New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-01-28

resumng specie payments-of the fact OF contrac-
on and the unjust determination that exists between
the notehoder and the bondhOder-all this meets my
hearty assent IL is the remedy he suggests we have TO
aeal with Would not the effect Of his measure be that
ne would hoard the gold and the people the
greenbacxs and thus make the contraction he fears
Mhat more profitable investment could any man make
power Of a cents in gold locking it in his safe with
tahy mat IN two years must be worth 81 in gold or
bank sharply contract Its currency and hoard greenback
as the best investment Il could make what prudent
man would dafe Dulld house factory railroad or
barn. with the certain fact before him that the green
backs he puts into his Improvement will be worth IS per
worth Why not hold his money for two years until his
building will cost him. one.third less When the day
all enterprise will be suspended; every bank will
have contracted its currency to the lowest limit
debt contracted in currency, will find tho coin
boarded IN the Treasury-nO representative Of coin in
the appreciation OF the currency, but still by the
artificial scarcity made by the hoarders Of gold All the
sumption inevitably leads contraction OF the currency
by the banks so that when the day came the actual
scarcity OF currency prevented demand for cOin and
this process Of contraction. both in England and the
United States produced the distress and this dis
tress was only relieved in England by the Parliament
curing the loan OF oxchequer bills and new issues by the
Bank Of England.
ent neutrality-suspicious. affecting the construction
Of contracts questions affecting the public debt OF fund
taxation and protection OF banking and the distribution
Of bank orculationa these have been considered and
not embraced them In this bl for the manifest
that by attempting too much likely to defeat any
measure tending 10 the resumption OF specie payments
This primary duty accomplished will solve many Of the
questions, and prepare the way for other measures
submit to Senators who favor this bill whether it Is not
wiser to leave to time to the progress OF events and to
the next Congress deal with other matters vital to
this measure 1t s only in this way that with the con-
fused aud scattered opinions in the public mind, we can
hope to accomplish anything. All these questions will be
resolved wisely II content to follow the example
set by Mr.. Lincoln and by Congress during the
to make haste slowly. Sir, you and /, and
many Of associates, have been here during
all the great events of civil war We have
Senators from their places openly proclaim
have seen only army broken and demolished
filling the streets OF this city and the Rebel flag floating
IN sight Of the dome OF the Capitol We have vast
section Of country filled with armed men, bold de-
FAINT aud confident engaged In fierce for the over
throw OF our Government We were deserted by nearly
all the Governments OF Christian Europe. We have
100000 OF our cOuntrymen slain in battle falling by dis
ease. We have met detection and doubt at home and
suffered defeat again and again. But all this has passed
away. Tho long vacant seats nearly all filled and
now States, then IN wilderness are now represented here
Our flag floats In undsputed authority every part Of
territory All the questions Of debate that
from time to time in this Senate Chamber have been
been made universal We to the great hero
OF the clothed with the executive authority OF the
nation. and bearing with him into his high Office the
hearty good will OF nearly all tho people OF the United
States But thing Is TO be accomplished, and
that is to place public credit firm. enduring fOun
daton that the world may say that this Republic IS not
wanting either In valOr or honor. We may then give
with consciousness Of having performed our full duty
to