New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1865-09-11
SPECIE RESUMPTION.

The revenue of the General Government is directly
dependent on the prosperity of the American people,
and this prosperity may be said to depend in no small
degree, on the abundance Of money in circulation.
While the currency Of any country is branding in
amount, commerce and manufactures are active their
prosperity reacting on agriculture and labor every
where On the other hand with currency contraction
there follow the opposite effects namely: the prospect
OF lower prices and unwililngness TO give orders
whether 10 manufacturers merchants except TO sup
ply immediate and pressing wants Spectators who
who had been operating for rise borrowed capital
are forced to realize when their notes fall due and the
markets at once begin to fall. Labor also ympahzes
with the general movement downward, and is Obliged
10 accept low rate OF remuneration with the copeh
satlng advantage. however. that If its income be nom
inally less its OUTLAWS are correspondingy reduced
All which is plainly calculated, if not in
tended, to set bankers and business men against
Resumption. Part Of it is true, and part not;
but on the whole, it tends to create false and
mischievous impression. For instance:
l. 1t is not true that public prosperity depends
on "the abundance Of money in circulation III
that mere true, the Southern Confederaey must
have been, during the last year of its existence,
the most prosperous community on earth The
quality of the money in circulation is as I'M
porant as its quantity; and there may be TOO
much money as well as too little. And we can
not admit, even, that an expanding currency
necessarily insures prosperity to Commerce and
Manufactures, reacting on Agriculture and
Labor; for if we did, we should not know how
to resist demand for perpetual expansion.
The simple truth is, that, speaking generally,
Currency Expansion helps business just as rum
drinking helps an overtaxed human frame.
"Give strong drink to him that is ready to
PERISH" wisely saith Scripture. Here is an
army which has marched itself off its legs, yet
has to make five miles more to win great, de-
csive victory. 1t does this by the help of
gill of rum per man, when it could not do 1t
without; and this, though bad for the men who
drink it, is justified by the result.
Now this country was in the condition that
justified the Suspension of Specie Payments,
exactly as the leader of that army. though
Temperance man, would have done right In
dealing out the rum. But should he undertake
to keep up the stimulation after the necessity
for it had passed, he would do wrong; and we
shall do wrong if we fal-now that our peril is
over-to return to Specie Payments az the ear
liest moment.
The worst of all ways to do this is the slow
way For, the moment we enter upon 1t, prices
begin to contract, and people say, " 1 can't af-
ford to be making Iron, Steel, Flannels, Sheet
ings, FOR whatever it may be, at the present
prices Of material and labor, since l shall have
to sell my product for less than it will cost
me-" and so Business stagnates and Labor Is
thrown out of employment. But, if We could
wake up tomorrow morning with Specie Pay
ments fully resumed, though some individuals
would suffer, the community would very soon
recover from the shock, and work 20 on actively
and prOsperously.
But how is the end to be achieved
We presume that the President and Secretary
of the Treasury will, at the meetingo Congress,
recommend the funding of our Greenbacks,
probably in long loan, untaxed at four or five
per cent. And, the moment the Greenbacks
begin to take this direction, though at q rate of
J not more than Ten or even Five Millions per
week, so as to render it morally certain that the
bulk Of them are to be absorbed, funded retired,
you will see the premium on Gold falling like a
stone. 1t will not wait for the conclusion OF
the process, but only to see that it is to be a
e success; and il will be almost every ones ill.,
terest to bring it to q speedy close.
And, though Congress has a chronic aversion
to doing any thing in December, we trust it will
| be persuaded to make this year an exception to
D its rule. Whatever is done should be done
quickly, so as to have the orders for goods, the
contracts for labor, &C., for 1866, based on the
new status There is no time of year when a
political change, radically affecting business
can be effected with so little injury az in
mid-winter. We entreat that the month Of
December be not suffered to pass without de-
cisve action on the subject of our Currency
and Debt.
The only class interest that is likely to fight the
needed change with energy is the Debtor; and
we write to urge this very numerous and power
full class to set its house in order. You, Sir,
who have 800 600 worth Of property and owe
$4,000 (mOre or leSs), take notice that Specie
Payments are soon to be resumed-that the
National honor. integrity, solvency, all demand
it-and get out of debt. Don't wait for the
prices Of your property to be enhanced by this or
that sanguinely expected occurrence, but sell
and pay-sel at once-and be prepared for the
contraction that must come. If you heed not
the warning, you will be sold out and have no
one to blame but yourself
GEN. SLOCUM.