The St. Cloud journal. [volume] (St. Cloud, Minn.) 1866-1876, 1866-09-27
SPECIE PAYMENTS.

sumo specie payments! :" is very ably
treated in Harper's Weekly. Of the 2od
inst. 1t is FIST stated that the public
debt was reduced last month by the sum
Of s37 ,o00,o 900, making a reduction for
the year Of over sl25,000,000. At
this rate the present generation will
witness the entire extinction of the wal
debt-uuless, indeed, it should be deem
ed by future Congresses better policy
to reduce taxation than to cancel in
dcbtcdncss. 1t is to be hoped thai this
will not be done, 20 long as the country
continues in its present state Of pros
perity. While it is true that the ca
lam,tics OF war were brought upon the
nation not alonethrough the errors ofthe
people Of to-day, but equally through
the lack Of wisdom or want Of moral
courage on the. part Of the generations
that proceeded US, to meet and put
down the growing spirit manifested by
an oligarchy founded upon capital alone
to monopolize aud control the govern
ment-while this is true, yet it would
seem better policy that the present gen
era'ion wipe out the debt of the war.
1t would be better to do this than to
transmit the unlessened burdes, with
its constantly recurring millions of in
terest. from "sire to soa" for an indef-
mite number OF years. Should the
country at any time be visited BY f.
nancial crisis, the rate OF taxation could
easily be lesscnea until tho equilibrium
in the world Of trade was again restor-
ed. The present taxes, though heavy,
arc not burdensomc ; they ore cheer
fully borne by patriotic people whose
most earnest desire is for the prosperity
Of their couotry, and who hopefully
l,ok forward to the time when their
chi .dren Of least shall be unhampercd
BY debt contracted in the putting
down an iniquitous rebellion.
But to return to the Weekly. Gov
ernmcnt held on the 10th Of Sspten,-
Der about $Gs, 0o0, 900 in gold. 1t is
assumed that before LIST Of January
next the reserve proper, belonging to
the Government will not fall short Of
sl0O,O0O,000. 1t is maxim in this
country that when bank holds an
amount Of legel tenders Cor coin in spc.
Gle tin'es) equal to IS per cent. Of its
deposits of debts payable on call, it is
in safe position.
In January, 1867, the immediate H.
abilities of the United States Govern
ment will be less than &4OO, 0OO, 900
If, therefore, the Treasury should %
that day hold sloo,ooo,ooo in c.in, it
is assumed by the paper from which We
have been quoting, that it would be
justified, according to the ordinary prin-
ciplc Of banking, in announcing its in
tention. of redeeming its legal tender
currency in specie. 1t is not TO- be sup
posed that the people would make an
immediate rush to have their green
backs transformed into gold ; all they
want is to know that they could do this
if desired and it is safe to say that
but small proportion Of the currency
10 circulation would be presented for
redemption.
The chief difficulty says the Weekly
would arise from an institution in New
York known as the Gold Room, compos-
cd Of number Of wealthy Spectators,
controlling very large amounts Of mon
ey. In the event Of the Treasury re-
sumi"g specie payments on the basis
above mentioned, this combination
might attempt to secure the entire
amount under their own control. Ar .
remedy for this it is suggss'ed than an
agency Of the Treasury Department
might he established at different points
in Europe with power to sell United
States Bonds on telegraphic orders from
Washington, the proceeds to be remit
ted in coin. This would inevitably
crush the Gold. Room 10 its stppcndous
Undertaking. ~. .:.... ~.
From this reasoning, it is not vision
ary 10 look for a renewal OF specie pay.
ments within twelve months from, the
present date. -. =