators.
Not only is the stock of gold in the country
small, but it is subject to heavy drafts at GER
tain seasons of the year to pay customs duties
and for expectation to Europe to settle inter-
national balances. AS consequences of the ex
clusion of gold from our currency, and Of the
diminished and diminishing stock of it held
in the United States, witness the constant sue
cession of gold corners in Wall Street and the
degrading dependence of the community on
the Secretary of the Treasury to keep the gold
specuatOrs in check. The entire foreign com
merce of the United States, amounting to more
than a thousand million dollars year, is for
these reasons carried on at an additional risk
and expense, and its healthy development, in
some degree at least, is injuriously affected.


We desire to avoid any confusion which
may arise from the introduction OF statistics,
yet we beg leave to call attention to few
figures which strongly illustrate the position
we have taken, that the stock OF gold is in
sufficient for the healthy working of our
foreign trade. The amount of specie held by
the New York banks is a fair index of the
gold at the disposal of the importers and
bankla.s of the city. The month of January
is the tine of the year when that amount is
mt its MAJ imum. In August and September
the supply i.llls to half that in January. For
the week enaed Jan. 80, 1870, the average
amount of specis reported was $40.476,0O0 for
the week ended Jan. 2S, 1871, it was
S27, 100000 for the week ended Jan. 81.
1872, $95,228.OO0, aAd for the week
ended Jan. 25. is7.', $2O37s.oOo. and
from the last named sum Mould be deducted
two millions of gold coin On 'por'ed on Sa'ur-
day. -Four years ago. tho ~ reasury owned