The New York herald., 1869-01-20

To THE EDITOR OF THE HERALp:-
Amid the great shower OF financial "meteors"
with which the columns OF your valuable paper
have been lately Illuminated beg leave TO introduce
few flashes from the eight Of common sensen
Especially am prompted TO this after perusing the
article from the pen Of Mr.. Opdyke, wherein he con-
cludes that the best policy "masterly inactivity"
Undoubtedly this Is the best policy; but 1t is emil
nently proper that should correct errors hereto
fore committed which can be remedied without
seriously disturbing the prosperity OF the country.
Money representative OF value. II Is that article
with which we pay debts and to have its full value
as money, should be available for the payment Of
any debt. No government Is jusunable In issuing
as money that which IL win not receive In payment
OF every debt due TO IT. and just 80 far a. II refuses
TO take back Just SO far repudates 1t as money
IL 1t reasonable TO suppose that the people would
receive the greenback at greater value than that
put upon 1t by the government which issued itf
The answer must be- .sNo.r Here. then, Ia
the great q s % s o. paper p dSas oar de Sy
the act which authorized Its issue.
NY first proposition Is therefore repeal this restrfc-
tlon and let the government receive the greenback
the same as gold. But, 1t Is said, the government
must have coin; II has contracted TO pay certain
tse people Collectively; the burden OF procuring
coin should, therefore, be public burden, and not
imposed upon one class OF our citizens. Would ~
wholesale grocers 10 furnish the government with
coin be any more reasonable than the present law
recurring our unfortunate fellow citizens who have
dealings with foreign countries TO assume this bur
denS IL Ii as much my duty as theirs; as much the
duty OF one class as another.
Nv second proposition is-let the government pur-
chase the gold It requires; and, OF course,
Thirdly, forbid government sales OF gold.
would add f0urth-Replace the national bank
bills smoney by fictionn with greenbacks. and then
for q "masterly inactivity
The above Is the theory. Now let us look little a.
the practice The Treasury vaults contain AZ present
about one hundred millions IN coin, sucient to last
the government about nine months. During this
period. then, the demand for gold would compare
lively cease that for duties amounting 10 three mtl-
lions a week, would entirely STOP The Rreenback
being invested with all the prerogatives of the gold
dollar would certainly appreciate" IN the eyes oI
that the greenback is the equivalent or gold dollar
as money the question OF redemption Is settled.
Now, there s no good reason why the grcenback
should not be the equivalent OF gold as money
Thc gold dollar Itself is not intrnsicaly worth 100
cents. The former IL backed by the credit and re-
sponsibiltv OF the governmental ~ issued BY the
government. Is u not as good a. our FORMER state
bank bills, which are admitted to have been as wei
secured as possibles And yet there never was
moment when they could have been redeemed IN
coin. Is the faith and credit Of the national govern
ment less than thai OF slater But 10 return. "
the qrcenback can he applied 10 the same purposes
"a goll--l mean as money-who Will demand re-
demptionS And when II can be SO applied
not accept II a. cold No one. OF course, will sup
pose thar anticipate the purchase of coin 20 pay
our enormous debt. Jnder no circumstances can
we do that. The day OF payment is, however, some
distance Off; when II arrives there may he coin
enough for the purpose. But let me propotnd 10 our
wise men more serious question. Can we ever re-
turn to specie payments with our present currency
We nave three kinds Of cnrrcncy;-i, coin; !.
bills s'muneyi by fiction. Who shall determine Tor
US tue mean vAuef !. A. u.