The New York Herald Newspaper, May 30, 1867, Page 8

8 FINANCIAL AND COMMERCIAL. Wepwrsoav, May 20—6 P, M. ‘Tho publication of Mr McOulioch’s letter relating te Pe Anances tans morning imparted @ rather buoyant onc to the railway stare markol, and the advance in prices was wel! sustained at the close of the day, The general impression which the epistie referred to cou. ary of the Treasury finds that the the purport of bis Fort Wayne of hie annnal reports, in which ho speody resumption of specie payments, and that he owes it to himeelf and the country to make @ clean breast of the situation api confess the error of his ways We were favored wits a lotter from Mr, McCulloch, simiiar in kind, but ‘Wqey Ne font in tone, once before, Some of the boston en Who invited bin to dinner on the preseat ec- oasion, invited him then, and he was kind enough vo favor them with his views upon the financial condition ‘ef the nation almost as freely as he does now. He was then riding his hobby on the high road to specio pay- ments, which he was confident could be ronched within ® dofnito period, and that « very short one, Firm io bis rescive to contrac: the currency es fast as possible, check speculatiog oud bring dowa prices, he wont aseiduously lo work and persevered #0 veys is that the See timo for re @r that be came near killing tho goose that Jays the golden egg. At length be has been unwillingly compelled to change his ¢onrse, ‘He fs bo longer adle to contract tho currency; the vevenuds are deckining so rapidty that they are hkely to fall considerably below the current exponditares, and he finds himself embarrassed by having to provide for the maturtog eecurities of the government at a timo when the measures passed by Congross are adding enormously 4 the drafts upon the Treasury. He is no longer hope- Sub ta regard to our financial futuro, He looks forward to an iucrease instead of a reduction of the national @ob%, but, like Mark Tapley, tries to “be jolly under dif- @ulies, and we hope that he may be successful, at least ‘te this, in view of bis many sboricomings in othor Bespecta, ‘There has been a moderately active demand for mousy to-day at six per cont among the brokers, owing to the enfarged volume of business on the Stock Excbango, although in some instances dealors in government se- ‘eurittos found uo difficulty in supplying themselves at five, The supply of first class commercial paper is Nght, and whatever offers is freoly discounted at seven per cen? and in exceptional cases at 6% and 7)4. At the first regular board railway shares were firm. New York Contra! ciosed 3; higher than at tho same tune yestorday. Erio , Reading 1, Michigan Southern 3, Cleveland and Pittsburg 34, Rock Isiand %, North Western %—do. proferred %, Fort Wayne 13;, Ohio and Mississippi certificates %, Pacific Mail 3, Canton 1, Boston Water Power % lower. Government securities ‘wore steady, Coupon five-twenties of 1862 advanced . Wive-wwentios of 1865, of the new issue, declined 3. Among the Stato stocks North Carolinaaixes advanced %, and Tennessee sixes (new) ¢, while Missouri sixes @olined X. @t the one o'clock open board New York Ceniral sold 91.98%; Ene, 59% a %; Hudson, 101; Reading, 103%; Michigan Southern, 67% ; Cleveland and Pitsburg, 7436 ® %; Rock Island, 88; Nortbwosiorn, 33%; do. pre- Ferred, 59.0.4. At the half.past two o’elock regular board the market was firm at a slight advance. Wudson River closed %% Dighor than at the first regular bord, Michigan Southern 3%, Cloyetand and Pittsburg X%, Rock Island 34, North- ‘western 5, do. preferred 34, Toledo, Wabash and West- ‘erp $, Ohio and Mississippi certificates %, Pacific Mail % Mariposa preferred ¥. Fort Wayne wa 34 lower. Government secarities wore steady but inactive. Seven- Shirty notes of the second series declined };. Tennessee Biate sixes of tho new issue advanced % and Missouri @izes declined 5. At the balf-past three o'clock open board New York Sentral sold at 08%; Eric, 603¢; Reading, 104; Miebi- Southern, 6834; Cleveland and Pittsburg, 75 4; Island, 8934; Northwestern, 33% a % ; do. preferred, 98% &%; Fort Wayne, 97%; Obio and Mississippi cer- Monies, 2555. During the rest of the afternoon the Market remained firm, and at balf-past five the follow- @g quotations were current:—New York Central, 98% a M; Ene, 6014 a 3; Reading, 103% a 104; Michigan Southern, 68 = %; Cleveland and Pittsburg, 75 a; Weck Island, 88% a %; Fort Wayne, 97 0 3; North- sweatern, 83% & ; do. preferred, 58; a %; Ohio and WMisslesipp! certificates, 25%; » 34; Mariposa preferred, O55 W173. ‘The following comparison of the lowest prices of the Seading specuiative shares in 1861 and those current this * qorning shows that they are on av average about Sfty per cent bigber than they were at that time:— Lowest in 1861, May 29, 1807. Higher. 68 987% York Central 30% on @0 rt) 102 7036 104 may 67% 8335 12054 70% UN ery 14, on the other hand, we institute a similar comparison Between 1o-day's prices and the highest in 1964, we flad that they are about as mach lower, namely :— Highed fn vata. May 2, 186%. Lower 06% 4055 60 061; yon @2 104 6 61% 51 m4 8% 32% 44% 58% 35% #86 61, OTs 55% 12936 19535, Government secarities were dnl! at the close of busi- Bess at the following quotations :--16#1 coupon, 111% M ; do., registered, 113; & % ; 5-20 coupon, 1862, 109%) a 2; $20 coupon, 1864, 105K a 74; 5-20 coupon, 1665, 106% = %; 520 coupon, new issue, 108 a 1; 10-40 eoupon, 97; « 55; 73-10 notes, Orst series, 1003f a \; 93 10 note, second series, 105% a \; 73-10 notes, third orice, 105% a . The gold market bas sbown incicasod Srmness—the MeCulloch letter bein, the immediate canse. The open- fing price was 137, followed by an advance to 138; from ‘Which point it reacted slightly, and the closing tranaac- Mons wero at 137%. The groes clearings amounted to $33,705,000 and the gold balances to $2,016,482. Loans wero made at 2.6 per cent for carrying, The exportof epecie by this day's steamers was smaller than had been expected, the Java and Tripoli baving taken out only 130,500. Silver is 5 a6 per cout below gold. The ‘Treasury is understood to have beou a freo seller during ‘he last few daya, and those goveroment eales, by cat fing those who aro holding gold to pay interest for har. ing ‘6 carried, are, at the present rato of exchange, eat. @ulated to stimulate