New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-01-22
RESUMPTION or SPECIE PAIMENTS.

FIELDS PLAN DEBATED
A snecial meeting of the New York Chamber
of Commerce was held yesterday afternoon Tor inc pu
nose of debating the preamble and resolutions ooIou
Ibe preceding meeting by Mr.. A. A. Low IN reiaiou
Mr. Congressman Garfed's plan for resumng specie "a!
nents The attendance of members was so iaieo t"a
,b. Chamber was most uncomiortably crowded 80
don, william T. Dodge called the meeting 20 oruel' 10y
socrotarv Mr.. George j. Wilson, read the proainole
and resolutions which indorsed anu eAIn
Mr. Garfeds proposition Tor b heO Governments COM
eaCeiInh % scn the gold in the Treasury anu Dy t1o
greenbacks at the current Ec Of me gold dollar by
Ruy each month reducing INC p te1 We're TO com
HS nnner cent Thus, If the GOVeIImvhI IN sell
mence under TINS pan W an the list of March would be
la on Ist April l3 ana so on unt on t9 Iss LILA have
ary. is72 the value OF gold ana sreehD"eA' "'"'D
a. Low in rising to move the resolutions ne ma
Of nances might be divided int three elasses
6e first included many patrloue Slzs h SU 5aeSed
by the Secretary OF the Treasury ana te ny NJ
~ the Reyenue The second class cOnpred men O ho
same intimate views equal patriotism Tut who at the
present moment desired to continue IN state OF mastery
toctVity The third class Included mel who advocated
The frcest Circulation Of money - iniationsts,
regulators, semlrePpdiat9rs gnT ps.d glasses
~ the community and easy to see ny Tho," tiny
were led In the face OF this class anu vi tomnorize
Vim te snbeet Year by year this country was DeIng
denuded of coin, and II matters Kept on 40 Se Wholly
s dstant when the country Wo yHets eIaTmin
5L p It's coin The exports OF spsI re S Se t5e SUB
the National Banks was drlnsiye statement because
speaker then devoted himself to an explanation
Of what would IN ms 9Ps be the eeeS OF ., The or
lection taken by some that the effect would be the inne
date depletion OF the treasury What greater INDUCE i
inducement would be much less Suppose the objection
made the other hand that the continuous appreeA
the effect would be TO equaze the values OF paper and
gold and accomplish ali the good 10 meet te dehclt IN
ttiotfp I'M the
proposed by Mr. Garfield the speaker would have
Congress authorize the secretary, Oi tne i Ileas
or shorter period the full extent OF such redemption
rapidly as goes on Further 20 meet tne want y, V
withdrawal OF several hundred millions OF legA ender
these bOnds shoula DC IeSelieu y .lo 80
amount national bank notes. and st further the Sec
reary OF the Treasury be also empowered receive at
s dcretion Ave- or ten per cent OF Import duties In
legal tender aud TO cancel the same The speaker con-
ton' mat there was enough money IN the Treasury
carry Garfield idea ont and that the commerce. OF the
country could stand the contraction proposed, c.
Mr. Edward 8. Jafray rose and said That MI Car
helds proposition was IN some respects similar 70 ,rat
Presideht proposed thar tho Interest the national
debt should cease and that the amount so saved should
be used 10 pay OF part OF the principal Mr. Garelds
bill proposed that the gold In the Treasury, which had
Deeh set apart aIi ~! We pay 81 .io
interest on the bonds slouu DC used 70 Dy up lega Ten
der or other words, 70 pay OF part OF the principal
faith would shake public confidence IN tho Integrity Of
the Government and excite grave fears that tile Govern
This feeling Of distrust would cause rush for gold and
panic and the entire depletion Of the Treasury would
mentsraduated priceyof gold IN tho second and
succeeding months would consequently % matter OF no
practical importance as the Treasury would haYo none
Tor sale except the daily receipts from duties aud for
every person paying such duties there would be hun
The payment Of duties would probably almost cease
since the gold, held and mouopolzed BY sm9i portion
that no prudent importer would venture 70 take
back from Europe, and coin out every steamer The
AMOUNT 81 uIe YalD91a IL GfPedred 10 lm Air.
