New-York tribune., 1868-12-17


Court Will decide the laws making the greenlacksa legal
tender IN payment of debts 10 be usnonal ana
and not Congress But it would have to be very clear
case ~ tnav % S1uS s, J1S'y yi ie Co9lt IN ngati aSgn
II there be doubts hancing abont tho question. they
should be cast I'm favor OF the legislation Of Congress and
the preservation Of the Interests that are dependent
ON lie maintenance o. the law. Tile Supreme Cont,
over involving vast political
commcfcal and social interests should be something
more than the rigid expo'uder OF statutes coaor of
prpccdeus and should view such qucsi IONS statesmen
as we'll as IaTycrs 10 was Lord Mansfield who puc od
NJ by the roots the hoary abuses or the law however
dsnv M ancelfau hOres, and who I'm the coI-
sr1cilOn of statutes and settlement 0i great questions
decided them accordance Win the pIogtess OF Tue
times and the new condition oI sVoTy; Hua InG4 lcn-
Believing. do that these laws are cons ana
were imperatively necessary ~ te tiio @ T y 49,,
would be suddenly destroyed, with horror.
author Of the most appalling financial disaster thit ever
occurred in any country. But have full Iaitl ~ n
learniug ability and patriotism of that august tlDuha
aud believe IL will not render rs decision nIl tlo iueF
lion has been viewed III all its boarng5aud cons
To return to specie payment without crash s G tbe
dosideratum, and this only bc done by MAKING tne
irS, m bn considered is tle uerod which should
be fixed by the Government begin the redemou of me
5ulv ISL Fixing time must be the starting point Of
any plan which proposes to bring about resumption,
Years and n half to begin the work of redemption,
have several objects In view. Frs! by estaDSh-
ing the period Of redemption, nXGu Yalue
is Given the greenbac note. Sow It's gold value IS fuc-
tuang and deceptive, sometimes varying as much as ~
per cent In 20 days, aud scarcely ever remaining o sdno
Tor week at n time But by fixing time for It's redemp
tion certain value is gwen 10 IT, II the note is 70 be
paid in gold the rs Of july 1871, its value to-day can
be detenmed hy the Ordinary rules OF discount and will
steadily improve as the time for its redemption APP
proaches and other preparations being properly MADE
10 will par before the day fixed for redemption
by gradual apprccatOn BY fixing the time for rcdclnp
tiOn chief element In the value or al commercial
paper Is ganeG-tnat Of certainty in the time Of payment
Sec0nd: By fixing the period Of redemption, the country
il notified. aud may be- prepared Tor tho change Peopo
will have il i'm view i'm making new contracts. aud
n
the prices Of property viii make haste To pay thtt ucpt
During this two haii years the great body of ex
contracted, which viii not fall due i0r Two years
and half is very small aud is generally for real estate
The great dlniculty generally attending tho iu
prOvemcnt In the value OF tle currency Ih iho
resumption OF specie ralmcIis f., where a oi'I tIey
prices of property and labor which operates hia!ioy
pon the debtor class It Is generally true that the
purchasing power Of the currency increased tie nOl
nal prices Of property are diminished But TINS tUect y
sometimes cOuutcTactcd by the increase in the volume i
the currency The imitation Of the currency even though
IL be composed OF gold aud silver excnsNey increases
the nOmdl price Of property; ot which We nave uoG-
bic instance In the history OF spain. Wien resumption
takes place all tho gold ana SILVER VIII Oe SET nee ana
poured into the volume Of the currency, theity
whole amount Of gold and silver ls very Wuc Erpattr
than the whole amount OF greenbdcAs nat VII be PIE,
sented redemption. Bnt ~ before stated, The lQd
OF redemption is Postponed 20 long tat Ihe great t'dy
OF the existing deht VIII be paid DsOie T. arrives ana
the decesOn in the price O property when IS IiAcy 70
he small would effect but very limited clasS, ana would
time gwen is long tht 10 viii become stale in te pun
lie mind all excitement and panic viii pass away ana
