, 1873-01-24
HOW TO RESUElE spEclE-PAYMEnIs.

HOW TO RESUME spEClE-PAYMEnIs.
To The Editor ef The Chicago Tribune:
SIN: After long and earnest attention to
| monetary and fiscal affairs, I have watched the
advent OF the fisherman specie-payment-re-
sumption bill" with great interest, and, after
careful consideration, think it pregnant with
danger to our currency and mercantile system.
The fixing Of stated day to resume, without
any limit, or without reference to our commerce
or external exchanges on that day, is frauSht
with disaster to our values, and to tho eettle-
ment of our balances. :
The idea that but few notes will be presented
at the Treasury for redemption in coin, will de-
pend entirely whether tullion-lealcrs can make
profit thereby or not. II profit can then be
made, depend upon it the Treasury will be
emptied Of coin ere the drain is stopped. It
! will be useless to talk Of patriotism or conve-
nionco 80 long as any foreign market will yield
profit on shipment.
To fix positive day to resume, without
reference to other circumstances, will bring such
@ disturbance Of values as will certainly cul-
inmate in crisis.
That We ought to rasume at the earliest
practicable date, ali admit; but this resumption
should bo brought about by easy and natural
means, so that tho chasm between coin and an
irredcemable currency could be bridsod over
without disturbance to our general business
about as follows, viz: First-I'he Secretary Of
the Treasury to stop selling gold. Second-Ro-
ccive 80 per cent OF our customs revenue in
greenbackB, and cancel them; aud. at tho end
OF each month, let the Secretary issue a like
Treasury in ono year from date, in coin; such
bills to bear per cont interest from date, for
ono year only, Those bills should be issued by
the purchase Of 6 per cent bonds and should bo
eligible for bank reserves. as the old 5 per cent
Treasury bills mature, the Secretary be empow-
cred to prepare gold leSnl-tender notes Of not
less than s25 each,-and upwards, redeemable
at the Treasury in single notes in coin, bu. not
the grecnbacks arc retired. The holder Of ma~
t11red Treasury per cent bills to have the OPP
ton Of either coin OF Treasury gold-notes in
such proportions as desired.
It should be obligatory on all National Banks
to register the receipt and payment OF such gold
Treasury notes to and from ali parties, By name,
ALI State and private bankers should also be nd
vised to register thom, on the grounds Of good
policy and protection to themselves and their
customers. Such system would be proven
tion Of theft and crime in several phases, since
detection would usually follow such Illegal pos
session.
Practice has proved that the gold premium
will not fall below 10 per cont, which consider
" AE45G lIOu1 tI1E autltbou1bu peLNctu GULL HAA
m irredeemable currency. Thoro is no sympa-
thy between them, Nc must create such SYM
pathy, and it cannot be done better than by
giving greenbacks come OF the work now done
by coin, and caa best be done in tho manner
before indicated, We must get this irredeemn-
bio currency cut Of the way ere we can
hayo healthy monetary system. In the man
ner named, the grecnbachs would be retired in an
easy and careful manner, causing no rapid d:e-
turbance Of values, nor disaster in our dealings.
6na NJ fha firrf affarta eynn16 hn foa fn1Jirv
OF the gold premium, since its need would
be very much reduced, and the advent Of tho
undertaken to tho Gold-Room would be among
the expected events.
We cannot expect to get mich sympathy from
bankers and dealers in exchange in this 1nore-
ment, siuce a~large share Of their profits results
from the difference between gold aud currency.
. II so per cont of our customs were received
in greenbacks. tho :mount to be issued each
month in Treasury bills, rcdeemable year from
date would amount, in round numbers, to about
four millions Of dollars. Hence it would retire
annually about fifty millions Of our irTedeenable
currency; and, as taxation Ia not to bo reduced,
let us apply our surplus to roach epecie-pay-
Treasury bills, the operation must result in q
profit to the Government in addition to all other
advantages. By this modowo could return grad
ually and surely to sound monetary system,
combined with ease and security. After gold
had becn accumulated in the country, it could be
received ct the Treasury, giving therefor the
new gold registered notes, and tho monthly
quota Of Treasury billa would be easily re-
deemed
There can be no question that the gold Treas |
ury registered notes would be exceedingly popu- |
lar giving the holders thereof security and port
ability. Who would not rather carry such notes
than coin2 Who would not rather have such |
notes in reserves than coin?
I have no doubt the country would easily ab-
sorb for all purposes one hundred and fifty mill
ions Of such notes. sum equal to
bio currency Of ali kinds now in oircu-
lation! Probably, after the lapse of time,
by tho retirement Of greenbaeks, and BY the in:
creased circulation Of coin, the currency could !
be retired even more rapidly than is hero stated;
but legislation could easily find means to such
an end. t
have here given my views on this question, |
md trust these will suffice to bring tlisimportant
subject before our earnest thinkers, writer's, and
speakers, and trust . solution will be arrived ct
worthy Of this intricate subject to tho benefit of
Dur people and cur common country. foura
very respectfully, CAnoLus.