The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-03-05
SATURDAY, MARCH 8, 1870.
THE DECLINE IN GOLD-HOW RE
SUMPTION OF SPECIE PA YMENT'S
CAN BE HASTENED


SUMPTION OF SPECIE PA YMENTS
CAN BE HASTENED
The rapid decline in gold sets men to won
dering how soon specie payments will be per-
manently resumed and what further steps
are necessary to restore an era when the paper
promises of the Government and the banks
will be fully worth the amount of their face
value in the precious metals. This period
has unquestionably been greatly hastened by
the triumphs of the first year of General
Grants administration. Reconstruction is now
virtually completed, and as all danger of future
rebeilions and of revolutionary outbreaks
in the South has been dissipated, complete
reign of peace has been restored, which,
however it may affect the fortunes of indi-
viduals, must inevitably secure the advance
ment of the prosperity and wealth of the
nation. The balance of trade against us has
rapidly diminished, and if the sale of bonds
abroad continues, the imports of gold from
Europe are likely to exceed the exports
during the next six months. These powerful
industrial and commercial influences, con-
joined with the magnificent spectacle of the
great republic which, but a short time ago,
seemed hopelessly involved In military and
financial difficulties, paying off nearly one
hundred millions of the principal of
its indebtedness in single year, exercise an
influence in the money marts of the world
which no combinations of gold gamblers can
permanently counteract. We do not think it
would be wise for Congress, however, to COM
pei the Treasury and the banks, at too early
period, to resume specie payments. The
natural causes which are fastening resump-
tion should, for the present at least, be left
to complete the work they are now doing
so rapidly; and finally, after a long series of
fights between the "bulls" and ''bears" have
conciusively determined that no material pre-
MUM on gold can be maintained, resumption
will follow as naturally as summer follows
spring.
One thing, however, can and should be
done at once to hasten and facilitate resump-
tiou. Provision should be Immediately made
for putting all the small business transac-
tions of the country on a specie basis. No
further issues of fractional currency should
be tolerated. There is not the slightest
necessity now for a continuance of the shin
plaster nuisance, nor particle of difficulty in
supplanting it with an abundance of nickel
and silver coinage. One of the merchants of
this city has already advertised that he will
give silver change for all sums under one
dollar, and if Congress pursues the proper
policy every dealer in the country can fol-
low his example, without loss, few months
hence. If the machinery of the Mint
is kept briskly at work, it can
supply the whole world with change, and
under the banking and commercial system
which now prevails in all civilized countries,
coinage is mainly useful and desirable for the
small daily transactions of life. 1t is not ne
cessary to imperil single impor ant interest
or to hazard the national credit, or to harass
the banks and their customers There is now
only about eight cents difference between the
current value of the old silver coinage and
greenbacks. If necessary this difference, or
even o much greater one, could be pro-
vided for by corresponding diminution
in the intrinsic value of a new silver coinage,
which would answer every desirable purpose
for home traffic The silver mines of this
country were more productive last year than
at any previous period of corresponding
duration, and there is no lack of material or
machinery to supplant the fractional currency
with silver and nickel change. If Congress
adopts the propositions submitted for its con-
sideration by the Director of the Mint, the
ten, fifteen, twenty-five, and fifty cent notes
will disappear as speedily as the three-cent
notes vanished, and after specie payments foi
the masses are restored by this simple expe-
dent, resumption in large transactions viii
come as soon as the gold bears have given s
mortal blow to the gold bulls.
In the British House of Commons yester
day Mr.. Otway, Under Secretary for the
Foreign Department, made the statement
that the English occupancy of the Island O
San Juan cost his Government G22, 900, be
GI.: