New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-26
tanned by the event, we shall not regret that
We were unable to predict it.
REPLYING CREDI7-SHALL We MIKE TT
IdyTJNGf


LAyTINGf
We are sOrry that the associated banks
could not agree on some of the wise reforms
recommended by the Clearin g-house Commit
tee. Bnt il seems on the whole better to
postpone them for little than 10 oreak up
the Clearing-hou and these appear to have
been the alternatives. Meantime the condition
of the banks continues TO improve. lheir supply
of currency now carries them handsomely
above the legal tender reserve. Abroad the
tendency is the same. The Bank OF England
crows stronger; the outside rate of discount
has been lowered, and the consequent effect
here must soon be felt in greater ease IN
the movements of our cotton and Western
produce.
We have reports from Committees Of the
Chamber of Commerce proposing memorials
TO Congress for the restoration OF more
stable measure of value than the products of
the paper mill and printing press. Messrs.
A. A. Low and Samuel ID. Babcock recon-
mend clearly and unqualifedly the resump-
ton of specie payments, with such con-
traction as may be required to make
the greenbacks permanently convertible.
No well informed observer of the condition OF
this country and its currency will deny that
contraction is an evil. The real question Is
which is the greater evil, contraction or the
perpetuation of the costly and dem0rallzDg
system of irrodeemable paper. Sooner or later
the specie standard must be restored The
contraction, be it much or little, which may be
necessary to adjust prices to the gold stand
ard. must be endured 1t cannot possibly be
escaped. The only effect of delay is to super
add the chills and feverS which are the neces-
sarv accompaniments of the false standard. III
we postpone the surgery the cancer Will surely
continue its deadly work Prices VIII rise
again. a new generation OF spectators VIII
take possession of the stage, the old-tlne mer-
chants and steady going business men VIII be
a. powerlcss as cats without claws to escape
from the dogs, the national character VIII
again degenerate, Secretaries of the Treasury
will continue TO be as independent OF the
laws of Congress as Congress itself Ia OF the
laws of finance, and ut last we shall return to
the specie standard 10y the back door OF re-
pudiaton after the manner OF nine-tenths OF
all the nations who have ventured on the
experiment of debasing their money. The
ONLY fault we have to lind with Messrs. Low
are not sufficiently decided. The chances are,
that if nothing is done to improve our cur
rency, something will be done, and that
speedily to debase it. Let those who have
the light permit it TO shine.
Mr.. George Opdyke's views impress us as
the reasonings Of a man who has debts to pay.
The memorial which be recommends to be
presented to Congress by the Chamber of
Commerce makes a shrewd appeal TO the sell
fshness of that numerous class of the
community. And certainly the debtors are
entitled to respectful consideration and
to Justice. But the general good OF
the whole community is paramount. We think
Mr.. Opdyke is disposed to exaggerate the size
of the lion which he sees in the path to specie
payments. His main proposition, that the vol
! ume OF our currency, To be maintained on a
par with gold, cannot exceed the limit OF ten
dollars per head of the population, is unscien-
tihc and incapable of proof. Indeed, 1t can
easily be shown to be untrue. The out
standing notes at this day of the
Bank OF France are within a fraction of
5000, 100000 while the population of France IS
considerably less than 100000. As France
has no postal currency, much coin still remains
in circulation. The premium on gold is intn-
itesimal, while silver circulates at par. The
active circulation of Great Britain and Ire
land. exclusive of coin in the vaults of the
Bank of England and the notes in the bank
ing reserve of that institution, is not estimated
at less than $45O, 100000, which is about four
teen dollars per head. Mr.. Opdyke, it appears
to u.s. grievously overrates the difficulties Of