The Portland daily press., 1868-03-20
government to redeem would keep them in

circulation, would be neatly double that eve
held by the banks for the redemt'on oi thei
circulation; while the confidence OF the pea
pie in the ability Of the government IS
course very much greater than was ever re
posed in the banks.
firmly belleJe that the presentation ans
rademption Of the first Sl5,000,0OO Of thest
notes would 50 establish public confidence q:
favcraby to settle the whole question by re
ducing tue margin between al the Sreenback:
and sod to nominal figure
| with tue SteaGy.colVersion OF greenb3ck'
INTO notes redeenlable in specie at specihet
TIME, and with the certainty OF the ability o
the government to redeem them as promised
the Who'll" volume OF the currency would be-
gin to- appreciate The boarded specie would
come out 10 realize the premium, which
would every day be reduced and at no dis
tant day be entiiely extingulshed. The notes
| payable in specie a. they approached matur-
ity, would probably be temporarily hOarded,
i but only to iiberate the same amount in spe-
cie. As fast rs they matured and became re-
| deemable in coin they would remain in cir
| culatIon as specie; being received for pay
ment OF duties on imports and !cOnyertlble
| into coin at the will OF the holder, they Won d
| be received in payment tor interest on the
| punlic debt and for al other purposes for
| coin is now required. Whenever any amount
| O! these notes were actually redeemed the
same amount Of coin would be liberated from
the Treasury, where it now lies dormant,
and become useful to the community. Once
place .hls paper calculation of the govern.
Inent upon a specie basis, and establish putt
iic coincidence in its permanence, 'and we
have practically added S350,UU0 900 OF specie
to the auot,nt nov in circulation, ard thus
furnished a medium for the redemption OF
national bank notes.
Let Us see how the national bank notes
are to be affected by this mode OF resump-
ton. While the process of conversion went
on, and perhap, until the maturity ol all the
coin notes, they would probably be pre.elrel
to the nationai bank notes; but this .preier-
ence would only tend to retiie the former
Temporarily from cir, ulatioa and impart an
Increased activity to the cileui tion OF the
latter. The national bank notes would still
be legal tender for the same purposes as now.
and although the Uuited otates notes might
appreciate tie fastest the bank notes must
Ue drawn up with them until all reached the
high level OF spec.e redemption. During the
period OF conversion about nine million dol
lars per month OF the national bank. notes
would probably he received into the Treasury,
a11 this amount the bank by which they w(Ie
issued would be obliged 10 redeem in UuiteI
States notes. This would be but three per
cent OF their circulation, aud by lepealing
the provisions in sections tblty one anu
thrty-tMo OF the national currency act
Whlcn require deposits by all the banks at
certain points named Tor The reQemption OF
their circulation, they would only be Obliged
TO redeem at the treasury OF The United
States and at their counter.
A monthly redemption by all the banks in
the country OF their crcula ion which had
found It's way INTO the Treasury Of the United
States, and gradual appreciation OF the cur
| rency III wlicn the redemption is to be made
| until II becomes equal 10 specie, would GER
| talnly be more impartial ana more ber eficial
to the public than the present system, which
| compeis all the banks in the country 10 Aeep
llrae deposits with tanks designated at Ger
tain points tor the redemption OF notes that
are never pr, Sented for redemption, the de-
| pOstS being loaned 10 swell speculatio,s i'm
| s.o> Ks md merchandise. 1t may be objected
| that it would be inconvenient ior the 20 7eln-
ment to exchange, and impose some hardship
upon the banks TO compel IA redemption OF
their noes to the amount OF $0,0O00J0 per
month. Grant that il may be so. We must
| expect to be subject to some incony enience
| in etiectiug so great and beneficial chance
| 10 ou financial affairs. While l do not aelee
with the gentleman from Penns ylvanIa Mr.
| broomali that il is necessary to paraivze
business, check productive industry, des trey
| confidence, and pauperize the labor OF the
| country in order to reach specie payments,
DO expect the effort to cost something. That
We can resume specie payments, not only
without any financial Ieyuision, but with a
healthy revival OF business, II we will make an
honest effort in that duectiou, firmly be-
lieve.
Nnen the United States notes have all te.
come redeemable in coin on demand tue
banks will be obliged to redeem their circula-
ton with them, and Tor That purpose they
| will rpnlIira ht1r .r t,,.r
dIed and f ty million dollars. These notes,
being as good Is specie TO the banks, will not
be presented at the treasury, but will lie kept
| as Il reserve Tor the redemption of their own
notes; whiie the national bank notes, being
legal tender tor most purposes and convertl-
bic into notes redeemable in specie, will only
| be presented for redemption when specie OF
Its equivalent is wanted Tor actual use.
| Mr.. Speaker, a resumption Of specie pay
ments cannot be secured by any mere arbi-
| t1aly enactment that it shall take place i'm
meuIate.y Or On any specified day in the ju
tnre; not by writing at once over the door of
the treasury 'Specie payments are resumed" !"
| nor by giving an order II at such Inscription
shall be placed there on the 1st day OF Janu-
| airy, 1869, nor by attempting the financial I'M
| possibility OF borrowing $2J00000OO OF coin
in Europe, where our bonds are now selling
| at about thirty per cent. discount, and Ie-
l uioftue IL w thAo COu1lLIy Will lht SAESCltl-
| ton o! retaining it as the permanent basis OF
our paper money. Ii we promise 10 resume
tomorrow the public know the promise can
| not be Kept. The margin of iorty per cent.
existing between goll and paper cannot be
eXtineuished in day. The chasm between
our paper currency and gold cannot be leap.
ed; it must be briIeed. If We promise to re-
sumo year hence, with no provision for ap-
pleciating. in the meantime, cur pal er to-
1 o.rla tr,ifI. ~
| guarding against the other1se irresistible
effect OF q sudden panic after the resumption
has taken place. the public viii not believe
that we can perform our promise; and this
want OF faith insures failure. And, sir
any failure in an attempt to return to specie
payments would so impair public confidence
as to retard resumption tor years. We must
not begin until we can SO through. We
should make no attempt that is not morally
certain to succeed. If we undertake onl,
what the financial world regards as practiea-
bic to be accomplish Ell we shall so inspire
contide nee as TO insure success. To inspire
cantidence rather than to create distPusi
should Low be the first aim OF our tinanc.a
policy.
Here let me call attention to the difference
between the ol Grafton OF these meaSui e:
which have propos and that of the con
traction p licy. Fat policy produces strn
| otuCy VI TUE IlOn6y LldThSI ana Inspires dis
trust. These bring relief to both banks anC
business interests, SUmmoning ald ralync
them TO the support OF the government i'll ts
effort 10 restore the currency 10 finn basis
The poiieg of those tayoring to:t. actiC n has
been to decry. depreciate, and discrediG the
national currency. 1hese measures, on t.-t
other hand, accredit the national paper by
adapting ITS circulation to the business want
OF the country, and by declaring that every
dollar thereof snail lie paid in coin, in halt
moLey, at definite and no distant time
Moreover, they propose nothing but tha
which can be accomplished; do not expos
the count to the hazard OF a disastrous fIit
IRE; are not violent and abrupt, but gradua
and ge eIal. Their passage would, believe
at once establish tina currency upGn firm
basis of public confidence and remove iron
tie public mind many oil the doubts whicl
now darken our hnaneial iui urc.
EsOw 90 make MnPie Sugar.
As the season has arrived for making ma
pie sugar, we viii; give some dire, tons whcl
an old Nermonter has derived from his eS
perienee. There is great difference in tn
price OF good and an inferior article IN
hence the importance OF knowing how /