New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-12-12
,fp AfnRRLLHS PIN.

We publish elsewhere a speech of Senator
Morrill,. cmbodying a plan for the resumption
of specie payments He proposes that the Gov
eminent enact now that it will resume specie
poyments on July 4. 1869. He regards it as
important that the public shall bo given time
IN prepare for the event. Is no certain that
the portion of the public now opposed to specie
payments will not, instead of preparing to
resume then, prepare TO repeal the act1 lie
estimates by n process which Is too clrcultous
TO be convincing that we now have S4OO,OOo-
900 of gold in the country. We hope we have.
If we have, we are not likely soon to have
any more. We should be glad TO see it pointed
out. The Sub-Treasury has Sl0O,OOOOOO. MI.
Morrill, states the amount in the hands OF the
National banks on the LIST Of October last at
SiO.2J6.13O The specie in the banks OF the CITY
of New York is stated for December at SlO,SO3-
2j4. Where is all the rest Of thus gold which Mr..
Morrilrs estimate calls fori Is it conceivable
that the American people, nine-tenths OF
whom have not seen gold coin In I'VE
years, IRE boarding in their stockings
and hidlng-paces more gold than the total in
the country amounted 10 ~ l3lI teatbly as
we would rejoice TO know that tho quantity OF
gold has increased during the FIVE years N
which we have had no use for it "a money,
such phenomenon wouldylOlate all presidents.
Mr. Morrill, also proposes that the National
banks be required to keep on hand as part of
their reserve the gold which the Government
shall pay them as the interest on the bonds
deposited by them as security for their circu-
latiOn. If they already pay in taxes S5OCO,OOO
more than they receive in interest, this will be
no small burden TO them; yet any move which
tends to base our currency on specie is en-
titled to respectful consideration. Mr.. Morrill,
thinks the effect of solemnly enacting that
the Government will resume specie payments
on July 4, 1869, will be that the premium on
gold will gradually decline, until at that date
it will stand at par We do not see any such
power in a mere act of Congress over the price
of gold. We can see that if gold is pqde arti-
fcially dear by boarding it, the price will go
up; and if it is released from cOnfne-
ment, the premium will go down. Mr..
Morrill, fails to show in what way we
will be in any better position to resume in
1869 than we are now unless his simple assump-
ton DO correct, that the effect of promising to
resume then will gradually remove the pre-
VII BOlu. HIS dSSuIlpllOu VIC ulltIlg
deny. Tho price of gold then, as now, will
depend on the proportion Of the supply to
the demand. If the Secretary of the Treasury
boards then as he does now half or two-thirds
of all the gold in the country, he will have the
same effect to keep up tho price of gold by di-
minishing the supply that he has now, and on
July d. 1869, gold will still range at 100 to 40.
This being true, Congress would then be under
the same inducements TO repeal or extend the
law now proposed by Mr.. Morrill, as it is now
under to pass his law postponing specie pay
ments and there would be the end of the
remedy" There is no use of administering
sedatves to patient that is already in a stu
por, or of contriving plans whereby the return
to specie payments may be postponed, when
that result can so much more easily be accom-
plished by simply doing nothing