The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1866-03-27

70 toEEernnent Ee In this direction by passing law
" :5 .o.ce GOWN the price of gold; the result was
the law. ''''ineuia'e repea1 Vi
~ almost universally admitted that the
ee.uln r'l. W specie payments must be gradual.
suppose, tnen, That the Government of the
United States takes the initiat;va. ~, ~
contraction OF the currency, but by anno1n-
cling, at as early day as is practicable. that its
legal-tender currency will be redeemed In ooid
on presentation at the Treasury, and then to
aid the banks in following its lead, let the ma.
tional banks be allowed to redeem In the leoal-
tender notes thus put on par with gold BY the
Government With the basis of redemption
thus broadened il could not be long before the
business and the money of the country rested
upon as firm basis as ever .ta
do not assert either the necessity or practi-
cability of doing this Immediately. The har-
vests of the present year are necessary to as
sure us that the production of the country has
been resumed with greater vigor than ever;
with the volume OF our exports daily increas-
ing, they must be greatly augmented year
hence with the flow Of specie from the Pacific
steadiiy gaining; with the national debt Sc
cureiy at rest In its present position, undergo
ing no increase, and with material reduction
OF taxation already rendered possible by the
condition OF the country's finances, I can see
no good reason why, under the present able
management Of the Treasury, the Government
may not before al the Treasury notes now
outstanding mature - if not within a wear
from this time = stand ready to redeem its
own circulation in gold. . :.
Itmay be said, in objection to this. that
neither the Government nor the banks can re-
sume specie payments because of the lnsuffici-
ency oil gold in the country. / answer that
specie payments do not and never have, ex-
cept to a comparatively limited degree, rested
upon the amount of specie in the country; In
other words, specie payments have been only
pleasant illusion which was Immediately dis
PEELED whenever crisis occurred which dis
turbed public confidence; people then hasten
ed TO demand specie for their bank notes, and
just then when 1t was wanted, and because it
was wanted, 1T could not be had; the banks
suspended, fear took the place of confidence,
and the gold dollar was sold at premium
The great underlying principle of specie pay
ments IS public confidence; (; upon that rests
the question tar more than upon ability to nav
specie on demand. And where does greater
degree OF confidence exist than among our
own people that the Government has the pow
or, the means, and the determination TO pro-
tect the public credit, and to redeem and nav
of its liabilities Does any one suppose that
if the e1eenbacks were daily redeemed by the
Government in gold that there would be run
upon the Treasury? To say nothing Of the
lmpossibility ofwithdrawing any considerable
amount from the circulation for such pur-
pose, the very fact that the paper dollar Of the
Government was worth dollar In gold at the
Treasury would, by the laws of trade, keep
them moving as the circulating medium, un-
diverted from theirproper channels. In sup
port of this theory ofspecie payments, and the
foundation upon which 1t has really rested in
times past, will compare the amount of cur
rency af1oat and the amount of specie in the
country at five different periods since $780,
VV<a us.titfEa.ir. = .IfIeFf