New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-01-30
SOME CLUES FoR Mr.. CLEWS.

With Mr.. Henry Clcws, we have no personal
acquaintance, but his reputation is that of a
capable, enterprising, successful and rising
banker We judge, therefore, that he will live
to regret having written a letter on Resump-
ton to the Chamber of Commerce, wherein he
says:
"a calm. business view Of this question will make Il
sPPear pTemat1e as ye 20 PRS IN and nn o Con-
gross there is very inadequate comprehension OF US
~ The Coyernment S90o Oo 800 OF bank
currency and $3.50 900 OF bank deposits making atot
tatives Against these demand liabilities we have
scee6rSnS to the best authorities cannot be
timated at more than tl5OOOO,OOo; and OF this
amount large proportion requires to be kept in the
inc the ability of the Government to pay the s2O 100000
interest upon bonded obligations, leaving only
25OOOOO available FOR the purposes OF reserve against
the suspension OF specie payments the stock OF coin In
the country did not vary materially from the present
aggregated SOOOOOOO SO that with the supply OF
gold as formerly we have three times the amount OF
vided for by reserve Of coin. As It will not be pre-
tended that in speciepayng times we had redundancy
ration remains to be accomplished before resumption can
be deemed practicable undertaking."
Comments by The Tribune.
The Government of the United States owes
S445,OOO,OOO beside its funded debt, and has
some One Hundred and Thirty Millions of
cash (nainly gold on hand wherewth to pay.
1t has pretty substantial income
of nearly Three Hundred Millions per
annum, which we trust is to be increased
after Gen. Grant gets his hand on the helm;
while it ought to be able to reduce its debt by
at least Fifty Millions per annum, and to fund
the bulk of it within the next two TO four
years, so as to save at least Twenty-Five Mil
lions per annum more. Ours is q gOld-and-
silver producing country, to the extent of at
least Fifty Millions, which we trust the Pacific
Railroad will soon increase to One Hundred
Millions per annum while our Industry is in
fair and improving condition. We have
sold, or shall SELL Cotton of last years product
to the extent of Two Hundred Millions, very
nearly while we grew Wheat, Indian Corn, and
Tobacco, and made Pork. Lard, Cheese, &C.,
and drew from tho earth Petroleum, far in
excess of our consumption. Our product of
Sugar, Rice, Iron, Cotton, Wooden and even
Silken Fabrics, is large and increasing; and we
are, on the whole, prosperous and solvent,
though heavily in debt We doubt that the
National wealth was enhanced more cOnsdera-
bly, in any former year than it was in 1868.
Our Greenbacks and Postal Currency are our
National promises to pay, and their fair import
runs thus "The Government will pay the
bearer - dollars so soon as IL shall be able
" to do So" There is no promise, implication,
or reservation, that it will defer such payment
to suit the convenience of citizens A, b, and
c. who have chosen to run over head and ears
into debt.
Now let us suppose that Mr.. Clews had lent
100000 of his working capital to accommodate
a brother banker-Snooks, for instance-and
should happen to want the money. He natu-
rally steps into SnoOks's, and says, IL will
" thank you for that 100000 my dear fell
" low responds Snooks, IL am delighted to
" see you! Take chair and make yourself
" comfortable You want your money, you
" say; and am perfectly ablo to pay you.
" But then, if did, it would create a pressure
" in the street, and make hard times for neigh
@ bors Spinks, Gasser, and Slattery; so, out of
regard for the general welfare, must decline
TO fork over hope you see the matter in
the light | do, and approve my determine.
" tom
Do you think Clews would SEQ it7
Mr.. C's S1.395,O00000 of Government and
. Bank liabilities" do not frighten us in the
east; for we insist that the Government must
DO honest with regard to its own debts before
t undertakes to provide for those of others. |
And the $3OO,OOO0OO of Bank currency and |
s650,00O0O0 Of Bank deposits, are not cumulative
Obligations % 10 represents them, but are |