New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-01-25
THE CURRENCY.

made the following speech on the financial question;
! Mr. sPRAKrR.-BIuch needless disputatOn is avoided
bv precse definition and limitation Of the terms en-
b,oved 70 express propositions. If those who advO-
cata specie payments and those who favor paper
money would fix accurate bounds to the meaning Of their
words they might DO bund apart but not far apart as
hey themselves suppose. Those who for resumption
No not forthwith aud those who against 1t do
bOt mean nOnTeSumptOn forever. Let them explain
fher positions and they would be together than
they are but while they indulge in loose tax they
ore wide Rsnder the poles 1t Is true, Resumption
bf specie payments by the Government cannon PC oD
9aned until there is ourtaimen In the ~
the legaender notes. say 500 100000 nor perhaps u
4y sffenng the tariff We check the outgoing OF CALIFORNIA
gold. But when resumption does occur II WIZ AZ Oce un
lock large amount Of specie hitherto ~l'hra"h HOin
circulation and, prices being also reduoeu iesS a0O
of currency viii be required NO dssshous oiocs eo0
FOLLOW the people and the Secretary ol 'lo lIo'ouS
only exercise common prudence All expect inc coui
TRY To face esurnpton at time; ana II Is aer an
but question as to what time WI Dc inc pest ana pro
uueive OF the least amount OF inconvenience he inen
O have faith in the resurrection OF god ana s'er say
we sbali never have better time than now Ihose
MIN bava felt the fructifying effect Of flood
Iof paper noney-lts first glow OF expanding prices
nd it oret mode of sealing potency III
hhaustbe and demand that the flood shall never supde
aPor my own part ana persuaded II We start now NO
khal NOT reach the goal Of resumption any carrier Ihah
Sbe,pot devoted patrons OF exclusively papermoney
Rvsfeun would wish In a season when prices have uni
kersollv risen It is matter Of c0ngratuaton thatthe
halne of man has risen most OF ALL skllod labOr-the
Eband guided by educated brains and ifee-W eppre
r,ated The world begins TO find for all her child
rem. and never win good and willing worlmen be forced
10 beg for employment Whether paid in paper or gold
the wages of man the world will rule higher for
every slave that has been emancpated On the return OF
specie payments the rank OF labor VIII be more tan rea
lively maintained Finance seems to be subject which
inspires all men, and each one is persuaded OF the na
Itv OF his own gospel The financial condition Of no
aton individual is ever SO sound that u may NOT De
Improved and If admitted to be unsound the volunteer
doctors and the wet and dry nurses painfully preh1c
propose remedies more to be dreaded than any La t
Is curious too 70 observe what progress Is maae IN Ie
Science Of wealth. Classic standards are no longer
~ spreeisfe tins progress one must turn his
back upon Franklin and Hamilton ana G9lia 4,t
l4he public debt could be paid only by proper
Taxation The new school, however tluSI m9ch 10 Ine
hydrocarbons effcacyO Of paper currency Hand IN hand
with that the ab6rer taught that he earn as much
lie is worthy OF fbe age he need not work all Again.
that with this invention genty used, taxation always
Ssrty who likes t. regretthat have no such pleasing
theories and no such delusiye nostFums nave no cream
Ervance accOmpanied by honest labor nor that we can
O tgSdnt o Let rs rather strive to give to Labor its
largest constant remuneration aud equally strive to ss
while some abest inteeots in France and England
SEEKING o o by %e RsS epey While thew are
becoming bulOns3s and simple we nave some men
perpstuate the prodig use Of that Government paper
which was eDgendeTed by gigantic war A speech on
snaDeal questions bestudded with facts and figures
know possesses few attractions compared with the many
fmmedate end remote problems tast arise on the
SBe even pressing Importance the sinners OF
enc sG9h san ba g Bo I sny one Se to ADOPT my ars
3nents, which may be poor but the tacts presented
important than now that We should FIX our tax and
revenue system upon stable BASIS 10 sHna 96 d s t
the unfunded national debt and above al) the immense
volume OF national bank snl egaltender currency, VIII
not hermit e. Ere this ought TO have been sailing on
smooth seas; but beyond some palpa6le rocks Which may
our path it is almost impossible to toretell ana YET an
contingencies must be provided 9f our Gsy y ~ 20 t D
og I'M the long procession of extinct republics. There
grand power among nations Of the earth, nothing
1he rst sign Of exhaustion the frs stumble OF decIegi
Sn crushing out our national existence. we M9 1
nave esp furnished With superabundant evidence that
those who govern foreign nations are by no means our
ee ioy at every blow which made freedom shrek" or
retarded the triumph Of the principles sRa supporters Of
republican government Earnestly seeking peace, ana
believing honorable peace possible we yet may De tIte1
60 defend ourselves with all our might II our financial
pondton Is only sound We can easily bear the strain
ed where they win not leap into the market ana crush
81 a9meslie cTeas az e I ,ons 81 de e. t6 he
avoided to be supported by an inflated currency
under perpetual bonds 70 keep the peace, and therefore
&c highest duty to insist first and everywhere on
fid economy and second, 70 restore Our finances TO
inc Normal conditiontO the specie standard-at the
and silver than al the rest Of the world, let us
not endure the reprOach that we do not know
how to keep IL after We have got IT. ADle 20
equally strong in means OF indefinite and independent
support Let any who may seek war with us know
from the outset that it will be commensurate with
physical and geographical proportions ana n no way
facts before us inevitable expenses Of the Govern
must be provided for The interest on our public
debt estimated next year at SO5 3D. and unless the
perpetual paper shall prevail upon me
ultimately increased about s2O0OO0O0 or S2 00 or In
the aggregate than our whole public debt IN 1876
when Il reached the highest point 2 @ $3.50 prior TO the
recent Rebellion. our Navy has been very largely in
rreased and Il Is probable that will ever shrink TO
ats former narrow proportions In this Department our
annual expenditure viii be S274,8l0 81, or nearly twice
as much as before the war. The Regular Army is
fixed az about $4,000 men. but have TO provide
on f9O0O are forever obsolete and iE must be
estimated cost for the War Department the coming year
IS s58soG57 o. The extra bounty we provided for last
paid The pension appropriation, instead OF covering
Few heroes OF hundred years wen as Of the RevOlu
OF 1872 anG lS47, now embraces young ne Dut nulaeO
n the service In every city town, and village, 20 the eX
tent Of nearly l250OO and instead Of less than s0OOO
~ In 1884, now requires S3l46 on as muchas the whole
expenses OF the Government In 1874 and 1928 The new
claims OF several States II that of Missouri already
ported upon at s0OooO may be regarded as foretaste
viii weigh heavily upon the Treasury. Tho Indians
though reduced IN numbers since the advent Of the Pill
grim Fathers fron not less than l5OOOO to 2577 main
tain their nOmadc and mtacabe character, requiring
white man would need but a few acres and
beyond this an annual and perpetual expen-
difdre OF S3,500,OOO more, (which does not in
oinde the large and variable sums Il costs us out OF
military chest 70 besOw upon them, for various provoked
and ImprOvOked Oifenses, that Christian chassement
which the agents and traders who snatch and devOur
amiebe charities think they need LAST year 1909 Naya-
3Oes were held By prisoners IN NeWMexcO at an
expense OF S5o00OO The Freedmen Bureau, IN proper
ton 70 Its value aud Importance the most economical
expenditure ef the Government viii cost for the coming
year t00 & So but Il has uneXpended fund on hand