New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-01-11

over the ordinary, INDUSTRIOUS Hihon III
would not cmharIass the crcdtOr-tho capitast-he
knows how to adapt his business TO every Revision,
monetary OF e9mmerclai ne never hH -, ', t,
bnt if you make one he wei KNOWS now 10 tuIn IL
promptly TO his advantage Immediate resumption
would have shown above Increase the debts If the
debtor class about S2O0OON0 aud add mat much elect
i've capital 10 the creditor class provided the dcDlts
remain able 10 pay il would also. II our sovency under
such incOusderate LEGISLATION ne iened o. maze our
debt at about S65O,0OOOOO larger than 1t now Is
If l,C00,OO0OeO bushels OF wheat VIII now pay
the debt, resume specie payment at once Wiu
make gold the only legal tender wheat must fall as the
currency rises in value, and IL will take 22olOOoe0
bushels TO pay it, making sacrifice OF G0J0OOOOO bushels
Of great staple at once and, as far as can perceive
10 good purpose. IL would not improve onr national
credit. debtor who owes much as he can pay 10y
strictly limiting his liabilities and outstanding his re,
cavl for single hair than by heapiDg OsSa on fcoh IN
his unounded lberality shylock nigrard as he was,
with all his chivalrOuS generosity .
What is said promises made by the Secretary OF the
Treasury and his agents, that the bonds wouid DC re-
deemed IN specie, far absurd that no lespeClapo
lawyer would venture to urge It In court OF justice
attorney, was in the hands Of The whole reaGG public
especially OF the capitalist and BIS counsel VINO eou,a
not fail TO know that the Secretary had no power To
pledge the government by parole, orn any manner no,
written down in the law. He doubtless entertained ana
be resumed before tie bonds payable but the
ton is certainly under no obligation to bankrupt IT
self, aud add It's whole wealth for ages to the already
enormous profits of the capitalists IN order TO make good
the prediction .
This settles the question as TO the right OF the United
States TO nay bonds in legal tender notes II nothing
more acceptable To the debter and creditor be agreed
on | wGnld then prouose that the Secretary Of the
Treasury be directed To prepare aud hold for delivery
81 COO in bonds payable the option ofhe United
States at any time after the expiration OF 40 years pear
ing an annual interest Of four per cent payable semi
by law he pnycnt OF gold for the customs duties AID
pledge their proceeds for the payment OF interest Oh @
bonds until they be paid and reliICd-hd Dy pruaont
act appropriate the proceeds Of those duties 10 the pay
ment OF such interest during the continuance Oh tho
bonds and authorize aud require the secretary OF 'c
Treasury, without any further act oil appropriation 20
bonds from taxation by the United states ana
aud all municipal corporations In any state on Territory
or district within the United states 49,,
would make the pledge the customs ana appropriate"
absolute enduring that no further legislation would
lime when they should he finally paid aud rered-so
that there could bo no negligent liquidation ny inc i
ure Of house 10 pa OF the PRESIDENT To S. gu
propriatiOu bill and uH active reputation, unless Tue
President and both houses Of Congress should concur III
degradation which we may safely pronounce lmP"sshie
The scnanu9 raynent OF ne interest would d ma ns
r, 1 I' b1r1s rgcy wCud he The hest money sccu
rites IN the markets of tbs wordsaor aud exposed 10
fewer risks than tie British coIsos and better 10y thc
one per cent cXccS, OF interest.
And would direct the Secretary Of the Treasury to
retain or issue the requisite amount q tender notes.
1902 at the Treasury the Isl Of May, 1862 in legal,
tender notes or ia fur per cent lOfyycar b1ad scctel
at convenient point IN Europe the foriyyear bonds
the hvetwcntiCs, whether tie latter be payable or
not making allowance for the excess OF interest ON me
fyc-tWcutiCs where they not yet payable, ana leave
the bonds which become payable at future day. aud
which aie not thus CNchanstd,to be au'hon'atNey
AVOID tic ab.urdi,y Of sinking furd. The Wild nm
las fcsuc, ana alway, viii result in nothg u There
be al any time Sarllu5 ~ sne dre9snr air I'yirt III
et il be uado 70 SINK the debt by the purchase OF
us so much I'm bonds the spare fund viii buy and the
That would he made by loaniLg out rs sinking fuid,
and generally it would be in better hands would make
bonds making them desirable permanent investments.
