The national Republican., 1869-01-05
THE RESUMPTION OF SPECIE PAY.
MENTA.

Hon. Horace Greeley has entered into con
troyersy with senator Morton, In which he
takes the Senator to task for his proposed
plan Of resumption. II IL doubtless = very
dificult matter to decide who Is riEhi and who
wrong In respect to the most feasible snd pras.
ticAble method to reach the desired end.
Whether Senator Morton has developed the
best method to reach the desired haven or not,
may perhaps be = question, but that Mr.
Greeley has found the philosophers stone
which will eluciJate all OF our difficulties we
cannot for moment admit. His late letter is
, e-ude and an unsatisfactory production, and
in op, Judgment 10 wide OF the mark In almost
oyery stat tameDti and its argument is emi.
pently ineonei.uiye and strangely at variance
with logic, fact, ard common sense.
Mr.. Greeley starts OF In the nrst few para.
graphs OF his letter with a wild assumption. His
theologieal Illustration is irrelevanti indeed,
we may say 1t is frivolously Irrelevant; nay
more, 1t 10 pusriIe.
We do not dispute the accepted dogma OF the
Church, that q sinner ought to repent, and
that he ought to repent Immediately. On the
contrary, we believe that the Christian teli-
gion enjoins this theory most thoroughly and
most emphaticallyi but for the life OF us, we
do not see what this theory so pompously In
question In issue between himself and Mr.
Morton. Is the Government a sinner becaus,
1t suspended specie paymentsl Does 1t con
tinue In sin because II does not Immediately
resumed We cannot stretch our fancy quit,
so far as that, even to make display In tn
domain OF what 10 represented as sound ethi
cal and religious teaching. while It is tn
duty of sinners to repent, and 10 repent imme
diately, we fail to see what this plain duty o
the individual transgressor has to do with IN
Governments refusal 70 resume specie pay
ments.
The Government suspended because It wa
obliged to. 1t does not pay to-day because
cannot. This necessity is As Inexorable as fat,
and Mr.. Greeley In the Introductory portion {
his letter, HghtS like one who beats the air.
We do not propose In our brief article thi
morning to take up DIR. Greeley's argumen,
ScriStfn, simply because We have not room I
consider them In detail There 10 one plal
fact which most people who discuss this quei
tion OF resumption lose sight OF. 1t is thiI
that Government that owes more none
than 1t can pay can, under this condition q
affairs, act difsrentIy from an Individual /
like situation. We confess we do not see how
II an individual owes more money than h
can pay, he must husband his resources, max,
the most he can OF his assets, and II possible
gain time to bring about that condition in hit
affairs when he can pay dollar for dollar o
his indebtedness. We know no other course
for an honest man to pursue. To assume that
the Government should be judged Of by a DIFF.
ferent rule from that which applies to individ-
uAls is a false assumption indeed, 1t is beg.
g!ng the question.
The whole question as It now sands re.
solves itself into this simple proportion, and
neither VI Greeley, nor any other man, cAn
argue 1t down by coIrse illusions to pigs ami
sinners. The United states Government has
not money enough to pay its outstanding
issues AMI the Immediate demtuds upoa its
Treasury with gold. This Is the simple, un.
YNrnlshei truth. Now, what 10 TO be doue
This Is The qus5'ioH. Il can DO this: II can re
trench; 1t can cut dowa its appropriations; /
can return TO the strlctes' system Of economy
and 1t ean increase its revenues from the e4s
toms and from the productive industries 0
the country II can and 1t should hoard up 1t
legitimate revenues tail II cAn resume And pal
gold for its paper issues, save and excepting
the principal Of its funded debt. This ma!
stand for awhile at least. This will take time
and this Is all that Senator Morton insists
upon, II we understand him.
But we have extended this article beyon
what we Intended, and must reserve what W
have to say further Of Mr.. Greeley'S letter ii
some other time.