Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1868-04-15
Resumption of Specie Payment.

Every man who contributes any valuable
suggestion in respect to a resumption of spe-
Gle payment, and a return to currency
which has intrinsic value, is a public bene-
factor. and such we regard to be Mr.. Lynch,
member of the House of Representatives,
from Portland, who has, in an able speech,
suggested plan which consists in issuing
from the treasury coupon bonds to the amount
of $500 900 600 Of denominations of 500
and upward bearing interest at four per
cent. payable quarterly in lawful money,
and making these and greenbacks reel procally
convertible into each other at the pleasure of
the holder; after the first of May next, all
United States legal tender notes received by
the United States, say s $50, 900 900 per year,
or l5 900 600 per month, are to be retired
and DESTROYED. and in their stead notes pay
able one year from date, in coin, are to be
issued to all creditors to whom legal tenders
have heretofore been paid. By the LIST of
May, 1863, $50 900 900 in coin notes would
have taken the place of the present green
becks. having been paid out for salaries, gov
ernmcnt contracts, currency interest, and all
expenses Of the government These notes
will come due at the rate of half a million of
dollars day during the year 1869, and are
To he redeemed in gold By repeating the
same operation for 1869 and 1870, the whole
issue of greenbacks now outstanding would
have been converted into demand notes, and
would be redeernabe in gold by May 1, 1871.
Mr. Lynch says that he firmly believes that
the presentation and redemption of the first
SIS 200 900 of the notes would SO establish
public confidence to reduce the premium
on gold TO a nominal figure. The difference
between the plan and that of immediate re
sumption is that ii limits the amount of notes
which can be presented to the government
for redemption to half million of dollars
per day after one year from the LIST of May
next AS our gold receipts from customs
amount to about third of n million day,
it is thought that SO gradual ON the
treasury for its gold could be successfully
met until the public confidence had so far
improved as to reduce the premium on gold
to a nominal figure, when specie payment
would be resumed by the banks and the peo-
pie voluntarily.
This plan has the merit of being effort
to resume specie payment which is much
more than can be said of the great majority
Of the financial schemes before Congress
But, to make such a plan as this of any use
the further issue of greenbacks which has
been threatened must find no favor. There
seems to be yet no serious effort made on the
part of Congress to give the people cur
rency better than the present deprecated
one in fact, the legislation thus far adopt
ed has been more favorable to Reputation
than to payment of any kind. The repeal OF
the authority given to the Treasurer to with
draw grcenbacks. and the repeal of the
manufacturer 1.-THE first action prohib-
iting the Secretary of the Treasury from re-
deeming and canceling greenback promises
to pay, and the other putting it out of the
power of the government to pay any of it,
funded debt or greenback promises,-have nc
logical sequence except a perpetually ire
deemable paper currency, and reputation
When will Congress 60 to work in earnest
and, with some evidence of moderate ability
and craftsmanship, make an effort to have
the government promises to pay paid accord
ing to their tenor?