The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-12-09

No"of@i uraht Iurtner advocates grauua
restoration to specie payments, and contend
that dollhouse system OF forcing would spoi
the fruit in the ripening. But from FIRST TO las
the leading ideas OF General Grant are Il
increase the supplies in the Treasury from
existing resources, to cut down expenses In
every available thing and to tighten the exist
Ing burdens upon the country.
How widely different IL this new financial
scheme Of Mr.. Sumner. Upon the three hun
dred millions OF currency in the notes Of the
national banks now in circulation the Treasury
loses eighteen millions in gold, which these
banks pocket. Upon the same amount
of greenbacks the Treasury saves
eighteen millions in gold. Yet Mr.. Sumner
proposes at the rate Of fifty millions currency
year, in the supplies to new national banks,
| to absorb the four hundred millions of green
backs in the six per cent bounty of these
banks, and thus increase this loss to the
Treasury from eighteen to forty-two millions q
year in gold. And one Of his reasons for this
plan of operations is that it will ''reieve the
country of the whole greenback system" and
''hasten tie return to specie payments"
''Hasten." There is fallacy in tho very
word but how the plan proposed is to hasten
specie payments we cannot divine. The Sena-
tors reasons are mere assumptions. and we
think they are delusive and absurd. Suppose
we try the opposite system Of abolishing all
this national bank currencJ aud substituting
phao ko IL hvudrod mil
lions Of currency the Treasury will thus save
forty-two millions year in gold-a saving
upon which the internal revenue tax upon
incomes from salaries might be utterly abol-
ished with still clear gain of ten millions
in currency to the Treasury. In other words,
we pay in gold now eighteen millions, we will
say, of our income taxes on salaries to support
these national banks, and Mr.. Sumner pro-
poses to increase the cost of these superfuous
institutions to millions more than the whole
revenue from such incomes.
The Senator, then, to use homely phrase,
''has the wrong bull by the horns" The forty
two millions which he proposes to take from
the Treasury for the benefit Of these national
banks should be taken from these banks for the
benefit Of the Treasury. But there is a higher
and broader objection to these banks taking
root among the people, 1t is the same objec-
ton which resulted in the overthrow of the
old United States Bank Of ''Nick Biddle' in
his conflicts with ''Old Hickory" These banks
threaten to become sort Of political olgarchy,
like ''Biddle's monster" and its branches, or
like General Jackson's pet State banks to some
extent. Heaven forbid that we should re-
turn to the wildcat State bank paper money
system which was extinguished by the late
rebellion. But the g-eenback furnishes safe,
uniform and satisfactory currency to the coun-
try, and it will save to the Treasury in gold
forty-two millions year, as a substitute for
the scheme Of Mr.. Sumner. As for the ma
tional bonds, under General Grants policy of
redemption, they will so off fast enough with
out the aid Of these national banks. We dare
say, too, that Mr.. Sumner in due time will
discover that his curious prescription for has
tening specie payments is among the impracti-
cable vagaries of fancy fnanciers.