New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-12-02

at an early day, if National Banking Is hlaue
free. as we trust it may be. So, while we are
not certain that COnsol may be kept at par
while its rate of interest lis 50 low as four per
cent, we ardently hope that it may be, ana
shall do orr best to convert that hope INTO
fruition. The Government and the Admins
tration will both be vastly strengthened by
funding of the National Debt even at At but
still more if it can be funded so low as four
per cent That Opposition journals shonld seek
TO embarrass and impede such funding by all
their resources of dismal calculations and pre-
dictions. is unfortunate but not unnatural; but
they ought to be left alone in such sorry bust
ness.
The Indianapolis Journal eyinces a hydro
phobic Tepugnance to Resumption, OF when
it says:
"There Is other plan for return to specie tnah
further contraction until the paper obligations OF the
Government are not larger than can be carried ny the
gold which may be at the command OF the Treasury
IL would hardly be safe to the risk OF supposng that
not more than demand note In six would be presented
at the counters Of the Treasury for conversion into com
and II the bottom of the vaults should be reached no
Imagination can picture the disastrous dstrust Wmch
would seize the minds of the people"
We object to these naked assertions that
they are mt war with notorious facts. When
the first of our present Greenbacks were issued,
there was admittedly no gold in the treasury
no means of redeeming them at par-whlle we
were involved in a terrible war; and were run
ming deeper and deeper into debt at the rate
of several hundreds of millions per annum;
yet those Grecnbacks brought more gold than
they now do IT. then, the Treasury should
resume tomorrow, and be thereupOn drained
of its specie, what of it The Government
would owe so much less, our Greenbacks IN
circulation would be fewer than now by the
whole amount returned for specie, and they
would be receivable for taxes and III every
way possess all tho intrinsic value they now
do. They would bc debt due to the holders
by the whole people, who are not such enor-
mons fools rs to be seized with disastrous
q" distrust" of their own ability to pay them
selves about one years income of their Gov
eminent. No, they are not quite so stupid as
that, though the solecisms dealt out them as
Finance strangely tend to produce softening of
the brain.
The Journal proceeds to argue that this Is
no time for Resumption, because there Is by
"no means n sullicicncy of money in the
"country to float thcI business" Indianapolis,
we are told, would like to borrow s5,OOOOOO
more on the best commercial paper as
good men are paying 20 or 30 per cent. Tor
"s short loans; - wherefore eve need not tell a
"sensible Congressman that in view of this
| "stringency, it is simply suicidal to talk OF
further contraction, and the one that does
"icW meet a storm from his constituency he can
"Rerer heather" .
Here YOU see the knob Of the controversy.
The Government, in time of war, borrowed
Four Hundred Millions in its distress by
Forced Loan. promising to pay 50 soon as II
could. Six to eight years have elapsed; the
Government wants to pay as 1t promised but
certain individuals have meantime run into
debt in full view of all the facts, and they are
not ready for Resumption: so the Government
must persist in refusing 10 pay its debts. because
they are not ready to pay theirs Would that
be hOnest2
The Journal restates It's case as follows:
"Tho business interests Of the country do not demand
specie payment. The cry for specie coues universally
from those who out Of debt, from the great money
centers Of the country, NewYork Boston and Phadel
phia which three cities alone, representing HowIork
and ngland in 1868. with but 100000 OF people.
had currency equal while the other States
and Territories with 10000 Of people had but 60Oo
OOO. Tho country must grow up to specie payments.
After its great PeunAular England ndS hbfy years
in reaching specie; aud yet public men must needs
force America in less than five years. when we are
but just awakening from the prOstraton OF the rebellion
Specie payment must the natural result Of ma
terial development and the luws Of trade and those
Members Of Congress who will be the first TO appreciate
the natural obstacles which met Canute when he ordered
the tide TO ebb Will be those who will command the con
fdence Of the people"
1t will certainly be news to the British
people that they did not resume specie pay
ment before 1915; but then, if they will only
take few oraclcs of Western Finance, they
will be let into good many secrets OF which
they have no present suspicion.
The Journal is doubtless more fortunate in
its creditors than We are; but our sort
generally expect us to pay our debts when, due,
or very soon thereafter; and. if we were to
tell one when he presented our note for pay
ment, that We must gradually "grow up to
such payment-that it "must come as the
"natural result of material development and
l." the laws of trade" he might think us mad,
and he might presume us simply insolvent but
he would be very unlikely to consider us at
once sane, solvent, and honest.
After repeatedly bullying "Western Con-
"gressmen" to vote, under duress to postpone
Resumption indefinitely The Journal says:
"specie payment must come some time; but not now.
when the country Is largely In debt When that bur
den shall lifted put upon their feet again. business
relieved from the depression weighing 1t down. the
ability Of the country developed general confidence re-
stored the gnis JdtuS 80 bndy pursued by the Presl
and Congressman will come OF itsef-a steady.
blaze light up and give substantial warmth
to the business OF the nation"
II 10 diiicuIt IN no praUe in the nreepnce of