New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-11-27

stduty increasing ana the longer the llaHaiti -.
the greater Will the ensuing disability become limited
of deprecated currency are moi nI.o
10 the scaboard or felt only in the restraints pun % de-
external commerce II H. that our smpydius ar
serted, the mechanics, or whose shl we J tGe go
passing away leaving the great highway OF the ocean
all hut undsputcd possession Of 0ther nations, ~
continue TO pay m gold or III bonus 2i , would be
other climes which, under other CONDITIONS VIM a.
had i'm exchange for the products OF our sou anu u
dusry II Is al the same t t, ~ utcE NV the very
within borders IS kept III cltch y! ,nr info
tDe construction of sOrehOuse and dWenlng, M
il is TO be feared that the character anu ,L az
HANGED expenses and the danger Of depleclalion'
II would not be difficult 10 trace much oil the i 90
ton that exists throughout our community 70 nae
ideness and extravaganza, which have been
by too free circulation oi paper money; put ;ead
vantaCes of currency that IS not redeenaDe WIN b
silver. upon the unceranileS that aIcu id and
sod for currency the members of this Chamber are 700
familiar with them There put one ' t tis
n speedy return to a specie basis. The reasons TOT tu'
are believed TO be sufficiently manifest from ptei cor
temptation Of the evil consequences lhNOiSeu ~ me when
nanson of suecie payments. These were 1oltScth
Inc first bin making Treasury notes Legal teder "a
49,, Coneress and the strongest argument then urged
against their issue tins form, the danger IN view o
NM 49, utmost need now stand appaed-the danger OF
increased issues THERE'S but one Justification theh anu
il was found in the letter OF the CONSTITUTIONS pu III
e necessities OF the WAR 1t has been the aim OF the
onorbe secretary the Treasury 10 retraco the steps
so reluctantly TAKEN TO steadily WlthdIaW lIon cliu
noron of the lcga tender notes, and thus approximate
a., vaue of fine dollar whether in gold or in Government
Inc M mis- Motley Congress has hitherto rendered
oyal support and to this it 10 be hoped despite az
Charts 10 the contrary il will continue 10 be true Inc
nagn influence that Is relied on 10 plunge lhe Vouutl!
once more into the abyss from which Is Just escaping.
il said to be most strongly developed In the Vest Dut
the record ade by Western men, IN all the years Oh e
war affords no warrant for attaching to hat section 80
unworthy a purpose, The resolution under when they
arc acting directs your committee TO report the earnest
day at which return TO specie payments may oe praS
,s'iG % Assuming that Congress will adhere TO
the policy * c9gtI9ctioR hitherto so steadily
Cfr tfufit q
tend 20 dshonOr your committee see no reason WY
fun resumption OF specie payments may not nm PIv
iary debt OF the Government shall have been FUNDED
II is not To he supposed oi course that so gie uoI
ence as now exists IN the value OF gold and Of currency
be NJ brdgcd over aud that one VIII be maze 10
pass nstantancousy with the same freedom as iS o,nfr
or 70 redeem vim icgl tender" must be continued
and illegal tender" lie brought TO perform the same
Office as gold the CustomllOuse But your Committee
do not admit that there j. any such difference IN me
value OF gold and paper speculation has recently
assigned 10 u. and little patience VIII dc'eInlhe
whether the law that regulates commerce. or the
passion for gain that discounts the dcpraUty II I'M
putcs 10 our representatives, IN Congress \ tue
stranger and more reliable Of the two. n IL be
admitted that gold is worth = premium of 40 per
cent m currency this exhibits the dlsproporton exist
ing between gold and pap, IN orr country at period
commodities throughout the world and with every du-
fsccd 10 advance o9yi pasi, The farmer will get more
for what he sells, and pay more FOR what he buys me
old debt may be cancelled with case 10 Ice replaced WIN
another of enlarged dimensions and az over the lah
public officers professional men, ana al who 1--we on Xed
salaries, VIII need ~ nave tIclI 'iitc' auu'. au IT,
sdu.t,G a; TuWlsc CXpcdrnt, are repeated 10 f,cNe
the pressure brought on by cNu1vagaui living aa I'm
proyidout speculation II is the opinion OF IN. 'oinl,,eo
that the return specie payments VIII affect the Interests
OF the great Of the people! tie n. chance, tHe as.
