New-York tribune., 1869-01-05
MR. opDYKk ON RRsuNprYoN.

In the letter of Mr.. Geo. Opdyke, else
where Published mn nttempt Il made 10 show
that we have seycn-tcntls more currency per
eaDifa than we had before the waI, or than
England or France now has; and that the
proper ways to bring this currency to par with.
gold are t0 contract il at n rate not exceeding
ten millions If dollars 4 year aud TO await the
growth Of the country in It's resources apI a;,;,-
sequcnt need of currency. Iuese means
he believes, will bris,. the country to
specie payments ~ about seven years. and any
eapller resumption, he argues, will bc fraught
with more injury than benefit TO the general
! business Of the country. Economists differ
great; in their estimates of the amount of
currency in circulation in these three countries,
as may be seen by the following table of such
estimates of currency per capita: (Nc quote
Mr. Carcy's estimate from memory)
United Grs, Bhsa fraae,.
Mr. Geo walker. no l5@ 1884
Mr. Geo. Opdyke.. q67 lOs3 About o 90
Mr. Opdyke differs from most, perhaps from
all, writer's in the conclusion that the currency
Of the United States was as great per capita,
prior 10 1850. as those Of England aud France.
lie differs from many in regarding the de-
probation in the value of the Greenbacks as
currency We fail TO perceive why, if the
Government owed, as now, S9GO,0oO0O0 of
Greenbacks, and no other debt what
ever, and had It's present gold revenue of
Sf50,0O0000 year TO apply toward redeem
ing its Greenbacks they would not stand
at about par. AS our revenue would
pay them in about two years, they could not,
while being legal tender, remain at dis
count OF more than four or five per cent. AS it
is, they are at discount Of 20 per cent. We
cannot help thinking that the national debt,
which absorbs fully SlS0,000,O00 in gold for in
terest, leaving only S90,O000OO surplus per
annum to apply to redeemng the Gioenbacks,
has far moro TO do with their depreciation
than does the degree Of initiation they may
exert over the currency. The initiation ar
gnment involves too many unknown guam
titles to be Trustworthy We do not say
it may not be true. We only say
il il in It's nature capable OF very indefinite
and doubtful proof. But the intimate in
liucnce which the existence of S20OO.000OOO of
National Bonds has over the value of the
Greenbacks, by Withdrawing for annual in
terest Fi30, 100000 of the gold which but for
them would avail for the immediate rcdemp-
ton Of the Grecnbacks, seems to us fixed,
solid fact, sufficient to account FOR their de-
probation. Depreciation is The discoUpt which
is caused by tbSir deferred payment The
shortest way to remove the discount
u to Rse the gold we have to pay thcm.
We have now gold enough in the
Treasury to pay off one-fourth of them
at par. or to buy up one one-third of them at
their present discount. Whatever truth there
may be in Tie theory that our currency is in
flatod would seem TO lead 70 the conclusion
! that the prspillg on gold (now about 80 per
cent? would bo the measure OF the imitation.
IF so, the buying up with the AlOO,0cO,OOO of
gold now in the Treasury of one-third of the
Greenbacks would enhance their value at least
Que fourth, and thus would bring them to par
with gold.
Mr.. Opdyko thinks that Resumption, if i'm
mediate would ruin the country, but could be
safely spread over eight years. The abor-
igines of America are celebrated as having
brought the art Of slow torture to its highest
perfection, but it has not been regarded rs