New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1866-06-15
OUR CURRENCY-ITs PERILs.

A private note from an eminent authority in mat
tiers of Currency and Finance thus responds to our
inquiries:
You want to know what would do to enable the Govern
ment and the banks to to specie payments
Isupposed that this point position was not doubt
full; but as you msapprehend it, have to say
First That would if had the power. compel the Ma
ona Banks TO redeem their notes at the seaboard cities
would retire enough Of the legal tender notes to
check speculation and set the people at work.
"whst want restoration of industry, dmnution oil
imports and increase of exports These we are not likely
have long volume OF irredeemabe currency Is
kept circulation On the contrary greatly fear that we
shall go from bad until the bubble bursts and we
plunge into a slough of general bankruptcy.
care very little about specie specie payments in them
selves considered What do desire is that the business Of
the country shall brought into healthy condition. that the
horrible immortality which is the legitimate result OF inaon
shall cease that nation shall be independent; that as
individuals we shall become Industrious economical honest
When this condition things shall be brought about we shall
be the right road to individual aud national prosperity
Every day that initiation continues shall be- Of necessity
moving in the opposite direction
We venture the assertion that the doctrines thus
succnctly set forth command the hearty assent of at
least two-thrds of the. American People. They know
that the vital question involved in the Currency
struggle is that of Industry against Speculation
more farms opened on the Western prairies rather
than more brokers shops in Wall-st and Safest.
They realize that currency which shrnks and swells
with the tide is constant stimulus to every
form of gambling, and a perpetual dissuasive from
the Slow pitiful gains Of honest labor And they
would like to go right back to solveney they could
Why, then, are they baffled! Why don't that
clear majority Of Congress who sound in head and
heart get together and put through bill that will
insure Resumption on or before the lst of January
nextl II need not be long nor complicated. We
will venture to suggest the outline Of an act which
would surely effect the purpose 1t is as follows:
Sec l. The Secretary hereby instructed to redeem in
specie on demand eye.y legal tender note that be
scented for payment the SubTreasury on and
after Jan. !. 1867
Sec lie further instructed to reissue and use those notes
in making payments from the Treasury.
See order enable him to maintain the redemption
required See he Is hereby authorized to issue and sell
bonds Of United States payable such times and drawing
such rates may from time to time be necessary
Such an act we feel perfect confidence, would
bring Us rapidly back to Specie Payments and Keep US
there. II would not call in our greenbacks. is as
serted; they might generally be ressued nearly if not
quite so fast as redeemed. But it ,roud compel Ma
tonal and all other Banks to contract their issues,
importers to limit their orders, aud a good many
thousands Of brokers, shavers and Spectators to 90
to work for living Aud that is just why it is not
passed and will not he till the People shall imper
ativcy demand il.