New-York tribune., 1869-01-21
a PRACTICAL SOLUTION OF THE FINANCIAL
PROBLEM.

| TO the Editor Of The TrfbunG
| SIR: While so large an amount OF talent,
financial learning and political dignity has been engaged
discussion Of tho questions relating to our naona
finances, dispassionate observer who has given some
attention to tho subject begs to suggest that the
eminent gentlemen who have discussed the subject nave
strangely overlooked the simplest and safest possible
solution of the problem racked their ingenuity for
difficult and expensive methods Of performing one OF the
| simplest and easiest duties Of the Government
There Is no necessity for accumuatng hoard OF gold
In the Treasury before esumng specie payments There
is no necessity for Withdrawing dollar OF our present
circulation issuing interesbearng notes. Tnere
is no necessity approprang large sums to pay on
our bonds; and above ALL there is necessity and can
be for destroying the leRal tender VI
our greenback currency recommended by MI McCul
ioch.
cy and incapable OF producing any good effect lor they
utterly fail TO relieve us OF the only dfhcuy WHICH re-
What Is the trouble our greenback circulation is en-
tey satisfactory to the people Or hey can get s
Of 10 except In one respect-lt Is IA @
tain.
value and give US enough it pay taxes and do bus
ness (which have not at present. and everybody VIII
be satisfied Can this be donei Nothing easler-a Con-
gressionai enactment Of 20 lines could do IT, stop
TO Government sales OF gold at variable prices ana enact
that greenbacks shall be redeemabe at the Treasury at
the rate of 10 cents to tho dollar, and shall on the
first day OF every month"; command DaI OF
month until they thus rise par This will bring us to
specie payments par four and half years at half
per cent monthly advance in eight years and four
months at third per cent advance or, 10 vary the
phraseOlogy say that gold shall be exchangabe for
greenbacks 100 for 33 1884, with monthly decline OF
half third per cent in the difference, until equay
should be attained At our paper money is fixed In
ITS value, and gold gambling Is at an end.
This plan requires gold accumulation Tor there VIII
be upon tho Treasury Moreover the value OF tie
paper being fixed beyond the possibility Of fucuation,
the Government issue much paper as public or 10
cal necessity requires without affecting s value and by
issuing portion OF the half billion, disastrousy sup
pressed by Mr.. McCulloch can give immense relief TO
business and give to manufactures and agriculture
q sort OF encouragement which Is as beneficial as
tariff
We cannot get along without paper money; and when
the furnishes It, the value and the time OF
payment should be fixed beyond tho possibility OF huc
tuaton -.
All changes should be gradual and insensble, which
involve immense interests. II appreciate the green
backs third per cent per month or four per cent per
annum that would be fast enough for the interests OF the
people, and 10 ono would complain. moro rapid
resumption would produce greater disturbance, greater
injury individuals and greater temptation 10 hoard
ing the paper money instead Of employing 1t In useful
business
The more this plan ia examined the more SAFE simple,
and satisfactory It will appear. j. K. BUCHANAN