The Fremont weekly journal. [volume] (Fremont, Sandusky County, Ohio) 1867-1877, 1869-01-15

aInIIIEI.IsI..II a - Id.

the gradual resumption Of specie t4Jf
menfs. showing. how resumption can Zee
brought about without embarrassing
debtors, how the paper currency can be
il made equal 10 gold in value, how to
su6plvt tie banks With coin necessary 70 Z
enable them 10 resume, and how tha
IGoTernment esR Tssume and malntaln
resumption.
+ Without fully sharing the sanguine
lhopes Of the editor Of The Leader as to
the great and good results 70 be ae-
complished by bis plan, there are never. g
, theless many views presented ~ tins
: letter in which we most heartily concur
J In speaking Of the impediments in the
way Of resumption, the writer peril
nently says;
ii HProcrastination alone viii not solve
/, the problem. Tbspsrplexitiss besetting
1.-The question now will continue to beset
1T so long as 10 steps are taken to bring
about safe resumption Of specie pay
ments. To await the accumulation Of
$500, 100000 or more in coin IS
u Eremsdy too slow to meet the exigencies
Lof the case. The CRY Of g commercial
i disaster end ruin" consequent upon re-
snmbtion, viii Be heard 10 the future as
| weli as row, and gold in the future Is
likely to be about as high IS it Is ROW,
/ What then is to be gained By delay
! Absolutely nothing; but on the other
/ hand, Il win continue indefinitely the
| evils we are now staggering under, such
as cloudjBg the credit Of the GoVeFup
ment; causing our bonds 70 ba quoted /
abroad at about seventy ceuts 90 the
dollar; increasing the expense Of carry
/ ibq on the Government by at least $780,
coo, 600 a yeari dsPTiying usof 3 cur
reuey with fixed value, 50 essential 70
enable the business man to make reli-
able calculations with reference to future
operations; and lastly, demoraliziDg the
minds of'msby with the fascaliy idea
that the people in their collective eaPaei-
ty are not bound By the same rules Of
morality in the payment Of debts as
are obligatory upon individuals" "
| He then recommends the adoption Of
a financial programme, substantially IS
follows: Legalize gold contracts; es-
tablish a redemption bureau in New
York, at which NatioBsl Banks and the
Government shall redeem their notes,
each to keep coin deposits for that pur-
pose; the Government to exchange with
the banks IS millions in coin for an
equal amount of legal tenders which
shall be cancelled; the banks in con-
sidsration OF the coin received, to keep
their deposit reserve in new U. s. notes
10 be kept in unbFOken sheets until 6us
year after full resumption, and fifty per
cent thereafter Of their deposit reserve
ID these notes; the Government to issue
immediately new notes redeemable at
the rate Of 10 per cent per month,
.commeneiDg January i 1871, TO be
exchaDgable as soon as printed for legal
tender notes, which notes are to be re-
tired and cancelled; these notes to be
legal tenders only until resumption, and
receivable for taxa at all times and for
customs"days before becoming re-
deemable; the National Banks to be
required TO resume January 1, 1871;
and lastly, the Secretary Of the Treasury
90 be authorized to issue zoe millions Of
bonds, payable in---yeaFs, drawing
per cent, interest and principal to
be payable 10 sterling in London on q
certain portion, on another potion in
thalers in the city Of Hamburg, and the
balance in francs in Paris; these bonds
70 bethnoEH upon the market whenever
in the judgment Of the Secretary, it
may be necessary to equalize exchange
and pay for old bonds that the holders
may desire to send home.
p The foregoing Is condensed state.
mentaOf Mr. CO~lss' plan Of resump-
tiel--l financial scheme which he sas.s
tai1s with marked ability and force.
We shall not here present our own
ViewsO II 10 fuB, but vii simply say
that the immediats lsgalizstion Ct coin
contracts is an essential msNsurs 10 aid
Of resumption, and thatstbe proposition
Of NJ. CosleS to authoFEs the Secretary
Of tbe Treasury TO sell 200 millions oi
q hsw n'pAYsble at London, Paris
anil Hamburg in p6ands, fr<1c anil
tbslprs, is the very best plao yet sug. u
gestT'l to obtain gold lor the Treasury
snd mOuey at the lowest possible rate.
Of interest with which to pay off our
SIX per cent? bonded debt We DO not
believe ia this New York City Reder6O
lion Bureau either for The Natioual
banks or The Government IS its chief
md would be to afford facilities for rbe.
Wall street speeulStors to exchange
heir greenbaeks and bank notes FOR
so:n dwiEhout trouble or expense to
themselves. A man who can get gold
or his paper notes by walking ACROSS
he stree; is mors apt TO present them
or redemption than if he is obliged 70
ncur an expense Of one or two per
,ent, by sending them to another State.
Phe fact that the bi Is Of the National
'auks are so widely scattered over the
ontinenb gives US the best assurance
hat they cannot be collected and pre-
snted for payment at the counters over
Thich they we're issued, in such quanti-
les as TO exhaust any reasonable supply
{ gold held for their redemption. To
ford gold gamblers special facilities for
sitting at the gold in the banks aud the
'reasury is entirely unnecessary at
oipt Ike New York.