Jaray that the plan proposed IN these resolutions vas
gigantic National Bank bound 10 redeem the Tender
Treasury notes In gold at some period other which
had suspended specie payment and IN respect 20 which
necessary TO take some measures 70 make
il resume payment In coin. This error. IL
never INTENDED that the Treasury should redeem the
egatenders in coin. They were Issued at great crisis
the history Of the nation, ana were ia fact forced
loan from the people tho intention Of the Gov
eminent 10 get rid Of tins paper money after the Rebel
first issue contained provision ITS face that tho
holder might fund them 1T n United states bonds,
whenever 50 disposed THIS provision was Omitted In
subsequent issues, probably to avoid the arrangement
that would arise from movement to fund them TOO
rapidly. But that was tho declared intention OF the
Government when the legaltenders were Issued; aud
this, in the opinion Of the speaker, was the only
feasible way OF getting ria OF them Inc National BANK
currency intended 10 be the permanent currency OF
the country. aud II was limited 20 threc hundred millions
Tho greenhacks were Only INTENDED 20 PROVIDE ior inc
emergency that caused their issue, and when That eincr
gency ceased TO exist they were 10 DO converted into
o1g Interest bonds and thus be Withdrawn from
circulation. The Treasury had 40 means Tor the redemp
hOE was 81 AZ apf liberty S 70 use for any such pupoS
All the funds IN the Treasury are specially aPpIotiAed
the expenses OF the National Government No surplus
appCa4le ior ine pulc61" % me 5oiai o1estion was
the eurtament OF the present redundant currency IL
was the Of the currency over the absolute wants
of the community which created the present trouble aud
how that to be remedied, ny an act such as MI.
GsTed " HSton PropoSsS s ch Rgt as fSs
as the legal tenders were withdrawn 40 general rule
people preferred legal tenders National currency We
Should have converted sOO of non Understanding
debt bearing debt at permanent cost OF
t24OOOOOa year to the Government, and should have
granted TO the National banks the privilege OF circulating
the amount, and save an annual Income OF
neld's was q very rOundabOut operation. How
much easier for Congress TO authorize the
Secretary OF the Treasury to issue III each and every
month 100000 Of twenty years bonds, bearing FIVE per
cent interest gold or SIX per cent IN currency to be sold
each mouth TO the highest bidder ana direct him 70 can
Gel the egaltenders received Tor them. In this way In
eight years the whole OF the legaendeTs fractional cur
strOyed. In all probability, IN four years gold would
cease to bring premium nun ,S r Sar@y concluded by
ments by National banks was feasible but that the general
resumption Of specie apy without Td the circulating
trous failure, in destroying confidence, and IN leaving
financial affairs in worse condition Than before. He
fes srsas and hfSfn funding Of legal
tender curencythe funding to be accomplished at the
Mr. Jonathan sturges next spoke in opposition to the
Chamber indorsing any particular scheme. II
for the permanent settlement Of finances lie moved
a resolution laying down the principles as basis, that
the debt when paid should be paid In coin that Con-
ress should legsze geld contracts should introduce the
strces economy refuse all subsidies aud unnecessary
appropriations have the revenue honestly collected,
the surplus in paying on the debt take from the Score
ary OF the Treasury the power 10 initiate or depee the
currency pleasure and TO contract the currency grad
uay, and resume specie payments as soon az possible
Mr. George Opdyke followed In q speech approving
of this proposition and condemnatory OF MT Gareds
scheme. lie said that the uncertainty as TO now the
latter would operate whether there would DO depletion
OF the Treasury OF It's gold OF not would parayze all
trade and industries
Mr. s. b. Chittenden also condemned the GARFIELD plan.
TO his mind, contraction, such as pracced under the