! vi.h 10 nay any mart If tie principal w. can. "a
already suggested 90 into The market and purchase But
ton has enough 81 burden 10 keep down the interest ~
leave 10 to orr children aud srardchdcn who VIII be
much richer than We to pay INC pflncllaL a., 80
In the arrangement proposed, law haS,cning inc re-
sumpon oil siere pap inght WOULD DC - alslut5 cue.
a raising the market value Of 52s above TIE value
Of the bouds we vo.i offer ia oNcianGe Tor ucln ana
We could command the means, IN gold 10 retire them
NV M trade yr@natc ms for tic present as il is much
m0rc y TO be well considered and well adapted 10 The
condition OF the country than law OF Congress Ia nc
ference between crrrecv and gold that specie
mcnt VIII resume Itself without violent fcNui,Ion'
You cannot make or lestcnder notes gqulNnieni u,
god by merely Gnae'ns x JnSs iGc{ or s ia 1
provide the gold with which To redeem them. lhs you
cannot do at present less than six per cent on long
bonds low is credit owing 20 our unsettled hnnh'
It is vainy supposed that II you pass law for the I'M
mediate payment IN gold Of orr hgl-icndcr note the
commercial world viii at once consider them as good as
gold and that they M" continue 10 circniaIe' MloSt
70 resi- on tai' eS'' ,c I'm coincidence n, tt c
u.uug ability Uf the Treasury ana that large holders
VII 3e. ~ irsCI hfore Gis Tofes reaci tLc
Treasury. II such should pruyc TO be the case and
think IL WILL express trains will bring hem very rapidly.
No ought 10 be surprised II hundred millions
! be presented III The GIst Ulcc days after
Tic bill becomes law. In 1916. Great Britain through
Ter Bank OF England after . years Suspension, being
isI i'm sold tried tie cXpcriulcni IN tic lie vain hope
and with favorable prospects; bnt The RIM Tor gold
sudden and 50 heavy that Parliament lad 10 m
tefcc hastily, anu 10 save tho credit oi tie bank Tor
bid redeem its notes. On this occasion Nj Pcci,
who had advocated TIC resumption ad thc manlhtos 10
acknowledge is error ana bTihg III the Dill when lOi-
babe the bauk 10 make payment, ana winch cId u S9s-
pended for the next siN years, uiIl me ~" 81 liaue'
potent than law 81 Parliament or OF Congress III
| teIposcd and commanded resumption.
III yoa adopt this mode Of adjustment there is no dan
whatsoever OF excessive increase Of The currency
You viii not have 10 pay ~ curIeLcy ne nan OF 1900
bo worth than currency and viii be taken in pre-
ference 10y Il gaciOUs public; and tie cfcdDr portion
Of The public Is Always s"-ato's' mo ~ kl!ON 90
that the Of large amount OI currency VIII tcnd 20
SGTes rs f fbc s5 Sy w take care ~ not 70
G. inpel an emission that viii much red uce r. Tho OIy
question la NY mind Is whether per cent be not too
large a Of ntcrestt il moro than justice requires
certainly large enough 10 allow you 10 levy an H.
terest free from ali taxes $50 per cent on bond and
mortgage. 1t is more tAa money VIII net n Ohio loaned
speak undeIstandngly-I lent out some money at
speak uuderstanduslY-I lent out some money at
SIX per cent, and received the interest pgrctuay; my
bonds worth par, aud sGlIcturn them for taxation.
ana they assessed for state, and school
SSs Of INCOME tax 70 the United states and
worth now, in gold, s. - per cent per annun netihal
ing the per United States bonds 81 81 per cent
per annum better, an investment, than bonds and
cages NJ six per cent In currency Ia Ohio. On these
premises feel safe in saying that no capitalist would
take dollar IN geenbacks offered four per cent bonds
IN the earnest hope that your in this may
be wise ana iustpfOluOtlye OF the well being Of tho
great people whom you represent, and that II may merit
and receive their apptobation am with great RESPECT
your Obcdlent servant, T. EWING.
Capitol HW Jan. 6, 1869.