New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-11-16
uoW NOT no DO IT..

HOW NOT TO DO IT.
"a Plan looking to an early Resumption OF
"Spece Payments and the Extingulshment OF
"the Public Debit has been handsomely printed
in pamphlet by Nesbitt & CO. That is all the
good we can say of it, 1t is full OF checks and
balances, weights and pulleys, wheels within
wheels, windows to shut out the hight, ana
messages that lead to nothing. 1t begins by
calling in and destroying all the circulation OF
the National Banks, and it proposes to erect a
resumption five years hence--that Is, JAM l.,
1873
To this and all plans of ultimate resumption
through gradual contraction, we are lnvlncibiy
adverse We believe in Resumption no'c, ana
we do not regard Contraction as essentlai 10
its success. With the Governments present
hoard Of nearly. half the coin in the country,
we insist that it might resume ut any mo-
ment-that only the courage ana the VIII are
wanting. And, while we base Resumption on
neither Expansion nor Contraction, we wOuid
rather attempt it accompanied by q moderate
EXPANSION than by any Contraction whatever.
Prior Contraction may have been essential,
though we doubt it. Contraction at the time
of Resumption is always blunder.
The Government holds largely over One
Hundred Millions of Coin. It's Greenbacks are
n legal tender at the counter OF every National
Bank. The banks, therefore, need no coin
Though they have many Millions: they need
only a sullicency of Greenbacks, and these
they have) The public wants very little spe-
Gle. so long as every Grecnback and every
National bank note is at par with specie. We,
for example, while doing business of nearly
or quite One Million dollars per annum, never
need nor wish to see 800 in coin, so long as
the currency we receive and pay out Is at par
with COIN And so with nine-tenths OF all who
do business throughout the country
All that is needed, in our view, is simple
notice over the door of the Treasury =" The
United States have resumed Specie Payment"
Every railroad, steamboat company, every
mortgagec bondholder, or receiver of fixed
income of any sort, would be interested IN sus-
tanning the Government in this return to sol
vency Every holder of a Greenback IN the
Rocky Mountains or on the Pacific slope would
be likewise interested in sustaining step
which made his paper money worth ut least ITS
face in coin And, if al the insoyent rlckety,
kite-hying interests were to combine to break
the Government and force it back into
non redemption, we are confident that they
could not draw One Hundred Millions Of coin
from the Treasury. The spirit might be ever
so willing, bat the flesh would be weaker than
dishwater.
We have a good Grain crop just coming
forward, and Europe is buying II rapidly at
high prices. We are making enormous Quantl-
ties of Cheese, and its consumption by the
labolng class especially of Great Britain, Is
rapidly extending. We have a Cotton crop
lust coming forward, which, even at the present
reduced prices, will bring Sl0O00O,O0O in Europe
after supplying our own wants. Our Tobacco
and Petroleum sell largely and rapidly abroad
We might resume to-day, without shadow OF
peril For if the paper men should draw One
Hundred Millions of Coin from the Treasury
what would they do with it They could not
eat il. and would not be apt to throw it into
the sea: Europe could not draw IT from us
because she needs our staples more and we
have them to send her So, if the coin were
drawn out, our Debt would be reduced 10y so
much the outdoor demand for specie would
be gluttcd and the holders would soon he glad
10 bring it back to the Treasury and take
bonds for it, And, even if they should prove
able 20 force us back into Suspension, we
should only be where We are now with our
Debt considerably reduced Specie everywhere
a drug. and the discount on Greenbacks almost
annihilated.
"The true way to prepare for Resumption is
"t0 resume