The New York herald., 1869-01-13


country. excepting only thar held by the creditor
Class. The sole alienation yet suggested is that
such coniscation might be extended over q consid-
cradle period OF tlme-Say two years and 4 half
so that we might meanwhile be preparing ourselves
ior II; IN other words the government ought to de-
prive the large majority OF the middng and labor
ing class OF Its people OF twelve per cent annually
Of their values until onethird OF them are absorbed
for the benefit OF the small minority who are own
suit the intelisence OF an tne House q" by yo any
argument upon tho feasibility or practical
hility OF these schemes. The better way to
OF the methods by which 1t is proposed to accom-
pisa 10 gigantic an undertaking. One says, ssThe
way 20 resume specie payments is to resume.n Sup
way NOS TO be sick Is 70 be wel,n might not the
patient ask his doctor "How am to get well ?" So a
posed for the Union armies to get to Richmond was
'On TO Richmond" and trust may not be cOnsid-
cred as malicious In calling to mind that our armies
ton, which resulted in such disaster that to he
hoped those who blindly advocated it would never
again dogmatize upon any subject the difficulties OF
otner proposition, coming nom q s0ufce we much
respect In some other or the branches OF political
shall be resumed on the ist day OF July next but We
are not told now the law Is to be executed passed.
u was loosely said many years ago that while an
make ones uncle his aunt. fancy there would be
an equally insuperable diniculty IN compelling by
c acs ef Congress the payment Ct par Of seven hun
when there are but one hundred million dol
lars capable Of being used for that purpose.
Another learned, able and intelligent gentleman
for whom we oil entertain the highest regard
IN speech OF great power. supports u
bill embodying plan for the relief OF our financial
dinicuttes which would he perfect were 1t not i'm
possible. Stripped OF the halo thrown around II by
his logic and learning it proposes that tine govern
ment and banks shall return to specie payments by
boarding gold enough with which to do 1t. Granted
but how Is the gold to be got by borrowing SIM
ply For although the government may hoard the
gold Is In fact obtained by its merchants by borrow
ing 1t with government notes At thrty-fye per cent
discount Whatever deficit OF gold to carry out this
scheme cannot he obtained by this process is TO be
borrowed on the government notes for thirty years,
sold atsuch rate OF discount as foreign bankers may
choose to impose. Now, specie payments, II they
can be maintained, 1t will be admitted, win make all
our public debt with its high rates of interest," equal
to par If not at premium In gold. The fault In the
greenbacks we must sell at thirtyfve per cent less
on their face and how many bonds we must negotiate
Ourselves In condition 20 nav both greennacks ana the
bonds, which we thus sell at par Dtiierentia cacu-
us might work out the problem, but plain arithmetic
u entirely inadequate to the task. Besides as upon
the best authorities there are only about fifteen
hundred millions OF specie currency IN circulation In
ali the nations where our bonds have been or Will be
taken an investment, or indeed, in the civilized
world. IL we should succeed In locking up three
hundred and fifty million dollars Of that, twenty
per cent OF the whole currency of the world, should
we not make what in technical phrase Is known as a
corner" on the rest OF mankind in CON parison
with which the late performance 10 that line OF the
Erie Railroad and New YORK bankers would sink
into merred tnsgnihcanceS
Again, suppose by this ingenious and novel process
Of borrowing we were to return to a state OF SOL
the phrase OF those who insist that
illegal tenders are deprecated, failed paper, because
not paid on demand-i e, return to specie payments
TO the state OF currency before the war, could
that condition be maintained? 1t will he remem-
bered that before the war the government received
all Its dues and paid all Its expenditures IN gold and
silver only, amounting to from sixty to seventy
In the country, as Is estimated, some two hundred
millions yearly received and paid out and there were
sive Of what was boarded, although In 1850 there
were but eighty million dollars In the banks.
II cannot have been forgotten that such use oy the
OF four caused great financial distress whenever any
considerable accumulation OF It fingered in the vaults
OF the Treasury nsOmuch that the secretary OF the
Treasury, on more than one occasion, was lmplored
by the merchants to set free the gold even by buying
United States bonds at thirty two per cent premium,
which was done TO avert financial crisis. The
learned gentleman upon whose scheme am COM
menting IL understand him, proposes that there
shall be introduced into the country for circulation
we may believe to be large estimate, exclusive OF
the amount boarded which, for obvious reasons is
before the war The receipts aud expendi-
lures OF the government must now be annually
say three hundred and fifty million dollars.
or sum quite equal to all the gold assumed
by this plan to be in the country. II before
The war the use by the government OF one
purposes, unsettled the business Of the country,
what must be the eject OF the use by the govern
ment under this plan OF every dollar OF specie In cir
culatiOn. leaving nothing for commercial purposes,
II We have u currency based ON specie
WE MUST WAIT AND GROW TO A RESUMPTION OF
SPECIE PAYMENTS.
Time win not permit to me further examination OF
TINS ana coanate plans for the resumption OF specie
payments II return to specie values s the only
remedy for our financial evils, then there IL but one
plan, In my judgment, by which 1t can be accom-
must wait and grow to It, By the industry
and economy of our people; by the development OF
our resources by the enterprise OF our business; by
the extension Of our commerce: by the produc-
ton OF the precious metals: by reducing tmporta-
tions the only method by which we can keep specie
at home by retrenchmcnt OF the expenses Of govern
ment, both State and national: BY the relinquish-
ment Of al hazardous and doubtful enterprises, we
must accumulate sufficient wealth 70 bring back the
tlonal bonds held abroad, to which may
be added an equal ike amount Of State
and railroad bonds also held there and thus stop the
lion now sent abroad year by year TO meet interest
alone When this Ia done we may with wisdom return
TO specie values and specie payments without serious
financial disaster and commercial ruin. But this time
Will come only when gold and silver from the plen-
itude OF its production Will have deprecated
10 our values not we appreciate them TO the present
value Of gold and silver But while we wait the eff
feet OF our increase OF wealth IN bringing back TO
cial evils from which we suffer so much that even
now commercial panic Is upon usp The questions
still return TO us, what meanwhile shall be the cur
rency OF the country What can we do by legislation
to insure its stability and give II easicitys And how
can we reduce the rate Of interest on the public
debit and thereby lessen commercial interest," 40 that
we can cheapen our productions to compete with
those Of other nations Of the words Approaching
the magnitude Of these topics fully aware
OF the difficulties that bristie around the
adjustment of such questions, with great
dindence a. TO the full comprehension Of the
details TO be cared for, with entire Difference to the
matured opinions OF Others, and after careful
thought ami full examination OF the subject have
ventured To ofer In the bill have submitted to the
House several propositions which / believe II
adopted will mitigate the evils OF present imam
cal system, and which, humby hope, may have
~ least merit enough TO evoke discussion, 20 that
the wisdom OF Congress may speedily mature some
legislation to meet the wants Of the country and to
assure II not to heighten that degree OF prosperity
In business which the people have enjoyed since the
passage OF the Legal Tender act OF 1892 In attempt
Ing this have avoided everything which shall give
shock to our present finances or materially change
the values Of property the relation or debtor and
creditor, whether public or private.
THE PLAN PROPOSED BY THE SPEAKER.
Observing that the amount OF LEGAL tender notes
now issued by the government-say three hundred
and my million dolars-are very nearly equal the
amount OF the taxes and duties to be necessarily co..
lected by the government for series OF years D meet
our expenditurcs-at least the variation is not
material DurnOae--I Drop6aa that rAtfrinR