the change come 30 gradual ti tue peopc w" ~ N'sl
have forgotten IL when lt arrives. 1hbd: by liking
the period of redemption SO far Oh Tic Government
viii have time 10 e0htct the hiDolnt ol ho," 'nl1 @
will be necessary. And t-st / VIII consider the
amonnt Of gold that will probably be reqoited and
It IL shown by the history of banning that solvent
and Ucliconduecd banks c?u saeiy eaiy on oper,o4s
circulation. Il also shown by baDk history thut banks
which have s1slt.d'u sI.SOo O p'! tiyu Da Ia bt L
ency and gOod malaSeihtHi arc nol ol'1. co NV
able 10 resume WIEN they have gp.tcn ltO Aef NNti'
81 In Goi to g 20 of their circulation Ii3 circuit OF 'e
Government is tcier tna ihto OF any uo' aNu c1n' ~
my opinion resume smaller proportion OF gold man
any suspended n'lh u9,t & ,ie 80 W - , ,ref
notes, uOl wthsi aoihs i.'l utl 81. IN - 80 80 . -
merit which did not belong 10 the pap'f OF any OF
MY V, y@ige In uyery part OF tie Omitted
states; they are far more Convenient than CON
sVl eyer, mart OF tho country IN payment Of debts,
hegr aud cheaper than tie transportation OF COIN Tire
bout Ms rfson without incouycuicucc observation,
saving 10 Hin the labor and aEAicy OF carrying CON- on
tIcv would be- tic mos' desirable currency TIE coutry
has ever known and tle causes wllri u.ullW brnE
against them. or have any cect upon their Yc Under
the old state m'tl system 90 Wic % Is no.4 tae Vp.n
10 d, io, M, fbeir eli and ,ntr pner not current
,o Tor nav n, dissent rainis wnre their notes were
not current Prom ,hcse and other CONSIDERATIONS
it is doubtful whether much as one hundred uiiQs
when the ereenbac noto a. good gold unless FOR
specific purposes, for h would be M iconycniclce ana
Government strou Nt, gold Ia redeem a the notes
that may be- presented, Out little gold VII bc demanded,
tic Govern.nent j. weak and only able 20 redeem
small part ~ the currency. The gold VIII DE hastily
there are slo oof SSti5ual Bank notes ii circu-
op toG,d ror ,Sr '1T tsS tou m oi ne Nn BaEs
law, and 10 has been ur;,d tlat Hhen the
Banks would Immediately ~ 10 ne ttea,ury WIN al
their grceub1ck reserves and 'aiu u ol 1rse piJ oI
ft more gradual aud t0 AVOID ail rush uron me Ira5-
sury the blnhs propose nY my Dihil 'ut pthhf t.l
lt Of January Is2; and dmugthg preceding six months
shall he required 10 hold iu their vaults TIC saue amount
deem their notes ii during TN; periudthy are required
20 hole their rcuhck lcs rycs as hoW-oI course lcy
al tic ~ the tao The Government VIII ho ape 70
meet their demanSs without trouble or danger 10 give
me banks SIX months 10 redeem their notes ~ eOld ana
perhaps may move tO make u q year beyOhd u-0 ur
wnen the Government begins INC redemption OF lhe
tac Gov ornnenr OF Tho people, FOR National bank
notes BENG eohycrlpc INTO s,eenDar"s' VIZ VIZ ~
tl,,u ~ rc b,is md receive crsanhacis IN ox-
. H.. i r., rtu,,rtc, TIC Wola OF lelrnlptiou. 10
Secretary OF tue Treasury sL1!l DC sloPpea,
ana ana aboI a m ams rc4Gicd TO pay tho Interest on the
public debt and rr specific uses, sl9l no reserved ava
set apart ho red mptiou o. the greoubnck notes
There Is now in tao Treasury surplus ol nor less tha
$0,oOOyU and accuug surplus under t1e present taln
Tor ono ncxt two years cl nui he less Ihah tOOF0o)
which VIII together make tiUOOQ0 ltls very dimsdL
to form tsnute ~ the amount o gold IN Tue country
be Drc,or OF te mint u Philadelphia IN 1861 estimated
the amoult of gold in the county at mat iIme 10
be &T5O,0s1O which have no d0uht WIS lnuch sh'N
of fIe nriol nt1prnt Gha Cont roller II the Currency
mir Hurburt his repOrt last year. estimated Inc gold
product from orr nDes from the 1Jth o june 1907 20
io Sj, o June, 1851 at si $4,000. Ihe imports oi gold
from abroad during Gle same puilud were Sioy53'5 Inc
products oil the Ilucs during Tic ycac ending june SO
if3 are estimated S1JG0O01 making in tue asgegltc
587 90 Which may be aided tho guld circulation
In California and other gold producing States not M
cludcd in me above calculation estimated at S50NNoW,
tonbing in all S,O235s1. D@iuetug the amount or gola