New-York tribune., 1867-03-16
urcgT I'VE RESUME FORTHWITH

circulating Medium actually needed by our
pcople, because no sure conclusion can DE
reached from data so loose and uncertain put
ono element which J. S. ?. ignores we Will ask
him 70 consider. With a restricted Currency
most of the commercial transactions OF tho
country are based on credit. Goods are bought
of the importers or manufacturers OH creuit'
sold by the jobbers to the retailers on circuit;
and distributed on credit to the consumer
Three 60 nine months afteward, Qt eVerl the
consumer pays for them in produce, anu the
accounts are somehow liquidated-no money, OF
nevt 70 none. having been employed from ilrSt
to LAST. Laborers for hire are paid in produce,
"orders.r or store pay :" not five per cent. oil
their earnings taking the form of money Nedo
not consider this desirable mode OF ettectlng
exchanges yet, with a restricted Currency IL Is
inevitable. With an ample Currency there Is
no excuse for paying for Labor, Produce OF
Goods otherwise than in cash and d Billion Is
needed where q 1.-THE of it was formerly mace
to answer We consider Half Billion MOD
crate estimate for our present needs.
What we propose is, that tho Currency pe
allowed to adjust itself to the wants oil thc
community, as it will do If we simply allow the
Greenbacks to be funded in Flve-Iwentes ~
the pleasure of the holder; and that Is what
the Government once pledged itself to do. (JuSt
read the bacl, of a s. Grecnback If you doubt
itO Whenever the Currency shall prove redund-
ant. the GreenbackS will be converted INTO rive
Twenties. and the National Banks thus forced
70 contract, until an equilibrium Is established
We oro still unable to assent to our cor
RESPONDENTS assumption that, upon resulnllg
VIC should need credit of S2OO,W0OOo III Eu-
rome. or IFS equivalent in coin, merely TO ease
"tbe demand for specie here" We insist that
orr creditors in Europe would be more likely
to increase than reduce their investments III
our securities upon the strength OF udihgS
that our Government had resumed Specie Pay
mcnts; and we hold that our imports would
he diminished and our exports increased as
immediate consequences of Resumption. we
might even draw gold from Europe. because
of the temporarily favorable rates of exchange,
as we actually did in 1861 aud it must be borne
in mind that our product Of Gold and Silver
is 80 great that Wa gain Specie whenever orr
Exports thereof do not exceed our Imports by
moro than S2,OOO,0OO per week.
The Scvcn-ThirticS are all that remain to
cmbal1ass Resumption; and these are now
being converted into Fivo-TwcntieS at the
rate of several Millions per day. That is TO
say: the holders of Federal securities soon to
fall due are gladly exchanging them for bonds
at lower interest which the Government ~ not
at liberty to pay for five years, and need not
pay till the expiration OF frcpfy years. The
Scycn-Thirtics, then. ut the worst, can only
serve nS u bugbcar for a few weeks longer !,
while we do not admit that their conversion
would be arrested if we should resume to-day.
II is initiation that prompts people to invest III
all manner of wild lands, gold mines OIL wells,
Sc. &c. by holding ont n prospect OF vast
and rapid gains. Give us instant Resumption.
and most thrifty people would deem six per
cent, untaxcd, a very good interest. In Il
eight money market the heaviest capitalist ;
would prefer six per cent. on Government bonds,
always readily convertible, to twelve on mcr-
camille paper, liable to be whiskcd into the
gulf of general bankruptcy.
Lastly, rs to the operators in gold We
calculate that the bulk of this class would be
just about like flies in frosty November morn
ing. They would break the Government, would
they? With what2 The cro>,ing-swccpcrs of
London, should they consprc 10 run the Bank
Of England, might doubtless crowd her doors,
and make her ncighboihood tumultuous; yet
" the old lady In Thrcadnccdlc- ST. would be apt
TO withstand the pressure. So the Treasury,
backed by the solvent interests and capitalists
of the country would withstand the most dcs-
pcrate charges of the gold gamblers.
Fol-{ant This our correspondent seems stub
borlly TO i.norc)-thc interests bound up in
the sncccss of Resumption arc strong to-day as
tloso Of the bummcrs. and would be ten times
stronger from and after Resumption. Those
who had been betting their pile on persistent
initiation and National insolvency, would be gen
orally cleaned OUT by tho mere fact of Re
sumption. They would be very nearly in the
position Of the great bully in Albany, who,
when the banks suspended specie paymes.i1I in
1881, electrified the vast iuob collected on the
street stree ~ jumping up and smackipg bis fists
togothcf csssc:lv eXcIal6ins. 81 wish to
God that / had a - t!l!zII make em
payw Doubtless the bummcrs would like to
break the Treasury; but the Sl0OOOO,O00 IN cash
or its equivalent required for that nice opera
ton would Mt be in their hands exactly.
On tho contrary those who have been living
magn6ccntly on the interest of what they owe
would have sharp work to find money for their
daily marketing or to pay their weekly board
bills; while the solid capitalists, the sound
bankers. the fund -holdcrs-and with them the
Army the Navy, tho Office holders, the multi
tudinOus clerks aud other employees living on
fixed salaries would all realize that it was for
their interest that Specie Payment should be
maintained. The banker who owes 100000 In
all, and has 100000 duo him from the Govern
ment and from solvent customers, must realize
that he will be worth at least $4,000 more if
Resumption stands than he will be if we sink
back into National insolvency. Railroad men
,,;lI In1I fo NJ nd uva will