New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-12-04

should never De lost sight At the same time n seemed
value however desirable was of sufficient Importance
To- Justify the adoption Of such measures as might prevent
from which revenue To be derived much ess snch
measures as might by exciting alarm pfecP ate me as
aster which so many anticipated anu feared mus the
condition OF the country and the treasury determined
me polcy OF the Secretary wch hs Deeh 10 eohte,t
me hterest-beailng notes tenpony lodns Nc ~, ,to
g0ldbearing bonds and TO contract e paper
by the redemption Of United states notes For the last
Two years this policy has been seaIiy Dut
sued and the result upon the Wh0e mas Deen SATISFACTORY
10 tne secretary and as ne peeEes; 10 iage ny
Of the people Since the fret day OF September 1900 ths
temporary loans the certificates OF lndeDtedness, ahd
the five per cent have all been paid with the eNce
ton OF small amounts OF each nor presented lo ,
the compound interest notes have been reduced from
S2l7 $ go Gll6O0OO having been taken up
tenth notes from t3OOO0000 70 S379bSO; the United
States notes. including fractional currency from sbs5O
81 81 10 $557sl477 J-wme inc cash III ,e o 3 R
has been increased from SSs2s055 10 TO 23jg9S396 ~
and the funded debt has been increased S6s6'bS'sV
While this has been accomplished there mas Deen no 10n
mercial crisis and outsde Of the Southern states which
are greatly suffering from the effects OF the war and
the unsettled sate or their huusttlai au po
ical AFFAIRS considerable financial embarassInent.
a careful survey Of the whole field. he Of opinion
that specie payments mglt be resumed ana ought 10 DC
resumed, early the first day Of july 1863 WINE ne
INDUCED the hope that such WouG De the mara ol
future legislation and such the condition OF our prouuc-
tive industry that tins most desirable event might 30
brought about ~ sun carrier uay incAe HMuu'ii
patiOns Of the Secretary may not be iuly iealled.
The gram crops Of ls66 were barely smlhciGht Tor
home consumption. The expenses Of the War Depart
ment, by OF Indian hosti,es and The establish
neut military governments in the Southern states.
have greatly exceeded the estimates Ihe Governments
has been defrauded OF large part OF te revenue upon
distilled liquors. aud the condition OF the S0uth mas been
disturbed and unsatisfactory These iacs, and the ap-
prehcnsOn created In Europe and TO some extent at
the subjects Of finance aud taxation that the pubic ith
might not he maintained may postpone the time when
specie payments shall be resumed buI
these unexpected cmbarrussmcnts, much preliminary
work has been done, and there is not IN the opinion OF
the Secretary any superabe difficulty I'm the way ot an
early and permanent restoration OF the specie standard
1t may be safe 10 fix the exact time, but with favor
aud witt f4N al
contraction at this session. 10 ought not 20 be delayed
beyond the ls II January or at the arhrst the st OF
July, 1869 Nothing will be gained however, by forced
t, eI,ci tbcv viii he restored as a necessary
consequence To such condition Of national prosperity
will insure permanent restoration OF The specie stand
ard the following measures are IN me opinion ol the
First: The funding or payment Of the balance % inter
estbeang notes and continued conractono iihc paper
second The maintenance Of the public iau, in regard
Thici The restoration Of the Southern States 10 their
proper relations to the Federal Government
II this opinion De correct the question Oh peIhanent
specie payments involving ID does the prosperity Of the
country undcrlies the great questions OF currency Taxa
tSnt6n OF Tho people and cannot IAN the earnest
and deliberate attention VI Congress, IN Wow ut the par
amount importance OF this great question the Secretary
deems 10 be his duty briefly 70 discuss The measures re-
lirdCd los him TO hC necessary Tor an early ana wise as
posi- ion 81 H. even the risk 81 repetition OF what no
has said i'm previous communications 10 Congress.
The measures regarded 10y him as important not IN
dspensshle for national prosperity! and a. consequence
for permanent resumption. arc
Fiis, The funding payment of the balance ~ inter
estbcariug notes, and continued contraction ~ the
y the act o. March p 1907 the Secretary
and docfed 10 issue per cent loan certificates &" the
amount of S5Oo0U01 FOR the purpose OF redctmug and
retiring compound interest notes; and such ccrihcatr-,
the Isl instant, had been is.cd 70 the amount W.