exports for the sake of using it to more advantage abroad, ‘The foreign exchange market was inactive, as usual ea Wednesday. Bankers’ bills on England at sixty days Were quoted at 100% a 110; at three days, 1104 & %; commercial dilia, 109 » 10034; bills on Paris at sixty Gaye, 5.19% 05.11%; at three days, 6.124, 05.10. Other continental bills were sated as follows; — Gemoralized. At the first board Consolidated Gregory Gold Closed 160, lower than at the eame time yesterday, seil- fog at $6 45; Corydon 460, selling at $1 85; Quarts at 1Se,, selling at $185. Peoples’ Gold and Si!ver sold at 450, Conso!s and American securities were quoted thus in London to day and previously :— . May %. = May 29. wg % 72 12% 30% “0 70% 10% ‘The extreme monetary cass in England is indicated ‘by « farther advance in consols to 4 Jodge Sutherland gave bis decision to-day 'n the case of Rufos Hatch againet Albert L. Pritchard, and granted @ writ against the respondent requiring bim to prodace for the inepection of the relator such books of the Chi- @ago and Northwestera Railway Company as he hae im Bie possession relating to thd stockholders of e company. What this writ will roevit {in remains to be seen, and if, as the respondent states in die affidavit, the transfer books are not in his possession, be of course cannot produce them. However the casein question may ond, it bas been of sigos! service in @xposing the moans by which stock jobbers seo the control of # great ratiway without owning « share of ite stock, and the company has done good service tp Comtesting the right of the relater tp this instance to evarch the transfor books for his jate purposes. It te anderstood that the company intend to appeal from the decision of Judge Sutherland, in order to test the Aatntion whevuer parse verupring Whe Reman sf We te NEW YORK HERALD, THURSDAY, MAY 30, 1867.—TRIPLE SHEET. relntor In this case are legally ontitled to all the rights of dona fide stockholdors, ‘The following tablo shows the number and tounage of ‘the foreign and Amertcan vessels entering and clearing from the ports of the United Statew for the last soven years:— American. Foreign. ——— —_—-—-- Tons. No. 7,200 21,637 13, 280 21.295 10,079,503 20,853 9,061,959 24.445 6,157,352 29.981 5,963,795 29,416 6,756, 236 2007 Tho following is @ table of the vatues of tho imports and eaporte in American and foreign vessels from 1800 40 1866 inclusive :— Imports, Erports. vr Seok ‘anaeeh Bran American. Foreign, American, h 4 ‘ISCO. 228,364,553 134,001,399 279 082,902 121,039,394 1NGL..201,544,055 184,106,098 179 972,733 69 372,280 1862., 274,100 113,407,020 126,423,208 104,615,727 1868, 160,744,580 182,127,881 190,889,601 A864... 81,212,077 102,849,409 237,442,730 1865,. 60,322,504 TQ 744,742 256,952,332 1866. . 110,469,997 213,671,466 351,704,025 tho Australian colonies Tho exports and unports of @uriag the your 1805 were as follows: — Exprris. Victorin........- £13, 160,748 New South Wales. $,191.170 New Zealand 218 South Australia 846 Queensland . 1,16 1,464 Tasmania. . : Total.......+ leper ,.. £34,976,639 £30,219,421 The receipts for customs and the receipts, payments and balances at the Sub-Treasury in this city for the expired portion of the week have been as follows:— Curtom House. ~ Sub-Treatury.———— Receipts, _Reoeip's. Paymens, Balances, May 27... $417,000 $1,135,609 $4,762,007 $128,651.731 8,350,194 . 129,288,225 May 28.. 895,000 9,033,637 May 20.. 261,000 2,250,031 "782,133 130,715,123 Tho exports, exclusive of specie, from New York to foreign ports for the week ending May 28, and since the commencement of the year, compare as follows with those for Lhe corresponding periods in 1865 and 1866 :— 1868, 1 For tho week....... $1,953,566 $2,260,855 $1,81 Previously reported. 07,421,483 84,259,003 70. Since January 1. . .. $60,375,039 $86,519,858 $80,953,842 The foreign imports at Now York for the week, @nce January 1, 1367, and for the corresponding period of the past two years, comparo as follows:— 1865. 1866, 1867. Dry goode....... $850,209 $1,007,897 $925,720 General mdse... 2,851,650 3.377.547 8,863,761 Total for tho week $3,504,623 _ $4,885,884 $4,201.400 Prov. reported., 64,789,181 11,755,285 99,863,607 Since January 1. $58,204,084 $126,199,630 $103,605.187 The commerce of New York from July 1 to date of each of the years mentioned compares as follows: — 1864-65. 1865-66, 1866. Imports miso. .. $139,164,569 $28,222,837 $234,598,219 Expte produc: 193,531,829 203,397,994 162,569,237 Expts speci 88,410,883 88,473,708 83,240,415 SALES AT THE NEW YORK STOCK EXCHANGE. Wednesday, May 29—10:30 A. M. $2000 0.8 6's, '81. cou. 1115; 200 she Mariposa pref. 121000 US 6’, 5-20 ¢, "63 109%, 600 do. 4 M 1500 US 6's, 5.20 co, '64 106% 200 Atlantic 101 27000 US 6's, 5.20 co, "66 106%) $00 BostooWater Power 27% 2500 US 5-20"a.c,"65,n is 1031 70 Pacific Mail S8 129 20000 do. vs 108 300 do. 129 10000 Tr p, 7 106% 100 do. 1291 00 do..,.2d #, end 105% 700N ¥ Cenital 98 2500 do. + 1068 200°” do. 10000 N Y 8 [aig 100. do, 93% 1000 NY 8°, 98% 100 9 33000 N Car 48° 100 988, 509 ano > 9 400 987} 40. : or” 410 duo fo 7 30 rs 61000 do. s7 280 60 77000 Tenn UM 8 Brie 1% 20000 Ohio & Miss ce 100 Hudson tor 40000 do. i 200 Readii do. 1700 Erie, 10934 100 rt aI do. 1900 104 $000 NY Con Oe 0 Mich 8 67 Pits, LW ae Chic, dd 200 \3000 Stich so BF bas. 00 "1000 © B* oo abe ule, 300 ove 1 fe ween ny i 35 Cont S00 58% (00 Adam 100 Chi 8 7 do 100 8 its z ‘900 Canton odo. 100 100 do.: 300 no ory 6 3 do. 100 Tol 4134 wo 200 Tot O5, ry woe Central RR.... 11} 00 Prite, WA ChicRR 947, 7 160 , 9% do. 8 2% cr Mariposa preferred. 17 60 Mil &B8t Half-past Two o’Clock P. M. Ei 10000 112 800 shs Pacific M SS Co 129% 10000 103% 40N ¥ Coniral RR... 99 20009 109) 4 [ 196 1000) i 8000 i 40000) 6b 10080 967% 1000 8 700 24 10000 + 2 aed i nee Ww 50 she Olt ‘00 Adama Pe pg ow or : Bx Woy + I oo 101 oe Py 00 ss 2) Pecie M BS Co.... 139 COMMERCIAL REPORT. Wrowespay, May 29-6 P. M. Braxs aud Pxas wore steady, Peas were tn active export demand. the aales yesterday and to-day being Cully 50,000 bushels Canada, part at $1 25. Corrox—The market for this staple continued quite active, and rather higher prices were realized in mest fnstances. The rae comprised 3,100 bales, Subjoined are the closing Lee Upland, Florida. Mobile. N.0.g-7. a ne Mae hogr 2 Fy Fo 26 a 8) 6 OM or 32 EY Corren.