New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-01-13

ua by the use OF capital costing not more than four or
al most hve per cent per annum while the capital used
IN producing cotton costs twenty -four per cent thus
making direct discrimination against our producer OF
quite sufficient profit Oh the business The high rate OF
Interest which raises the value Of all our productions,
ana the liked limit 10 Out currency. which Is taken ad-
vantage Of TO produce financial panies and distress, i'm
perayey demands the most prompt and efficient RENE
dy IL can be neither denied nor delayed with safety or
justice 10 people individuals or 10 the country
nation Impressed with the necessity for some
amendment OF our financial system to eject these OBJECTS
st must remember that every great sudden change
in the finances Of the country has been, it
business. paralysis Of Industry, and disaster. This
consideration ought to crcnnscrbe our action within
somewhat narrow limits The only comprehensive rem
edy for the niecties OF currency and financial con
dton that has been proposed far as know IS tnat
we should resume specie payments at once Oh az SUM-
period or remote or other words. that we
should return TO the currency existing before ,ne wal,
with the substitution only OF the naoha loT the STATE
banks. e. that the Government should conduct It's al
fairs by the receipt and payment OF specie and tba e
banks should have In their vaults Oneiourth OF t1e
OF their circulation in gold thus TO be IN eon-
ton to profess 10 pay specie 10Y teIr 9iIs NeH r, u
n be done. Of course would bring every United
States bond at once to par in gold, as well as an ega
tenders, II the return 10 specie payment ny te &
ment did not presuppose the substitution OF gOu io
them No one doubts that however soon OF iate
change effected 1t must cause the greatest IA
OF values In every species OF property eXSet vev
h hSanS' 16e G9Derhmemfd "Hu ns9pnreciated say
so per cent; all other property would
with the present rate Of valuation Such an unsettng
of values the world has never seen nor any ha1oI GU
ID
tive act of onehrd Of the value Of all the property III
the country excepting that only held by the creditor
confscation might be extended over considerable pc
Rod of say two years and half so thai we ngt
the Government ought to deprive the large majority OF
the middng and laborng class OF its people OF ~ per
absorbed for the benefit OF the small minority WHO are
Of capital loaned at interest wu NOT Insult !he
Intelligence of the House by any argument upon the
feasibility practcabiy OF these schemes Inc Deter
way test them is to call attention TO one or Two OF te
WIN is
undertaking. One says, "Ihe way 10 resume specie
p m be Son man THE wav not to be sick IS TO he we'll"
might not the patient ask his doctor how am TO get We
SO, "a few years ago. one may remember that ihe way
proposed for the Union armies to get 10 kenmOna
was "On TO Richmond and l trust 1 may no.
be considered as malicious I'm calling to mind that our
armies found some difficulties III carrying o9t ine
gcson which resulted IN such disaster az ~ ovor
aS9in dogmatize upon any subject the difficulties of
winch they neither appreciated or understood Ah0ther
proposition, coming from source we nuDn lVspSo ~
some other branches OF political science Is that We
pass law that specie payments Sha'' oS @ re- y w.
