New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-12-04
SPECIE PAYMENTS.
ANOTHER PLAN FOR REsUMPTIo.G


To the Editor OF The Tribune.
SIR: Allow me to suggest the following plan
for the resumption Of specie payments believe it prae
teabe Let Congress by law authorize the Secretary Of
the Treasury accept for duties and other gold debts
due tho Government % per Of their face In legal
tender notes and per cent in gold long as the pre-
MUM gold shall be 90 per cent or more: When the
premium gold falls below per cent, II the gold In
The Treasury amounts to s4OOOCO let him then receive
half OF all debts due the Government IN tehder
When gold shall have fallen below no II s25OO
600 in gold still remains IN the Treasury let MN receive
three quarters OF all duties &c. in eRaFtender notes
and finally, when gold shall be worth less than lanu
100000 OF gold is still held by the treasury
let legaen notes be receivable at par Tor all ueos
dine the Government. . -,
lishmen OF National Banks until the aggregate amount
of capital shall be $500 900 81 and another
50 years interest at or Il per cent This loan Should
available Tor banking purposes shoqa be G an1
bonds OF the United States ont this would create
constant demand for notes to be funded
long loan bonds as basis Of banking If few thousands
or even millions OF gold were needed by the
buy the amount needed III open market
one advantage OF this plan would be the establishment
National Banks the Pacific Coast and the setting
free OF the great amount OF coin now boarded IN that part
OF the country. HARVEY TERRY.
Sarafndh, Ca, Nov. II. 1867
AND STILL ANOTHER.
To the Editor Of The Tribune.
SIR: If by Congressional enactment all the
funds held in for orphans public charities. &C., or
other institutions which could be reached by such law
made TO DO deposited TO the care OF the United
States at uniform OF interest say 5per cent free
OF taxation, &c, the amount OF such deposits would
reach within the next five years the sum OF 81 100000
or fully one half OF our present national debt new
bond certificate OF deposit should be created for this
purpose, which always would be par neither above nor
below IL would not appear In market IL would only
have the character OF special deposit yet bearing In
terest Such would not Increase the principal
activity Of Wast, viz. that of speculation IN Govern
ment bonds With the moneys thus accommodating In the
treasury tho former issues of bonds, the $40 and tine
1040 should be redeemed-at first however. those held
iVf hp Mar III
duced. should De replaced at once by an equal
amount Of Greenbacks. Thus 1t will be seen
that by the above measure we double the
power OF redemption OF the greatest part
Of the National debt inasmueh as we retire more THAN
one-ha Of the debt In kind OF bond special de-
post belonging 10 citizens and then using the
very means thus acquired mot by increase OF taxation
imitation OF currency In redeeming the balance or the
debt without increase OF taxation or additions 10 the cir
culatOn.
The above measure however would only be half
eectual In good results not Joined 20 another which
should give ample means TO redeem our greenbacks
In specie when wanted To do this should contract
~ cent loan IN Europe 10 the amount OF t2DOOOO
either with the Barngs Rothschds this can be DONE
II make the above amount not payable at once, Dut
in bi-mOnthly instalments say s2O,O0OOOO every TWO
months. This prOvsO would enable the European
banker TO furnish the requisite amount OF gold and
without sending gold 10 Europe BY this policy the gold
would accumulate i'm the United States Treasury 20 such
extent that In less than ten months we would nave
In its vaults S200O00a sufficient amount, according 10
bank rules redeem three times that amount OF paper
money which Is nearly that OF the present cur
rency Thus would have specie payment In less than
ten months from the day we inaugurate the above policy
Let give, in the following, short resume OF the
above plan and its results: -
debt IL About $500 10000
Deduct By absorption trust bonds....'... l2so~OOo