Cedar Falls gazette. [volume] (Cedar Falls, Iowa) 1860-1895, 1869-11-19

Dear Sir 1T is becoming daily
more evident that an early resump
ton Of specie payments is the desire
and aim of the Secretary Of the
Treasury, aud that he is warmly Sec
onded Ivy the President himself and
the whole administration.
The press of both parties Is more
or less committed to it, and the SOL
vent and conservative land we might
add sensible) portion Of the busin ess
are anxious for lis ac-
omplishment. 1t needed not Mr..
Philadelphia speech to
prove that such is his policy, for his
of action since he came into
office has done that most conclusive
ly. The appointee of President
pledged to economy, retrenchment,
faithful collection of the revenue.
and payment of the public debit" he
entered upon his duties at most try
ing period i'm our monetary affairs,
fully sensibleof the difficulties which
surrounded him, and prepared with
a plan which he believed would re-
suit in their removal. His predeces-
sors failed to place the credit of the
country upon that firm footing which
had irst to be secured before any for.
ward movement could be made with
safety. But with the cooperation of
the Administration which had set to
work in earnest to reduce expenses
and faithfully collect the revenues
Mr.. Boutwell, at once commenced
the loDg-talked-of and wished-for re.
duction of the national debt Com
gress having previously settled the
question of the payment of the bonds
In coin, and thus quieted all misgiv-
ing on that point.) Since March 4th
he has reduced the debt, by his pur-
chases of bonds, at the rate Of over
800, 100000 per annum-which, If
continued, will absorb the whole of
1t within IA years; and, rotwith-
standing the payments of interest
and periodical sales of gold, has now
in the Treasury's vaults STA ZOO, 900
of specie, alarger proportion of which
belong to the Government than it
ever before held at any one time.
Ignoring all individual and local in
terests, and striving only for the
good of the entire country, he has
determined upon and will rigidly al
here to that course which promises a
sure and speedy restoration of these
reunited States to their only true
basis of prosperity-hard money.
AS additional proof, to the debt re-
auctions and gold accumulations al
ready mentioned he has within the
last week retired $3,0O0,o0O Of 3 per
cent. certificates, and will continue
to cancel them as fast as they mature
and are presented 10y the banks for
redemption. Greenbacks must be
withdrawn from circulation to sup
ply the place of these certificates in
the % per cent. of reserve which the
banks are required by law to keep
Here, therefore. is n gradual reduc-
ton of the circulation already com.
menced.
When Congress meets, he will
bring before it bill authorizing the
funding Of large portion of the
public debt in long foreign Joan
bearing or 5 per cent. interest. In
the meantime gold is accommodating in
the Government repositories; and
what is a significant fact, the Su.
preme-Court holds in allegiance its
decision on the legal-tender Act.
What that decision must be when
rendered every honorable and right
thinking man knows; and as soon
as il is pronounced greenbacks will
be nothing more nor less than a part
of the Governments debt, drawing
no interest and redeemable in coin ut
the pleasure of the holder.
The business community could, to
all intents and purposes, resume even
now by adopting the plan of dealing
Oh gold basis. 1t has worked sue
cessfully in California and Texas,
and our own importers and foreign
bankers here make all their transac-
tions i'm coin. Our merchants and
tradesmen might do the same, if
they chose, without loss and with
but little if any trouble.
Cold contracts are legal, and there
Is nothing to prevent the buying or
selling of any commodity for coin.
Let the business men form an organ
ization 20 do so on and after some
given time, say LIST Of January prox-
imo, and we shall be astonished to
find how soon and easily business
generally will accommodate itself to
the change. Banks would only have
to make contracts with their depos-
itors to keep gold and currency ac-
counts, and check out just what
they may have paid in, be it curren-
cy or coin, and their part of the bust
ness would work smoothly enough.
Those who endeavor to make such
a bugbear of resumption are the
speculators i'm stocks and real estate,
whose wealth, now estimated at the
inflated and false values of that
which composes it, would then find
its true level.
But every other class of the com
and the country ut large
would be vastly benefited by it in
every way. Concert of action and
i'm the measures of the
Secretary of the Treasury, shown in
deeds as well as words. are alone
Let us do our share. as he
is performing his, and a resum ption
of specie payments will cease to he
q "hished for blessing and become
all accomplished fact.
FINANCIAL OBSERVER.
George Peabody's Char
tiles. ISL.
The fml0Winp is fallo Of tha