—The market for Rio was not essentially changod ; prime grades ruied steady, while the lower grades were dail and heary. Of Port an ffince bag: at lic, coninale Tha “eng m Ly engagemen| gameg, bales cotton wi 3164, <4. otwerp, Der bacco on ate terms, The cl to Gibraltar for orders, tobacco, rage and cares, beth on private terms, LOUR AXD Gmuin.—Receipts, 6.210 bbls, flour, 232 corn meal 6 49 bushels corn, and 90 market was again unsettied. ‘The © holders preferring to end run the risk about 6.000 bbia, sacks from vessel at $14 continued Tight, an were 20 bbis. at the annexed in moderste demand at about f at $8 to $9.40. Corn meal was inaud was moderate. sales 360 bi for Baltimore aad We for Jeptrane Beate ‘estern.. Chotee State. non to 2 S Bt pee 3 2 ‘aa! Ba 81 F for ite Bout Ary tama at $140.0. 99.25, and prices were nominal, in the ab- wore uncha noticed sales of aa aly. of © bales at ruled dull, but rm, at Le., gold. No sales were reporied. mand was moderate at former prices. jaua—Tho lower grades were in active demand for . Prices were not essentially changed, though es ae. 360 Rico, on a iiear.—Nantia moment nm ” By auction, 892 bhda. at de. a Navat Stone* —Spirte turpentine was moderately active, aod prices eontigned lar, Bales were of 3 ~& Ble, ». & Big. Ros! ns. taarket for all graden ruled dull “ " ena wect ld tad aa pae Ba a 0 a ai jo. pale at Tor was dail and wominal. Ona. —Linesed ruled leas aetive, and we 0 eales, The market, bowever, was ror, ara at in onake, Other descriptions ruled dull, rf fe Paovisiown —R: ‘Me page cu do. lard. ‘Only a moderate bus! nese wae CI market for. aod were a . 000 Dbis. “ S for prime mesa, and $1! delivery, 750 bole. new mas at f contin, . future 180 ter at © for prime for India mess, Mama 2 Renate ns 2a a nals Waa ‘rately active at tf thewarke on searealy so hiwn. The male were 0 ob l2e. a Me. for 80 flew, Kea. hams, 9 (ca We. for shoulders, Barve ws in rather baiterde: an were unchanged; sales ) boxes at I}ye. for long ‘4: ge. for short ¥ ij a 1080, ‘for Cumberland eut and 12 Tho tard market remained duifa wero confined 10 G50 bbls, at 1239c. a 13: for State. and. fue dul at lie, lc. & ise. for Western. Cheese ruled heavy at te. @ Ie. for common dairy to choice factory made, heormam— Reodipts, GOO bbls. | Crude ruled dum, ugh prices were n ially changed; rex ras usted 106% Wife tm bulk: and fox. wy Un, without salea of momer was moJorately astive at unchanged pri ‘the sales wore 260 bbia. light atraw at ‘le., 300 do. prime light straw to white at 23c., and 2.500do. standard white at Me,; im Philadelphia sales were made of bbis. slandard wi at 25) ice erchine was dull bat By auction 30 terces at Wise. ‘Bogan, rices. demand for raw at about former were 10) bhda. at 10ce. a 11g0. for Duba muscovado and 1ige.'for St, Croix. icefined was dull And heavy at Iie. for powdered, crushed and granulated, Siep&—Clover and timothy remained ‘lull and nominal in value. Ualcutia hnseed 2, boing quiet Dub very firm. Last sale was made in Boston at $2 69, gold. uiNt Wan moderately active at former prices. We no- tied ales 5 ae Iba. ab lage. a 12440. ; also 20,000 do. ease at 8igc. a 9ige. nang waa st deoided change; sales 119,000 lbs. at ea Winnie — {0 bbls. There was no animation in the marke’. ‘the only sales reported were 1) vbls. Western, in bond, at 36¢, FINANCIAL. weer The Evite of a Metallic Currency Shown Io the Past History of the United States—Ad- vantuges of Paper Money. 70 THY BDITOR-OF THR HERALD. ‘The cisculating medium of a mation j#, to tho political ody, what the blood is to the human body. As in the latter case, health and vigor are the results when the cireulation is free, healthy and regular, and progressively increaging with the growth of the bumaa frame; 80 ia tt in the political body when the national circulation is proportionate to the public requircmente, and 1s in fre, healthy and regular movement, Sabject the circulation in either case to an smadequate supply or to irregular action, and sickness or distresa is the consequence, Subject it to total obstruction, and death must ensue in tho one case, and cational bankruptcy in the other. The national rozources of tho United Siatos are practi- cally tllimitable, aud the energy of her poople is untir- ing ; but those resources, and that energy, however great, may be for a tmo impeded and paralyzed by any wooden-headedness in the management of tho circulat- ing medium, ‘We, therefore, think that it will be both interesting and instructive to offer some remarks relative to our monetary policy in the years 1812-17, 1837 and 1839, and endeavor to deduce therefrom some lessons to guide us at the present most critical period. ‘WAR WITH ENGLAND IN 1812. When tho war broke out between this country and England in 1812 a great portion of the banks in this country sugpended apecie payments, During that war the paper currency was increaseed about fifty per cent, ang its value, as compared with bullion, was depreciated about twenty per cent. But from ignorance at that time of the real cause of this difference, it was determined by the bankers, at their meeting at Philadelphia, in Janu- ary, 1817, to resume simultancously specie payments at wiat prices all over the Union—a measure which it was supposed would be greatly assisted by the importation of alarge amount of bullion by the newly established United States Bank, This course was followod by such & contraction of their issues on tho part of private bankers as occasioned great and widespread commercial distress. Debts contracted in the depreciated currency became suddenly payable at their par value, while the facilities usually obtained from the bankers for their liquidation were as. suddenly stopped by a refusal of discount This» distress was in some degree mitigated by a partial evaston of specie payments, which some of the banks availed themselves of to avoid the expense of being obliged to answer every commercial demand for specie, Very shortly after the opening of the United States Bank, im 1816, the directors found themselves under a continued necessity of this kind. CAUSE OF THE SUSPENSION OF CASH PAYMENTS AT THIS PERIOD, ‘We will endeavor to show thata suspension of cash payments was the inevitable consequence of taxation levied on commodities, and that properly understood and provided for, the difference