New-York tribune., 1869-03-25

eou,val.p to gold such ene:5 viii at least prevent
tie danger Of distress loss which many persons fear
would attend the return OF specie payment by the
Lutte and direct withdrawal OF apart VI tho clfcuins
medium Al present the volume Of the currency consist.
ing wholly OF crsdit mere promises to pay az
fixed QasDty without any c,1eG TStsrenss & spe & cs'
ing demands OF commerce BY the Substitution Of com
pOun interest notes this necnary w no longer & Ss
introduced into the eurrencys cemtpetal force pe to
there T BE d aa W psf
centrifugal force. because the events OF trade the u
mand for money w be certain 70 s out hnese @ reey
needed This desideratum SO oearnesy conended ior Ny
SO many persons will be certainly secured
Tdh But another point worthy OF special notice the
very gradual manner in which the contraction wiz n9
effected At first only ten millions Of the compounds Will
he issned and these will be distributed broadcast
throughout the nation. Gradually as they al INTO to
hands OF those who do not need them for immediate use
they will be boarded Another aud still another monthly
instanment will be sent out received ana treated III e
same way; but not dollar OF II be absolutely with
drawn from use until the end Of too years. and then only
at tho rate of ten millions per month and IT VIII pe
Sny Smyuna az oap De faded, while the entire three
hundred and sixty millions cam and II needed, WI
There can be no doubt however that the cOntractilo
force will be amply sufficient under the plan here pro
posed, to gradual but effective, withdrawn o
large part these after they put In cir,
oulation; but they are thus Withdrawn, prices VIII
be needed for the transfer OF commodities aud therefore,
although the currency is constantly diminishing the de-
the money market " III be as easy as the contrac
tion commenced or such result 10 one Ieat
with tine laws Of money and nancetcan nave the least
HOW RESUMPTION BE SECURED
lit be asked how the resumption Of specie
will be secured when the compound notes nave nave % pee1
finally funded, may be replied that when tnat event vent
has taken place there will be no other circulation tan
that Issued by the National Banks amounting 70 Ss0
required by the business wants OF the country and Will
Of DC neS M % o % S% % av w provide that the
banks shall retain all tne specie hereafter re-
ment and II need the banks may be prohibited from
holding the compoundneres notes as part OF their re-
sSppT Si With the amounts Of specie
IL w however be found practically that a. the volume
of the gold forced our Of country during the expan
siOn will be returned (as was the case H. l5S while all
banks without effort expense, VIII accumulate all the
specie their wants require
Fit be objected the foregoing plan that 1t oblges
the Government TO pay interest on It's own notes II may
greeubacks funded In some fol IN they must ut
matey be, The Government has promised to pay Jus
it tsbouud in common equity and honesty 70 pay interest
upon them until can Inc pan hgre pro
notes, the floating promises OF the Treasury VIII DC
ef1e % m ,nnd ~ L. bemeyed highly satisfactory 30 the
public Certainly. IL will be an economical arrangemsn
gain largely by tho operation since 1t must result in
rad restoration OF the National credit 10 that point
at which the phole public deh may be consol,
ner cent For want OF q well settled and Judi
eious pollcy for resuming specie payment the
nation Is no losing than t gains In the annual IN
terest Dnn some Of its circulating notes Un
less fhe country suffer for indefinite period, an
the disgrace aud loss lnseparabe from deprecated credit
miles, II IA 10 be given to all the evils and dangers
incident 10 an irredeemabe cnrrency-sOme definite and
efficient measure must be adopted 20 secure It's restora
ton 10 the speee standard The foregoing plan s there
fore submitted with great Difference yet with entire
confidence 10 your consideration In the belief that SINCE
N does NOT arbitrarily withdraw from the people dol
lar OF currency simply permits them 10 invest their
greenbacks IL they choose IN e course OF nve years IN
fenfory bonds IL likely 90 be approved by the
iaw-making power, safe and practical and In
With the OF trade aud the Industrial In
erests Of the nation than that has thus far been
sented To the attention OF Congress.
Faithfully, your friend, ANAsA WALKER.
Washington, March IL, 1869