The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-12-09
Return to Specie Paymcnts-Senatol
Summers Scheme.

Summers Scheme.
Mr. Sumner has introduced into the Senate
the following bill to amend the Banking act
and to promote the return to specie payments =
BE 1t enacted, &c. That so much OF the Banking
limits the issue OF bills 70 $500 600 900
by repealed and existing banns may pc enlarged
and new banks may he organized at the discretion
OF the Secretary OF the Treasury. But no more bulls
than are now authorized BY the Banking shall
hereafter be issued unless the Secretary or the
Treasury at the time OF their issue, can and does
cancel and destroy ike amount OF legal tenders;
and the increase OF bank bills hereby authorized
shall be so distributed by the Secretary OF the Trea
az to equallze as near as possible the banking
interests OF the different States.
And the following are the reasons which
this specie payment financier presents in sup
port Of this remarkable scheme:-
First-lt will create demand for our national
bonus and 10 this extent fortfy the national credit
Second-lt will tend to satisfy those parts OF the
country, especially Of the South and West, where
currency and banks are wanting, and thus arrest
TnlTt-l VIII not expand or contract the currency,
that the opposite parties on these questions may
support IT.
strengthen themselves and prepare to resume specie
payments.
tunlty to organize banks, and will interest those
parts OF the country to this extent In the national
securities and the national banking system, by
SiIh--lt Will, within reasonable time, relieve
the country OF the whole greenoack system, aud
thus dispose OF an important question.
SeCentt--I Will hasten the return to specie pay
ments.
Now, here we think we have an exemplif-
cation of the wisdom OF that favorite aphorism
of Hon. Zadock Pratt, the tanner, that "there
is nothing like leather" and likewise of the
soundness of that ancient maxim, "Let the
shoemaker stick to his last" Finance is not
the vocation OF Mr. Sumner. 1t is one of the
exact sciences for which the peculiar cast and
drift Of hin mind are not adapted. His voca-
ton is that of the moral philosopher, the poet,
the historian, and the lawyer on broad and
general principles, such as those involved, for
example, in the Alabama claims. On that
subject bis great speech in the Senate has
placed before the world his abundant resources
of learning. eloquence and logic in bold and
beautiful relief. The broad facts and general
principles presented in that famous speech
and the logical conclusions therefrom, wer,
such as to astonish and confound the states
men Of Great Britain, and to
Fright the isle from Its propriety.
SO convincing, too, as the true American
exposition Of these Alabama claims is thi
great argument of Mr. Sumner, that we find II
adopted in the first regular message Of Presi
dent Grant to Congress in the exposition o
his practical American views on the subject
Here we find two minds, az widely different il
their elements and processes of thought as tn
minds OF John G. Calhoun and Andrew Jack
son, meeting by different roads at the sam
| terminus. 1t is because upon this subject cal
roads lead to Rome"
But upon the why and the wherefore of hi
views on finance We find the close and practIca
reasoning Of the soldier far more reliable tina
, the poets fancies. General Grant proposes t
! bring about return to specie payments b
: increasing the returns to the Treasury fror
the taxes collected and taxes authorized, b
, reducing expenditures, by using the reve
, nue. above current expenses in the reductio
, of the national debt and by funding the del
at four and half per cent interest as raj
, idly as his means will permit All thes
I processes are practical and TO the purpos