New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1866-01-22

that he might exert o benehcfd innnoncg vsi
money market Tho same power that enables lin 70
do good in this way Of courss suces for doing sreas
injury The bill gives him authority TO call IN ana
fund. ct his discretion ., 70 m%ss debts
and nromises Of the Government not already
converted into bonds for this purpose 70
year six per cent bonds. These pew DohGs' ,s
IN all TO ii 500 600 OOO or more, be msy sell any ums
and At any prce No one is TO know when ne intenos
to fund nor what kind Of securities he 70 70 can 10
whether those which bear interest," or tDose Wien
al. aI make money scarce when he will and let up ne
srsin when be will The bill does not provide
that he sbsl fund first one kind OF secuiiy ana
another spec,fyng the order In which tney aIe W ~
IN does 4, provide those which pass foI
money are to be Cancelled that they sha De ~
certain rate of progress in speeiea a,ga c:uc
recu,ar periods II it did the people a. iaiRe cou'
adam, Their business to what was coming"
Let us consider these, cavils in the light o.
reason. common sense and truth:
The Secretary asks to be empowered to iuno
the Public Debt in order that we may return
so soon as may be, to Specie Payments inef'
is no ambiguity, no disguise about him. There
are Fifteen Hundred Millions OF demand OF
sbort.time obligations now hanging over the
Treasury. These he wishes to fund and gel
out of the way of Resumption, by offering
tho holders such o long bond as they
NAV be induced to accept in exchange
This exchange once effected, Resumption
follows of course. The Greenbacks once
funded every bank note becomes an obi
cation TO nav coin; and the Greenbacks nW be
funded whenever the Secretary makes tempt
ing offer; for those who have balances in
bank or bank notes will draw the Greenbacks
and fund them. And thus, without CONFUSION
or any breach of faith, We return to Specie Pay
ment, and the prices Of nearly everything fall
30 to 40 per cent.
Now, the secrctary's "plan" is just what we
have here sketched: To fund the Greenb1ek'
and short-time obligations Of the Government 8"
sir per cent. bonds, payable ten, fifteen, t''e"fy'
thirty or forty years henes-ths shorter the oefi'r'
so that they can be sold at par. Its object is not
to enlarge but to extinguish the exceptional
power he now yields over Banks, Currency and
Business. OF course, We oil know that he may
temporarily do harm with it-Or might, II be
were scOundred OF fool; but, even then, we
should prefer that he WELD such power for q
year IGlHcI tudu tudt Bc POosoSo ~ AASNA
The Post would have bill that provides for
the funding first of one security then OF another
in specified order; that they be redeemed "a'
certain rate of progress, in specified quantl'
ties, at regular periods" Surely, there can be
no mistake as to the drift of all this. Suppose
Congress should prescribe that the Greenbacks,
or the Interest Notes, all funded first: who
does not realize that Il Is would put up the mar
ket value of tie parti ular security thus pre-
ferred. and render its redemption all
but impossible But give the Secretary
power to fund any and every form Of demand
or short-time security as he best can, and he
may fund this or that first, or all together, as
the state of the market shall dictate. And now
he has but to offer for each, or any, or all, a
bond worth little more (by reason of the time
it has to run) than the market price Of the out
standing obligation, and he will assuredly call
lit in and extinguish it. And thus we may
advance steadily and surely to Resumption and
Specie Prices.