New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1868-05-25

prehensve policy cad be agreed upon az present Tor
which will cure all evils in any one plan which WI
reach all the dhcues Oh our % Aoo tnt ara
pressing for immediate solution with thos which reter
to o HS Rf5 9 Wisdom G Of making the REDEMPTION Of
fye-twenty bOnds-not one or when lspayaDle LOT ~
bis time In the midst Of many difficulties il IL better
to do one thing at time, and to do it carefuly and
Plan FOR RESTORING THE STANDARD OF VALUE.
On the 10th of February introduced ill which, u
n and giving stability to buaness viii
lay the foundation which general financial policy
may be based whenever opinions are soharmonizeu %
AS the S is short win quote it entire, and call aen-
ton for few moments to its proVlsons /
BILL to provide tr gradual return 70 'gsee PAYMENT: n,
enacted % s senate c ana LOU Ss s. 81 ssd
ne IL. SsT Of december 1868 the Secretary Of the treasury be and DO
h. n %s 1fss' Ea . Tss p
q the assistant G % At s1S ~ ss s 5 5 On
and M day Of January 1859 the rate sha be one do, 10
The beginning Of and during eseh succeeding month Be nouRt
less than required during the preceding month"; until me si
change become, s iS s ' s @ sc Of the Treasury
shall exchange gold srandsr notes dollar f dollar; prOsd
Of legal tender notes Of the United States
To all plans hitherto proposed has been objected that
the vast amount OF public debt yet TO be 1nded ana In
st larger Of private indebtedness the value OF
which would be changed In favor OF th ereditor an
payments without great loss both the Government and
to the debtor class. have no doubt that an
shock to business and very greatly DISTURB the present
scale OF values. These objections are imost Wnony
gradual; and the time when the process to begin Is
placed far ahead as 70 give full notice ana allow S
act by the first OF December next the hoatlhR
and temporary DEBT OF the , un Ia%s aresdv VI" in
operation; the excitement and derangement Oh
business incident TO Presidential election will DO over
and we ought 10 ready at that time II ever 10 take
decisive steps toward the old paths DO not douDt ta
hecn "a
of December, and that very little would DO asked Ior
from the Treasury In exchange for currency Az the Dc
ginning OF each succeeding MONTH the exchange between
gold and greenbacks would be reduced one cent anu
That the country is fully able to resume by that me
will hardly be denied. With the $l0OOOO OF gold Low
I'm the Treasury and the amount received from CUSTOMS
which averages nearly half million per day. 1t Is not at
all probable that should need TO p0rrow uOhhI ~
order 10 carry out the provisions OF the law But taking
the most unayorable aspect OF the and supposng
that the Government should ind II necessary 10 aulhO
with the resulting benefits to the country The proposed
measure would incidentally bring all the national BANKS
The banks required by law to redeem their own notes
IN greenOaSks Hhey sS o 600 of Which sum ,It co.,
600 greenbacks Being compelled 10 pay the same
price their notes for greenbacks, they would
gradually accumulate specie reserve, ana Would Do
compelled keep abreast with the Government In every
step OF the progress toward resumption. The necessity
of redeeming their own notes would keep their crcua
ton nearer home and would more equally distribute
currency OF the country which now concentrates at
the great money centers and produces scarcity in the
rural districts This would not at restore
give stability TO business and confidence TO
business men everywhere; Every man who
S OF dollar u' Would be- when the debt became
due The opportunity now afforded to Walst gamblers
70 run up and down the relative price OF gold and
greenbacks would be removed. The element Of chance
which vitiates whole industrial system would
IL viii incidentally settle several OF troublesome
questions II wiz end the war between the CONTRACTION.
and sya-may prove almost equally fatal TO the interests
OF the country whichever side may prevail The amount
long every dollar convertible into specie az the
will Of the holder The still more difficult question OF
completely fanked by this measure. The money
paid to the wounded soldier and to the soldiers widow
all other creditors of the Government IL will be OBJ
served that the bill does not authorize the cancellation or
retirement OF any United States notes IL Is believed
that for time at least the volume OF the currency may
safely remain as 1t now Is when the measure has been
force for time II will DO seen whether the IN.
creased use OF specie for purposes OF circulation VIII not
allow gradual reduction OF the notes This
can be safely left 10 subsequent legislation IL VIII fac
tate the success OF this plan Congress VIII pass bill
TO legaze contracts hereafter made for the OF
their affairs on specie basis and thus retain Al nome
much of our gold that now nov goes abroad.
have not been sTe g. 70 ADD another 70 the many
sought 70 1sw and % op .e
sure that it is substantially tho that by which
Great Britain resumed specie payments after suspen:
England at that time srkngy similar to present
situation She had Jus. emerged from =, great war in
ness had been expanded and high prices prevailed Pa
money 1Ie Tender and had 70 the Extent
Of per cent Every financial evil from which We now
suffer prevailed there and was aggravated by having
been longer IN operation Plans and theories without end
proposed 10 meet the many OF the case tor
ten years the Bank OF England ana the majority IN far'
precated Notwithstanding the unanswerabe report OF
the Bullion Committee OF 1870 and the undeniable fact
that ii took rs per cent OF notes than OF coin TO buy
OF gold. Many insisted that paper was better
standard OF value than coin. Some denounced the at
empt 20 return to specie unwise Others impossible.
william Cobbett, the famous pamphleteer, announced
that would give himself up 70 be broiled on gridron
whenever the bank should resume cash payments; and
for many years kept the picture Of grdron at the head
Of his Political Register, to remind his readers Of his
prophecy Every phase OF the question was dis.
eussed by the best minds of the kingdom in aud
out OF Parliament for than ten years. and In May,
1872 under the lead Of Robert Peel q law was
passed fixing the time and mode of resumption.
should give exchange for It's notes. gold bullion in
quantities not less than GO ounces at the rate OF ~ per
be 1915; from the LIST OF May 1922 79lO and on the LIST
OF May 1923 the bank should redeem All us notes co
whatever the amount The passage Oh the act
gave more fixed and certain value To moneF; aud
business soon adjusted itself TO the measure N antie
patton that specie payments fully resumed on the
st Of May 1871 two years before the time liked by the
law years have elapsed since then and the
verdict of history has approved the wisdom OF he act
notwithstanding tho eamOr and cutlery which at frst
sailed 10. SO plainly does this lesson apply 10 US hat IN
the preface 10 one OF best histories Of England
Gently published the author who Is al earnest friend OF
the United States, says:
story year and SeT Pees bill sl9
. may Be- avoided IN Il. cou any es There re sew
under the doom Of Tetbuon for the license Of
paper eurreny Uned States uihppy
This passage Of English history possibly help esei the
which the inevitable crash spoken Of by little
the and gief Of such eonVuon Imay do
should show any considerable number Of observers tat the
world truly certainly under thecontTo
laws the world Of matter without and that Of mind hn
This testimony Of friend is worthy profoundea
alteration will make apology for the length 20
which have extended these remarks the Importance
OF the subject demanded It, The decision we shall reach
on this question will settle unsette the foundations Of
public credit OF the public faith and OF individual and
national prosperity The time and manner OF paying the
bonds the reundng the national debit the continuance
~ Rnnk md