The Portland daily press., 1868-03-23
DAILY PRESS.
ND.
.-l
Monday Morning, March %, 1863.


|
1t is gratifying to find two gentlemen
whose points of view and habits of thought
are so different as those of Mr.. Lynch whose
speech on the Dational finances we have Just
published, and Mr.. Talbot whose articles on
the financial situation have recently been re-
published from the Press, agreeing fully and
emphatically upon the first step which it is
necessary for Congress to take toward a so
luton of our financial difficulties. Mr.. Lynch
says clearly and unequivocaly, "Before we at
tempt new loan for the purpose of retain
ing the old one, we must first of all bring our
currency, which fixes the value of our bonds,
to a par with gold and siver." In the same
way, Mr.. Talbot, having named in the order
| OF their urgency and importance the objects
which should receive the consideration of
Congress, and putting at the head of the list
the re-establishment of the national credit, de-
clares that "The first, the indispensable, if
not the only step for the government to take
to re-establish its credit, injured almost sole
ly by its delay of payment of its demand notes
is to begin and maintain specie payments"
This agreement in result reached by diff.
ferent methods affords the strongest evidence
of its substantial correctness. There has
been heretofore no little outcry, more or less
intelligent, for specie payments. Everybody
is tired of the dirty currency which has so
long taken the place of silver coin. From
the Secretary of the Treasury down to the
newsboys there has been liberal condemna-
ton of paper money. The Tribune has oc-. i.
casionally demanded that p.acard should be
put up at the Treasury door, announcing for
the information of the public that "The Uni
ted States have resumed specie payments"
But nobody believed the Tribur was really
In earnest. There has been general feeling
that resumption must be postponed, nobody
could quite say how long, or what for. 1t is
gratifying now to find capable men thinking
the matter out independently and arriving at
the conclusion that the first thing to be done
is to redeem the United States notes; to fird
that sound policy as well as exact Justice
requires Us first OF all to satisfy the claims
OF the creditors who receive no interest on
the national promises to pay. ia
But at this point doubt arises. What if |
the resources of the Treasury should prove
unequal to the maintenance ofspecie pay
ments? There has been no special provis- |
ion for the redemption OF the demand notes. |
There are 1888 millions of paper afloat and on |
ly lOI millions of coin in the Treasury, with |
an interest account to look out for. What if |
the Treasury should be again forced into sus- |
pension? That is very unpleasant pros
pect. 1t is the bugbear which has frightened |
most filanciers away from the subject alto
gether. 1t is the difficulty which Mr..
Lynch's bill to provide ior gradual resump- |
tion of specie payments meets and van |
quishes. Instead of resuming by joint-reso-
luton, as il the two houses of CONGRESS had |
dominion over the laws of trade, Mr.. Lynch |
like practical business man undertakes to |
fix day of payment and to provide for the |
cash on hand when that day comes. He does |
not propose to pay at once every note which |
may be offered, but to destroy all the notes |
which may be received in the regular course |
OF business and issue instead new notes |
payable in coin one year from date. 1t is es-
tlmated tn at this process would take about
two years, and that in three years the whole
volume OF currency would be redeemable in
coin. OF course the margin between green
backs and gold would long before have be.
come merely nominal, and the national bank
nntes- rAdAamahla in -e-e=1,uaCns, r,..il-
preciate pari pGSsu with the United Stat es
notes. by an easy process, so gradual as
hardly to be felt, and with no opportunity for
combination against the government, our f.
nances would be raised from the slough of in
solvency and we should once more stand on
fair footing for competition with our COM
mercial rivals. Mr.. Lynch's bill to prevent
undue expansions and contractions of the |
currency, which is essentially temporary and
provisional, has been received with deserved |
favor and seems likely to become law
This much more important measure has not |
yet attracted the attention which it merits |
and is destined to receive