New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1864-02-19
FINANCE AND mONEY.


mysteries of Finance. That our Government
is spending great deal of money-that 1t must
continue so to spend until the Rebellion is sup
pressed, and for some time thereaficr-that 1t
is utterly impossible to raise all this by taxa
ton, and that loans in some form are an imper-
alive necessity-So much seems very plain.
That the Government cannot borrow all il needs
in Coin-conld not have maintained the War
for the Union had it been compelled either so to
borrow or TO keep out of debt-seemS to US
equally clear. When, therefore, we hear that
the Government ought to have maintained, or
ought now to resume, specie payments, we
know that the speaker means that it onght to
give up the contest and LET the Rebels triumph.
There may be persons in Europe who think the
War could have been maintained on tho scale
which the ornaments of treason prescribed TO Us
without suspcndng specie payments; but those
who are here on the spot know better. With the
Rebels crowding every man into the field, and
| fighting on credit with thrice the force they
could keep on foot on basis Of cash payment,
or let them have their own way.
But, while we stand by Legal Tender as a
military necessity we are most anxious that
it shall be kept as near the standard Of coin a,
may be. Hence We fought deterninedly for the
lpayment OF interest on our Public Debt in coin,
in order to rest that Debt on foundation o.
positive and unchanging value. We could not
procure coin, or coins absolute equivalent, il
amounts adequate to the total disbursements o
Il the Federal Treasury; we can obtain enough &c
pay the accruing interest on our Debt. And
that gives to our Government bond 'h- haHi"
that is needed. Their owners know that their
income is fixed and secure.
| This makc-shiit is not without its inconyeni
ences. We have one currency for ordinary
transactions; another for the payment of duties
on Imports and Of interest on the Public Debt.
We wish the discrepancy did not exist; we
hope il may soon cease; hut VIC have no expecta-
ton that it will till the War is over.
But the Treasury, it seems, has about Twenty
Millions Of Gold now on hand and will probably
receive Fifteen Millions more by the lst of July.
IL has to pay Twenty-Five Millions in coin on or
before that day. Why should il not sell the
surplus Ten MillioDsl Why keep it on handl
The premium on Gold has doubtless been exag-
gerated by the scarcity of coin caused by its
absorption into the Treasury. If the Govern
ment holds Ten Millions of Gold for which il
has no use, ii puts up the premium on Gold.
And who but gold-gambler wants that premium
increased? j. il not too high already7
Yet every Copperhead in Congress seems TO
evince unusual venom whenever the sale OF that
Gold is commended. The simple fact is, that
the whole crew exult over the advance of the
premium on Gold, and would be glad to see ii
run up to %, or even 100 They bIiere-no
matter how correctly-that the sale of Ten
Millions OF Gold by the Government would
diminish the difference in price between Gold
and Legal Tender in other words reduce
the premium on Gold--and for this reason tber
oppose the measure. They want to see thu
premium go mp, up, instead Of down, down
Hence, they will do their utmost to defeat the
legislation proposed. They will not vote to
, forbid those selling Gold Oh time who haze
none to sell; for that tends TO put up the pre-
MUM: but they oppose the selling of Gold by
the Treasury, which has Ten Millions to spare.
because they think this would send the premium
down.
We do not know how far it would operale in
this direction, but We presume the proposedsale
would have some Influence for good, and there
fore We commend it.
Having implicit faith in the integrity, the
ability, and the sagacity Of the Secretary Of the
Treasury, We could wish he were clothed by
Congress with power to buy and sell Gold at
his unlimited discretion, with view to kecpinp
the premium as low as possible. 1t is the
interest Of the Government, of the Nation. and
of almost every loyal citizen, that the premium
should be put down and kept down, and We
believe Gov. Chase could do much Ia tbis end
il clothed with full power. Let him be able TO
Isay distinctly to the gold-gambers who sell
specie they never had, in hopes of prof,ing by a
rise premium" Gentlemen 1 am a PLAYER
lat ,his gaYsi | deid rather q strong hand;