The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-01-11

1<etser OIL EA.SccretUry OF tbc Erensury
Thomas Ewing ON tho Financial Issucs Of
the Day.
To TuE PusIIc:--
The questions properly termed financial row pending
In Congress arc Of great Importance 70 the nasoa-s
credit its industry and Its general prosperity depending
on their wise and just solution deem il. shsrsfsrs,
especially fortunate that whilo AGarsnt spinsns pre-
vail on tho several objects involved in ths general
group, they have OF them ye. party qsse
tons. Every Is therefore. tree 10 speak aad 70 acs
them without vioaiing party allegiance; and there
is nothing to prevent the adoption OF such
reason and sound argument may point safss and
best
II certainly wise IN Congress to deLssso u
what she'll be done with the pub c aebt-hsw Il shall
be s,tod furded-and 70 define distinctly tho noso
In which their resolves shall be carried into execution
AT the time should be taken net TO lsgisate
too much disturb BY law those elements Of nations
wealth Of which business and the proper
con, roll ng powers
An attempt by law By executive actiss to hsstsa
sne resunpsion .. specie payments wsFe ~ LAY
mrcnaodso which has its proc Ia Market whsrs tse
course VI tado ana business VIII roru'ae u hsy arc
let alone manner 30 produce tho least psssbis nis
chief; and whenever our legal tender cure ncy shall be
worth as much gold specie Hents viii " resumed,
ciher with or without the aid OF an act OF Cenge aud
without shock TO business l. may well DC hastsscd
BY Legislative acts which Tend TO prons,s the general
productive industry Of the country and thus increase
its wealth. but not otherwise. One appropriate step 10,
nope, about 10 be- akcn-aaAiey. the repeal OF tho
tax grown in the United States. THIS VII
probably enable producers compete in the
ketS Of Europe with the COTTON growers OF al. cria
Greece Egypt and tnaos,an, which. In changed
tax.
But suppose no public debt stood in the way and Con-
gress and the Secretary Of too Trsas should force
Resumption OF specie payments on the LIST OF January
or Tue lst OF Nay. 1904 has been proposed Nv the
Secretary, what would be It's effect the eusness Of
the country? Certainty most disarcls. Take the
Of tho cotton planter As general isc he is witasnt
Lean ni Dp lrt f4U NJ Ia hnt@
SlG0 900 currency 70 put his Lands sad Luidsgs In
order and 70 provision his Lands and agrees % the
currency costs, when he Burrows il. $4,000 gold
| IL IS worth SC much and Mnsn he couss to
pay specie pay niens will nave been rosuIaed no
must pay $40! 600 in gold for years uso q STeo1
| equal 10 tnirty-hvo per cont pcr Tic relief
you viii have gvea hian by the repea! OF The
1 confaay it with a crushing burden such as this
| His cotton, like every other article Of
iadusral PRODUCT must fall in price in pfsportionas
| ruiacd by a mistaken anancsl measurs
u "rl DO the IN every branch OF business car.
ried on in whole in part, Win borrow capital. Inc
Tho s,cretaTy would briny bsngrIetcy ara rgin npen
1 lauod-eds Of thousands II most industrious and
valGaDlc czens aud destroy, seriously ens .ass,
the variois braacnes III business on whoa niloas OF
our eope depend t0r herr supper. an 40 aware Tia.
Il is net tho purpose tie Escetars II tas asuy
pubc who support his policy 70 Garcia the creditor
~ tho expense OF Tho debtor, but such would DO It's
insolvency and i.jufo also tho creditor FAX tia
Wduio amount oil private dcOlS tLN United
whoa lronably RS ~ bliioas, ana .hs deotor who
1920 gold o. day would. alter the proposed
sunp!1n 1869 owe -, 0v0 Il the aggt esata 81 gi
vate aGst 90 three billions would bo lncrsss-d b. tbs
h1s,y rcsisnpacr OF specie payments sad OcJan
| enormous sutn, WHICH, by tais SINGLE would De
tssen foa te dcbor class wno are sEe rly tas active
business mon on when the naiion depends lsT It's
decNc wealth, and given 10 the crsGltor Gloss gen
orally cgpt,lts whose vocation Is lead aud
Ave uroa the interest--i highly useful class OF men,
especially in tine OF na'iou's ncccssly and peril; out
as class, quite competent 10 take their
without legislative aid. TINS matter requires not
Congressional ac.icn, but merely, Tor Ice Present. mas.
terry inactivity"
IL has rot found practicable and prudent mako
these great haancia ana monetary changes suddenly
| Tue BANK OF England ispe mded Specie payments IN
1895 under an order OF CouacI when was afterwards
confirmed by act o Parliament In 1919 Peas ntii,
curing tie ptioa o. So Gle pa rents IA 10 s. b.
