The New York herald., 1869-01-22

than during the time OF specie r'-cu' alton. Gov
deprecated currency-and the sooner we return
% specie basis the better for the country. n the
gold Ia the Treasury Is to be used IN the redemp-
longer or shorter period, to be received by the
Comptroller OF the Currency as basis for the in-
crease OF circulation. In avoring this plan mr. Low
argued that our evils do not grow from circulation,
bus from bank expansion
The Commissioners OF Internal Revenue has shown
that while we abstain from q return TO specie pay
ments the rich made richer and the poor poorer.
Mr.. Low then said that although attempts had been
made 20 deny this. yet every rieht-minded man
knew that the commodities of life, house rent, &C.,
had increased In price in much greater ratio than
had the wages OF the poor worknginan. He :argued
that 1t was not the duty OF any commercial comnu-
nifty to hamper the government in its efforts i,-
prove the condition OF the currency. He believed
that when the government Is ready to begin the re
demption or the greenbacks the people would be
found ready to acquiesce and aid 1t in the effort.
Garfield did did not not favor Contraction BY canceIia.
tion, but by redemption. We do not need war,
ne SAID, 70 take away our gold. Unless we do
we shall be impoverished before can realize the
fact. When Mr.. McCulloch was contracting at the
rate OF four million dollars month he was stopped
by Congressional action. The way to abrIdge our
uiculties Is TO retrace our steps, Congress should
,sgslsa.e and that at once with view TO an early
ms plan would meet with opposition. No plan that
ever was proposed that did not meet with opposi-
lion, put this opposition comes from denoraliza-
ton Which prevails In the community. Mr. Low
tnen closed by referring TO the sime made by Mr..
OpuJke ~ inc previous meeting, that we were stand
ing ON the brink of the great cataract and did not
know what to do. Mr.. Low said we knew that be-
hnd the cataract was the river and behind that the
lake, tne sae home OF our commerce, AMI II we arc
gliding toward the cataract must, II we would
be saved, 80 back. One man In the boat recon-
mended that they pray, another that they pull but he
recommended that they both pray and pull and pull
altogether until we are back again on the safe and
peaceful waters whence we had drifted.
Mr.. Low was applauded at the conclusion of hfs
argument, after which
Mr.. E. $. Jafrray read an elaborate document in OPP
fn fhn 1nrsf Af at.hr Cvnt.s .sffaxJ
Dy Offering the following resolution
Resolved That this Chamber petition the Senate and House
the anG 81 s snsa 9 or
and that they respectfully that the funding saey
month until the whole four hundred millions
Mr. Jonathan sturges did not consider the plan
az proposed by MT Low was practicable and believed
found which would agree on the subject OF the re-
turn TO specie payments, and offered the following
gress " basis Of action for the settlement Of
l. Declare that when the debt Is paid it shall be
paid In coin.
2. LeSaiize gold contracts.
3. Introduce the strictest economy i'm every depart-
ment OF the government.
4. Refuse all subsidies and unnecessary appropria-
tions.
s. See that the revenues are economically, ener-
geticaly and honestly collected.
g.. Use all the surplus revenues in reducing the
Z. Take away all power from the Secretary Of the
Treasury to make money plentiful or scarce.
s. Let the people understand that while thev need
not fear rapid contraction 1t VIII be dangerous to
rely on indefinite suspension.
8. Control the currency moderately the first year;
next year determine whether the country will bear
more rapid contraction.
10. Reduce the taxes so as to leave only surplus
revenue sufilcient TO pay OIL annually reasonable
amount OF the debt.
IL Resume specie payments as soon as rigid
adherence to the above policy makes It safe to do So
Mr.. Sturges argued briefly in favor Of his resOu-
ton, and concluded by saylng:-sWe cannot return
to specie payments by passing o resolution that we
VIII DO so any more than a man can pay his debts
by passing resolution that he does not owe any
thing. There is but way to accomplish this
ly and safely, and that IS by strict economy on the
part of the government and the people, inducing
more production and less consumption. exporting
more and importing less"
Each Of the recommendations as read by Mr..
Sturges were loudly applauded by the gentlemen
present.
Mr.. Opdyke followed with short address. favor
Ing che views OF Mr. Jaffray and he In turn fol-
ges. Mr. s. B. Cbittenden then followed with an
eloquent address, II which he berated severely the
system OF national oanks and asserted that 1t was
no more possible for US 70 return TO specie
without contraction than 1t was for Mr.. Opdyke to
leap Niagara safely. He urged moderation and pru-
dence He stated that OF the 1900 national banks
In the country not one third could pay back It's cap
tai TO the dep0sItors stockholders. This senti-
ment was greeted with "that's 80" from several
quarters Of the room.
Mr. CnIttenden said he would favor the ideas OF
Mr.. Sturges, but IN addition he offered the following
resOlutions:-
Resolved That the contraction OF paper currency the
Resoved That the conraoon * ths authorized
BY Congress In 1855 and l6! produced bad results
specie payments Ignores necessity for
ing the currency win increase the burdens Of Taxpayers and
tend directly TO Reputation and national dishonor.
the matter was adjourned for one week.