New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-12-14

70 ne Edior Of The TrtbnRe
SIR: In an article IN Saturdays Tissue entitled are
sumption In Extenso" you assert that the Government
Immediately its notes IN gold because IL has
Onefourh much Of the latter the Oustand
ing Of the former while the banks before the war met
fine demands them in specie, with amount OF gold
IA their vaults from Onefth TO oneeghth only OF their
liabilities You forget that the banks had In addition to
Che small amount Of gold hand, amount Of other
which could IN short time be converted into gold
than sufficient TO meet all their liabilities The
knowledge Of this made the people willing to take their
notes instead Of gOd not the small amount Of the latter
lying idle In their vaults. As Government has no
such outstanding assets for which payept In coin can
De demanded has no such basis for its circulation
Controller Hubbard and the Financial Chronicle have
shown that have from t50OO0O0O S20OOOOOO more
gold now than IN 1901 and the amount in circulation
ten has been estimated at from $4,000 ia f275QOOOO
have at the present time from 800 TO Sl5
az gold coin III the land Since the Of legal tender
notes ana fractional currency only 1851 100000 have
gold com Than Government paper Hence not only
> speedy resumption possible but need foreign
IAN to provide " with the specie.
How that coin can he brought out and the greenbaoks
retired without upseng the trade OF the country the
iaSS? "''0 'Ou'''H ~ H'' ' 10 suggest TIC i0iO"
l. Congress should pass an act making contracts In
gold payable in gold or It's equivalent.
Congress should direct the Secretary OF the Treasury
70 sell no moro god 20 issue now S0O0OO Of gold notes
and retire equivalent amount Of Creonbacks and to
Increase the former and decrease the latter the gold in
g. Congress should pass act allowing taxpayers to pay
Their taxes either IN geeIbaess or their equivalent in
he boarded in the country II might make q difference Of
one per cent ia favor Of the party paying in coin
m OF the Government short obligations shOud not
be funded let them be paid when due IN Preenbacks
O. N these acts should work well. Congress at its next
session should pass act requiring the banks 20 make
tue gold value Of their assets equal 10 that Of their ab
fes, and then allow holders OF greenbacks TO convert
them into IO-80s.
In ms manner specie woud be The basis Of our cur
FencY before the Ist OF next July without SCATTERING
t.asie or disturbing any but reckless spceulators
MOd3,l Vernon Dec. 3, 1867. J. s. W.
Rcpiy.-What have youf You have an American
ration your country pstcad Of set Of discOrdant
md petty confederaces, into which the Union would
lave been divided but for the money expended TO
save it, which would have been perpetualy at war
with each other, and would have cost far more to
than our present Government, notwithstanding its
great debt. All that you have Of financial prosperity
or prospects, you TO the salvation Of the country
from the efforts OF shareholders and Rebels todostroy
IT, There Is no element Of population in collecting
the taxes necessary to pay the price Of National
existence in full and 10 raise Tire Governments honor