The Tiffin tribune. (Tiffin, Ohio) 1868-1887, 1868-12-31

PET WPcA, We NOutu very sOon rCauma
again by simply hoordiug or burning
our surplus currency.
V. The difference between your
plan and mine, reduced to its sim
plest terms is this A man just en-
crying from 8 protrScted and sIpen-
siye lawsuit, on which his all was
stsked, huds himself very heavily in
debt, with assets not Immediately
available, besides considerable sum
in ready money. He has two sdyis-
era, one Of whom says; l would use
my money in paying such debts as
will most surely enhance the market
value of all my outstanding obliga-
tiouI, aud thus enable me to borrow
the uherewithal to fund my obliga-
tionI At lower rates of interest, and
make my creditors easy by giving
them assurances that they could sell
their claims to Advantage if ever com
PEELED to part with them. Aud
would increase my income and dimin.
ish my expenditures 50 as to pay of
more debt weekly henceforth until
the last dino was s1tinguiIhed.
mo" says the other, "that is no way
Don't pay red cent at present, but
hoard all you have aud all you can
get for the next thirty months prom
iSing thereafter to pay in full" 1t
seems to me that tha former plan is
the better, both for debtor and credi.
tor.
object to your prospective Re-
sumption that it dooms all business
to thirty months moro of painful uu.
certainty. We tried your plan (lu
substance) once, by directing the
Secretary to cancel aud destroy -Four
Millions of Greenbacks per month AZ.
ter a certain day. That would have
brought US slowly but surely to Re-
sumption, had it been porsoyered in.
But, so soon az the shoe began to
pinch, Congress ordered it taken of
Who can say that it will not do SO
again if your scheme be adopted p.
You seem to think that we can come
to Resumption so gently that we shall
hardly feel il Bo ontreated to dis.
card that error. The gist of Re-
sumption is a general fall Of twenty.
Ave to forty per cent in prices, and a
consequent appreciation of debts
Make the process as gradual as you
will, it involves distres to many and
at least apparent loss to all. We
shall all be worth fewer doIiarI thsu
now, because our dollars will mean
more after Resumption than they
now do. Wages must fall; property
sell cheaper or be unsalahle; the
sheriff and the constable will be after
a good many of us. We must suffer
anyhow; but | prefer to take the
plunge at once aud be done with it,
Then, men may build houses, and
improve lands, and start factories,
aud run furnaces, assured that they
are on solid ground; but, If your plan
be tried, every wise man must know
that the house he builds in 1863 OF
20 will not be worth so many dollars
when built as it will cost him, and so
will decline or postpone the uudortak.
ing. How; calamitous this must
prove to labor and business, | think
even you must realize.
VI. Allow me to call your atten-
ton to some other statements in your
speech, which seem to me not well
considered.
You say that "the groenback note
"is promise by the Government to
"pay so many dollars, on demand. -
l cannot find that promise, and you
do not quote it. On the contrary, it
was distinctly understood, when
those notes were issued, that they
could not be paid in coin con de-
mand." They we're issued and taken
with that understanding. 1t toa'
promised that they should bo con-
verted "on demand" into e.twenty
bonds; but that promise has been
recalled think uujustly and un-
wisely. AS it stands, the promise
substantially is, 1.-THE United States
will pay so soon as they can"
Now, believe they can pay, at
once-so they ought to pay. l would
resume tomorrow on our seventy
millions of coin, and provide further
means of maintaining Specie Pay
ments next day. But, if we are not
to resume forthwith, then l would
use at least Fifty Millions of the coin
10 the Treasury to buy up and can
eel interest. bearing bonds, and thus
appreciate that credit, those securi-
ties, which are our ultimate resources
for maintaining Specie Payments.--
You do no doubt that the market
value Of our bonds left unpaid would
be decidedly enhanced by thus buy
ing up and destroying Sixty Millions
of them; and l think you must see
that this would render it possible to
negotiate new loans on better term;
than we could now do. This is ex,
actly the end l contemplate. Had
we done this three years ago, We
should have saved at least Ten Mill
ions that we have since paid as inter,
est; we should have improved and
strengthened our credit; and We
should have been far nearer Resump,
ton than we now are, though with
less gold in the Treasury. For, as
the strength of chain is that of it.
weakest link, so the difficulty of Re
sumption lies in providing tor thai
portion of our Greenbacks which vi
have not, and uever shall have, coir
in hand to redeem With Two Hun
dred Millions of gold in the Treas
ury, we should still be very far from
Resumption, provided that every
holder of Greenback should wisl
to exchange it for coin. The on,
thing needful for Resumption is t,
/ nrovida eon,a form of National Ohli