The weekly standard. [volume] (Raleigh, N.C.) 1869-18??, 1869-12-15

Rec - of specie Payne.
Secretary Boutwell,, in his annu,,
% Congress, outsiders at some ]en,.a 'eh
Question of tie resumption of sDes;s sa
mentsa subject in which our .esds e
deeply interested. And while we h''
space to copy the entire reasons as
against the immediate resumption
the following extracts which will sus.
the present to satisfy the public MINI
t" full establish it in the confelsuc. :,
ability of the government to meet W.
Liabilities, and at the proper time tn W
to the redemption OF the national 20
in coin. 'fe
We feel assured that the positio, !.
ed by the Secretary is proper n,
will have tendency to quiet any fes,'
may have arisen in regard to tbi,
inere is we humbly submit, no re,.oa '
existing why the government promi'..
pay are not as good as gold and silrsr
But, we prefer to let the sesret,,.. ''
speak for themselves: ~ neS|
1.-THE ability of the country :,
specie payments will not be due to ,a ,s'an
clal legislation upon that subject, bpl y ' ?
condition m of its industries and =. it, :, a.
cial relations to other countrie, ~ 81 anl
course co will be more or less depsuds aass g.
the general policy of the Governm nusn' 'pa
war exhausted the country of it. m.,. IL
wealth, and the States of tho g IL! material
. a'ofa III, Impoverished A necessary eo nst
ton Tor the resumption of specis =, sOndl'
was the development ut the iDdn., pAy@ = !,
nation both South and North, and ~ u 'nI
sequent accumulation OF the movsb,. NJ ~
ducts of industry to such an extent tho.
exports of those products should h. .oa
substantially to our imports. So lopo :,
IS necessary to pay for merchandise imDo.
ed by the transfer of Government bond.
other evidences of Indebtedness tn ,n
Countries $" long it will be impractic,b
10 resume and maintain specie payment.
When the products of industry exUsr.
Shall be equal substantially to the pro5n,
OF other countries imported there will
no demand for specie for export. ero'
what may arise from the circumstances ~
our bonds held abroad are sent homo ~
in our markets, and the proceeds emu
in coin. When the credit of the ca,n,.
shall be fully established in Eurons
there shall be no doubt either Of Our ,b,y,1
u disposition to meet all our oblipa,o,]
bonds heretofore, AMI now to larpe -
ent, held by merchants and bankers will
transferred to capitalists for permanent /
estment. When this change shall b.
AIKEN place the prob bility of our secsds
eng sent home under the influence of
tical or financial disturbances in Eur,
'ill be very slight and when, as copcr
ng facts, our exports, exclusive of pub
'curities. shall be equal to our impOr
'ecie payments may be resumed witho
zen a temporary embarrassment to the bD
less of the country.
1t will not be wise to resume specie M
ents while SO large part of the intsls
'aring debt OF the country is represere
500 bonds, and held BY European m,
Iants, bankers and manufacturers.
Our course. it seems to me, is plain. Eva
easure of the Government bearing UNI
e subject should tend to appreciate d.
'lue OF our paper currency. II is prub,H
at some decrease in the volume OF pDs
i'll ultimately be necessary. and theretg,
spectfully suggest that the Secretsrv
g Treasury be clothed with authodty f
duce the circulation of United Stats
ties in an amount not exceeding two mil.
ms of dollars in any one mont. thus
IL the country be brought, gradually it
~ be, and yet without disaster, into
ndition when the resumption Of specie
yments will be easy, if not unavoidable.