between paper and gold ‘which it occasions is a desirable condition for the pro- ductive classes, as affording them the best means of being relieved from those burdens which are in the first instance thrown upon them; for it could not be the in- tention of Congress that taxes levied on certain com- modities should be paid out of the profits, capital or labor of the persons who trade in or produce those par- ticular goods; but that, by being added to former prices, the taxes ao levied shanld ultimately fall on tho consa- mers of all commodities, President Jackson recognized this truth in his farewell address to Con; March 4, 1887, when he said, ‘The tax imposed ou 4: enhances by so much the price pf the commodities 40 the consumer; aud, as many of these duties are imposed on artic'es néceesity, which are daily used by the great body of the Je, the money ra.sed by these imposta is drawn from their pocketa,” or, rather, it should bo said, is drawn from the pockeis of the final consumers of com. modities which are produced the great body of the ree. But here a great question arises, How are prices be maintained in a metallic currency ata higher rato than is compatibie with the valuo of gold or or as commodities in transactions of barter? If @ certain articlo.be worth a dollar in an untaxed country, and such burdens aro imposed on the producer of it in that country when taxed, as render fit neceamary that ho should obtain adollar ands half fn order te be equally well remunerated ag before, how is he to be gecured in the receipt of this sum? There are but wavs whereby it can be done. First, to hedge in at home mency. of gold and silver, so @8 to enadlo it to pass carrest for less then ‘tg real value as @ 5 it may be rendered the numerical representative of tatu- tion Price in addition to its equivalency in barter at the metalic value, Or, secondly, to let money of gold and silver find ite level with all other cowmodities, on (ho principle of natural value, while prices, plus taxation, are reproseated in # paper currency, which exchanges against gold and silver at a diferent por cent sufficient ‘on the whole to return producers the taxes they have paid in advance for consumers. Or, thirdly, to recoin gold and silver money inte largor or smailer as aroduction or increase in the amount of taxation calls for a readjustment vf the namber of coins which make up in weight the motailic value. Tho first plan, that of hedging in the , Would requ.re the enact mont of sovere laws 1g Colm or bullion out of the country, such as were tho disgrace of the English statute book in earlier ind even these would be found ingufficient, as they were then. The second course above mentioned, viz: allowing gold and silver wo find their lovel with to commodities, while prices, plas taxation, are represented by a paper currency, leaves the natural relation of ail commodities to cach other undisturbed. Wheat, for example, may sell for, say, one dollar per bushel, while the rate of taxation Co res a dollar and a half; the difference is made up by allowiog gold and silver, as ‘Well as wheat and all other goods, to exchange against eS ere ae i@ found to be their mar- ot price; and, with a properly controlled paper cur- Tency this price will always be found to include exactly that additional sum whieh is decessary to return the pro- ductive classes, one with another, their previous taxa- tion payments. Gold may rise to any mmiam, but whatover be the degree of taxation, that only will at all times bs demanded for it which 1s absolutoly need. fui to prevent its being sent out of the cou as the the ne Of tho colss)(etatton, may Be. represented in of tho coins) reprose in ondertakt ardaous ;, but who would think of rt . @ countr, renin sa ices: Gity of calling tm and relerulng the as often as a change in the amount Ce ta trcnmer ce trot Piabed, whats geloed after ai, which. might b avoage Reve} thout trouble, expense or ‘ence, by means of a tax representing money? SUSPENSION OF CASH PAYMENTS IN 1837. We here mts above to the suspension of cash wi ook Jace in 1812, with the reeumap- dikes ia nays ‘We will now pase iw ie of taxation scarcity of money had almost put a stop ‘and discounts were nearly atan end, Things could not continue in that positon, and recourse was had to an eavension, of the ee vd fe rend “\- relieved the pressure consi: to discount freely, and thus give to ie the means to provide for their engagements, CAUSE OF THR SUSPENSTON, 1 i i 3 - 32 | i Z x i Z 2: : 3 = g i i : 3 pieces as olten | Fible 10: its consequences, Dut prouuoon, perhaps, 20 ju y se pes. in the when a sudden m for a return ‘Instead of goods, to pay the prone buch comment ta fe creditors the power to appty the seourge the government of canaataning Mie her put into their bands, » This was the case with the United States in ihe years 1836 and 1839, as we will endeavor to show. Generally ‘speaking, the United States received in re- torn for her exports a value in imports estimated at swenty-two per cent beyond exports; but to 836 this was greatly increased, Iu that year the im- were $189,980,035, and the exports were $128,- 040—Deing a difference of sixty-one millions, or Great Brain, sod" ooght to have been. lguidated Oy onght ve 1 their taking goods to the same amount in return as 800n as the state of the account became known, or by their secei bills from our merchants till we could have time to eflect corresponding sales with England, It was, of course, the legititnate business of the Bank of England to discount such bills with its own paper, that the English merchants might in the Interim have tho ready money wherewith to carry on their business. And the English merchants did receive such Dilis i 1836 and 1897, and sent them to the banks to be counted; but the directors of the Bank of England, early im 1837, paased.a resolution “not to allow discount on any bills drawn for the supposed purpose of ‘being discoanted.” Our were consequently of no Teceesary, therefore, to send specie asthey became due, since England did vot calings with us so as to give us the oppor- tnity of drawing on them; and after the most ¢xtraor- dtoary efforts on the part of the United Siates Bank to cope with and oy, this great difficulty, that insti- tution was compelled to stop payment in spocle. Timo was then obtained for niqnlaatios