10000. IN redemption Of the notes becoming ouo iu &c
tobcr and December. The notes stu OUTSTANDING will be
either taken NJ with ccrtihcaics or pad oi mniuHV
The and thrcctenh noc-, being payan" in awiu
money convertible al the option II %, holder. INTO
vewcnty bonds. viii Doe paid or converted according y
the terms 81 the contract Fortunately all Tho interest
months and they need not there fore De regarded ~ -
ii0us impedmcnt 90 return To the tr1" saroard OF
value A 10 the redemption Oi these notes. nd the
manner in which they should be redeemed tbeith ano
uf course be muCh difference 81 opinion - il REGARD
Two Kinds OF cnrreucy-Untod states note tie
Of the National Banksconacuon should DC bfgusbt 10
I'm his report Congress, undcg date oI thc SUI OF
December 1865 the Secretary Pre- .encd - iuly ana ~
fine cnrrcncy aud The necessity Of action Tor the purpose
OF bringing about return To specie payments ne view,
Representative on the sth 81 December - by the
adoption Of the following resolution by The decisive No'"
-Fs,Si rh,, Hons. cordial, orrsl' ~ ,ss, o ne s,5,
, ON l5St' =, .at' OF @se ps,,l,. a. IL.
Among the views thus empha'cAily indoised were the
~, nsaiof CoDg,, at sn e' 70 b'ros mo!' and TO ,'as OBJ
ga''ls for 2'us DO sash TORN e. a', 't $3.50,
assa law sbeh sanctions sa,,,rt pre'er, Of 'ae people
waose lu maintain TIE Gorermeot agsg Do eaem' nay
consider 10 great enfIseney n'',.i " 49,, - 80.
vhl Urlisi State notes laval money - uoi u"a '
g one a loa-er hsu shall nsry eaabe co people
I''' are NJ in arof q United
permanent euen The saving Of Interest a'i s7 perfect
Tbs objections poey MAJ he paPe r,eoso' ef,9,
,eouresen. 81 climate bu,Bs, While y furnished by She Govern
meat woud be likely 70 be governed BY The I'sea' q We
a.rcs s1d Be,ds, permanent Government currency would he
Possession Goepneu power wiee NIGHT BE- under strong
tmlatoa 70 use oI other pp,s t l b I % poe sus
ION which lev thns, would be more 9aels 70 business,
r.p Of H. ssn5sP provision, Of The ,et! fsiesd be
We as bspe tiy to Aect nudousy legitimate business " toe
ntry upon the prosperity depend welfare Of the people
and ne which Ar, necessary for ,h m'nea'h; o. as q.
provisions bat the sets also should he regarded a. Only
asd under them commenced without delay and carefully and
Inc rSpdty Nth which be vihiawH
viii depend upon the ability Of the Secretary to dposs o. ,eeat
thr too spd aiihirse Secretary however believe bssA
public necessity bat hat si speedily dspaie hs apprehension
whc very generally exists that She eject Of such policy nus. ase,.
country weeabhed fact which has not escaped the attention
o. an iy.Oc, Of % With ih supply sad ibs
hold ht.le Is Withhold from tc,e us' snd proportion
prices reduced The demand o = a, % %
parAloea seem sdhuion oil Inc currency may IA Ae'
Nor need ilt sny apprehension that reduction Of s eaII.sg
uuless violent oneW m rrousy AFFECT resi- pSgen Labor
the great national wealth and industry invariably declines o.
Inflated carreney"
After discussing this subject at considerable length sus
tanning his views by reference to the experience OF the
cnurrv under previous mutations OF the currency the
Secretary concludes his remarks a. follows;
e5eou therefore. that brought to ths mind q
a. , ouGrms the the views he ha presented II
G p Of The country rested stable basis GREATS could
G tert om being further increased there would h s, occasion
for soue on Dis subject But such b not the At buH9ss Dot
IN behy condition speculative fyensh, uHceItn h'ty DAY
~ Contraction deferred Increase the difficulty Peehlg imam
cl collapse Prices and credits viii not remsln a. ll. n ne vac
III y te or advance and VIII not rcccde Sthou' TIE sT,reIe
Of The controlling power Of ConUesi"
These views we're not only approved by the House OF
Representatives but they seemed ~ h me c ~ rr ~