, 1869-01-04
RESUMP l10W Of SPECIE PAY.
MEWTS,


loc. Charles suR,tr, L Lied states oru.ts:
IN: A., lne pspsFs anasuneed some l:te time
looklcg to the re-umptton Of spsct: pa. mru:s. I
i mare let ses1 the text Of the nil. aud suppose
tuHt 1t II IN The hands Of i committee, not vet
Senate. "~
whateser NAY be its features or tts distinctive
i.ar ea-rres had engaged your careful attention
~ aavatee IT Ito Introduction. and that sueRes-
WI q hands
dia! approval. With this tdea an uup:ed 10
addrcts Jon ttts t-,ci note.
There are Two plans Of resumption pforu.rcnt
before the conrtfy each CHALLENGING public atIen-
til ard eIdotaentns.
J.: The Plan q Sc: a. Or Nor boarding the
neIt shall be able to redeem thc whole Volume
oi I be fecnhack circulation.
sot =, iae p!ao M ol Horace Gre re'iey-immediato re-
tltntr to individuals or the government. Hash
q p!sna Is open to most tertous and formld.
The plan Of senator Morton Involves the With
drawol Of millions Of Cain 'ryn The channels Of
hat,n Is: not merely ua1l the government shxil
thereafter. Tns ability ard willingness 10 IT,
deem VII, Of lteelf, c1ttEEuith demands upon
,. lns I5catu,y sy fos Eedemptson; In the meantime
mede possir le for 50 lo4g periodf Why not use
VIZ p ,aaynt n.n a e%,nr s8f es s: ae' Il
he.?a ?aa e tBBs'a''s money :;
ns:ely he's au-e two years neuec H. viii D. Cd Il
with TIC moral certainty list hc then can borrow
tn; hame amount At nyc per cent? 1rant that
g mnescc, voulo NOT the process OF locking it np
in the vaults OF the Treasury pr duc- mark d and
'p1Tess,ac TSs s,nst nsy Of The money :nsk.t.
present. naetwsE Of IL a1sisi lesisis;ion. We Va
neheld tse seaflod.ns, tut We look in vain for
TIE foundation Of 4 substantial md euAnrtnp rdi.
lce.
The plar of Hos.cc t3rceIcy may be best Illus
frn'ed ty familiar auecdote Of the poet uo ID. 4
strang' + rcctt ttcc ths poet day in til. streets
cf LuLdon, &c dtessed him thus " have 5ou con
wti;h hcod fepli % have nj nj .tg sDsou eoni:enee
!! the world, rir. but h7r1't the epi nea'' Sir.
Greeley should be duhbca n. Immoriu,. lie
hdence of early childhood. Do would place The
chtt fprieinr, p1ouuctlve and industrious claescs
u:ces nc ieet Of 'he ooniho!d+r, who lives only
w-,esing trust lhAt creditor will accept afty per
cent Of claim ftom bis dcb'ot and .ckno slesce
pbrlDg, sublime, and aiecfs one as mie eht tue arst
ait, q Niasata or tho Pyramids. MAY he return
This ~1ole matter has become 70 cnvelopsd in
Speeches and woody uocuuenlt, that il Is dlEa.
cult tor The common cse to discern ITS real lLsa-
lhaf when the ere n5acks ahall have hesu re-.
det med. The. will be cancelled and destroyed.
Esesysods YIN oe hearily v.a1 to sce thu gov
y
hus tEere must be IN amouut of currency adc-
quite to ef: Ct the exchanges Of the country. We
Low sun.tc 10 meet The wants of oaetasss.
Ihs & r msdy ad demanded q, In my jud2usas, Of u
l. lhc noalnca,ion Of the Natlonsl Banking
s3stsm, 50 a. 10 m+ke II absolutely ffee--uo ap-
porttoItEcn' OF circulation to pasticu 81 States OF
Ifstflttt-hut eLtfc freedom to 4 To q gage In
tnc tnB1nttb Il banking upcn compliance With
the conslt1ore Of tLe law. ths sole limitation eo
gre.1lacEa. Wien this is acromplttael tic
tsLsacent Ind un.11inK law u supply and de-
., Corcuren!ly with this let 1t be enacted
that tie ecc1e'a arr Of the Treasury thall COM
aesoy ia moss II 49, Il S
per month utttl all except bank rase1yes ehll!
I'VE TEN st aurbed.
With 70 option OF earlier payment, bexraz inter
ct 81 lht rate OF dye per cent, into which the
sEeel back may be funded: Two handsed millions
nhtn the wncle amount OF the ereenback
CIRCULATION. except hank reserves. shall h.ve been
the he>t terms i. can, enc: sh cola to lake M The
resefrcs, ano when This II duno let spscie pay
mtLfe be resumed.
backs into National Bank noses Gradu ally and NJ
cas-. stacrf, rcathltEa Uniform currency at onte
,n M s1,ssy Gt saq. any 'io
The appartLt iIdidertpcc Of tae pahllc mud 10
the lega,cE der cases nov pending octorc ths Su-
p7cne Court Of ths United Slite. aftae. from tee
opinion creryw here e1tsrta,ned tha: the coar.
| will Gcehce 10 interfere. With the highest
sTcct Tor the curt atd the most emphatie adtnis
siCn OF IT. juri.c ictIon, mercy utter tsuisn In
saving that the question It rather legislative than
| judtcial III ita character.
Cot tcrc.s, / tpI reneId, will he left to solve the
| PROBLEM u! resumption. 1ts solution, I
| 1h1Lk. ts to be fnuEl In til, con-
! Version Of the erecnhack luto a National
Bsnk note. Il ray be done By, redemption
rails. ana b. funtire, lns bombs !" Issued at. the
pleasure Of the holder, to BE- Used as the basis of
| bahK e.rcust'or- Tne. principe IL vital; de.
tail itnma'trtt'. would in any eSent redeam
ard destroy the crccnhacks as last ~ We src
able. At the sune time would a7low thv
bank note to tase its placc. 1t It Is objected
that the circulation is nov rcduteaat and
| that contraction IL necessary, Will not STOP to
ceEy 1t. The objection ts un1np rT.ant If the fact
| he to-wbich l do mot admit -thtn as the wcsk ot
rentmpticn Hears completion the banks WILL se
tire heiz circulation to meet the ex'gcncr Fali'
iEg to t1irclse thu nccesss rsutence and inrs
thought. the weaktr hanks wilt, under The whoie
sone FtoTistocs ol the law. oc compelled to &C
Into liquidation, snd thcs the equtlt ,riuru W.
be restored witt out loss 10 The tll-aoldcs or In
tQIy to the husress ot tho eouitr{,
Faithfully yoars, B. ]. pRowH.