New-York tribune., 1867-03-06
THE CURRENCY.
INV ABILITY or THE COUNTRY TO RESUME, AND TIE
METHODS IT SHOULD ADOPT

Ipp
fasumption because the fixing of definite pofiou III
~ 60 Co. roturs 70 ,olvency wOuldshaVe those
effects. tst 1t would commit Congress 10
n rosit wa nolicv of resumption 2d 1t would lhlu-
bnco the hanks and business interests OF the country
n shape their transactions with view 10 s result
S1 IT. sooner period is fixed upon for Teturn TO
IT, na,oents tbe sooner We shall have them. ii,
oor 400 Il had been proposed to fiXupon the expra
zion of three years from that time as the pe1ou ol
tesuming il would have been thought 100 distant
af the expiration Of two years time were now pro-
nosed. there would be many TO say it would he TOO
soon. Thus we may see that delay III uallins 'u0
limo only tends to postponelt'
ItIs objected to fixing upon specific period, IN
advance when the country will resume specie pay
yoants tlst so much depends on the course
~ trade. and upon crops and the state OF the
foreien exchanges it is impoltic to do so; mas
huoh a. either of these causes, operating
Adversely, might frustrate the attempt. ms IS
huite true. But the objection cannot DO uoiu
30 DO valid since nobody proposes lmpoSSioilrsioS
md in case OF any extraordinary OF uhusu"
concurrence of circumstances, no proSpoc'l'o Pl""'
are executed The thing do, is to canvass lhe P'o
6oh;lties and propose what can be effected no eA'
tord;narv contingency occurring. 1t isln TINS Ve"
that ,ve think IL not difficult TO measure WIN COM
narrative Certainty what the country VIII oo
ollie 10 accomplish on the subJect OF IeSuinP
,ion II il ONLY requisite to fully cOlSiuet
tba subiect, 20 reach conclusion; anu
iaying come to a determination to act so as 10 eaiN'
gt thsre is no doubt about the ability o1 tho co,i
try to resume specie payment within feasoh"oio
t;me II IT, chooses to do so, and is Wiling 10
undergo the strain and the pressure necessary
to insure this result. II is not question oi
OoVer. it. ia a question Of will. Let the country
Int convinoe itself that there must be resump-
tio, of specie payments before there can be any
Ching like steadness certainty OF soma pros
oerity in business and money affairs, and II WIZ liu
lint little difficulty i'll fixing upon period wheh II
shall take place.
Rat beside this plan of repeating the Legal-IendeT
net there are three other methods OF resumption
The first is to resume nstanter, and fight our way
through whatever obstacles may oHer' hI'' Cna'o
proposed this plan Immediately on the close Oh INC
.voT He has been an advocate Of it eveC since, be-
,ieying it would produce less suffering than the pro-
cesS Of slow contraction. The plan has been "aiAnS
,,rcad also by the Editor of THE NEw-YoRK TRIBUNE
A second plan has been proposed by eminent New
yo,k Goonciers TO reach resumption, by accunulat
Ing soce in the treasury sufficient 10 raise inc '"o
of greenbecks gradually, till they reach the epeVo
level This it is believed can be done by lunoing
our 1908 due this year and next INTO long ''0V9' ha'
Yna1s OF 20 years to run, and tutier Dy ulSpoSs u
.nr componnd lecal-tender per cents in the same
the treasury 1t is supposed we could by TINS pIo-
cesa add one hundred or more millions OF specie 10
the existing stock in the Treasury in the course Oh
IS mouths or two years, and thus get STOCK OIL coh
Efficienty large TO secure resumption
| may say in passing that an important Objection
90 this plan is that there is an element III congress
That looks with impatence and dlStruSt upon Ia 20
nocumulafios in the Treasury, and in the pressure
that would attend resumption there is too much
Sea.on to fear that that element would insist upon
having the specie hoard scattered, by way OF relief
90 the people. The difficulty is TO fix upon 0ny
plan that when the country calls for relief CongtesS
would not be pressed to thwart and this plan above
bll Others would be the easiest to break down
The third plan of resumption is the gradual con-
fraction of the legatender issues OF the Government
This plan. as We know was recommended by the
Becretary of the Treasury last year. and was adopted
by Congress limiting the action Of Mr.. McCuIloch to
The redempton.o of fOur millions month, after taking
IN his Understanding egal-tenders falling due IN
1861 and 1865 But the majority of the House have
nnder the moderate pressure which has fallen on tue
money market. even before any contraction has
iaken place. recently voted against retiring any
Ereenbacks whatever So that the country is almost
rs much sfloat in regard 10 what financial policy
Is 10 prevail as ii before contraction was voted
for at the last session. The same House which WAS
lhen for il is now against il 10y decisive majority.
There are then. but four methods of coming to re-
Vumphon. The first is prospective repeal of the |
Lcgal-Tender act, with proper corresponding egsla |
lion. The second is for the Government to declare |
resumption and maintain it-if it can. The thiId is |
for the Government TO fund its obligations matWing
This year and next, III cmTency-paying bonds, anA
accumulate specie enough meantime to enable it to
resume on its gTcenbacks. The fourth is TO pursue
pOlicx OF steady contraction its demand legal |
bender notes and of funding or paying those draw
ing interest and maturing in 1861 and 1853: likewise
pf exchanging the currency paying 73OS due IN
ISG;-S into $50 speciepaying six per cents
This fourth plan is the adopted by Mr. Nc
CuOch with Of the features of the third plan;
namely that of holding good stock Of specie His
plan however does not contemplate the boarding OF
heap with which 10 redeem his greenbacks, because
tis conversion OF the 1910 CmToncy-paying bonds
due this year and next into 6per cent bin-paylng.
would probably reduce bis specie so as never
TO leave him anything but a working balance. He
must then get rid Oh his demand egaltcndcrs by the
process of steady contraction mainly.
The objection 10 Nj. MCCuilOchs plan is that !
while il is natural and in The regular order, il is
hard plau gives him the iaboring oar, and makes |
him the BITE aOir OF assumption Other interests in
the country win not and cannot know just how fast
Of how slow he is getting on, except at agOnizing
Intervals nor what influences are or will be brought
lo boar Oh him to caId TO accelerate the time of
resumption. One month the prospects of specie pay
meats viii loom and seem near; the next it viii |
reeede and fade in the distance Then it gives op. |
portuniiy and invites effort TO influence the oper-
ations oi the Treasury according TO the Interests Of
struug individuals, stronger corporations combn |
atioas Iu a word il lays the whole strain Of most
disageeable and diiiicult duty on the shoulder Of