Orleans independent standard. [volume] (Irasburgh, Vt.) 1856-1871, 1869-03-30
Resumption of Specie Payment,

Very much has been said in and
out of congress on this subject,
and yet no one has seemed to say
that which others consider the right
thing. Let US try. 1t is evident that
the country cannot undertake to pay
the debt of twenty-six hundred million
Of dollars with its present means. 1t
has at its best estate only about one
twenty-sixth part of that sum. In fact
it is estimated that there is only fif-
teen or sixteen hundred millions of
coin in the civilized world What
then shall be done? What possible
way is there by which we may resume
specie payment? We propose this
plan: Let congress create long loan
with so or 100 years to run; then
stipulate to pay the lowest interest at
which the bonds would be taken. In
England their national debt pays 3
per cent. and consols are worth from
SO to 95 cents in the market. 1t is
said that our bonds would be taken at
3 IL or 4 per cent. if to be paid in
gold. On fair examination let the
interest be placed at the lowest fig
ures at which the bonds will be taken.
That part of the fund which furnishes
security for the national banks ought
not to draw interest-certainly not,
so long as the banks are compelled
to pay in specie. Formerly stock
holders subscribed and paid for their
stock, drawing the profits from loans,
which was the original source of all
bank profits. Specie laid in the vaults
and funds in the cities to meet liabil-
ities-drawing no interest. But I'M
der the present system, banks sub
scribe for bonds bearing I $40 per
cent. interest, or in gold, and this is
their capital. Then on this they make
large loans, doubling their profts.--
Why might not the interest on bank
securities be fixed at very low figure,
or nothing at all? Let our outStand-
ing debt be provided for by a new
loan payable 80, 40, so, or 100 years
hence in gold. Then convet the old
debt into this new one. After this
make a special loan for sufficient
amount of coin to enable the govern
ment to resume. We have three hun
dred and fifty millions, say four hun
dred millions of greenbacks. 1t would
probably be safe to resume if we had
200,000,000, or 250,0OO,0OO. Then
let the secretary of the treasury be
authorized to borrow that which we
have not in our own vaults. 1t is
said that any amount can be obtained
in Frankfort, if they could be assured
that they would be paid in gold again,
1t must be that this great nation could
give that assurance, which if it did
would buy the gold at or 4 per cent
Having obtained the gold and provid
ed for the national debt, there would
be nothing in the way of resumption
by the national government. Perhaps
there would be some necessity of
guarding expectation, yet it is no
likely there would be any unusual de
mand for expectation, certainly M
more than there has been in the past
1t may reasonably be hoped that witt
our renewed and growing prosperity
there will soon be balance of trad
in our favor, when there would be n,
call for expectation. Then the ns
tional banks could resume on tn
credit Of the government. Each dol
lar of the government bills held b
the national banks would be a gol,
certificate in their hands, and as sue
would answer every purpose of gol
IN their own vaults, and soon the ms
chinery would be running smoothly
much more so than before the war. 70
there would be a uniform currency a
good at the farthest extremity of til
nation as at its centre.
Nor need there be any great fee
of a financial crash, as SO many hay
predicted. Goods now held at hie
prices would fall to a certain exten
and farmers produce would necess
rily come down, but their declir
would be compensated for by the LEI
price they would have to pay for e
erything they have to buy, and tt