New-York tribune., 1867-03-26
HOH NOT TO DO II.


"other purposes" which seems to look toward
Resumption, but is really bill to secure
perpetual suspension of Specie Payments. Its
provisions are as follows:
r, IL enacted by The Senate aud House Of Representatives
of me United States of America IN Congress assembled,
That il shall he unlawful for the Secretary OF the Treasury
to sell or dPes%e % Of bo any tsd E ae corn or tSS
may hereafter be received by 1t from duties on imports
as now provided by law until the balance of specie In
the Treasury shall amount TO 00 when 1t shall DC
the duty OF the Secretary Of the Treasury to give public
notice that all liabilities Of the Goyernmentof the United
States maured and to nature viii pc pad IN CON; H. nm
lawful for any National Bank to sell otherwise dispose
OF any gold received in payment Of interest ON poas neo @
redemption of its notes while not redeemng its notes IN
coin; and all National Banks failing to SO redeem their
notes within days after the resumption Of specie pay
monts by the Government shall forfeit their charters and
be wound up In the provided In the National Cur
rency act approved June 1864 for closing up ana set
ting the affairs of insovent National Banks.
SEC. g. And te HJther enacted, That no ltmer regne-
ssg be made 6y he Secretary OF he T5easry and that
the notes of all National Banks respectively from and
ffcaon thereof as hereinafter provided shall become
legal tender for all debts public and private except d
ties or imports interest the public debt and the debts
OF said banks respectively notification OF which resup
ton shall he made by the banks to the Controller OF me
Currency and by him published in the one newspaper or
the United states having the largest aggregate crcua
tion. . . -, -, ,r,.. -, ,,,r,,,, ,o,,o
nes beyond specie reserve OF 500 100000 shall be a-
piled the redemption of the public debt in tho following
FIRST Certificates and other liabilities fully due ex
cepting legal tender notes.
SceOnd Compound interest notes.
Third: Seven and three-tenths notes.
Fourth Six per centum goldbearing bonds having the
SIG g. And be further enacted That the Secretary of
the Treasury be authorized and required TO Issue css @
pei centn interest payable semannuay IN currency % &
United states not otherwise provided for by law ana
which shall mature between the passage OF ts aco un
their face the option of the Government TO pay per
cenm interest thereon In gold In lieu OF the sad JlO
per centum from and after the expiration OF tue sd tWo
SIC. G. And6 further enacted That in holders
o % amy OFOP n U ee thereo e 1 o notes last
hefeinbefore provided for the said notes. so much
INN 70 fine he sold by the secretary Of the Treasury
duo public notice and the avais thereof applied to the
SEc = Aud be GtrcT enacted, That all acts and parts
of acts inconsistent with the foregoing provisions are
hereby repealed
Thus there is to be no further contraction
of the Currency, and no Resumption of Specie
Payments until SSO,OOOOOO of Gold shall have
accumulated in the Treasury, which the infla-
tionists would take precious good care should not
happen in this century. In fact, the late Con-
gress so reduced taxes that they will not suf-
flee, from and after the 1st of July next, to
pay the current expenses of the Government
ineuding the interest on the National Debt;
so that we shall owe more after deducting the
balance in the Treasury, on the 1st OF July,
1868, than on the 1st Of July, 1867. In view of
this poltentous fact, the parade of scheme for
applying the surplus revenue "to the redemp-
"ton of the Public Debt in the following o.
"derr would be absurd if it were not dishonest
,And the selling of Seven Thirty bonds for the
L., in IN redeem
Herewith the existing Debt as it shall fall due,
i3 simply going back into the desperate expe-
dents of War in time of Peace. We ought to
be funding our Seven-Thinies in Specie Five
per Cents, and might be, if we were paying off
and rcdeeming our Debt at the rate of $780,
OOQ,0O0 per annum, as we should be.
But We object most earnestly to the first sec
ton of Mr. Mouell's bill, and to every kindred
scheme for boarding gold under pretense Of
preparing for Resumption. Some Of the adyo-
Gates Of this scheme 90 not know that they are
papderlng TO Initiation and Suspension Mr.
RoFrell does know it. This is the operation of
the scheme
The gold gamblers and inflationists are con-
stantly bothered and thwarted by the quantity
of gold coming upon our market, mainly from
our own mines and they wish to get it out Of
t5o way. If they can ship it to Europe, that
will serve their purpose if not, they must
somehow dispose of it, or it will swamp them.
The Government plays into their hands just so
far as it boards gold. If it would use the
SlOO,OOO,OOO it now has, or three fourths of it,
Ia paying off Public Debt soon TO fall due
whether principal or INTEREST," it would put
their heads under water directly. Every dollar
chat it. ohoards is boarded in their interest, ere
Ating an artificial scarcity of coin.
If the Treasury would this day buy up
and extinguisl S5O,OOO,OO0 of Public Debt
next to fall due, and disburse S400OO,0OO
more in paying off the interest-coupons next
10 be satisfied, it would save the country at
least S5,0OO,0OO per annum, fortify its own
credit, and, by making gold abundant in the
market, reduce tho rate of premium, or dis
parity between Specie and Legal Tender, and
thus bring us much nearer to Specie Payment
For, whenever Five-Twenties, drawing six per
cent. interest in Gold, shall be at par with
specie we may resume so soon as we choose to
do So The way to this lies not through hoard
ing gold, but through approaching the National
Credit, the market value of the National Debt
Mr. Morrell sees this, and wishing to per-
petuate Suspension, acts accordingly. What
Mr. McCulloch sees, or what he purposes we,
not knowing, cannot say.
--
The Chicago Times says:
"a nun Nptp XopR TpIn n