New-York tribune., 1872-07-18
NEW-YORK THURSDAY, JULY ls, 1872.

thus appears that with the same facilities for revenue
total payments the public debt during the rstt hree
years OF Gen. Grants administration Would nave nav
toward the public debt on the 3Oth OF June 1872 would
nave reached the enormous sum OF soo3ooV'VVV'
RETURN TO SPECIE PAYMENT.
BY the act OF June g. 1872 the revenue derived from
customs is reduced by estimate, In the sum OF Sl22
76l and internal taxes s2O6510OO making total OF
S5 S737G The duties are removed entirely from tea
and coffee, from many other articles OF neeess&S & VI
the demands the internal revenue system are limited
20 liquors. tobacco banks and banking, Prophretay h @
medicines, and stamps upon checks. Under TIE new
system the people will be exempt entirely from an an
direct taxation by the NaonaI Doverne', anu VIII M
argument TO show that all these measures con0eu eUi
cur in aid of the policy OF the Government 10 ping ano
paper the country 10 par with coin at the ear
liest possible moment. BY the establishment OF our
credit upon firm basis OF tne SIX s pr o eeno no
have been issued al the rate of hve per cent; and unless
unfayorable circumstances arse II VIII be pracu-
cable 10 continue the redemption of outstanding six
bonds and the issue first OF bonds bearlngnYS per
interest and then those bearing four and half per
cent aud four per cent. The beneficial results OF this
measure are not confined to the Government, mt Affect
all classes Of business men, by fixing sandardot inter
est at low rate, and thus enabling other parties VINO
are borrowers TO procure money at proporlonateiy
less cost.
The establishment OF tie public credit upon firm
basis a condition precedent to the resumption OF spe-
Gle payments. While the public credit was impaired
pronosition IN redeem the notes of the United in
specie would hlve been met at once by depand which
would have thought the Government to bankruptcy
without delay So too II Is condition pieeaent that
the price Of gold in the market shall not be materially
above the value Of paper that resumption nay ne begun
and maintained without interruption. IL h,ist, tnepe %
ent condition, that the resumption OF spece payments
will not be due directly TO any measure OF legislation.
nor can it be forciby maintained By any act
Of the Government. Ii must be pe haturaii
therefore IL has been The policy of the Administration
TO promote condition OF things which would enable
the Government to specie payments without AZ
the country. During the 1853, gold wa AZ an aver
age premium of 32i per cent. This die largely 10
the fact that the credit of the Government impaired
at home and abroad gold-bearing six pr cent bonds
being worth only 50 cents on 81 During te year 1870
gold averaged IL SO per cent premium, aId thus far
during the present year, t has averaged ll per cent
rency viii depend upon the increase Of the business OF
the country the amount OF our exports andhe value OF
the foreign trade of the United states carred0n IN Amer
can vessels There is but one measure OF legislation,
except such foster the business nterestsof the coun
try. that eau facilitate or hasten the resumption OF
specie pay ments ana that Il, reduction by force OF
law OF the volume of paper money in circulation This
policy the country has not been prepared oaccept nor
am prepared 10 advocate the adoption Of measure
which, unless very gradual IN ITS oerltion would pro
duce great injury to the business erests the c0un-
try, impair the revenues, and in the end cost more tbdn
the value OF the result produced The growth Of the
country, under wise administrations Oh AFFAIR." VIII soon
enable the Government to resume specie payments with
out violence or injury to any.
FALLACY OF MR. GREELEY's FoLICr.
For three years Mr. Greeley through the columns OF
THE TRIBUNE has advised the Secretary of the Treasury
TO sell the gold in the Treasury and apply the proceeds
to payment Of the public debit thus saving interest
ana then to resume specie payment; or tither these
bits of advice have been frequently and interchange
ably presented without at any time staingwhch IN ls
Judgment is entitled 10 precedence Ia the order OF events
But IL can very well be understood that the sale Of the
gold in the Treasury, whether for the payment OF the
public debt otherwise, would put II ont O the power
Of the Government 10 resume specie payments; that
the sale OF gold in the Treasury forcing down the price
tries increase the balance OF trade against create an
unnatural and excessive demand for com, and ultimately
advance the price Of gold for the benefit OF peculatos
and gamblers but to the great injury Of the country.
do not hesitate 10 declare that chs policy which Is the
Only policy IN any department ot the Goyernlnehl 10
when Mr. Greeley has adhered for even three years,
would endn disasters such as the country has not Wit
messed 1887, and II Mr. Greeley is pledged 70 any
thing, 1t is to the inauguration OF this policy n unhap
py he should be placed the head Of affairs. The way
10 resume j. not 10 RESUME arDtrrily ana without regard
to facts place and keep the country IN that line
and condition of speity which shall enable III To meet
an obligations; and u i for this reason that the Admin
stration believed TO be wise 20 retain an amount
of gold which should ba sufficient when tire appropriate
moment arrived 10 enable the treasury 90 II iumc tle
payment OF national habilue5 in specie, Wlthout
going into tie market TO borrow, aud Without making
any special effort Tor an undertaking Wnch would GER
tanly result disasTOusy, IL the Government were not
strong enough free OF all dependence upon eX
tcrua aid This in brief, is statement Ot the financial
policy OF Gen. Grants Administration This policy Is In
subsistence IN accord with the positions taken by Gen
Grant his inaugural address aud In his first message
none will that the fourth or March, 1869, he
would have YeItuied 70 pronounce possible ior the
Government secure the results already attained.
A LIBERAL MEETING.
In the evening the Liberals held meeting in the
public square, aud though hut single days notice Of
the gathering had been given audience considerably
larger and much more enthusiastic than that which
greeted Secretary Boutwell, this afternoon was assem-
bled Senator Upton was first introduced and made
of his most effective speeches, and followed by
senator Dooittc. The meeting broke up with cheers
-, al, "A Rrot