New-York tribune., 1868-02-03
T7YiNCT5L Affairs.



WASHINGTON, Jan. 20. 1909
it'll, hgit seems to be breaking. The impress
zion evidently spreads that Resumption viii cure our
financial disorders, aud that nothing else WILL 30
long a. the question remains blocked rs now moving
in no direction. we are like q ship at sea IN calm
with the Sails idly Tapping against the nasts Every
body wait for u wind from some quarter. we are
the dead lo,ol tho river, carried down on the ebb
mud back o the ilood-tidc daily And shall be
tla fresi healthy current sets in and sweeps far to
sea all Tho "A .uaut rubbish that now chokes the
channel
Wehavc aucstcd contraction, and now we wait.
Wait for nlal' Wait for revived trade for renewed
demand for sbOr for fresh consumers for new enter
priSes. WHO is gong TO take the initiative IN Inc
hopcd-fr iogiya3 Nobody. There is not one
branch Of iu. inc that can be entered upon III the
present State If things, involving anything more
than lrlo 'pmoul h operation, whi,h must not en-
counter a RISK Of a change in the condition OF money
affairs sufficient 10 deter every solvent, prudent man
1rom ouLa.hUg therein. Nobody knows nor can
guess whst g. h.forc us. SO long as We were moving
steadily. ,ioa j. it might be slowly, toward resump
1ion tl.f, $3.50, 10 least some encouragement to trade
and cntopi . @ feeling that We were approaching
solid fonf, t ion from which national and individual
prosrcrty wo1d soon begin TO rise again. We were
tubmitiin io % healing process, which. If n little
thrown away our splints and our remedies and
stopped avc yug to got better. The Quacis sur
round toe p4i,-ut. one set has grand plan of pitch
ingull tIc i.uas oIboard and substituting green
backs f tI.'f bills. and so save interest and taxa
tiOn 4 other advocates sending abroad and buying
$4,000 H' l coin, aId paying S;5OO90OJ0 IN bonds
thcrcfoi tn bring home and spread over the county
like 50 much tor-'rcssing to sprout moss grown
fields of paper money Another proposes 70 issue
$i0,c@ n more Of paper money 10 give the neceS-
sary hi'ri .ciung trade and refill channels of cir
Culaiioa vf.,h NJ McCulloch las So mcrcilcssly
drained lr. fe. auoiher clamoroas crowd insists
upou i, u.. ccnhacks enough TO pay oil the bond
holder aH u tis way honorahy discharge our
debt Nlrt. .-r Ike 10 the aa dollar. Another per
tistcnty lto,, an endless chain running throlch
Tho Traw.. carr! ing paper iabricatons III and ont
Operati-. . l.Il-'ull conversion Of Treasury bonds
sntO Og.colu and oTecnbachs ui0 Treasury bonds
81 the d,- thr holders, aud Offers il as panacea
ior all o'r .. Then. again, il is proposed that the
lmauc .rcs Of Congress shall take charge Of
TIE VII '-f-'~-e al emitting paper money, as they
Iim 90 5oH.. arj decide wi.n the country wants
moro. a.l .h-, 70 wants less, and regulate the sup,
lly "aecoorr'
This s i.. Lc brictest outlinc sketch Of the
moro arg..gl ,,litncs now or foot tr restore Olr
finance, ,-i.o. breach. q. be IL remembered by unau-
thoritatir. u,iui,lecnt persons, but Iy Senator'S
and Req tive, il their scat--in,n who are as
Sunicd p. present tie wisdom and 700 tlic folly of
fhc Nations
Isroi a Glance at tlis recital crourL to show that
my COM vi.rh, 40 one swing Of the.scythe, cuts
down t., So lo., clopof folcs ald cludi,ics. and
h;orcs tlola.unl condition OF the country, and re-
Uovcs ttc .Ao'. subject from .Ie y,Natious cIiti-
risns alj dtJaging action OF Congress, must bc
mcrtouoDs
Unliko obese thcory-mongcrs. We plead for TO in
grni0us oru.tIicd scheme of finance 20 wiIe drawn
system of outs and ms Of weights and balances, of
rxchangrahihty and convcTtbility. or patent mcthOd
nj paying debts AID saving taxes but. simply and
plainly. urge iiat Congress shall ld Tie moncy qaes-
zion atone aicr Ipcalne the exceptional legislation
nf the war and remit tho entire subject TO the reg
iation OF the natural laws of tIaLc where it belongs
Set us have. FIRST repeal Of the Legal Tender act
just as Ruancd and udcious in its form you please;
Ihcn IclNyc your Obstructive legislation. which now
prevents Tie Treasury from paying its obligations
vhcu it las the means to do so allow Air McCulloch
topay LIS Gcb.s when he can. and don't forbid him
en- the ciouuG that he is running the country. Let
Congress warn its paper-miils that they viii be ex-
pccted 20 do like honest people. and pay the debts
they contract TO pay at the time they contract TO
them What au ab0minable imposition is it upon
roinmon 10 be told that the bli, owners must
not be asked TO ray their debts in other wods to
,lcen their notes because it would thereby iuure the
lublici ALl what "a shocking faulty is il that re-
yards the National Obligations in the same light
Soos rot every one and know that for every dol
1wa debtor pays, whether he be Government OF bank,
1hc creditor must receive dollari Why then fear
thc OporatOIi
Thus simple is the tIuo plan for the restoration Of
cur finances. get ing back 10 q solid bottom on which
o. plant uU future prosperity consists in nothing
)ut the process OF paying debts. Paying debts re-
Eluncs specie payments without any planning or
tchcmiug. or kte-fying Of any sort. 1t is the home
fpun solution OF all our difficulties. And why
JhOuldn people pay their debts Just fast they
Grc ablcY Why shouldn't the Banks be made to pay,
and Why shOsdn't Government be allowed to pay
their suspended cmTcnt Obligations which incumber
Che channels Of circulation 10 the exclusion Of sound
currency; g. currency which, if allowed, would
speedily low la TO fll their place: The Banks are
si0iuG in their gains, having made money for years
as Banks never made money before. We have only |
So noto the dividend notices in the public journals 10
know this The Government retire so many Of
As demand notes to raise the value Of the residue
So specie after comparatively brief period. And
syith the demand obligations of these two great
1cbtOr interests leach powerful andful Of resouccs
,levated to legitimate oxchangeable value every
shcOrctic scheme every fanciful plan Of the specu
sators and miaers and gamblers, viii disappear like
yhc eyanescent shapes Of dissolying view. Then
fhe country viii awake TO o new solyency and a
yolid prosperity, under the stimulus of flood Of
fho precious metals which will be passed INTO
yhc channels of circulation TO which it has long been
u stranger and to which it VIII DO forever stranger
Gil that day comes. J.s.P.