New-York tribune., 1867-03-06
trade would not bo found available That credit
would need 10 be- probably, several hundred millions

,neriod for resumption, within which time all the
nteroata Of the country would have opportunity TO
prepare for it and 20 accOmOdate themselves 70
and in which everybody would be bound toicooper-
ae toward the result or suffer the consequences Oh
his own folly is the surest and safest and most sas
factory method of reaching it. The Treasury Wouiu
then have the same responsibility as,individuaS lor
the result and no more 1t could act moro uuePon"
emily by being hft TO itself to prepare for the re
demption Of it's own obligations at the same tilne
that evervbody else would be expected 10 90 Vne
somA thing. II would not DO looked to as IL ho"
ia "a tbe sDeciol agent and manager OF resahp-
tion or "a n power to postpone OF ac-
celerate that result 1t would have its own
proper responsibility, fill its own proper piaco @
discharge its own proper duties. Ana as IL "Ou'u ~
with the treasury so it would DO wlta the o"nA "'
bankers. and She whole trading puOnc' lug S'SPon
sibility of resuming would be DIVIDED aS ~ S"ouu
divided; and sOlvency would DO ieiV every W"o,S t
TO its own resources and aoilty 10 PioUo.' io'o I
Nothing il 20 muoh TO be desired as that all interests
o,1 ot rid Of thei, quasi connection with tho Gov
or,,nont There is a sentiment in the country that
tbo Covernmept is somehow responsible, and pretty
6recl responsible for the prosperity OF the business
;nterests Ifmoney is scarce Government should hako
# nenty. IL il is plenty Government should 90 noun
;og toward making it scarce. Individuals look 10
Covernment TO protect them, Instead OF relying OH
Themselves This is most pernioiOus state oi tniLs'
and calls for reform and deliverance Iho greatest
favor Government can do for the business interests
&c country il 70 withdraw itself from all speclai
connection with them. leaving them wholly 10 'hc
operatiOn of general laws. This has been the chaic
ter of American legislation in tho past ana II l9 "a
has created American enterprise American ndepehu-
ence and American wealth
As TO the time when resumption shouid 'aAe pave
we do not desire to speak too positively.
In the present state Of things there are TWO parties
70 prepare for It. One is tho Government inc o'ic'
the public. including the banks 1t would seem .ua'
when the Government is able to resume the puoAc
should be- for the heaviest work Is On inc I'eaSuS
II hos cot 70 nroye for $4O0 900 of demand legal
tenders $4,000 900 of legal tenders drawing interest
due in 1857 and 1885, and it must get INTO long loans
ia Indebtedness on it's $50 bonds due this year and
| naxt amounting to mapy hundred millions.
All tbis the Treasury must do beforo'the Govern
ment is ready / think it IA fair to conclude that
il needs the calendar years OF 1857 ana iooo '" ~
NAV be TO the end of tho fiscal year IN june ioo'' 10
cSnpletey accomplish this. But there seems 10 0o
no reason why it cannot accomplish III "ithin tndt
ner;od The Government in order to DO IT. has NOT
to raise much money! it has chiefly TO exchange ana
evend II. loans and to this operation there seems 20
Iva M mpadiment. With the c0mpoundintereSt
l,p,tender notes taken up, and the 1o3 disposed
IN thi, way, only the $4O0.O0.OOO OF deinahu l's"i
tenders would then remain. Eyen without tne pro
po,ed reduction of the 100000 month thoOoVcih-
,crt could probably successfully attempt resumption
on that amount OF outstanding obligations wl'h wv
N,o N0 Of cash on hand and q credit in Europe OF
Stno noo On mora II certainly could do it If the re-
srmraion Of 5000 ono a month of these SiOOOoVp
| shonIa 20 on for eighteen months or couple OF
| years
NV conclusion weuld then be that, with average
seasons 30 serious deficiency in the revenue, and no
other special drawbacks the country viii be able TO
re,e after the crop Of 1868 shall be gathered; and
if this shall be Thought 0 rcasOnsble.oOnc!uson. why
should not Congress say So and fix upon some Such
or some other definite period for resumption ana so
let the country know what TO expect, At the same
time that II is offered opportunity TO adjust ItS
business relations and interests 70 the prOTnscd
change. I submit that some definite decision
of this sort, coming in tho shape OF o
prospective repeal OF the Legal'Iender act
wSh whatevor corresponding legislation necessary.
would do moro to settle tho cOmmotions which now
perplex trade. and commerce. and finance. and dispel
the di,oouraging uncertainty which prevails every
whore. than any other less specific policy. What the
country needs more than anything else Il certainty
of knowledge in regard 20 the disposition Of the ex
cess Of our paper money II could even accommodate
itself to imitation if initiation a fixed and known
quantity If were possible 10 prescribe positively
that for % years we we're 10 have neither more nor
less than lust the amount of circulating medium we
now have the trading world could adjust il, affairs
70 that state Of facts Tho difficulty Is. that while
we are in state Of nilotion there can be no GER
tainty about anything and tins constitutes ts great
est curse and the strongest for putting an end
to if.
Finally. we often hear e sad Nv way OF protest
against fixing any near period Of resumption. that
the Bank OF England under suspension FOR four-
and-twentY years. during and subsequent 70 the
great NlpoleOnic wars and how can We be expected
to Do better' This naked ststement conveys TO-
tally false impression. For large portion Of this
period Of twenty four years the suspension was
~ nominsl the notes Of the bank being within three
per cent Of psr This was especially the in the
scya consecutive years. from 1895 10 1910; and
though in 1914 the notes fell to below - per cent yet
tYo years after the peace of 1915 they again to
b. worth o. cents on tho dollar, which substln-
tal resumption aDd they never fell below this mark
until the final and absolute restoration Of specie pay
ment IN May. 1S22 SO that. if we arc 10 take En-
gland a. an example. IL is high time We had ne
sumed
England was engaged in tremendous contest for
most Of the time from tho close Of Revolutionary
war to 1916. During the period from 1923 to that
year, she borrowed more than s?200.0DO.O00. and
taxed herself prOdgiOus sums. in the aggregate, we
believe far exceeding this amount for purposes;
and yet she emerged from the contest with such
financial strength. and exhibited such financial in
egrty that the paper dollar became worth 81 cents
within two years from its close England thus sl5-
tanned her commercial credit amid al the distrcsses
~
everlasting honor upon the British nane.
ai,orId bava our atfanfion 1roryu