4 came u law II hal the effect OF red lcng very sud
any tue prico OF god, or, winch Is The sams tniry,
raising tbs value OF cairscy absu twenty per cent asa
II produced much suffering aud ran IN ts aanufactuf
Ing, laborrg i generally ;Le doctor cIassss ana ~as
followed BY riots, mobs aud crimes against properly,
especially IN The manufacturing ctles Tho resump lisn
OF specie payments finally took place III 1s2l. RIser
| SUSPENSION Of twenty-five years
In op.p on the basac of tDis country especial y
that OF Tie manuac uring glasses aud tnoir aratvc
has altered much b. Oh over anaissy 20 orins tho cur
reacy Oh I've country io the siece STANDARD. Tho 70
snnp.iou Si specie pay TO ba considered a.
end rather than means, nave
nHoaa eyt Oiiclas IS 10 US elect me ln2nsss and
ousiaSs OF The country For tue cure o. national dis
this, were better a,eas
air. sai4G than 10 the administering oi strong
dies w n.ssniui banda Congress s1ouid, ~ think,
the secret,ry 10 le this matt aohc, aad touch
II In wise excep a. tho ea2cnccso vi Tie Department
| req lire.
! ise one hundred millions Of gold which has becn kept
for time past IN Inc ircasery not tank. lad
| a sanitary effect. We nave PAID about ak millions a
yea, Tor Keeping il ttere IL gives secretary much,
Inc money lnarksl and enables snieHd
who fahom Mas purposes 10 pr.at iarcey by ;Dsr
sslacltv. H. has, therefore, n distuTinng inaneuco
racre aac I'D 10 al! times god enough treasury
10 meet iLs the arse, and more IL we're
better 70 INTO tho buy a amount to
meet dslciency than 70 keep large su anprcducsvs
on hand.
hut wnat does imperaiyeiy demand tie soii,n or
Congress IL the aiiustincas ~ tie natonnt coat
souuu oas,s which II. do jas,lcs alike TO tae ereasrs
and ihis Is the iprn.dii.sy nectlsary,
ns mistaken ncion5 arc ABROAD G acesaing u. nation
soond he s, not senerous IN tho settlement Of pcsd-
mary obiisat ons No should pay eaaciy Dse.
more, less. l. is Gaze Of debtor ADD creditor.
We ray al or deots according q snnirAcI,
these aaihoraed by a C,r grcss
prsntsd tie bonds beineiso-; and Dcyona ami cut.
lido Of what is authorized by Law and ed tine
bonds the nation " bound her justly eGutaby
some OF oar bonds are, ny their cxprcss ;erais,
n.a.io payable in specic; these mas, be 20 ad.
Diners aud tue larger part, expressly provide uat he
interest Stall be paid IN ecie she bond ss being left
10 % d.scnir@ea ike ali other deot ia TIE nalisnal
which tac cxprcsa lawthe same aw whieo created he
provided that ala debts meit DO Ivid There Is
no equity ~ tho claim sia honiho ders snori 10 sosser
paid Than - provided IN 'her coasrscts The contacts
theDscs1 s favorable cno4gn to easfy the most
cxacsng. Take tae hve-iweniies issaad November J.,
lS.s. ihey "aic PAID Tor ~ par, 10 eaifsncy when
gold Was at 4 pTcinium u rom 30 To al Take Tie
lo~esi fglre-23o, aai tho purchaser q tho bond
| paid for " N gold or rs equivalent htts
les inan Stl ca tie .l0O-an1 his bsni bears
interest n gold a. TITO rae 2. * or cea inssc bends
..i 10 roaee u November 1860, 10 lilo on ion OF
| the uael ssates 10 tho same cuirsafy with wnich
lil1y purchased, that currency baing worth
tNeu.g cilt en- Oh the do Gr nOre u u It as worth
hen ibey xcfo parchascs. AID Wy shuuid fney not
b. redeemed. al Il be FER the ULtcl Satcs
| u redeem I.ra. bpndn ,licr no &C..
| u0n when deserves 20 Considered Tor moment
Iaey pad sst gGl Tor cao. SOD Of frsao b,ad and
~ 1868 whta ihey bcconc ape, tnsy VI HAYS received
,te pIlce ~ o. also gold, lSr tee arg
the ol ~ psi cent er alnuIa. Tnc gre.lbacks
Ia which they sio payable urv, Uii. douoasss
continue 30, TT .sat tents o. the
d0i,af bong advance 81 twenty -e.gn par cent
lcr value ussd ia the purchase ,.s, tao capi.
asl about 500 laf every 500 advanced al alike In
1 gold IIis Is envgga Tor tham u receive anu quite
enough for 10 pay. They emitted ID i. BY con-
| tract, and we, OF course. must pay u.
comparatively small amount or nva.twcnty
bonds bOnght shea gold ranged from l53 % 100
The PURCHASERS thoso bonds wii proii &, arse
those OF IsJi but quite larre!y enJu6n. lney vii
hago cevea full egr per n per .heir in.
yos.mput. Lnvy will held frso