The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1868-12-24


suscitate Is to resuscitate." Nei her Will the
other cry avail. Patient applications of the
proper means are Necessary in either case. The
other extreme, the putting of the time for
effort indefinitely, is equally dangerous; for
unless the subject is treated in time, it may be
eternally too late.
/ am strongly inclined in favor of the measure
proposed by Governor Morton in the Senate. |
would, however, prefer to see his bill amended
In various particulars. The two leading ones
are:-FiIst, the banks should not be permitted
10 remain in state OF suspension for day,
much less for SIX months, as he proposes, after
resumption by the Treasury OF the United
States; and second, the dividends on the Gov
ernment stocks belonging 10 the banks, but
held IN trust by the Treasurer as security for the
redemption OF their circulating notes, should be
retained by the Treasurer and not be paid over
to the banks, to be held By them until the day
OF resun pton: and the retention OF these divi-
dends by the Treasurer should commence year
earlier than proposed by the bill.
al IL Is right to give the bank six months
Mter the Government shall have resumed, at
the end of which they shall resume then it
debtors TO the banks should have another six
months after resumption by the banks before
they shall be required to make payments in
coin or its equivalent Resumption, to be sue
cesstul, must be Simultaneous The three
estates-the people, the banks, and the Govern.
ment-,must stand together or they will fall,
ana iall together. The banks will not be able
TO stand without the assistance of the Govern
ment; and the Government, being the indorser
OF the notes OF the banks to the amount of
three hundred million dollars would probablv
fall if the banks should tall; and the people.
unfortunately for themselves, could but follow
in the wake of the other two.
A simultaneous resumption would not be un-
aptly represented by tripod, or 3 three sided
pyramid each side leaning against and at the
same time supporting the other two sides. If
the d1Vidends are retained but for one and half
years, as proposed by the bill they would
amount to but nine per cent. To commence tho
retention year eatlier would give them fifteen
per cent. IN gold on the day of resumption. This
certainly would seem to be little enough, and as
THIS gold would form part OF the banks re-
serve, as required by law, it would be no new
hardship nor unreasonable demand.
ii the dividends are paid over to the banks
they will be apt; If they have any reason, to
reason tbus:-"Gold Is now at premium of
thirty-dve per cent. AS the day of resumption
draws nearer and nearer the premium will con-
stantly become less and less. Therefore it will
be well for us to sell our gold now, when the
premium is high, and buy it back again by and
by, when the premium will be low.n Will not
this temptation be too great for the divided con-
sciences OF some OF these soulless corporations
TO resist? The danger would be that when the
day OF resumption drew near many of the banks
would be IN the market buying gold, and, in
consequence of this urgent demand, the price,
instead OF being at par, might command such
premium as to prove the desired resumption
little more than a tizZle and failure.
II the gold is retained in the treasury, to be
delivered to the banks a few days before the
would be avoided. The interest of the govern
ment is simply the interest of the people. The
banks can have no antagonisic interest, for
comm ercial misfortunes to their customers
would be hazardous, if not fatal to them. In
word, your plan contemplates the striking down
instantly, at one blow, the nominal value of the
United States legal tender note TO an. arbitrary
value of only three-fourths of its face value.
Governor Morton's bill, on the contrary, aims
to appreciate the Government note, that now
stalos at about seventy-fve cents, as compared
with the gold dollar, by degrees, from day to
day, running for two and q half years, making
the appreciation about one per cent. every
twenty six DAYS. until on the day of resumption
the 'greenback" dollar note shall have made
itself the equal in commercial value of the gold
dollar. The one plan would tear wn, and is
forced and violent, and would cause jar, confu-
sion, and mischief not only in monetary but in
all business affairs. The other proposes to build
up and foster tho appreciation of the greenback
to the par value OF gold, by process 80 gradual,
gentle, steady, and smooth, the change would
scarcely be perceptible by the debtor or creditor;
and both alike would be able to make their
calculations and business arrangements from
time to time during the process of appreciation
with such accuracy and certainty that no serious
harm could come to either class.