Ashtabula weekly telegraph. [volume] (Ashtabula, Ohio) 1853-1873, 1869-01-09

RESUMPTION OF SPECIE PAYMENTs.-Much
is said, and a great deal assumed, as to the
practicability or impracticability Of resump-
ton. Thoorizing has almost become one of
the amusements of the day. Almost every one
who has assumed TO lead In this intricate and
devious path, has theory Of his own, through
which he can see very clearly the way to es-
cape from dependence upon deprecated
paper circulation and currency. Editor Gree
ley has theory by which resumption is prac-
ticahle at once, and all delay and waiting for
q suitable time Is 80 much tirne wasted. Our
Representative, who we think IL genemlTy as
sound rs the best of chem, is in favor Of "a
gradual resumption, and Senator Morton is of
the opinion that distinct day should be fixed
for resumption, and the country will shape its
business for the time and the event The
speech of Senator Morton shows that he Is a
vigorous thinker, and his ability and states
manship command the Difference of the coun-
try. We do not, of course, presume to speak
of the Senator's proposition, but give the COM
mcnts Of the New York Times:
Senator Morton docs not propore the
policy Of cautiously trying aud testing
measures which promise well, ii Success
ful, while they can do no harm II unsuc-
cessful but, on the contrary, uudcrtak, I
the whole job at once, and, apparently
must wholly succeed or totally fail.
Tho legalization OF gold contracts
would seem to be the natural forerunnei
of resumption, but to say nothing of hi'
opposition to this, his bill is seriously dc
fective in making no provision against
the return of our securities from Europe
Five-twentes IN foreign hands are "golt
checks" in New York, liable 10 be pre-
sented for payment, or, in other words,
to be sent over here for sale, at any timo
whenever even local disturbances affect
the European money market. They have
beon so sent over 10 the extent of up
wards of thirty millions week, forcing
the gold premium ny Forty per cent. in
that time.
T We cannot ignore this constantly i'm
Ipendmg danger, nor resume specie pay
meno with much prospect Of permaneuce
without provision against it. The hatu-
raj remedy IL to offer foreign holders as a
substitute for their Five-twenties, a Sc
curity payable, principal and interest,
abroad. security of this character
would, as rule, be worth more in Eu-
rope than in our market, and would be
more popular with permanent invest.
ment than Five-twcnties, because Of its
greater stability in value, the Five-twen-
tics being subject to constant finctuation
in price, owing to variations in the rate
Of exchange aud premium in gold. These
two causes would obviously operate to
keep such security abroad, even in
times Of financial excitement, just rs the
sterling bonds Of some OF cur States and
corporations have been kept abroad dur
ing the whole war and since.
II is believed in well.informcd fnan-
cial circles that i've hundred millions OF
four and half per cent, bonds, payable
in Europe, could be placed there in ex-
change Tor Five-twenties. The expert
ment is worth trying, and none the less
SO that it could do no harm ii it did not
prove successful; at all events, no plan
Tor resumption promises much without
some safeguard in this direction.