, 1873-10-01
HOW 70 RESUME.


- Special Ds.paehs 10 Tho Chicago 7tibane.
BT. LouIs, Sept. 30-A now plan for the resumption
Of spcco payments is bcing discussed privately by
few Icadug bankers snd Annuclers OF st. LOUIS which
will aoon bo made public through the columns Of
tic pnpors OF this md other clties. It mecta with
much favor from persons Of intelligence to whose no.
tco It has been brought It Is proposed that the Gov
crnmcnt pla gradually reduce tho price Of gold to
currency bas's by solnng frontuo to tmo ut slght
abatement from tho mnskot rate, all Of tho gold III tho
various Bub-trcaaur1es that may DO needed for tho
payment OF import duties.
Thoao who indorso tho project argue ~ follows:
Ever ainco the war, gold hns been article Of NOR
chundtse. A long II is bought and sold In thia
manner, It can novor become circulating medium
any moro than corn or wheat Its only uso In this
country is to pny Government duties. II 1t can only
be brought down to Its par yA1ue It will At como
into the hnuds Of tho people, and tho problem OF
Bpoco payment will bo Bolyod. Tho Government it.
self and not tho goldsrecu1ators In New York, should
regulate tho p1co Of gold This could eaatly DO done
by authorizing tho United States Depository In
every city which has o custom-houBe, to aell
gold such prtees may be xod By ho Secretary OF
the Treasury. This should bc but Astn below the
1uarka rute other values would be at onco unHot
tied And troubles would follow among tho 1nercbants.
imp6ser s Wien when he ness I it, should sot cortacato
from tile Custom Housc that certain amount Of du-
s 70 ns s %an a e e aoa p Dr.
sired.
The eHcce would b at onc1 apparent. Two-thirds
Of oil the gold In tho country Tint is uBcd for et
dutles. Tho brokers would hsvo to yield to
@ ses2s s he ssa se s ss rs gold a
sold by tho Goyernuont only for genuine commercial
tranAaconB gold Hpcculatora could not buy Il up nor
in my manner Interfere to an,nsa or control It. Az
the price could again be safely reduced With
out peril to Tho ,neresnhlo community, the operation
reached and dolnr lii currency worth dollar in
rho intervals In tho abatement OF thls ratio would 10
entirely discretionary with the Secretary Of tito TreaB-
ry, whoao hand would bo continually on tho financial
| pulse of tho country Now York, It ts,. further
oi overything in tho coantrS, by .h1tng tho
prco Of specie being the entropot Of foreign gold.
She has become tho contra OF stock
both for tho Nov World and tho Old hoRco, she hns
acquired q monctary power aud influence dangerous
to tho welfare Of ohcr parts Of the country but ca-
IL entirely different from that Of the banks Of Western
Utica. Tho funds Of tho former usoA largely for
tho manipulation OF Hocurtics while the money Of to
latter Ia prnctYslly used to lova produce. It ts de-
siral,e TINT the Wcat should s0on possible bc
e,nancpated from tts thnllrotn, and notling could
more contribute to bring about tho desired moneary
Freedom, than resumption Of specla payment. The
time Is especially auspiools for 1t.
Tho plan proposed has certain mer5s possessed by
other It Ia simple and requires no action of Oon
grcss or arbitrary assumption Ut power Oh tho part Of
tho 8ecretary Of tho Treasury. It II thought that the
people Of tho country would generally faYor tho p1nn
aud TINT, to say tho least, no harm could come
sounacat banks III st. Louis said 10 your correspon
emit to-day, that ho would favor meeting Of Western
bankers. ut which the financial Independence Of ths
West Rhould 10 the principal topic Of discussion,