New-York tribune., 1869-01-05
the means best calculated to bring us safely back to pe

the means best calculated to bring US safcy paeh W sPe
Gle payments .
From what has been said 1t will be readily seen that
any successful effort at resumption must either be pre-
ctded by contraction equal 10 our present excess OF
currency, must be pos pOned until 0r commerce rises
10 the level of our currency; or until the equalization II
commercial growth No other means OF device, however
ingenious. Will secure permanent resumption II the et
Tort be made without first enforcing the requisite
pess 9sn sO e"hot fore re os n effort
at resumption made by the Bank Of England IL 1871 ni
der similar but far less unfavOrabe crcumstanees. II
the other hand the requisite Contraction be made sud
denly with view TO early resumption 1t would pToauce
monetary strngcncy and shrinkage OF values before
which the wealth. OF the country would disappear nSe
the scenes Of dssovng view Ii would dock te wneeIs
orconmoree paralyze Industry, oyerwneln the county
IN financial einbnrrassments and force the Goveren,
the banks ana the whole debtor class INTO copipI m M
soiveHcy or suspension OF payments, IBIS as nav
sbCwn has been the uniform experience OF te Tc
making like efforts under similar clrcumstanees nv
ehul therefore would produce irreparaDie anu
at the same time fail in securing its object hespoh,
instead Of being hastened by II, would DO hdenh'e!
postponed.
The proper legislation on the subject 1t arrears to me-
would lie this: by joint resolution ueclafe
l. That there shall be further permanent Issue Oh pa
& n money Py sne me- Ip arcnSV pescrbed
ff their aggregate circulation That the contraction
Of the egaltender circulation shall until specie pay
meuts resumed, be strictly limited TO $lO0OOWO per
annum to he made at such periods OF the year t III e
Judgement OF Tue secretaiy Oh tue vi ConSrcss
least strngency In the money market o. ~ b, h
authorize the Secretary Of tho Treasury, II he gnt po
ana hold in reserve greenbacks to be tempo
rary used in case shall become absolutely heeessay
the community rst redemption OF the three per cent
lcgalieuder certificates or in payment OF other demand
vent banks in case financial panic shoud produce
upon them which threatened their suspension OF pay
ments In greenbacks SAID notes TO be Mlthdiawh On
circulation the moment the stability OF the money mar
kct is restored. mt,
declaration that further permanent issues OF paper
money shall be made would strengthen public confidence
further depreciation IN Its value The declaratl9n
that the contraction of legal tenders sha hereafter pe
l I'm nnn Shn
forward slowly but surely To specie payments Inc Two
declarations taken together would establish pohey lor
the future that wOnld insure 10 our currency the quail
ties of stability and uniformity OF value, with moderate
but constant appreciation The knowledge they woulu
munty. 1t would dspel all doubs as To the Iu,ure Oh
our currency thereby divert commerce and all other
productive pursuits Of an element OF unceftainy "hch
now renders them analogous TO gambling. . rroosrr,
Placing IN the bands OF the Secretary oi tne Icasu!
$50 O0OO TO be temporarily used in critical emergencies,
would prove Invaluable safeguard against nnhn.ai
panics bank suspensions such safeguard cannot be
provided under convertible currency and the want OF
II led to OF the bank suspensions that have oc-
Cured here ana elsewhere.
Taken together these provisions OF permanent law
would stability and uniformity OF value to our
currency under which oil productive Industry wond go
confidently ard TosporOusly, until our growing COM
merce through IFS enlarged employment Tor money; non
would bring the value Of paper dollar up To thn oi
the gold dollar. Then specie payments could De resumed
without effort, and without uie nzard OF revusons.
But the important question s How long would IL take TO
bring about this rcsultl Let us see.
Its known that onr population increases IN me com
pound ratio Of three per cent per aunum But the EN-
poy Of money depends the amount OF commerce.
aud is known that the present RAPID extension OF our
railroads gives ike impetus to our commercial transac
tous Consequently commerce at the present tiio
is growing rapidly than our popuation ana tnefe
can be 10 doubt that the policy have suggested would
give such increased security and pro To all industry us
still further augment our coinmercai JURISDICTIONS
Under these stimuuts do not think would be unsafe
TO estnae that cur commerce would grow during the
eX few Years at tho compound ratio Of five per cent
annum.
commerce. Tho concdent contraction Of gTeenbacks
would be $50 OOOoOO with probable loss Of slo0O0o0
more thus reducing an aggregate circulation 10 S'4-
| 100000.
To meet the wants Of present requires,
at $40 per capita, S30oO0O00 or convertible currency
With 4st per cent Increase in that commerce. II would re-
quire S56 000 $Oo0oOO0 more then we should then
have. Consequently resumption would be safely reached
by this method In shorter period than eight years MY
belief that would be thus accomplished In about
seven years This belief Is grounded the conviction
that the market value OF gold has not yet felt the full eff
fecs enlarged and cheapenod production Its value
in exchange will probably still further diminish, within
the next decade at least 10 per cent II So IL VIII pro-
duce corresponding enlargement In the volume of
money, which have made estimate upon in the com
Ing calculations.
without trespasgng further, respectfully submit to
Judgment whether such c0nsummatiOn - not the
best hope for IN view OF the extreme imitation or
our currency No other nation that has departed thus
to IL at ALL except through the nfaDy Of repudation IL
we it the end of years prosperous In
dustry shall be most fortunate and material con
diou Infinitely better thnn N marrcd by premature
-'''' " GEORGE OPDYKE