New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1872-11-01
MR. GREELEY on FINANCE.

There are smisstatements so fragrant that
only very reckless disputants assert them. and
there never yet was one more inexcusabe
than that which represents Mr.. Greeley as at
some time, or at any time, proposing that the
Gold in the Treasury should be devoted To
the payment or purchase of so much of the
Bonded Debt as it would cancel, and that the
Treasury should thereupon declare the Re
sumption of Specie Payments. From Gen.
Butler or Senator Morton (both of them
formerly Jealous champions of the rightfulDess
of paving off the Five-Twenties in Green
backs, dollar for dollar such 'perversions do
not excite surprise; from q Secretary of the.
Treasury they do. But, as Mr.. Boutwell, has
stated that Mr.. Greeley's views as privately
expressed to him were identical with those
set forth from time to time in these columns,
and as the latter are open to every one, we
have no difficulty in presenting the simple
truth.
The issue of " Greenbacks,H or Government
promises to pay, "a money, and making those
Greenbacks a legal tender for the payment of
all debts save certain dues to and from the
Government, was only and barely justified ~ n
measure of inevitable necessity. Had it been
proposed in time of peace, no one would have
dreamed of regarding it as constitutional. We
doubt whether respectable counsel could have
been found to argue It's legality before our
highest Court And no one suggested at the
trying hour when Congress was barely induced
TO pass the Legal Tender Act, that the forced
circulation of these Greenbacbs would he main
tanned long after the restoration of Peace.
But War digs new channels, which are still
followed by the calm currents of Peace.
When our Civil War was ended its usagcs
and many of its laws remained in full opera
ton. And as the uphill road out of doubtful
WAYS is always difficult, the country failed to
demand or even favor demand for Re-
sumption, The Supreme Court AT length took
decided step in that direction, but this was
met and baffied by the appointment of two
new Judges, both known to be adverse TO the
decision it had first made, and by their votes
that decision was barely reversed, andy" legal
GENDER continued as potent and universal a.
during the war.
AT an earlier day the Government had taken
some decided steps toward Resumption. Con-
gress had directed the Secretary of the Treas
ury to call in and retire Greenbacks at the
rate of s4OO0,O00 per month, with the avowed
purpose of securing an early Resumption.
ana OccTeJhIg mCtull III HIS HpttSh dA H"i'
Wayne Indiana, soon after the war closed,
indicated the Autumn of 1863 ms the time when
Specie Payments might safely be resumed.
provided the right course should meantime be
pursued.
But after eleven months persistence in call
ing in and canceling. Congress took the back
track, stopped the reduction of Our Paper Cur
rency of s4,00O,O0O per month. and directed the
Secretary not to cancel another Geenbafk.
And the country stands on this track still, with
no real purpose of resuming Specie Payment
within ten years, If ever.
Now, while Mr.. Greeley supposed the copi-
try in good faith desiring and seeking Resump-
ton he insisted that it IN iglh be promptly
and surely effected. ave have S12O,0OO,000 in
" the Treasury, whereof 100000, 900 are in Gold;
eve have revenue exceeding ALI oar necee-
sary outgoes by s1O0,OO0,Ooo per annnm, and
can thereupOn resume when we will just
81 resume and our Greenbacks will bscQIno cur
{" rent all over our Pacific slope, whercfhoy are
now rejected and only Coin and Bullion pass
for money they will be equal to Gold every
"where, while of greater convenience to All who
{" WISH to remit OF travel with them and they
can be paid in at the Custom houses and
paid out TO the pnlhic creditors precisely as
" the notes OF tho Bank OF England arc re-