The Baltimore County union. [volume] (Towsontown, Md.) 1865-1909, 1868-12-05
Specie Payments.

SATOhD4 Il, DEC. 5th, 1903.
Specie Payments.
when can the government commence redeem
Ting its issue of paper money-when can specie
" payments be resumed p are the questions |
now looming up prominently in financial circles, |
are among those who believe that such resump-
tioa can commence at any hour the government
sees ct, and that all the notice necessary is for
sign to be hung out over the door of the Treasu
~ Department, bearing the inscription, "Specie
" Payments have been resumed"
The government has abroad over the world
several hundred million dollars worth of paper
promises to pay, but, comparatively, only a
small portion of this could Immediately be pre-
sented for payment--perhaps not over $780,
600, 600 worth. There is now in the vaults of
the Treasury over $3.50, 600, 900 in gold, and
this amount, we believe, would be amply suffi-
Gent to meet all demands upon the department.
The people do not need or want gold-the bust
ness of The country does not require it. All that
anybody wants is that paper dollar may be
gold dollar, and the moment that this becomes
an established fact, that instant the gold dollar
loses the fictitious value that is now placed upon
it. Gold is an inconvenient medium of exchange.
Its bulk and weight unfit it to be carried about
in large quantities, and particularly is it insult
ed for the large money transactions that is now
carried on through the mails of the country
There arc business establishments in the coun-
try whose transactions will amount to hundreds
OF thousands of dollars through the mails-with
patrons who live far away from business centres,
and who give their orders by mail and transmit
pay for them through the same conveyance
Gold is not wanted for this, and if it was used
its presence in letter would be so palpable to
those through whose hands it passed in trans
mission that some of them could hardly with
stand the temptation to appropriate it to their
own use. Large amounts of money, Also are
carried from one point OF the country to another,
for the purpose of being used in the purchase of
goods, &c. From far out of the usual track of
travel it comes-even from across the plains
from where robberes are frequent and where no
mans life if he is known to have money in his
possession, is safe. Gold is not wanted for such
transactions, but paper money is q money that
can be secreted about the person, in large quant-
ties or SMALL so that its presence will not be ap-
parent
We owe great national debt, which bears a
high rate ofinerest Our bondssell far below their
true value, in part because they are superabun-
dant Were their volume sensibly reduced they
would command better prices. Had Mr.. McCul-
lob, two or three years ago, employed fifty
millions in gold in buying up such interest-bear-
ing obligations OF the treasury as could be bought
to the best advantage, he would thereby have
improved the National credit while saving some
ten millions which he has since paid on bonds he
might thus have Cancelled Nay, more he
would have saved the country at least ten mil
lions more in the price of the bonds which have
meantime been sent to Europe and sold for much
less than they are worth-sold so cheap because
so many were pressing on the market. The
country is not less than twenty millions of dol
lars poorer, while the bonds are worth consid-
erably less than if Mr.. McCuIioh had pursued
the policy OF paying off Understanding debt
win every uoffa. -..4a4eded in the crr-
rent flscai operations of the treasury.
we all recognize our debt as binding obli.
CATION upon us, to be paid at some time. Why
not commence paying now? Why keep large
amount OF gold in the treasury year after year,
when it might be used SO probably in paying
on our Understanding debt? For every million
ID go'i paid OFT for the redemption of bonds n,
Understanding notes, over 500, 900 in gold are
saved to the government which would otherwise
Dc paid out as interest. Why this vast bulk OF
useless gold has been and still is kept in the
treasury, where it might have been used to re.
dnce the public burdens, and exalt the public
credit, we have never been permitted to under.
STAND. Every dollar thus boarded is boarded a,
risk; whereas all risk would be ayerted bv con.
Verung II into Government bonds at curreri
rates, and then burning the bonds. How ong
must the country continue to endure tbiq heavy
loss2
ls II not the part of prudence, then TO COM
mence while we have all this gold in the treas
ury, paying our bonded debt? or else to give
Ao'ieo tlot Tue greenoackS VIII De redeemed on
presentation, in gold, dollar for dollar If this
latter course was adopted, there would probably
be rush for ashort time and the officers of the
treasury would be busy in paying out gold, but
long before the surplus gold in the treasury was
exhausted there would be enough of it issued for
all the purposes of the people, and the demand
would stop. They do not want gold all that
is needed is for paper dollar 10 be worth as
much as agold one, and the paper dollar, being
far preferable as medium of exchange, would
be kept and used instead OF the gold one. II
this course was adopted, confidence in the money
policy of the government would be promptly
and firmly established-our bonds would sell at
premium-and the interests of the country and
people would be advanced.