LIST day OF july next but We are nov lou Ia aT
TO be executedf passed IL was JOcOsey sad many years
ago thai while an act OF Parliament was omnlpoten yet
1T could not make ones uncle ms aht; a. iluVS tyl
would be equally insuperable di1cn!ty ~ cOinpelhg
by act of Congress the payment at par OF sOoOOO OF
debts due demand when there are put SVVoOUOO ca
pabe of being used for that purpose Another ealneu'
able and intelligent gentleman, for whom we al enter
tain the highest regard IN speeS VI W % tn P
ports bill cmbodylng plan Tor the relleI OF our na
s ce suned Of the halo thrown around by his logic
aud learning it proposes that the Government ana banks
gold enough with which to do It. Granted;
but how is the gold TO be got 10y pOIF4 4s
fhe gold in receives for its duties imports, yet
that gold is in fact obtained by its merchants by borrow
Whatever deficit Of gold to carry out this scheme cannot
be obtained by this process is TO be borrowed gu te Gov
eminent notes for years. sold at such rate OF discount
as foreign bankers may choose to impose nov" speclS
payments # they can be maintained IL NIL ne aGnttsu
est equal to par II not at premium IN gOd Inc idu
the plan TO be that we are not tolu nov many
at
and how many bonds must negotiate at IKE rate OF
discount ON 80 years 10 pace ch S inns sell
at par Dfierential calculus might WORK out the PROD
lem but plain arithmetic is entirely inadequate to the
task Besides upon the best authorities there are OILY
about 81 of specie currency III clreuaOh III an
the nations where our bonds have will be taken
as an investment indeed in the CIVILIZED world, we
should succeed locking up SO0OOO Of that or 70 per
cent OF the whole currency Of the world, should we not
make what in technical phrase skuown corner" on
the Of mankind in comparison with winch the late
performance IN that line OF the Erie Railroad ana New
York bankers would sink into mered insignificanee
Again, suppose by this ingenious ana mover process Oh
the phrase of those who insist that our legal tenders
a1s G return to specie payments
currency before the war; could that condition be main
IaneA2 Ii will be remembered that before the war the
Government received all its dues ana PAD al its exPsn,
dtures in gold and silver only amounting 10 rom Sky
10 seventy millions yearly received and paid out ana
there IN the country, as IS estimated, some Two
nnsvc Of what was boarded although there
but 7OO0OO0 In the banks IL cannot nave Deen l9rgo
business saw one dollar of four caused great financial
distress Whenever any considerable accumulation OF
fingered in the vaults Of the Treasury lnsOmuch tat the
Secretary Of the Treasury on more than one occasion
was impored by the merchants to SET free the golo
even by buying United States bonds at 80 pei
cent premium, which was done TO avert
financial crisis The learned gentleman upon whose
there shall be introduced into the country Tor crcu
laton some $3.50 10000 when we may pelete 10 DC
large estimate, exclusive OF the amount hoarded whleh
for obvious and Will for long time be greater
the Government must now be annually say SJoVVOOVO
quite equal 10 all the gold assumed by inns plan
to be in the country If before the the by the
of dollar IN four while left the other
three for banking purposes unsettled the business OF the
eminent under this plan Of every dollar OF specie IN CIR
culatOD leaving nothing for commercial purposes II we
to further examination Of this and cognae plans for
the resumption OF specie payments II return 10
then there is but one plan. In my judgment by which
1t can be accomplished aoe must Wah and
S SnP people Go By the Of
sources by the enterprise Of business by the extern
metals by reducing importatlons, the only method by
which we keep specie ct home; by retrenchment Of
the REIMBURSEMENT of all hazards and doubtful enter
prlses we must accumulate sufficient surplus wealth to
abroad which may be added an equal like amount Of
State and railroad bonds also held there and thus stop
the annual drain OF than $00OOC0O of bullion now
sent abroad year by year TO meet interest alone When
values specie payments without serious financial
disaster and commercial ruin. But this time viii come
only when gold and silver from the penude OF Its pro-
duction will have deprecated values, not ap-
preciate them TO the present value OF gold and silver
But while wait the effect OF increase OF wealth
in bringing back To specie values what shall be done
20 remedy the financial evils from which suffer
much. that even now commercial panic Is upOnus 2
The questions still return 10 what meanwhile shall
be the currency Of the cOuntryi What DO by
legislation 10 insure It's stability aud give ii elasticity
and how reduce the rate OF interest the pubic
debt and thereby lessen commercial interest, that
cheaper productions to compete with those OF
other nations OF the worlds Approaching the magnitude
OF these topics fully OF the difficulties that brtle
around the adjustment Of such questions with great diff
hdenee as TO the fun comprehension OF the details TO be
cared for with entire Difference 10 the maurcd opinions
OF Others and after careful thought and full examination
OF tho subject have yenluTed 10 offer in the bill have
submitted tOthe House several propositions which / be-
leVe " adopted VIII mitigate f.