New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1866-09-18
CURRENCY RESTORA TON.

That dollar ought TO mean a dollar-that there
can be no real advantage TO any laudable interest in
calling it 81 50 to-day, 81 40 tomorrow and 81 Do
next day-that fictitious prices, based on debased
currency are of no account either way as Specu-
lation is enabled by them to take advantage OF In
dustry-are propositions that are proved by being
stated. The amazing dolt who thinks that Home
Manufactures are somehow protected by having the
Currency inflated in volume and deprecated in value
while Customs duties are payable in coin, simply
needs instruction in the Single Rule Of Three. The
manufacturer gets 50 per yard for fabric that for
mery sold for 90; but he pays in proportion Tor his
material, his machinery, his fuel, his labor, and Is
nowise proted by the illusion. 1t were far safer Tor
him to call every thing by its right name, currency
incuded and dollar that will only buy seven silver
dimes is not in the natural and true sense dollar
We shall be dragged back nearly or quite to Re-
sumption spite of ourselves if we simply do nothing
but keep our taxes high and pay them; but at how
fearful cost IF we wait for this full Billion Of
our National Debt will have gone abroad, been sold
for twenty forty per cent less than its face and
paid for in luxures and fpperes that we might better
have done without and left to be sweated out by our
childrens labor. We cannot comprehend the general
indifference wherewith this constant gliding across
the Atlantic of Millions after Millions of National
Debt is regarded. The vampire bat, which fans the
traveller with his wings into luxurious content while
he drains his obood usually operates while the VIC
tim is asleep.
We cannot agree with those who argue that
boarding Gold by the Government is the surest
and shortest road to Specie Payments. Every addi-
tional million thus boarded tends to counterac the
natural tendency to a reduction of the premium on
Gold by making that metal scarcer in the market
The Treasury holds, let say, Eighty Millions
in coin. OF course the premium on Gold is higher
than it would be if this were on the markets and the
larger the hoard the higher the premium, because Of
the resulting sea city Of available coin. Let the
Secretary use Sixty Millions of bis coin in buying up
his stocks-that il, his debt-and his stocks will be
higher in price because scarcer, while Gold will be
lower in price because more abundant We believe
Sixty Millions so used would bring US more than half
way back to Specie Payments.
We have gold enough in the country to justify in
slant Resumption: what we lack is fair price for our
National Securities Were Five-Twentes over par in
gold as they ought to be, the Secretary would need
only permission by law TO convert Greenbacks into
Fiye.Twenties to enable him to resume directly.
lie will need no more gold when his greenbaeks
shall have been brought TO par with gold By being
readily convertible into an Understanding security
that is at or above gold par.
If the people believe in truthful, equable Currency
Of uniform value they have only to instruct Congress
to make the greenback5 fundable ina security a, par
with gold, and The work is done. Every greenback
will be at par with god and then little gold will be
wanted The interest the Public Debt may be paid
as the Revenue from Customs may be received, in
grccnbacks well in gold. Practically, not one
creditor in hundred chooses 20 burden himself with
gold in any quantity when paper is convertible INTO
IT, It is its superior value that now renders gold de-
srablc and causes all who can claim TO exact it. Give
IA Par Currency, and we shall not reed nor use a
dollar in gold where we now require and handle ten
And the first step toward Resumption in our Wow, is
the prompt employment Of all the Government coin
needed pay interest in buying up aud caneelng
Public Debt