New-York tribune., 1869-01-05


The ends 20 be attained pre mainly three: first fun
restoration of the national credit and resumption Of
specie payments second fefunding the national debt
lower rate Of interest third reduction OF the Of
national production, with view Of enabling the products
OF American industry 10 compete on terms OF greater
equality with the products Of foreign nations than now
possible thereby establishing system OF national pro-
lection and Dsnlng stability Increased product and
redevelopment Of american commerce and shipbuiding
de oonmones Co. estimates m the excess Of receipts
sao oOooo and looks for Improvement In our National
| inances from IN. 'olleTinR causes;
l. Increase Of wealth ana Iopulationi from which
gain Of revenuo should result OF 600 per anIum
O. settlement and dlscontlnusnce Of paynnt Of claims
OF soldiers and sailors for arrears OF bounty aud ps
81 From general reduction Of National expenditures
say $4,000 O and Of pension, OF s0Oo0 s laws
should amount to sls,Coo,0Oo
RESTORATION OF kATIosAL CREDIT AND RESUMPTION
The Commissioner does not feel that it is his province
TO present ahy plan In detail whereby supus ike that
specie payments but he does feel convinced that II one
la Of such surplus or from to q per cent on the whole
debt, were applied regularly, month after month and
year after year. TO purchase In the open market and 10
the cancellation OF the gold interesbeaEng obigaOns
if at the same time the egaItender notes we're under
yerti6o at the pleasure Of the Soldef into interest
bearing bonds, that the value Of both bonds and cur
rency might be greatly and rapidly enhanced as 10
mako resumption OF specie payments matter OF much
less difficulty than It now appears.
II be objected that this measure involves the contrac
tion OF tho legaender currency, the Commissioler
would reply that he s in favor OF such contraction Re
tiIno; but the question Is not one OK commence
sns be- S there S be
proportion ratio first established between the amount
S be and the & agency S % sn saa o sn
national bank currency in existence could not probably
at less than the total amount Of United states notes now
outstanding AT present the treasury mas no spcn i
two methods present themselves for its obtainment
viz: either to hoard and accumulate gold out Of the
currency either by direct payment by funding (Which
is also payment to point where the ability
OF the treasury will be suicieDtt0 compass the end de-
sired The fret is work Of tine, and dependent upon
many contingencies. The second can be effected more
rapidy--perhaps as rapidly rs may be desirable. But
ths the problem to DO worked out sooner or later and
II the Commissioner has rightly stated its conditions,
much OF the discussion which Is continually taking place
respecting the necessity Of currency aud the desire OF
the people for It's continuance is OF comparatively little
The Commissioner argues that there Is an annual
balance OF trade against with Europe OF S7s071GS
elusive OF specie, If gold be boarded an additional amount
Of bonds must be exported TO pay i9r & IPregh pes,
OF trade against must pay an increased foreign M
terest the bonds sent abroad in its place which has
the eoct the constant payment OF interest on
the gold The expense and inpraccability OF accumu-
atng gold enough to effect resumption render this plan
Again as bearing upon the proposition Of contraction
ps method of arriving at resumption. the Commissioner
moderate contraction authorized by Congress, and
put his finger single bad result assumed TO nave
first instance TO a wholly imaginative influence; and,
furthermore the Commissioner asserts that no one can
the history Of prices when contraction was au-
torizcd and In operation without feeling convinced that
there was. daring such time e., from March, le5 to
January 1865, a tendency 10 gradual ana healthy
shrnkagc OF values and prices and that the sinkage
m prices which actually did occur was equivalent
through an Increase In The purchasing power OF the
money IN USE practical increase and not to dinnu'
ton Of tie power ~ the currency TO effect exchanges
mi, Increase was estnaed by the Commissioner in his
last report 10 have been equal during the year 1907 aonc
The Commi.,oner sees no economical objection 70
increase OF the National bank circulation equal TO the
proposed Of the United States notes innsmuc
~ the banks required 20 resume secie payments
whenever the Goyernmcut shall do So The authority
dia,ely avaed of IN the event OF monetary sringeney
bat not ober~s se IA We assume tn ta nSsresa pn
per circulation Is not 10 De nSreased uhl speeo Pay
neuis fully restored the Comnllssoner cannot con-
rency than ths IL Is alleged that undue proportion
Of the existing circulation issued under the National
Vest an souih are entitled by yistue OF their popua'
ton. 10 a greater ratio than they now have II thi- be
amount here contemplated might polery be asghed 70
those whore the alleged ineduaiity "a cosiheu
without taking from The Eastern states any privileges
| which they enjoy.
