New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-05-31
PFSUMPTION,
The ~ Y. Times gives us undeserved praise
Il HO Az
in saving:

KEDUMIIION.
The N. Y. Times gives us undcserved praise
in saying -,
1--WE will do THE TRIBUNE justice; 1t has at least inou
fed one OF its cherished absurdities Not long ago.
was the apostle of immediate resumption All IGaSJ
for DELAY ID secuted niquous all illusions to dlmcu
il derded the invention OF knaves TO resume, We
have but resume was its favorte answer TO an ~,
From this folly IL is one degree removed 1t gives up the
dooms Of Immediate resumption. II admits that there
are some points TO BIO attended 10 before renewing 90
payments and we gratefully accept the ADMISSION tOi
what it is worth"
Ansper-" The slothful man saith, There Is
"a lion in the way.n The TRIBUNE believes
to-day, as ever, that, since the war was ended,
our armies disbanded, and the current Revenue
of our Government rose above its current Ex-
penditures, there has been but one real OBJ
stacle to Resumption, and that is indlsposltlon,
Official and popular. If those who controlled
our National finances had Wished resumption,
it might have been effected so soon as our
crops became marketable in tho later months
of 1865; and so of any subsequent year. 10
resume at season when, though we are I'M
porting heavily and owe Europe large sums on
open accounts we have little to send abroad
but Gold and Bonds, might be more difficult
but we might surely resume next Fall If we
only would. 1t is the too general desire
among the molders of opinion, to have seventy
or seventy-fye cents pass for a dollar, that
constitutes the real obstacle to Resumption
The Times continues
'Touchng the required prelimnaries our cotempora-
rvs mind is ever, mudded The great point 10 be
gained at the start is the funding OF the debt at lower
rate OF interest But the funding OF the debt will not be
possible until after resumption The holders Of SIX per
bearing per cent aud, before the Secretary can
compel the exchange, he must be IN position TO max
redemption In coin the alternative The higher e pteW
ium on the present bonds be forced tho less inclined VIII
nnG rcra1 coercion is indspenabS and coercion
simpraccable long the Treasury Is not prepared
to redeem outstanding securities at par IN CON-
RcpIy.-No, neighbor there is no "mud-
dler in the promises, whether on your part or
on ours We want to get back TO specie pay
ments so soon as possiblc wherefore we back
Secretary Boutwell, with all our might: you
want TO postpone Resumption indefinitely; so
YOU fight him with all mannerlof craftily con
trived missiles. You see, as clearly as we do
that il the Revenue is made to considerably
exceed the Expenditures, and if every dollar OF
surplus is promptly applied to the purchase or
payment of Debt, making Bonds scarcer and
scarcer and Gold abundant in the market it is
not possible that We should not march steadily
and surely on to Resumption. That effected
and Bonds still growing scarcer daily While
will be rcdeemable at the Governments OPP
tion there can be no difficulty in reducing
the rate Of interest. All that will really be
needed is the floating OF an american Consol at
fraction ADORE par That done, the story Is
! told. Holders Of Fiye-Twenties that have run
| five years or over will be notified that the
! Treasury is ready TO pay them of, and that
| they can have the coin or ConsOls at Their
option. II the Consos arc selling ut one per
cent, n half por cent OF even quarter OF
| one per cent, above par they will all choose
the Consols; or, il any should not the Treasury
will sell Consols to others and pay him the
| cash. That is all the coercion there will be
in the premises
| Tile Times now strikes out wildly thus:
The Treasury again cannot hope for resumption until
specie reserve Before It think Of offering TO each
holder Of greenbacks coin consos therefor s STOCK OF
gold should large Nothing will reconcile the pO,ses-or
" greenbacks them after thu offer OF coin shall once
have been made except Gony"n ft con nay GG
inspire this confidence To proclaim resumption under
THE TRIBUNE dcprccaics. aud TO Tecltale CONFUSION
| OF the worst kind
Rcply.-The Treasury has been full of gold
| for the last three years; but this has not pre-
vented its promises ranging Mt from twenty to
! Gfty per cent discount On the other hand,
| the British and the French Governments have re-
peatedly, within our recollection converted their
bonds drawing a higher into those drawing q
lower rate of interest while they had scarcely any
reserve OF specie at all They did this by the
simple expedient of offering their creditors q new
security worth little more in the market than
| the cash to which they were entitled, when
| they all preferred the security; or, If any did
! not, others were glad to take tho security and
! furnish the needed cash. Any strong Govern
ment, with an ample Revenue and dwindling
! Debt, can do this he must be q very clumsy
fnancier who should fail in the attempt, or
who should require large reserve of specie
! whercwith TO effect it,
| Tile Times now expatiatcs on its latest mis-
conception above quoted, and concludes;
"The gradual appreciation Of the currency, moreover,
Tel Us what Inc national epreSey !, Worth and there
will he difficulty In determining the improvement or
price OF bonds Judged by this standard, Mr. Boutwells
measures have not been success The currency Is moro
deprecated than when lie began his work. and this single
| fact outweighs columns of partisan praise"
Reply.-.When the captain of the Scraps
hailed the Bon IIommo Richard to inquire if
she had surrendered, be was answered by Paul
Jones that he had not yet begun TO fight.
Mr.. Boutwell, is in like position. lie has been
Secretary of tho Treasury little over two
months. lie has not yet fairly begun to put in
execution his declared policy of employing the
surplus IN The Treasury 10 reduce The National
Debt He has more coin Oh hand to-day than
he had when he took command, not having
sold so much as has accumulated meantime
in his vaults, IL laDDcns to be a time of year