New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-01-29
NATIONAL FINANCES.


for the remarks / am about TO make
Ihave watched with good deal Of interest the various
plans brought forward in Congress in relation tohe Ma
rona Finances, and amendments to the National Banking
law Every business In the country IS on look
out 20 what Is TO come next Every engaged in
legitimate pursuits fixed policy steadiness
financial affairs and yet all under constant appre
hension fearing that scheme will be hastily passed
by Congress which win derange monetary affairs and
upset ali their business calculations Many enterprises
are postponed The building of railroads, ships, ware
houses, elevators furnaces, and other manufacturing
establishments are held In allegiance until be more
clearly what is be done with these schemes ana
what be the future in regard 10 financial AFFAIRS
1t is obvious that this supense and apprehension oper
ates very unfavoraby upon individuals as wen as upon
the revenues of the Government Congress- IN its oIucal
capacity has thus far acted wisely mas not passed
any Of the individual schemes that have Deen Doughe
forward II has been content to let wen enough aoe'
IL has refused TO the National currency ABOVE
&300OO0OOO II has not passed MT hahoalls grau eVe
OF repudiating the faith Of the Government with the
National Ranks and turning the Treasury Department
In time of peace into great permanent machine Tor the
issue OF an irredeemab paper currency when there Is
not the least necessity fort and when all history proves
70 as tending to retard the resumption OF specie
payments and resulting in general financial dSAster'
ankptcy and ruin both the Government and people
" has refused TO pass the 90 pages Of pending amend
noAnts 10 the National Bank act blouse bill NO 7Iwmch
~ passed would make the law worse instead OF better
House, as UOuloe, hH'0
admitted TO the introduction Of these iudioious meas
urea 70 be talked about yet they have not been
nwise enough any Of them be passed into laws to
further disturb existing arrangements, under laws al
ready passed. and which, up to the time OF the meeting
Of Congress- operating very avoraby under mod
crate contraction Of the currency in preserving good
degree Of steadness and uniformity in the money mar
et; keeping business steady and prosperous, and en-
abng the Secretary Of the Treasury to establish more
certainly the public credit at home aud abroad and make
most favorable exhibit of national debt These are
matters Of great consequence to the welfare OF e ma
measures will be allowed to pass The people OF the
country need rest, and In order to secure ~ trust hat
Congress win hold TO steady purpose and not pass laws
at one session to be repealed at the next
ratfied the present Congress holding back on ali
he act of Congress passed on the of April last 1t
TO me- wise and udicious measure IL author,
ICES Secretary of the Treasury to dispose of $50 gold
bonds aud with the proceeds to ese six per cent com
pound interest notes, and the plain legalender green
back currency, and other Indebtedness OF the Govern
ment but not TO retire than S0OO of greenbacks
month or ss9OoOo year but without TeT h W
during any week or month b ms Esosn nav PoG %tS
Is given him TO contract the currency but he win,
no doubt this discretionary power prudent ana not
can be done without materially disturbing the legitimate
business OF the county HIS object VIII DC IN me Iute
uniform moneymarket This viii be necessity on ms
part to enable him to successfully carry on the fiscal
affairs OF the Government Under very stringent and
panicky mOneymarket the $40 bonds would fall below
go5ds aSd G ex Of the Of failing
due between this aud July 15 1865 would embarass and
derange all the operations of the Treasury Department
The Secretary Of the Treasury must therefore, Of neGeS
under the law Of the 18th Of April
The Secretary Will no doubt, by moderate and pru
G m 4 V cbeaS Wild snecnafi61 Srad19Iy reduce
prices, and bring greenbacks and National currency
nearer the specie standard On this point, the Secretary,
remarks How rapidly the United States notes may be
retired must depend upon the effect which contraction
have upon business and industry and can be better
determined as the work PrSsfsssTS 0 f a
srs he sdyisable The policy OF contracting the circu-
iaon Of Government notes should be definitely aud un
lust as raiidy as possible without producing financial
CRISIS or seriously embarrassing those branches OF in
dnstTy and trade upon which our are depend
ent AS the volume Of currency Is reduced 1t viii IN
crease in value, and rs soon as the specie sahuaId is
reached. the National banks will be obliged to redeem
their circulating notes N specie Ie me GoE 5 IN a . S4
paper currency and consequently VIII not be under
he burden Of redeemhg the National currency in gold
and silver VIII then be thrown exclusively upon tne
banks that it, and they VIII be required 10 keep the
necessary reserves Of com for t"t ppoTe IL seems 70
me that the act S ae I2h u A When
IS necessary to bring the business Of the coun
before the Rebellion may take three years five years
When e 6 old u {SST standard Of sod and silver
reached and prices and the business OF the country are
81 State banks i'm the issue circulation and redemption Of
the currency necessary TO carry on the fiscal affairs Of the
retiSe pseeSsjt4 during the war and Tie Government
left to perform its legitimate functions under the Consu
tuition the currency being thereafter regulated by the
wants OF trade and Industrial pursuits 1t never in
tended by the orgnatos OF the legal tender act that
issue OF rredeemabe paper currency should ever
opening speech made In tho House on the 28h Of JaSH
ary 1852 on the bill introduced by me- said that the
bill before is measure measure Ofnccessity and
not Of choice presented by the Committee OF Ways and
Means 20 meet the most pressing demands upon the
to sustain the Army and Navy until they can
make vigorous advance upon the traitors, ana crush
times. and extraordinary measures must be
TesOrted TO- In order 10 save our Government
and preserve nationality" The credit OF the Govern
ment by the legal tender act brought into imme
date requistion and in the most available form TO pro-
vide ways and sustaining the army and navy
70 csb tbe Rebellion IL was in effect, p forced loan
from the people to the Government in most perlous
period i'm our history and was justified manly the
ground OF imperative necessity II "A temporary
measure passed In most pressing exgenCy and should
not be continued any longer after peace is restored than
10 be necessary to conduct safely back TO that
standard OF value which Is recognized BY all the nations
OF the world.
further suspension OF specie payments Is greatly
10 be deplOred but IL fatal step in emergency
like the present The British Government and the Bank
Of England remained under SUSPENSION o. specie payment
from 1927 TO 1922, period Of twenty-five years.
Gold is not as valuable as are the productions OF the
farmer and mechanic for is not as Indispensable as our
food and Taiment Our army and navy must have what
smore valuable TO them than gold and silver They
nust have food, clothing and the materials OF war
Treasury notes issued by the Government the faith OF
the whole people will purchase these Indispensable
force obedience TO the Constitution an hon
CRADLE peace be thereby secured This being accomplished
III will be among the first TO advocate speedy return TO
hpecie payment and all measures that calculated
the honor and dignity OF the Government in
kme OF peace, and which regret are not practicable III
The National Banking law passed. continue twenty
years intended ms permanent system IL was IN
In furnishing q solvent national currency OF uniform
similitude and value for the whole country Inc argu
forth the last annual reports OF yourself ana
h Secretary Of the Treasury in favor Of sustaining the
National Bank currency, seems 70 me 10 DC cOsent anu