New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-11-22
MISUNDERSTANDING THE DEBT

If President Grant and Secretary Boutwell,
shall indicate, in their forthcoming Message
and Report. a desire that measures be taken
by Congress 10 insure an early return to Specie
Payments, we shall expect to see every OBJ
stacle TO such Resumption interposed by the
Democratic party in and out of Congress. The
bare suspicion that the Administration may
favor an early Resumption has impelled one
of Our City's most Jealous and Influential Dem
ocratic organs to open upon it as follows:
"THE FINANCES OF THE CoUSTRY-LET WELL ENOUGH
AIoSR-The Secretary Of the Treasury is now assert
ed WILL at the approaching meeting OF Congress- unioid
scheme for the early resumption OF specie payments
that is as stated the resumption within few months
To such scheme, any scheme looking TO resumption
at time xed less than I've ten years In the future.
we enter earnest protest in advance It's because Oh
his ability to cOncoct aud press such scheme Win nn-
ence that the power resting the Secretary OF the Treas
ury is so dangerous
"The resumption OF specie payments within a few
months means WHAT It SIMPLY that, at the expi-
ration OF these few months the price OF everythihg-
loaf Of bread pound Of butter, days labor cameo
dress the rent Of house. the value OF FARM inc saay
OF clerk-shal be arbitrarily and suddenly restored TO
the prevailing standard when specie payments were sus
pended. What would be the efecti The merchant VINO
holds stock Of goods to-day valued at 100000 would be
forced to cell them at $4,000 10000 for assert that
values arc dsprOpOrtionatey Inflated aud are not at
oar with gold today but above par SO the aborer VINO
today receives 50 90 Orhsday would then receive
but 81 % or 81 co Real estate to-day valued at s'oo
would scarcely sell for enough to pay the mortgage Inc
holders OF every class property would be compelled to
sell largely and ut great sacrifices 10 meet their oDsa
tions thus flooding market with every thing salhDe
and preclpitatng widespread and general bankruptcy
and ruin. We should such financial Crisis as mas
never before visited this country.
81" IA because We do not want such fearful disaster and
ruin that we protest against any precpitae action or
uerance tins subject by the Secretary OF he Treas
ury The country Is not yet prepared by long way ior
| the resumption Of specie payments"
| Comments by The Tribune.
These objections to Resumption will be just
as cogent five, ten, fifteen, or fifty years hence
az they are to-day: and there will be just as
many-nay, there will be many more-then in
debt and anxious to sell property at high prices
| in order to come out rich and glorious. WAIT
| till the year 2,00l, and still the clamor VIII
arise, "Don MT resume yet! We are not ready7'
And, on the other hand, there is nothing
needed to effect Resumption but the irH. III
| that be right, we can resume to-day as wen as
at any future period. 1t is true that Resump-
| ton involves n shrinkage of nominal mot reall
Values but we are confident that, while some
must suffer any how, the suffering will be far
less if we make the plunge at once and
have done with it, than If we I'M
dertake to resume by degrees. Resume at once,
| and all nominal values will adjust themselves
to the new bases but if we resolve to resume
at a future day, who can say at what rate Labor
should be hired for the year just ahead, or what
price should be charged to-day for the Grain.
| Meot mr. Wool that ia not likely TO he used till
next SummerH Resumption at n specified future
day is conundrum which every one must re-
| solve for himself. "Shall we really resume at
:" the time specified II so, hOw will prices be
affected, and to what extentH And what will
"a barrel of Pork be worth next July which is
"worth $50 now, and will probably sell at S22
"twelye months from next New Year'sT Who
does not SEQ that these problems involve in
finite perplexity and headachef
"The way to prepare for Resumption is to re-
"sume" IL Congress do MT see fit to open this
| way, we trust that the Supreme Court will.