The Sun.
London, England, 1869-12-24 00:00:00

WREN TO RESUME SPECIE PAYMENTS.

While I do not anticipate that it will be necessary to
delay resumption until our proper commercial position is
regained, I am satisfied that the development of the navi-
gation and shipbuilding interest will improve the condi-
tion and rapidly augment the wealth of the country. The
suggestions that I have made indicate my opinion that it
will not be wise to resume specie payments while so large
a part of the interest-bearing debt of the country is repre-
sented by Five-Twenty Bonds, and held by European
merchants, bankers, and manufacturers. Questions that
have been raised in regard to the nature of the obligation
assumed by the Government in the issue of these bonds
have undoubtedly deterred many persons from purchas-
ing them, as a permanent investment, and-consequently
they are largely held in this country and in Europe for
speculative purposes by persons who design to put them
upon the market whenever the advance shall furuish a
sufficient inducement, or whenever political or financial
dis'urbances may create a demand for money for other
purposes. It is probable that from seven to nine huudred
millions of these bonds are DOW held in Europe, and to a
considerable extent by persons who will dispose of them
under the influence to which I have referred. Such a
panic as exisied in Europe in MX, at the opoaing of the
Austrian and l'ins,dau war, would be likely to in lice the
return of a sefficieut amount to this country for sale to
embarrass business, and in ease a resumption toe:111Se the
suspension of the I anks. It is, 1h -refute, in my judgment,
essentiel that the Leger part of the live-Twenty Bonds
to withdrawn, and t.l at other bini:s be sullit tatted in their
place, issued upon terms and conditions Which admit o n
tt,ubt.
In fin's, the practical question is not merely the resump-
roe of specie payment; as a measure by itself ; it is not
difficult, but the problem is to resume under such circum-
stances that the position can betu inutateed, not only in
times of tranquillity, but also in periods of excitene.ut
and peril. Our course, it seems to me, is plain. Every
measure of the Government bearing upon the subject
should tend to appreciate the value of our paper cur-
rency. It is probable that some decrease in the volume
of paper will ultimately be necessary, and I therefore re-
spectfully suggest that the Secretary of the Treasury be
clothed with authority to reduce the circulation cf United
States notes in au amount not exceeding $2,000,000 in any
one month. Thus will the country be brought gradually
(it may be and without disaster) into a condition when
the resumption of specie payments will be easy. if not un-
avoidable.

• THE PUBLIC DEBT.
On the Ist of December' 1869, the principal of the
public debt of the United States, not dedncting bonds
and cash on hand, amounted to $2,605,286,789 82. Of this
amount, the sum of $356,113,258 50 is represented by
11uilea 6tuteB not.. ,bet bearing interest. The larger.
part of this is needed for f3irculation, but the amount can
be reduced from the ordinary revenue of the country if
Congress shall consider it expedient to make provision
for such reductioo. The fractional -currency in cireula-
Voir was $38,885,564 68, and there is no occasion for any
legislation iu reference to this item of the public dabs..
'l'h.re were outstanding also certificates for gold de-
posited in the Treasury to the amount of $36,862,940.
These certificates are redo triable on presentation. These
three items amount in the aggregate to $131,861,763 18,
and is making provision for the public dAt they are not
necessary to be considered. Of the loan of January Ist,
1861, the sum of $7,022,000 is outstanding and payable on
the Ist of January, 1871. The loan of 1868, of $20,000,000,
is payable in 1573. The bonds known as Ten-forty bonds,
amounting to $194,567,800, are not payable until 1874. lire
Six per cent.bonds, payable in 1881, amount t 05283,677,000.
As the bonds known as Eighty-one's and Ten forties,
amounting in the aggregate to $478,244,900, are not due,
and cannot be paid previous to 1874 and 1881, it is un-
necessary to consider them in making provision for a
new loan. The Five-twenty bonds, amounting in the
aggregate to $1,602,671,100 are either due or will soot
become due, and it is to this class of the public debt, and
this class alone, that attention should be directed. Of
this amount the sum of $75,477,800 has been purchased
since March last, and the bonds are now held by the Go-
, vernment.