Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-02-02

The National H1tel6gcRcer says The
press now teens with arguments and
speeulations upon the subject Of taxation,
the currency, the national debt, and
resumption Of specie payments. The
public press gives more attention to such
practical matters than congress is dis
posed to do but it does not appear that
the newspapers approximate a settle
ment Of the vezed and complicated ques-
tions.
The New York EUenfhg Post and the
New York Tribune have treated some OF
these matters with ability and earnest
ness, and however they may agree In
politics, they are far apart in finance.
In regard to specie payments, the
Tribune considers it a very easy matter,
by the gold which aecumulates in the
treasury. for the government to COM
menee paying gold for its obligations.
"The government says the Tribune,
"has nearly a hundred millions in gold.
The great monepolizer OF gold insists on
keeping it all, and not redeeming its past
obligations with it, W
To this the Post replies: i
The Tribune urges the treasury to get
back to specie payments by selling all its
coin. With its usual short-sightedness,
il does not follow the coin to see what
will become Of 1t after the treasury shall
have parted with it. 1t is plain that the
gold, after being sold by the treasury
win not go into the vaults OF the banks
70 remain with them for any time; for
the banks need no gold in their business, 4
being permitted to pay all their debts in
legal-tender notes, which are cheaper. |
Merchants and bankers alike find it un- /
profitable to keep gold for use in their |
daily business. so long as a cheaper |
money, legaI-tenders, serves for all ordi- |
nary payments. Coin Is not used among |
us in any transactions except in paying /
duties. So much coin, therefore, as IS I
necessary TO keep up the supply for this /
one purpose will remain here; the rest |
we can put to no use. |
The Tribune rej0ins as follows: /
If the government will not pay its /
debts at par, we hold that il ought To sell |
its gold for the most it will bring. 1t has |
at least sixty millions TO spare; use this /
in buying up such interest-bearing secu- |
rites as soonest fall due, or as stand most |
in the way of resumption, and we believe |
we should be thereby carried half way /
10 specie payment. But the course we |
would greatly prefer is simple, instant |
RESUMPTION. Just let Mr.. McCulioeh |
give notice that from and after date every |
demand or past due obligatien of the /
United States would be paid in coin at
sight, and we ask nothing more. We |
urge no arbitrary eontraction-no limita-
tion of issues. We should be willing to |
remove all Limitation on the volume OF 1
our national bank circulation, provided |
il be abundantly secured and redeemed /
at some central point, so as to be con-
stantly and truly at par. The Post |
knows that we are no fanatical bullion |
ist, that we believe in paper money, that |
we like greenbaeks, and trust that their |
days may be many on the earth. All |
that we ask is that everything allowed !
TO circulate as money shall be promptly |
convertible into the coin il personates, |
and we are content.
We cite the Posts paragraph above
quoted as proof that the treasury may
resume at will-tbatthe gold in its vaults
would not half De drawn, if it were to re-
sumo tomorrow. For all agree that re-
sumption would produce contraction,
which implies s-ringency-and we know
that stringeng checks importation.
With diminished importation we should
export coin but moderately if at all
while we are digging from the earth at
least S75, ,000, cooper annum. The banks
would not want much gold, because
greenbacks answer their purposes and
are more easily handled and with S50,-
600 600 drawn from the treasury by the
redemption of greenbacks and 81 100000
to g, 900, 900 per week pouring in from
the Rocky mountains and beyond, we
should soon te carrying coin to the
treasury and taxing certificates therefor.
There is nothing in the way Of redemp-
| ton but the immediate interest of spec
ulators in imitation, and the Post has
seen the day when it kept better COM
pany than theirs.