New-York tribune., 1867-03-15
s295,NO,MO


Call the sum. in round numbers, $SOO,OOO,OOO. Thi
will leave $55OOOO,OCO outstanding, which, ac
cordng to the most liberal estimate can make
is 5000 200 III excess of our wants If we should
resume tomorrow, we should probably have to pro-
vide for this excess about fast could be handed
over the counters. Weba then 10 furnish at once
k3OOOOOOOO of coin or bills on Europe But be il re-
,nembered. we have calculatedon keeping ont $780,
100000 of paper money. This cannot be done on a
smaller basis than $10OO0O0OO Of coin held in reserve
so that really require of coin and credits in En-
rope the sum of $2O0OOOOOO at least to begin with
Yet we have got but 900 Of specie in the banks
and Sub Treasury for all only for resumption
but for the paying interest-money the national
bonds To be sure, You may say current receipts
wilpay our interest Let it go So If We could make
both ends meet in the year to come, specie basis
we should do well. What mean by q credit in Eu-
rope" was funds there we could draw upon, not for
the purposes the Editor Of The TRIBUNE suppOses,
but merely to ease the demand for specie here.
49, This credit could only be obtained by a loan, and
by lean which at present could only be negotiated
at q great disadvantage A loan which ought not to
be made.at the existing price of our bonds in Europe
except under the pressure Of very great necessity.
Without arguing the question think it will appear,
as before stated that the needed "is too great
10 be brought under contro' 1t is too large to be
borrowed
SO mach then for the case in reference to our wants
as regards the redemption of the bank bill and green
back circulation Of the country think | have
made ont case of impossible resumption without
going any further; and think it plain that have
undersated the difficulty. But the story is not yet
bali told.
The Government owes between 5000 OO0, ,0c0 and
900 on its 730 bonds due this year and next
II We resume, payment for them can be demanded in
con. as they become DUE But you say the holders
will bc glad 10 renew and take long bonds for them
That depends. If you make tight money market
ls you will by resuming, holders can do better by
lending their money in other way, and the Gov
srment must in that case provide the funds to pay
IL not the whole, then the half say even quarter of
these bonds. But this is not all, nor the worst.
Spectators in gold would be the gentlemen who
would have TO be consulted 1t is they who would
call for the Government reserves. And their calls
would be all the more pressing and lively when it
should be seen apprehended that the Treasury
would not be able to meet the payment of its 3Os in
gold. The heavier the load the Government had to
carry the harder it would be crowded. II the opera
tors in gold could bring the Treasury to fresh sus
pension. they most assuredly would, for in other
way could they make half 50 much money. 1t is a
little too much to expect of ordinary human nature
that IT will decline to draw 900 $90OOO0OO
in cOn from the Treasury on patroti0gropnds, when
10y 30 doing clear profit Of $3O 100000 $40OOOOOO or
ejOOOOOOO could be pocketed 1t is, then. after ALL
naked question Of whether the Government could pay
It's 73Os due this year and next OF any considerable
part Of them. in coni II they cannot then resnnp-
ton is sheer impossbility, looking to this class of
securities alone, till after they shall have been got
iato long bonds. II the Treasury would be strained
beyond its probable power to respond on its legal
,fiona aloup what xvonlJ lao 10
- its q9Os were piled on the top of themf Here arc
iva easscs of obligations either of which when
usulggIat9d w "9ggetQEs " GO.a, you'd aQQa'