the English claims bj @ rednetion of tarther orders, tili in 1837 twenty per cen and in 1838 only five per cont of imports beyond ex- ports, restored the accustomed relation of each to the other. For a short period after this the banks of the United States resumed specie payments, CASH PAYMENTS BUSPENDED AGAIN IN 1839, But again in 1839 the demands of Eogland wero renewed for a further balanco due to at in gold. In ‘shat year our imports were $157,609,500, our ex- ports were $113,359,004, being a surplus of imports Over exports of $39,000,000, or 33 per cont. The ne- cessities of the hart htm prevented their watt ing for the due return these thirty-nine millio of dollars by sales of our produce or by discount of our bills, and thus we were reduced to a to) lad England been able to let us pay Prosperity would have resulted to both mations; unfortunately the interests of this age’ were sacrificed tothe power which an idolat: for gold’ places in the hands of the bullionists ° hope, therefore, that our peopie wil! not relinquish the symbolic curreney which thoy pow possess, and we may by our example help to reacue the peoplo of* Europe from, the power still wiclded by the moneyed capital'sts, To resume, President Van Buren attributed tho calam- he said, in his Mosaage to Con- gress, Sept 4, 1837, “Tie consequences of this redundancy of credit and of the spirit of reckless specu- lation engendered by it, were a foreign debt contracted by our citizens, estimated in March Jast at more than thirty millions of dollars,” and he greatly mistook the way in which it should h: been met when he adds, “Of my own duties, under the existing laws, I could notdoubt. Direetions were im- mediately given to prevent the reception into the Tr°a- sury of anything bat gold or silver or its equivatent. The receipts into the Treasury of bank notes not redeem- able in specie on demand wil! not, 1 presume, be sanc- toned By those proceedings at home we were no less injured thao by those which had their origin in England.’ The President also hazarded the Soleene reason as the specie, He sa:d, ‘ Amidst licting theories one position is undemiable. 0 precious metals will tnvariably disappear when there ceases to be a nocessity for their use as a circulating medium, It was in sirict accordance with this truth that while, in the month of May last, they were every- where seen, and were current for all ordinary pur- y disappeared from circulation the mo- the. community” tauily “agreed to. di commu! to ont? ‘Now the sel apparent, when banks cannot any longer pay in specie that specie dis- pppoe from circulation because it is no longer needed. lad there nO previous demand, and it had dis- Sppeared, there might, perhaps, have been some show of reason for Mr. Van. Buren’s bat ~ the — position, 6 t. in his 1839) the ident refers B SEE : fl i ts ee ly eacape; for the two countries. the dicament we found ourselves in 1837 and 1839; and in order to meet the claims which they could not at the bdilts wi |, when they came they would be itted to renew should the balance of trade fail to Deen created by the money power of Great Britain, to which he attributes an i per infla- ence over the banking affairs of tho United States ; where- 2 the real cause is altogether overiooked, and the eflect alone stated. Had our bilis in the bands of British mer- chants been discounted as usual, the money power of Great Britain would have boon able to lend its enpital to bo nodes ar the pearance of Britiah eee til auch moercl could equal are chases from ‘this , the amoant of their 4 “ The q of apeeie drawn from Great Britain in ten months while our banks attempted this second timo to pay their notes on demand is stated in the London teeth enon) cami to have been $40,000,000; im ten loubtleasly to bring on the ‘Bng- lish panic of that year. OENERAL HARRISON ON THE EVILS OF A METALLIC CURRENOY, President Van Buron was succeeded ia his office by General Harrison, In bis inaugural address (December, 1841), speaking of the currency, he observes:—‘The idea of making {t exclusively metallic, however well in- tended, Feeney be fraught with more fatal conse- quences than any other echeme, having no relation tothe personal rights of the citizens, than ever beon de. vised. If any single scheme could produce the effect of arresting at once mutation of condition by which thousands of our most indigent fellow citizens, by their pegs ng raised to the possession of wealth, that is one. If there is one measure better calculated than an- other to produce that state of things so mach dogrocate! by ali ‘trae republicans, by which the rea ars daily adding to their hoards and the poor sinking doeper into penury, it is an exclusive metalic carreacy. Or if there is a process which the charncicr of the rosity aud nobleness of feoting tay be the great increase and necessary iolrra- tion of usury, it ie an exclusive motallic curre These sentiments reflect honor on the head and heert of General and we trast that they may have their influence on the minds of our wn at this important led away by the ery juncture, and that they will not Dat will steadily adhere tothe CST Sete a tremendous war that ever Our metalic money was largely exported to pay for unitions of war; Jand, the iron, the manu! A all, the indus. tous . cur Treacy, on the wholo woalth of the nation, and fot which the faith of the nation was plodg: ey * mortgane on the land and iy of country. Our people readily and fladiy i In this monoy we carried on the transactions of trade. It was the medium in which we bartered our commodities with one ed With our commodities we bought thie paper money, ‘with it we paid our taxes to rn nent. It has doubtloss tended groatly to develop the Tesources of the country, and during the four years of WF bave increaeed in numbers, wealth and pros- It was algo necessary that with enormous tazes the of all commodities should rise, The abundant currency issued by tho government furnished the me- diam ta which could rise, and thus the producer wes to add to the cost of production the fair amount of taxation due from the consumer, We have thus emancipated ourselves from the restrictions of & metallic currency, and there is no instance on record of or ‘the national currency of in- dependent of the precious moun, BEN, Ca ly restored to its natural place, as seommoiy. Teferred adove to the poriods ef 1812, 1 shown how vain were the ou- le bay and we have wore {o carry on the alfairs of this country with a metallic currency. We will now turn, yy, way of com- to the statement made by our jent at the of on December 3, 1866—a statement ‘which, We venture to say, isthe most complete demon- stration hat paper money to develop th of @ mation that bas ever been sub- “The hal a much of re Gnzans then ek nts Sana, the last the public debt was i soi. e0d of October, 1865, it amount. ed to $2, On the Sist of October, it had been red: tember Sy tie Li ws end ever, i Tires $300, could more ate the rapidity and safety which, under our form of ernment, great military and nava! establishments Senenint, wh a naes reduced from a war to a foottt ring the ee ending the 1866. the receipts were $558,032,620, the ox 750,940, leaving an available surplus of 1 ig estimated thai the receipts for the fiscal ing the 30th of June, 1807, will be $47,061,386, and that tre expenditures will reach the sum of $316,428,078, leaving in the Treasury a surpius of $158,033,303, For the fecal year ending June 30, 1868, it 1s estimated that the receipts will amount to $436.000,000 and the expenditures will be $350,241.641, ‘an txteca of $85,162,559 tn favor ‘of tho gov- ernment, These estimated receipts may be diminiehed by a reduction of excise and import duties; but, after all necessary reductions shall havo been made, tho revenue of the present and of following years will doubtless be sufficient to cover ali legitimate charges upon the Treasury, aud leave a large annual sirplus to be applied to the payment of the prin- clpal debt. There acems pow to be no good reason why taxes may not be reduced as the country advances in Population and wealth, and yet the debt be extinguished within the next quarter of a century.” Tt may be argued that wo have not seen the final issue of this syst This 1s trae. We may make financial and legisk biaaders which may chock the progress of the nation and counteract the advantages which fst money bas already given us, We may, if we taten to the resumptionists, adopt the unwise and unjust system which Eugland adopted at the termination of tho war with France, We may resolve to pay with gold and with low. prices the debt contracted im paper and with bigh prices, But whatever we may do nothing Bhake the evidence which the this country during the last six years affords of the power of paper monéy to promote a nation’s welfare, With paper money we have carriedon costly war, principally among ourselves, an normous AVM Of money, paid # larger amount of (axes than any nation has ever paid before, and. with all this the récources of the country bave been at the same time developed and its prosperity increased, and tho financial position of the nation is, aa the President bas said, more satisfactory than “the most sanguiage could havo anticipated.” Now, in a few concluding words, let us warn the poople of this country that their past prosperity will be reversed, and the bright anticipations oxpressed in the President’s statement will most cec- tainly not be reaiized if they are ted. by tho advocates of a convertible curreucy to relinquish their representative paper money, the money of civilization and progress, and restore the money of the early ages of barbarisim, namely, an exclusive metallic currency, or, which is tue game thing, a paper currency converubie intoa metallic currency at a fixed price. the disastrous effecta of such a policy we have a most significaat warning in tho past experience of England. The ‘greater part of the debt of that country was contracted in what was called a a 4”? paper currency, with a high scale of prices, The English legisiators determined to make the people pay this debt in gold, with a reduced scale of prices, In this way the burden of the debt, which the poople of England had to endure, was added to immensely. And not only go, but, by the contraction of the circulating medium, the productive industry of the country was checked and industry impeded. The distress. privation, confusion and ruin which in 1816, 1819, 1825, 1837, 1889, 1847, 1857 and 1866—this fatal mistake entailed on the English poopie—are ascortained aud undeniadle, The agricultural, the manufacturing and the commercial in- terosts have, in turn, suffered most geverely; and during Jast year the middie classes have, by the operation of Peel's biil, been desposled to an enormous amount, se- curities of all kinds are depreciated to an extent almost unprecedented—even in that land of panics, and the laboring Clases aro suffering much privation from want of employment. INTERNAL REVENUE MATTERS. New Order as to Liquor Seizures. Deputy Commissioner Messmore, with the sanction of the Iateral Revenue Department, bas issued the follow- ing order relative to the seizure of whiskey in this city :— y, ‘New Yorn, May 23, 1867. Hereafter all seizures of distilleries or rectifying es. tablishmenie, and tbe seizare or detention of distilled spirits made by revenue inspectors or special agents ‘within the Second, Third, Fourth, Fifth, Sixth, Sev- euth, Kighth, Ninth and Thirty-second dis-ncte of New York and the Fifth district of New Jersoy, will bo im- mediately reported to the Collector of the distnet within which eald soizuro was made, and also to William L. Hillyer, Internal Revenue Agent, at No. 83 Cedar street, New York, t with the ‘of said seizure or detention, as woll as a brief description of the property so seized; and if after such seizure or detention said jperty #0 se:szed or detained should be released by such Flanoctas occepecse! egenta, the same shall be sufficient cauge for removal of such officer trom the position he im thé revenue service, Such officers who have been directed to report to the United States attorneys, will, in addition to their report teenage c MESSMORE, Deputy Commissioner. GROWLS OF THE COUNTRY PRESS. The Albany Zvening Journul growls out that the panegyric of President Johnson “as a fearless and devoted supporter of the government and Union’’ be- longs elsewhere than in “loyal sheets,” taking the Commercial of this city as an example. The Journal also growls becauso the Union League Club of New York is “made up of gentlemen,” ‘The same paper growls because 1 Western paper pre- dicts that “the war debt will be repudiated in less than four years.” It also growls because Judge Kelloy was not equally “as prudont and wise” at other places as he was at Salis- bury. The Hartford Courant growls because it suspects that Andy Jobnsop will not repoat his “‘little transaction of firat selling the Fenian invaders guns and then prevent- ing their using them.” ‘The same paper growls because it thinks C, Chauncey Burr, whom it considers afar less respectable copper- head than J. Davis, could not get the Connecticut House of Representatives to leoture in if invited. The Memphis Appeal growis because it thinks “the New Yore Henatp has opened its eyes to the dangers whicb it ought to have foracen long ago.’’ ‘Tho same paper growls because Colonel William B. ‘Stokes, democratic candidate for Congress, is not equal in prowess to Alexander the Great, and quotes Vattei on ‘the point as a proposition of jus gentium, It also growls because Henry Wilson, emulating tho “act of the Argyraspidian soldiers in betraying Eumones, ‘their goneral, into the hands of Antigonus,”’ he would advise a soldier, who had fought under Leo, Johnston, Beauregard, Clark, Forrest, &c., to unite with a herd of negroes and radicals in making @ constitution for his State.” And ag if halting for wind, like a suddon tull in a gtiff breeze in the AZgoan sea, rolls into the owner of a celebrated American yacht for offering his unrivalied gem to a prince royal. Tho Cincinnati Commercial growls out that it is ‘‘a Rational shame that so imperfectly educated and ill- balanced an individual as Jadge Underwood should be endowed with a bigh and responsible judicial position.’” Some of the croakers {n Illinois are beginning to grow! about the crops, ‘The Cincinnati Times is growling because Surratt is dot tried for murder, like his mother, The same paper growls because the British govern- ment don’t bang a Fenian, alleging that Fenianism ‘# for nothing so mach as it does for a martyr, and avowing that “the hanging of that old horse thief, Jobn Brown, was @ godsend to the old abolition party.’’ The Philadelphia Press growls about the ‘cowardice and guilty conscience of the administration” for repre- sonting that General Grant endorsed the Standery opinion. : The Chicago Tribune, radical, growls ferseiously at Greeley for bailing Jeff Davis and snapping at the Union League, The Chicago Snarleyow is the most savage of the yolping pack at the heels of the biting philosopher. The Montgomery Mail growls becouse the ‘‘dovil is novor idle”—typing Wilson and Kolly as the Northern Fra Diavolos in the South—but reposes its faith in Providence for a diminution of the augmented miseries of the land. The Concord (N. H.) Patriot growis at tho restiveness of Greeley under the “constant goading he is receiving from the radical press and politicians ;" but congratu- lates itself that it is the ‘‘restiveness of the ox under the annoying attentions of « pack of flies,”’ The Worcester Daily Spy growls at the sensitivencss of the democrats to the republican address to the South, alleging as a reason that it is not favorable to the early revival of @ party not in sympathy with them in the Southern country, The Salom (Mass,) Gasette (republican), growis at tho recent letter of Genoral Butler, pronouncing it ‘‘a gross outrage upon decency."’ ‘The Wheeling (West Virginia) InteVigencer is growling because there i» not so much cheating going on among whiskey dealers in West Virginia as thore ie in Now York, and quotes the Henatp to prove that there is a great deal of liquor made in the Southern States. The Charlottesville (Va.) Chronicle, quoted as among the most influential conservative papers tn the South, growls at the opinion of Attorney General Stanbery in this wise:—"'The only clear impression which the paper makes on ovr mind is that of ‘confusion worse con- founded’—=a great froth ocoan of fog. It is about as invelligible as & conversation between Don Adriano de Armado, Holofernes, the schoolmaster; Dull, the con- stable; Costard, the clown, and Moth, the page, in Love's Labor Lost," ‘The Charleston (S. C,) Daily Times of May 27 growls at the eloquence with which tho Hexatn bas endeavored to show that Jeff Davis ts tho responsible author of the evils of the civil war, ‘The Charleston Courier growis because “there ian point beyond which even party fevters fail to bind." Tho Washington Chronicle growls at the ‘band of po- {Itieal conspirators now assombled at Annapolis,”’ be- cause ‘they have resumed the deciarstiog “weir Stave | Baauwe—At Irvington. N. Fighta potat interrupted by General MoClollan's ee ee of so many of their pumber in ‘Thad Stevens, chained to a sick bed and a doctor's commands, like Prometheus to the vulture and the rock, growls and groans by turns because he is not in a condi- tion to let himself loose upon Wilson and others who are meddling with bis mild prescription of conscation for the moaning South, —— SOUTHERN POLITICAL MATTERS. Au Incendiary Harangue In Talia; Ala.— A Pretended United States Fails to Excite a Riot. Asa public meeting was about adjourning in Talla- poosa, Ala, on the 20th instant, some excitement was created by the unfortunate arrival of an individual styl- ing himself United States Marshal, who cried out aloud to the people on the street, “Come up, that he wished to administer a few doses of poison,"? : He commenced bis address in the most bias} obscene and insulting language, which ‘most ol the citizens of the former meeting to leave in disgust ; however, curiosity led a fow to remain and hear him turoagh, He is an entire stranger to the Comatunity, and he shall not be misrepresented, therefore 1 will give a portion of his speech so far as decency will permit. ‘ He took the stand, taking off his coat, and commenced yy singing: — e - Pall off your coat and roll ’ For Jordan 1s. bard rood eon ated Stopping suddenly, he said, ‘Perhaps ih to know who Iam, Myname is Knight; tn | ithe United States Marehal; a radical, I wish to pare your respect and love, but, God d—n you, I defy-your haired. I know you would put a rope around my God d—n you, you aro afraid to, and I defy avy to inter- fere with me. I have bayonets to protect me. I am a native of England, but have been a citizen of, for twenty years. I am acting under orders of eral Pope, and it is made my duty to see thatthe Civil Rights bill is regularly enforced (in the meantime read~ ing portions of pone Generat Pope’s order); This —- is law ani has the law. I know you do not like it, bat, God d—n you, help yourselves. You and I am ‘to. physio are 0g you awhile; you can reconstruct under the Shermam bill, but God d—n you, you can let it alone if you hb.” Tarning towards the colored men pregent, he aaid, “Your former masters had their overseers to dri and whip your naked backs, at the same time each i ing for himself five or six concubines, but now itis your day, and your former master’s property shall be con! and they shall lose as many doijars as cach of you have bad stripes on your backs.’ Hoe appeared: terribly ox: rated during his whole discourse, and his eyes sparkled with fire, though no one gave him offence, and the inquiry was often made, “Was the man de- ranged ?”” ‘The letters communicating the above to the Mont gomery Advertiser states that the individual started from the town with mane and tail of his horse shorn off, but no personal violence was offered. Says the Richmond Times, May 28:— ‘The work of “reconstruction,” through the machina- tions of selfish demagogues and the temporary insanity of the Northern masses, makes little or no progress in the United States. And, at the end of two years of peace, the dominant section has failed by its own folly, to achieve the great object of four years of war. The Richmond Times thinks that a grand “circus and menagerie combination,” with Wilson for ringmaster and” Kelley for clown, might have, amid the cracking of whips, tho jests of Mr, Merryman and the double som- ergaults and feats of the equestrian performers, planted the seeds of radicalism in our midst; but they preferred ‘a more didaotic campaign, and have failed. THE GYPSIES AT HOOBKEN. For some weeks complaints have issued from the usually phlegmatic city of Hoboken concerning thelts of smali magnitude, though in themselves. annoying, per- petrated by a band of gypsics who, like Arabs, bad spead their tents among the hills in that neighborhood, These roaming bands have infested the rocky recesses: above Weehawken for a considerable perjodhaving been in the habit of i ag several ye the Palisade Park, on Wehawkon Heights. spring a. band numberi doze estimate of the people in tbat vicinity, tents just above the half-way station, Y siyle of Hviog on the count rable style of living on the country. was made and considerable the haunt of the band was stu: upon —it cated in a generally unfrequented above and in the rocky woodland oot y Of Their lair having been discovered, they fc ponatier pat ighta, bag, baggage and Booty. ttle sojourn was visited yesterday, wanderers remained, save ali the usual débris of an outdoor ‘DEPARTURES YESTERDAY, ©)? “Tavrrroor—Steamship Java—Rev Nr and Mre C D ce *, Mi Mra Lot C Clark, infant ; Roe: cot oinbarg Mintsier 10. the Netherlands: way and ver: pant; ME and Sire lease . Mrand Mrs Geo.’ Wood, Mes A Cridtenden, W fi avin Sand, Mee Mrand Mrs Shay! x nd three child: repgiotn, Me ead « ehildres ir Tk Taylor, BN Taylor, pone de Ia nt Bernl r, Mies tt, Mra C Rompe kins, Mr Joho Steward, John Steward, Jr, J ing, Mr Joho x Rev M Marun, Mr Jobn L hs G W Bacon, Rev N Mee’ Getnnell Seer a fe: Clapp, Mr and Sim d'Thortarn child, niques, B Salazar, W foodrut!, GR McKenzie Mrs Shadrake, Miss N DL Ballard, oA ira A Wait Jas W: ter fae Watts, Thorns, J fantura, J) Let and danghior, Mr iy f} ies A OG L infant and servant: Onis, GB lary Keegan, Buller, rand saell, B 4 Kouler, H MeCal Harway and ‘fiend, : Matto Ji children and servant; J F Pierson, F B Ara H Wood. Mrs William Renshaw and two MM 3 Gen a and r Miss Brica, Noah Taylor, 8 is Binstein, Louis Hamersiey, Liverroot—Steamship Etna—F M\Dykere and friend, Mre JWhituaker and granddaughior, Mrv ts hi Mrs Thos Peacock: Mine Angie, #8. TF and Win Kron? k, 3 J Peavock'and servant, Andrew ‘Wra Mortis, McMas- Menoun and wife, John Andrew Mei TH Keating, M Caddo, Mra M Smart, Miss M Town: Mrs, Mary Walton, Mré Booth, Mra Mighell and m AS Chyabett and’ son, M Levi, BD Whitne; JG Hall, A Pei nt, SR ia ‘J Crowley, Miss Bimota d Taye lor, Mra ‘Smith {British army) ‘Mra. Jenn Mise Al Misa Cady, ‘iilam Longfell Jennings, James M Everhart, Dr Rosen, cutld and servant; m Richardson, Wm C wife, Mra HH Seneock and dauguter, Joseph Artold, Wm Wright, Jr; J W Lanbere, A Terrac and wife. B Newbawar, D arie and daughter, Bamnueb DS wile and vant rris and child, Richard Towner, Mr McKeown, Thomas F F Castro, Sen J Santo, teamah N Conklin, D@ n Jove Liverroot—S' ip Tripoli—George N Con! i. GN Nover, Chariga °$ Joslya, Foser Moree, Ole . BI *, Daniel H Chase, 5 Stearns, Mi: Mrs O Juad, * Mins Sarah F Jada Misa ‘ond EB Strong, 3 E My ia, Ose, Chari ker, HP Shepant fee, He ri, ME and Mré eich, Fe allaman, A W_ Ball, Miss L Prince, K Young, Miss ella ‘enken, Mr and Mrs J T Menken, J Shirlay, M Villaceque, Mr and Mra Alford Ball—and others in th " MARRIAGES AND DEATHS. Married. Ascovan—Stranciirr.—On Wednesday, May 20, at Trinity obay by the Rev. Dr. Higbee, Takodons G. Ascovan to Macair A., eldest daughter of George Stan-' Cliff, Esq., all of this chy. Davis—Boeatr.—On Sai May 26, Mr. Curry, James P. Davia to Macom E., of James Burtis, Raq. , both of this eity. Ksarr—Hapory,—On noni, i dence of the oride’s father, ip A q Sonal Ro to Saran A., ver of th ty. NUTTING—TREMERE. Tuesday, 2, at one o'clock P. M,, at the residence of the orders panes, the Rev. A. J. Canfeld, W. H. H. Nurzixa, of Now aa ‘M, Trewxas, of Brooklyn, ED. . 0 Pxiz—Krrr.—At Hoboken, N. J., om Wednesday, 20, at the residence of the bride’ Sie, | the Tse, Le Mohn, Paut J. Prus, PA By » © hove D,, eldest daughter of Heary Kipp, Keq., of the former MiteoanmorsNionoia—At Waterlish N.Y.» on Tuosday, by the Rev. . ot Mark's ym 4 ir. Joux J. A. VANvmRHOor, of Now York, to Miss Lovisa C., daughter of George Nichols, yaneguies " o cards. ‘at the resi- No Br. Mcallister, Peter Hadden, May J., on Tuesday, May 28, % 16 days, ' friends of the family are invited to at three No, 106 Lawrouce be taken to Greenwood. Wednesday, May 20, Eizayor, attend the 20, at twelve o'olook noon, 1s Boll, and daughter of John ears and 7 aged The relatives and friends of the are fully invited to attend the funeral, ‘a the ronaug ot her hm aad 170 Duane street, on Friday afternoon, bay ht J., Sorma Beaisa, widow