New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-12-25
q S. BOyDS-RESUMPTI0N

O. s. BONDS-RES UMPTION.
When a folly once gains firm Judgment
under a human skull, it shows immense tenacity
of position. Thus Jasper in spite OF our
demonstration that Resumption would have no
necessary influence over the return OF our Gov-
eminent bonds now held in Europe-they beng
thereafter no otherwise redeemable or con-
vertibe than before-retuns to the charge as
follows:
at was not ignorant OF tho facts You give in answer
but on the contrary the OF bonds from Europe %
sale i,l This market was what had in view-Or. what
amounts to the thing the sending OF gold to Europe
10 buy them speculation When specie paymeh, s 20 20
rs per cent here maintain that there Will ensue pront
upon exchanging our gold for foreign y o. nonus anu
the exchange bonds FOR money at TO- 49, or 50 per cent
would 90 on until the gold market here would become
stringent enough to stop 1t ana we Should ian1 Mr. h
we are That is TO say: the srngency IN god neIs
relatively to Europe, which exists would De reaASu
sufficiently to make profitable to purchase our rne
abroad speculation; which would cause All the %
backs to be sent in for payment ana tue specie III '"o
Treasury to be exhausted"
Remarks by The Tribune.
II seems unaccOuntabe that any one should
fail to understand that the real value OF our
bonds held abroad would be favorably affected
by our Resumption, so far as it was affected at
ALL In other words: The European holders OF
our Fiye-Twenty and other loans would GER
tainly regard our Resumption as indicating
both honesty and solvency on our part, and,
as it would silence all cavil as to the currency
in which those bonds would be paid, they would
be very likely to hold them for higher prices
than rule at present. In other words: Neither
could Americans buy them so cheap, nor would
foreigners be likely to send them here for sale
at such low rates, as they do and would while
our country remains in state OF quallhed
bankruptcy. Who, on hearing that his debtor,
long embarrassed, has just resumed payment,
makes haste to offer that debtors obligations
at a larger discount than formerlyf Resump-
ton, we hold, would be very likely, instead OF
facilitating, to interpOse fresh obstacles to the
return for sale in this market of our bonds held
abroad.
Now. then, as to every ones rushing his
greenbacks back upon the Treasury for gold,
in order to buy with that gold bonds now held
abroad but returned in order to profit by their
sale in our market.
We receive q good many greenbacks each
week, and usually have a credit enabling us 10
draw some balance in greenbacks from bank.
Now, we sOlemnly assure Jasper" that zee
should not be tempted to do what he suggests
or apprehends, because we need our funds to
pay our paper maker type-founder' employees
&c, &C., and keep the wheels of our business
in healthy revolution. And what Is true with
regard to us and our business is equally true
with regard to other people and their business
respectively They need their funds, present
and prospective, for actual, present use, and
have none to spare for speculations in stocks
or in gold. Only very small proportion OF
the money of the country is held by or is with
the reach of those who would be apt To use /
in stock speculations. And we apprehend tina
business men will need and use their money
after Resumption at least as generally rs they
now do.
But suppose foreign holders should send over
a large proportion of their u. 5. bonds for
sale in our market, OF that Americans should
send abroad-and buy them to sell again to our
people-t is inevitable that they would soon
glut the market and cause fall in tho pi,@""
of their commodities. 10 they presse' sales
thereby creating a stringency IN our money
market, they must sell at "A heavy sacrifice.
We should thus (the People, not the Govern
ment) be buying up and paying OFF our debts
now held abroad at heavy discount; and tins
we would gladly have done We would consent
to lose SlO0,000,000 of our gold tomorrow, IL II
could all be used to buy mp and return our
foreign held Government bonds at 20 TO 20 per
cent. of their face.
Brethren" said colorcd man of God, in
illustration of the duty of doing just right ." If
1.-THE Lord tells me TO jump through stone
"wall, jump at it anyhow" We wish our
people had like courage and faith with regard
to Resumption. 1t is the slothful man who
saith, "There is lion in the way