Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1865-09-14

From the \. Y. Tribune
specie Hcsumption
The New York Times, We regret TO see bal
ances and sees-aws on the question Of an early
resumption Of Specie Payments 1t seems. on
the whole, TO favor it, yet permits itself TO hold
this language respecting it:
1.-The Revenue OF the General Government is
directly dependent on the prosperity Of the mer
lean people, and this prosperity may be said TO
depend, in DO small degree, on the abundance Of
money in circulation. While the currency of
any country il expanding il amount, co merce
and manufactures are active. their prosperity re-
acting on agriculture and labor everywhere On
the other hand, with currency contraction, there
follow the opposite effects, namely the prospect
of lower prices, and unwillingness 10 give or
ders, whether to manufacturers or merchants
except TO supply immediate and pressing wants
Spectators who had been operating for a rise
on borrowed capital are forced to realize when
their notes fall due and the markets at once be-
gin to fall. Labor also sympathizes with the
general movement downward, and is obliged 20
accep! a low rate OF remuneration, with the com
pensatng advantage, however, that, if its income
be nominally less, its OUTLAWS are correspondingy
reduced
All which is plainly calculated, if not intended
TO set bankers and business men against resump-
ton. Part OF il is true, and part not but, on the
whole. it tends 20 create I false and mschieveus
impression For instance:
Ii is not true that public prosperity depends
on ''the abundance of money in circulation" If
that were true the Southern Coniederacy 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 impor-
tani az It's quantity; and there may be too much
money as we'll as too little. And we cannot
admit, even, that an expanding currency neces
sary nsures prosperity TO commerce and manu-
features, reacting on agriculture and labor; for,
il we did, We should not know how % resist a
demand for perpetual expansion.
The simple truth is, that speaking generally,
currency expansion helps business, just as rum
drinking helps an over taxed frame give
strong drink to him that is ready To perish, -
wiely saith Scripture. Here ia an army which
has marched halt itself Of its legs, yet has to
make five miles more TO win great, decisive
victory. Ii does this by the help OF gill Of
rum per man, when it could not DO il without;
and this though bad for the men who drink il, is
justified by the result
Now, this country was in the condition that
justified the suspension of specie payments, ex
actly IA the leader OF that army, though a TEN
perance man. would have done right in dealing out
the rum. But, should he undertake to keep up
the stimulation after the necessity for il has
passed. he would do wrong; and we shall do
wrong il we fail-now that our peril is over-to
return to specie payments at the earliest moment
The worst OF all WAYS TO do this is the slow
way. For. the moment We enter upon il, prices
begin to contract, and people say, 81 cant af
ford to be making iron, steel, finnels, sheetings
(or whatever il may De- at the present price of
material and labor, since shall have to sell my
product for less than il will cost me-" and SO
business stsgnates and labor is thrown out OF
MI Ruf
row morning with specie pa ments fully resumed
though some individuals would suffer. the com
munty would very soon recover from the shock
and work go on actively and prosperou.ly
But how is the end to be achieved?
We presume that the President and Secretary
of the Treasury will at the meeting of Congress
recommend the funding Of our greenbacks, pro
badly in long loan. untaxed, at four or five per
cent. And the moment the greenbacks begin TO
take this direction. though at a rate OF not more
than ten or even FIVE millions per week, so as to
render il morally certain that the bulk of them
are to be absorbed. funded, retired, you will see
the premium on gold falling like a stone Ii
will not wait for the conclusion OF the process
but only TO see that il 10 To be success; aud il
will be almost every ones interest to bring il to
a speedy close
And, though Congress has chronic aversion
to do anything in December, We trust il will be
peIeuaueu 10 make luis year an exception 10 It's
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 political change.
radically affecting business, can be effected with
so little injury in mid winter. We entreat
that the month OF December be not suffered 10
pass without decisive action on the subject OF
our currency and debt
The only class interest that is likely TO fight
the eeded change with energy, is the debtor;
and we write TO urge this very numerous and
powerful class 10 set ito house in order You
sir. who have $50 900 worth of property and owe
$4,000 more or less. take notice that specie
payments are soon TO be resumed-that the ma
tional honor, integrity. solvency. all demand it
and get out of debt. Don't wal. for the prices
of your property 10 be enhanced by this or tina,
sanguinary expected occurrence. but sell and pay
sell ~ once-and be prepared for the contrsc
ton that must come. IL you heed not the warn
ing. yeu vil be sold out and have no one 10
blame but yourself.