/ uEIINpfND OF IhE AAiIofAi DiBl Al A LOWER RATE
OF 1NIENEsT
The National bonds and the legal tender notes being
once brought par with gold, ard the National credit
thus fully rcsored the OF the debt at
SSsT teS Tats psea III Ne So tho " eRpro te r
time bocauso principle should be kept clearly Wow
which heretofore has always been done IN the discus.
sion OF this SUBJECT VIZ, that the rate at which govern
borrow Indicated not by the nominal rates
OF interest which they may offer but by The price Of their
stocks. They may indeed, has been expressed by
Se interest," Of shc they vii have to pay but tho IN.
which the iudviduul fund holder VIII derive ~ or
! buys - stock" whoever at this moment buys In
Europ bonds. nominnly yielding sS per cent IN
rate St whiel suite hlm to lend money the United
stes eight per cent gold pcraunum and there's no pos
rnent can help Itself with advantage IN tins matter ex
cop far elevate IT'S credit ~ to render the purchase
uf fHIul.F lW.
the same thing induce loan 20 itself from tho capitalist
at lower ratio OF interest 80 Long Therefore, as iie
Government credit deprecated any advantage 70 be
uet.1t t ~ Y IL NH cornensated by the reduction In
nrice which such bond, must sustain in the open market
or, IN other words, tho only method ayhane anRe 20
a, interest IL 10 Offer periafJ security. Furthermore
win te eey OF the national securities 10 pa tho
issue of national bnuk currency based upon bonds VIII
he rcnyaLt or nearly so the issue OF currency based
unou srece aud With syatcn of rcdcinpuon cllIer IN
cce which could be easily provided for, the Govern
raunt might ton safely rdnye s reiItlcohs from ieo
banking and allow tho denaad for currency to regulate
10 ''"' CONTRACTS ON A GOLD BAsIs
ONE ~ tne most wholesome measures IA the judgment
ofthe Coinmlsso for smoo hing the way To specie re-
sumption would he nm nc. iegiizng Sd eon,iais, & a.
generally supposed rarsactcd n gold the pAfrs
reyna upon tho rules of ec9nereia IN m.Sy % Gr tap %
thcf cnfogcement Ihes transactions relate lrnepSEy p y
20 foreign goods the cost Of lcii IS @ com ~
coin II der existing laws the citizen may maAe aS & Dov'
tract foi tie disposition Of lis property nr serees pay
| nil uuytifug except tho IttoShihch
world and the Government htonus IeauS ~ ioo,nns
When he bargains for gold or us equivalent he
nrnctisaIy mn outlaw Under the operation OF tins pol
~ Sss 49,: 70 large extot cut of from the money res,
,nr ~ tl,e world l. g. the aggregate amount Of g0d
and silver coin aud bullion IN among a nations eod
viii 90 where u appreciated, and w refuse TO say
chen tlere Is no use for It. itis te Tor as 10 expect 10
retain the product OF own mines II we rciuse TO svo
n "a Good employment and character ~ 0thor naos 90
TLe oucstnn whether the introduction OF TWO hlahu
orrs pos.rsslng uueaual value, to conineioaI hsao
tIons would bc dcleeroas % the business OF the cohty
seems TO be sufficiently answered by ts iaot thet ho
harm has como from the employment ni Rou Us te
sfand.rd m referonce to articles imported if"n abroad
gfxI la