New-York tribune., 1871-12-28
LETTERS FROM THE PEOPLE.
RESUMPTION OF SPECIE PAYMENTS.

RESUMPTION OF SPECIE PAYMENTS.
To the Editor Of The Tribune.
SIR AS Il student Of the science OF finance,
cannot permit pass without protest the recent aba
donment the part of the Government OF all efforts TO
bring about the resumption Of specie paymcnts The
Secretary of the Treasury and Controller OF the Cur
roncy have not ouly suggestions to offer r steps to
propose by which sumption may be hastcned but the
latter admits the Irresistible potency il not the justice
OF the crossroads against contraction IL Is Today
has been every day since the close or the war; our
undonabc duty and interest to specie payments
with the least possible delay. The reasons FOR resump
cannot be too often or too strongly urged Among
those reasons Of unassaiable s0undncss are these:
l. forced loan, such was the compulsory accept
ance by Government creditors OF the Treasury pronis
sorry notes. can justified only by the exicences and
necessities war; not five years after the declaration Of
peace.
a. These grcenback notes being now dishonored prom
ises and debts should be Cancelled before any
effort is expended to meet Obligations which are not yet
due.
g. The moral power Of the nation Is weakened It's credit
damaged and hence the it pay in the pres
ept and III the lure, ncr. ascd by its failure to fulfill
promises and restore its currency to the standard Of
other nations.
L. The expenditures Of the Government yearly in
creased by reason OF loss by exchange, because ex
penses dplonato service and for the
gotation OF treaties must be paid in currency
valuable than the currency OF the country.
s. oar present currency being OF values.
it's value constantly varying lacks the essential
quality of a medium Of exchange, and for two
secutive days mcasure the value Of nothIng-not
the amount of the national debt.
g. The involability Of contracts, carefully guarded
ny constitutional law, IL longer preserved for
aid Of this ut tuatng standard Of value
every kind and description have been grossly violated
every day f"- the past 10 years.
T. The effect upon trade of this vicious currency has
been to all business to pa take OF the uncertainty
risks and hazards Of wild speculation, experiments aud
gambling; resulting in alternate oxtIayaglnt gains
ruinOus losses.
g. The eject Of an irrcdcemable currency upon the
agriculture: classes especially injurious for while they
receive in the foreign market the for their products
when currency sound tho cost OF raising their
crops, by reason OF the inflated expense Of utensils
clothing and living generally, isiincreased q hundred
fold.
o. Activity in the production Of the precious metals
diminished by suspension because those metals have
be used for rrculatiOnthc chief purpose for
which gold and silver mined. and to
which mining is stimulated.
TO- Because of our cheaper currency. the loss
by the unfay Orable rate OF exchange with foreign
tries amounts annually to millions Of dollars For every
imported article We use must pay from 10 to 20 per
than IL had returned the currency OF in
ternaona exchange.
debt. Tho per cent loan must be placed permanently
above before fouI;and s-ha per cent oan
can br sold ut par.
II. The cost Of living to the poor being more than
doubled with our redundant currency. because articles
or sinL value have relatively increased more IN price
tan things OF large value the poorer and hence larger
classes the greatest sufferers the continued OF
So long the laws OF nature and fuance remain the
same these arguments In favor Of return to soyoncy
and the currency Of the Constitution will probably re-
main UNANSWERED ). :. IL.
Washington. Dec. %, ISL