cultur.-s, the ahorcrs ana the poor OF every 'S ule
fayorauy than those of the rich There has been time
since The war ceased when mcrchandise from every quar-
ter of the globe could De imported INTO our eouhiy
and Yield a handsome profit 20 The importer and lri
the premium on gold was no higher than now. when al
most every thing s losing money Inc Noinr on 1u,le,
AS of.cqucucr rapidly increased. aud gold poured INTO
The vaults Of the Treasury Department. u D., absorbed
nearly an the Heating stock lh"c VINO ttue i't il
advance 100 the premium have bad but ghi burden l2
carry and AL who are engaged in foreign commerce any
contribute Co the revenues ul inc county H,' '"'
ocutor into competition with those Who d'lir'Iac r
currency, cnmor against ihc silr oil go.u ap,o.u"S
needed Tor common use ana treat every attempt 10 &C
c0umUdate the mercantile community ~ an uuNIlIhl
able interference with the commerce o thc ,! II ny
%bir co6ycrng II. Temporary dcb to lccp god at
premium that would secure promp, sleoi Government
Of hd " tdm IISS, g Sb h5 Gc6 cancelled or
Treasury Department Tor littEc Peg hu' n tul WI,
be largely increased and the Customou-c receipt. VIII
AZ TIE same time diminish the consequence viii be
better supply OF gold Tor a pnrl~c' OIL 'Au'' y .'s'
accumulation the treasury, and corresponding tend
ency 10 decline IA the premium l trade agar, ,cung,
its W0nttd ACTIVITY. 1odI committee a,'uI n u' i's'
place as preliminary 10 the resumption ~ specie pay
mcnts that an the floating debt Of the Government cx-
ond. that gold and grcenbscks may be made Of equal
etiyed IN PhI' iT,r.c and the Notes mus re-
ccved Cancelled. until the desired end Is reached any
fyrtlcr cnrtafucnt bcng in that case suspended To
, no niccs.ify would be obviatfi Of selling
gold which, under the existing arn Is received 300 cN
CO ov The publjc debt TiriCTIat vhcnc,cr the value
Of gold and greenhlcks apprOVmates under The cpudi
tons already suggested the Treasury Department Up'
safely undertake 20 redeem gceubICk. With gold pfu
'ci there i. no material falling OF boo the customs r
enuc or m the amount Oi gold "a the Treasury Fourth
That resumption by the Treasury Department uc,c.fy
involves resumption by the banks, and that the Treasury
Department, the banks and the community VIII Dave
common Interest i'm sustaining each other II Che attempt
In t.ff rely III
resumption, and indicating time when u may he priet
underrate the difficulties that stand ~ the way what
these may be- 10 Is safe 10 say that they VI" never
be less than they now II other than the policy OF
contraction hitherto pursued IL followed the above
suggested IL is wiser and more manly 10 accept without
unnecessary delay the remedy financial Ills which
time and experience have proved efcaGous rather than
10 live IN perpetual fear Of the temporary suffering
n Will cause Contraction doubtless means a reduc-
zion OF prices and "A curtailmeut Of monCyCd faclli-
tics. but II points to one medium OF pay ment aud re-
sumption VIII put many dsqucting suggestions IN
regard 10 the public debt what portion OF the debt
held abroad your Committee have been unable 10 learn.
are there any means OF knowing; whatever the
amount may be- II Is all the time increasing, and there
no evidence to show that part has been returned be
10 worth more than when II was bought Our
bonds abroad when gold was at 2O and they have
gone larger volume the cost, through decline IN
c 10 assume that they viii be held with confident
uacty "a long Congress and the people manifest an in
cgty Of purpose worthy of our great republic aud II -
unreasonable 10 anticipate any mOestat0p from pares
abroad the pursuit 81 measures that Will tend 10 fur
Their improve the value OF their property observation
shows that Tor the most part the price OF our bonds IN
foreign markets Is regulated by the value OF gold IN
New York. By the figures, II Will be seen how
slight the changes have been IN the currency value
OF United States bonds and other securities referred
In this report, for series OF years with unceasng
fluctuations In the premium on gold and they venture 10
submit the record guide 10 what Will Dee the elect OF
the further change contemplated by return TO specie
payments Two propositions viii be made IN divers
forms to Congress First 20 increase the legal tender
by substitution OF Treasury notes for our present bank
circulation; understood by your committee the prop
oston being to pay bonds bearing interest with notes
that do not Second TO increase the amount OF bank CIR
cuatiOu by SjOOOOOOOO SlOOOOOO should the nrt De
adopted confidence in the public faith Will receive
shock The injurious effects Of which none can estimate
hand the issue Of bank currency -
authorized without an OF illegal tender IL viii
lint the crash through which perhaps