New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-02-23

Ir0
;Se zoo bales Of pounds 90 per cent
& hn ths, ~ ls6o suppose that large crop haa
reduced the P Pro s 81 value would have been
which is again, IS per cent above the value Vi 'H'
Of 1860. .,s,.
The 1889 and 1860 hogheisO tb. average ',qs g
r s nS sis, ,.j 1868 vas ,ns,sd a. ios.b.,d
worth 81 50 per bOgshad sScoooo currency in gold "a ia 2s
1ss crop, Of the making expected to be wv
Thu. appear. the sfl. year per cent in s9,I
", q s ,ss s Pres sugar not than
as The can. sns three year to %nS. . MAKING GS s
siderable abatement from This estimate 81 we .ss UPer UNITED fact
s he yed was never great per and per hanG as at The p.
strength by ling ALLOW during the of the war;
Mr. sneaker will not pursue this subject OF national
70 live and our means to payany further. return to
the practical questions which occupy az MINDS; hom 70
Se reeSed of the nconyenlences Of deprecated cur
rency What the first steps 70 oe takeni ,,ectI
snnarely honestly the questions, What do we owe, anu
I'm what money bound to payi Let us dg 70 ano
tom OF the bill Let us be frank with creditors ana
with the world This great nation cannot s% pn World
ought 10 be as high the highest and II IL lhsGrs
almost the lowest on the list measured S oS o omp
public bonds, It is not because capitalists SeoSs ~
hOmS or SeGSse % %e Rn them
doubt Willingness to meet our obligations IN c Lne
letter and spirit OF the terms on which nsy WSpv paUor
wIic6 has inst been sent to me- Fez Aucaigne, French
journalist and economist has published IN 'ne scne in
Europe. An English paper, transialihs anu icpupii'o
this article Sst makes s th 6 S @ 5 the most
.ston that the mSst rising COUNT, Is ,s ~ the s.
Republic strength will be given to American ersds yer
strength oY American credit Europe in Frs5 The time
will shortly when that credit will be as strong 10 md
yet that Is written no spirit OF hostility we nave ~
sued certain bonds and agreed to pay them only IN law
ftI mo N
law have made currency In TINS country anu LOT o ,
law authorizing the issue, have right TO pay We
have issued certain other bonds under PROVISIONS Oh Jaw
dollars In those authorizing laws 1t has not been ex-
pressed that the dollar was TO mean OF stann io
snce the beginning of the Government 100 cents or IT'S
enHiysIent In COLI We have had disputes among our,
selves as the true meaning OF these anu de
pending comparison and Of NV hay
RssF h %SSs sSas have
TOO that the bonds were taken on the fth OF coenpo
raneous declarations by Congress and the agents OF e
Government that they were payable IN gold Bnt lneIo
IN the all the while has stood out plainly inc
10 pay 80 many dollars TO the public creditor Ley u uo
IT, Let do IT, remembering that Inc most 81
which ntarnshed It's very power 10 S TOO fbnt
ence may sometimes depend ne ,Pe sae contry
may be in the absence OF express agreement 70
nnt,"n on the contrary but as individual member
OF the family OF nations, ana when u puts iot lts QUIZ
qat
the market OF tho world Tor inc money OF INC "oI.
And the money of the world, ~ nceds no hgu,
ent To show that universal standard OF value ana
medium OF exchange which all Governments nave ~,
cOncurred in making Of the precious metals sOuch Tor
provision for the resumption OF specie payments but
preparation for resumption IL leaves To the people W
change from the Of deprecated paper To the repre-
sentative Of actual value And while this Is done by CIV
ing the power TO enforce contracts for coin ana com
values the provision carefully guarded In terms a5
not be subject 10 the objection most frequently urged
NJ OF
Instrument I'm the hands OF hard creditor LOT lhe oPpes
sion of an embarrassed debtor under inc &
who do no, believe that a return 10 specie pay
for only such paper substitute 10 De useu LOT CCu
ating medium is convertible ~ pleasure INTO that
which h recognized as safer aud more certain measure
OF values all the world over Whether IN view OF we he
cion tust made by the Supreme Court OF tho United
states any provision OF law for egazng contracts for
the payment OF coin be needed may perhaps DO qnes
ton But IL 10 question which had better be resolved
by positive enactment And any event is desirable
TO be moving In the direction Of Judicial Judgment bn,
how by what process We To come ack 70 tne soi
standard That the problem to Dc solved Return AT
once 20 specie payments IL, from the want OF com sum
Cient for such an OCCASION simply lnpns-be. ANU suc
sudden resumption possible. II would be most des
trous It's effects by the ruin II would bring upon lhe
the country scheme for resumption 20 take place ht
certain date in the future TO be nAed by law "9au oe
little less serious and immediate While the Government
gwen day. thus Withdraw ink that solid part Of our
Isney nom any nse as such ana ~ rs com
SPECTATORS the other hand stimulated and tempted
by the percentage Of profit to be made by the operation
would be taking the paper money OF the Government
| out OF circulation aud laying 10 up for CONVEX.
sion into gold when the day OF coin payments should
arrive Thus the channels Of trade would be drained OF
money In two directions and the country deprived In
good degree both kinds OF currency. Prices OF all
property and labor would down under this double ex-
haustion OF the present supply Of circulating medium
until the prescribed period for resumpon and then the
hoarder OF geenbacks having converted them into coin,
would make accumulated gain by purchasing every thing
AT the runous rates to which market values would De re-
duced and third profit would follow from the snbse.
quent gradual and natural rise OF prices to an ordinary
specie standard To me 1t seems that every plan Is 4
mistake which proposes resumption as the direct
| object Of legislation or which at thus gme would en-,
force specie payments at fixed date Resumption, In
my opinion to be safe and lasting, must como as cose-
quence of wise and wholesome legislation, and Of an
economical and sagacious administration OF our financial
affairs. And here conclude. IL II for the House now to
determine by It's action, whether the bill offer emb0dies
In its two plain and simple propositions tho Initiation oil
such wholesome legislation Can We not al cordially
unite In a clear, bold declaration which will strengthen
our national credit and at the sane tne popnlarno the
use OF coin as means or drawing up TO tho level OF Its
ciated only because It is inconyertiblei Par.
don II add that L feel quite sure OF
introduction and the Endorsement Of IL by my Committee,
and the prospect OF It's becoming law have already had
6, and abroad No Other fact could 40 enforce nv ar.
g1ment We are a nation OF abundant wealth aud won
drruy increasing resources let us add 10 those, uni
a n n"re U Term, tha the United States
whatever may need of the capital OF the whole
| world .-
| After Mr. schenck concluded his remarks Mr.. BUTLER
Nep. MassJ took the floor and moved that the House
resolve itself into Committee Of the Whole the Post
once Appropriation bill thus cutting of Mr. schencks
| bill for the present..
| The motion was agreed tO-Yeas, II; Nays a.
The SPEAKER, before leaving the chair announced
that he would tomorrow mOLing lay before tho House
the Presidents veto message on the copper DILL
THE PosT-oFFICE APPROPRIATION BILL
The House hf9 AZ q pGGG wsS INTO n5 Committee S 81
consideration OF tho Postolce Appropriation BILL the
question being Mr. Beaman's motion 10 reduce tho
item for etercaTneTs from 10 100000 and TO
abolish the free system In cities Of less than
100000 inhabitants. The amendment was rejected
Yeas, 80; Nays 75
MI RINGHAM Ren. Ohlol moved 70 reduce tho tom