New-York tribune., 1869-01-22

The INDEPENDENT has a new plan Of Finance
looking TO early Resumption, matured by its
publisheI and financial editor. Mr.. Henry {.
bowen. It's cardinal feature is set forth as
follows
81 would use every dollar q cold in tho hands Of the
our bonded indebtedness, beginning With those which
earliest mature ana 81 T09 eohuS ,npS 10 oi use d 0I
spectators thoroughly gorged with IT, without mo
easHry except through the slow practical operation Of
our Tarf lava such legitimate use OF gold would
on to the shoulders of speeuators which
would make them cry out for relief"
But suppose the coupons Interest due-bills)
attached to our outstanding bonds wouldn't be
discounted7-i other words, suppose the hold
ers of those bonds chose not to cut off tho
coupons soonest to fall due and sell them
to the GOvernment-What then2 Mr.. Bowen
replies:
To meet possible objections to the plan will say that
position Of the Government to pay off the coupons, as
otherwise they might get no prem FOR me profit W While
they could getit ..l...
This assumes the perfection and certain
success of Mr.. Bowen's project, OF which we
are not satisfied, because -
The amount of Gold in tho Treasury is not
far from One Hundred Millions, Of which
Twenty-Five or Thirty Millions belong to the
holders of Gold Certificates who may draw 1t
at will. Some is needed for current uses so
that we may count Seventy Millions a largo
estimate of the amount actually available for
the purchase Of coupons This would pay six
months interest ahead, and leave small sur
plus in the Treasury.
Suppose now the Treasury has bought up ali
the coupons falling due for the next six months
that it can get hold of, and laid by the Gold
to pay for the residue so fast as they may be
presented, what then1 Mr. Bowen says:
"The immediate effect OF using surplus gold IN the
world ge % SSnf T n gs Of sd m S
itaists at home and abroad would rush after bonds
as never before. We should have at once a financial
bjIe nr boDds we're Going up gold would GO down for
there would be NO use for T. specuIaors would get tired
the Condition Of tse Canadians with their overstock Of
silver sincerely believe that man would buy
We're adopted It would 20 down so near to par that tho
Government would then be prepared for the next and
ton on sound and safe basis. as follows:
would have Congress authorize the Secretary q the
OF gold mot than fifty would probably be required
W % P9sS s sS 4R u. sS Ga BY
be returned Ia instameDts At safe and early perodsI
would continue to cancel coupons or carly maturing
bonds, ping up the gold on the shoulders Of gOdspec
ulatOrs, untl they would cry Enonghi' and thenit
would be safe to cay that certain day the Govern
ment would resume specie payments, when gold would
flow the 6ubTreasury like water. During this pro-
would all surplus Rreenbaeks IN tho Treasury
I'm precisely the as would use the g0ld-ylZ
iscounting the earliest maturing coupons bonds
This would help credit, make money plenty
Keep out Of e Sub Treasury l0here doest belong, and
make things perfectly easy with all our merchants man
uaeurers and other business men, up 10 the very mo
meht OF Resumption" s- .. ..- ...r
We do not feel certain that these results
would follow; yet. if we cannot have our plan
tried, we should be very willing to see Mr..
Bowen's attempted. We agree with him that
piling up gold in the Treasury is a sad blunder
that it constitutes a hinderance, not help, to
Resumption; and hence every foe to Resump-
ton regards it with complacency. One Hundred
Millions of gold in the Treasury makes gold
scarce in the street, enables spectators to
corner" it, and in every way aggrayates the
depreciation of our Greenbacks and depresses
tho price Of our bonds. Make the amount
T,OO Hundred Millions Gas Senator Morton pro-
poses, and gold might command high pre-
MUM by reason of its scarcity in the street,
even though we were on the eve Of Resump-
ton
Yet, while we agree with Mr.. Bowen in wish
ing to get the surplus gold out Of the Treas