The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-11-29

Specie Pnyments and the National Banks.
To THE EDITOR THE HnALD:-
The nrst step towards specie payments must b IL
retiring Of the national bank currency and the substu-
tion OF greenbacks each Of which . special creds
guaranteed by the bone and muscle Of thirty nil
lions OF people Specie payment win remain myth
until tho whole national bank currency system swspt
out Of existence and when thai 10 done the way will -
clear for oil future n this has bssn
accomplished let Congress authorize . loan Of one
thousand millions Of tsn-orty bonds drawing four ~
cent interest principle and interest," payable In gold 70
be exchanged present nvetwsnties or sold q
prepared for issue-6rst coma. urst served
supposng nse hundred millions of'our bonds b now
OF interest there. these nvstwsnty bondholders
would be eager applicants to exchange their currency
Sods t S tissue % and y
would make the COLLABORATING debt about twelve hundred
mlions and would place the amount Of gold interest -
%, provided Tor yearly On these bonds q ny millions
mo act should provide for The payment Of the balance
authorizing their issue II shosld also sushorss the
Sub 1rsssury Mt New York 70 receive deposit green
osc s Ia am0un's o. $40 600 $4,000 ssosoo ana
drawing owe per per interest payable ten
days notice This would absorb the surplus currency
and would DO all tho contraction the country requires.
while by this and the foregoing should ave
over dfty millions In interest
BY the above Of deposit. and payments through
De SubTrsasury the currency ofthe couBty would b
equalzed BY the contraction Of depos and the expan
sion Of withdrawal the necessities 81 business -
different might demand, and - would BE- placed
beyond the combinations Of oncysd Interests 70 create
panics or . stringent money market Any system In
volving permanent withdrawal Of currency from the
country noccssstes high rate Of interest," thereby
making tue rich richer and the poorer and check
ing mechanical developments and commercial prOgrssa
The PRESENT system OF should be modified on
scale which, after the 1st OF January 1865 should
ceive instead Of all gold, al present 1--WE per csnt In
4enbacks in February ten per can't and ave per cant
additional each until the whole shsud
become payable In one currency We cannot consist
emily expect 70 return 70 specie payments - long - The
government discrminaiss bstwceu gold and 10 owu
money credit La US have but currency and one
money value duties and taxation Instead Of selling
gold from the Trcasay, that hand well al
hereafter rscciveds should BE- retained aud ussd 70
make payments required. In caes Of n dsdccncy,
witch, under asy circumstances could only Be slight
the Treasurer should 90 authorized 70 purchase This
inDercepbc return 70 specie psymsnts or 70 oOs GUS
rcncy win have the elect 10 check imporatious estab
ish conlspcs and gradually reduce the prcs q gold
Our gold product FOR the last was about $50
and thai amouns will BE- annually increased neocetorsh
by the reccn, invention Of improved gold saving M
chiDsry Our gold producing Territory expeuds over
third Of Tho entire country. rhus instead Of gold
panic, likaly, 10 few pears, 20 BE- troubled
with gold plethora BY adopting The above measures
should be beyond the possibility Of paucs, and the
country would DO placed on bass Of permanent pros
4 uariiv