, 1870-03-18

tember /, 1867, the amount Of compound notca
was reduced SIS, 6o0, ,0oo, and Of United statos
al .lcsnl-tcndera within tho yeaz Of sll1, ,o@..
CO, nd Yet the price Of gold liz Just tho same
ns one year aeu. Gould anything moro foscahIy
de1noust1 ata the fsilae5 Of this fheory7"
= October 30, 1863. tho Economiss wrote: /.
:. 1The Whole question Of specie paymoats Is
an;7175nnded With theories and difficulties, many
OF which arc visionary and unfounded. Among
the aInIoded fAllacies may DO classed the idea
that the value Of tho gFeenback can be incro;s,
ID by mere contraction To specie Standard
Ths fan Of gold to 10; Tathput % .u{ sont.1S
nees OF these views. But our politicians Aad
itv;r]stfra ieeru iucapable Of adapting thcna-
Ea1yea 10 circumstances, and It's By no meaus
likr!Y that no have heard tho last Of contt1o.
ton.
Increase tho feeling Of regret that Sec1etRJ
Boutwell,, ut the meeting Of Congress, did not
rroross p!an for paying tbs debt that was
duA. in coin, In place Of attempting 70 pay the
deIt that was not due In that medium Il j.
row sufficiently apRase mt ysly snts Mt.te a.
most an accomplished fact by this time, thete-
bv insu1ine the refuodnag Of tho bonded debt
1t even loTer rates Of interest than are now
proposed Tie Secretary Of the Treasury is
making arrangements to pay on at the option
Of holders, the payable portion Of tho bonded
debt, amounting to about 81 200, ,0o0, GOO. He
probably calculates that very large prppor-
ton OF them, II not Ill, will prefer to accept
! the new bonds at reduced rates Of interest
But surely 1t you'd have been safer aud easier
to have provided in the first plaeo for tho re-
demption Of tho legal-tenders, or tlaat portion
Of them, amounting to about IS or 20 per
cent, that wero likely to DO presented for 1a-
demption-
| object; but as matters now stand, It 1ooan
very much IS Il this great opportunity werc
likely to be allowed to pass away unimproved.
It is semi-ofticia1ly announced that the Cabinet
has resolved to do nothing. The government
! eecns to anticipate that the business commn-
relieve it OF the responsibility Of resumption
But this is scarcely practical There can be no
doubt but that tho irredecmablo currency
presses like an incubus on the industry Of the
country, and that It ID to the interest
Of the business community to get nd
| Of it. But the business community las gono
| very nearly as far as It can in this direction.
The price OF gold has fallen to 11o@111. It
remains for tho government to do the rest and
place gold and g1eenbacka at par. The public
arc IN favor Of tho change.
| The situation is unfortunate and discourag-
| ing. With spccie payments within sight, we
arc probably destined to drift AWAY from it.
In plzce Of restoring the currency to sound
| basis, VIC witness newspapers and men in high
positions plotting to pack the Supreme Court
90 as TO secure the zcEe1sA Of the leg11-tender
decision
bill has even been introduced in Congress
for the purpose Of virtually multiplying it. We
ara told TINT tho United States Senators, beforo
preme Court Judges, took pains to ascortsin
That they we're opposed to The Law ~ it now
stands. This conduct is simply infamous. It
strikes at the very foundations Of Justice. Tie
decision Of Chief Justice Chase has done more
to restore the credit OF tho United States Coy
] - 61|n ard &h~@ Atsn,
event that could have oocunod abort Of re-
sumption Of specie paJ1nonta. By est1hlish-
ing the grand constitutional principle Of the
inviolAbGty Of contracts, under any and all cir
cumstapees, it has inspired new confidence.
That it has not injured tho value Of Tho out
standing greeubacks Is proved BY their rapid
approximation to par With gold To talk OF
reversing or resembling this decision, is 10
throw the rational honor in the nige.
Under existing circumstances it is difficult to
business. Speculation, no doubt, had good
deal to do with the reduction Of the gold pro
MUM. Parties operated for fall just a.
Gould and Fisk operated for rise In Septem-
| ber last. In both cases the rrA11lts ARC equally
disastrous. Tho fall in tie premium is in jnring
September speculation for rise destroyed tho
fan t1ade. How long the business community
may ba compelled to endure these losses is
Just now matter Of no slight interest. That
they should induce strong public feeling in
favor Of specie payments is matter OF coarae.
Undoubtedly, the buHincss Of the whole coun-
Try is settling down to gold basis Prices Of
Ill kinds OF commodities arc falling. The rc.
dnction in wheat is bringing down tho prices oi
other articles Of living. The country is rea1ly
in sound condition, and it only requires the
impulse Of healthy currency to impart q ne,
stimulus TO all branches Of business. Old King
Cotton came very near restoring old King
Gold aud may succeed in doing SO ut last, il
spite Of Congress and the politicians.