New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-01-12
SETLLNn COLD

The Ercnipg Post thoroughly understands that
the only thing we would have the Government
do with It's Hundred Millions Of Gold is TO pay
its debts Herewith. We find in our pocket
book piece Of paper which reads as follows:
"No 5'l69 TIE USIrrD STATES promise 90 pay % Ito
bearer FIVE DOLLARS. Payable 40 Tie Treasury az ne
me I,utcd states l. J. CHIrrENbES Register 81 the
Treasury. Washington, March 10th. is52.'
This promise, it will be observed, was made
nearly five years ago. The United States paid
it ont rs money and received for il nearly or
quite as much value as though il had been a
half eagle. We came honestly by it, and we
want it paid. Yet, if we were 10 call on Mr..
Sub-Trcasurer Van Dyke and ask him 20 fork
over n half eagle and take up the rag he
would politely but firmly decline.
Is this righJl The Government has nearly
S1OO,OOOOOO in gold. We haven't the smallest
gold coin The great monopolizer of gold
insists on keeping it all-at least, on not
redecming his past-duc obligations with it.
Is this essentially rightl Does our Uncle
Samuel set a good example to his nophcws,
many Of whom VIGOROUSLY prefer to spend
their money in having a good time rather
than fool it away in paying debts with it
Our Uncle is not even so plausible rs the red
dog banker in Indiana who had few hundreds
of his notes presented foGredemption. My good
fellow" said he to the prcsentee, 81 would like
"to hand over the mint drops-I have them very
handy-but don't you sec that can'R The State
Of Indiana forbids me- Her General Banking
Law expressly pIesCEbcs that every bank
organized hereunder shall keep on hand Mt
%" least fifteen per cent. of its issues in COIN
Now, Eve got the requisite amount; but must
keep it, and if ! pay you ! shall be short. So
the State forbids and prevents my doing what
"you require"
The Post says
TIN TPI1SE urges g, the Treory to get bqCk 70 'Pso
ediess r. does not follow the coin 10 what viii become
OF II after the Treasury shall have parted with II. 10 is
not 20 into the vaults Of flo banks TO remain with
them for any time; for the banks need no gold IN
in egaitendcr notes. Wien are cheaper Merchants AID
bankers alike find it Improbable 10 keep gold for IN
their daily business so long as cheaper money, legal
tenders, serves tor al ordinary payments Com s not
used among Us IN any transactions except In payns dn
ties 30 much coin therefore 10 Is necessary to keepup
tho supply for this one purpose viii remain here the
rest We can put TO no use"
If the Government will not pay its debts
at par, we hold that il ought to sell its gold
for the most it will bring. 1t has at least
Sixty Millions to spare; use this in buying up
such interest bearing securities as soonest fall
due, or as stand most in the way Of
Resumption, and we believe we should DO
thereby carried half way to Specie Payment.
But the course we would greatly prefer is
simple, instant Resumption. Just let Mr. Nc
Culloch give notice that, from and after
date, every demand or past due obliga-
ton of tho United States would be
paid in coin at sight, and we ask
nothing more. We urge no arbitrary cOntrac.
tiOn-no limitation of issues. We should be
willing TO remove all limitation on the volume
of our National Bank circulation, provided it
be abundantly secured and redeemed at some
central point so as to lie constantly and
truly at par The Post knows that we
are no fanatical bulOnist, that we believe
in Paper Money, that we like Greenbacka, and
trust that their days may be long on the earth
All that we ask is that everything allowed to
circulate as money shall be promptly converti-
BILE into the coin it personates, and we are con-
tent. .-- s-,,.
We cite The Posts paragmphl above quoted
as proof that the Treasury may resume at will
that the gold in its vaults would not half be
drawn, If 1t were to resume tomorrow. For all
agree that Resumption would produce Contrac-
ton, which implies stringency-andw we know that
stringency checks importation. With dimin-
ished importation, we should export coin but
moderately if at all; while we arc digging from
the earth at least $75,OOO,000 per annum. The
banks would not want much gold, because
Greenbacks answer their purposes and are more
easily handled; and with S5O,O00,OO0 drawn from
the Treasury by the redemption Of Greenbacks
and $1,5000O0 to $2,O00,OO0 per week pouring in
fIo al anI