New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-10-02
TIE TIME NOT YET COME.

son of last weeks occurrences in Walst should De 20
hasten return to specie bass and redeema0e paper
TIE TIME NOT YET COME.
From The Worcester SDy
We are NOT sanguine that the time for
resumption has come, Is yeryi near.s we cannot
believe that the Governments reserves OF com Wou
long stand the dram upon them winch would IoOM ~ ~
announcement that gfeenbacks would be redeemed III
specie And this for two reasons FIRST II tne pocy i
wond gradually prepare peoples minds for 1t, 1t would
be impossible to give the pubic sncn conn1enuo Id
ability OF the Government 10 sustain Itself as woulu
prevent upon the Treasury secondly the inGreSS
in the volume OF the currency caused Dy lhe autO W
all the gold coin in the country, accompanied ~ an
increase of it's purchasing power, would MAKE lnoSS
abnOrmally abundant beyond the needs Oh TRACE OF c
profitable employment that eoald pe dona ioi -
would therefore be cheap-that Is the rat9s OF ILL.,
would be oW-and the money would tend To go where
was more needed and more highly valued But only lne
specie would wanted abroad there would herel2re
be heavy exports OF god and suspension "ouu sPecu!
follow.
CONGRESS OF NO AUTHORITY AS AN ADVISER,
from The Boston Fos
IF anything could be lngem0usly invented 10
further compnCae financial AFFAIRS 1t would De the car
even 10 promote instantaneous resumption OF specie
payments That body is credited already with having
bring about the recent condition of AFFAIRS ana
there IS no reason 10 suppose that 1t has sud
seryafiOn of one or two weeks, to pilot the country
interests out Of their present situation Hanus on
il the universal demand upon 1t by the business com
mnny NOW that the panic is steadily abatng and the
banks are discOunting again. anu the mercantile com
recovering confluence III itstll, anu
ara becoming easier and exports gong forward the
country can well afford To trust TO the operation OF tue
regular laws OF trade. and 40 without the confusion Oh
Congressional theories and crude that have
been the chief characteristic oil It's sessions ior several
years.
Az EXTRA SESSION OF THE BANKING MINDS WANTED
From The Springfield R.pEJloaH.
We believe that the greatest drawback to
the resumption OF specie payments has been the stody
of banking sentiment the subject. The banking in
terest VIGOROUSLY powerful at Washington But on
the question Of resumption 1t has been absolutely with
,,,f5n ,fiu mt OniuIOus.
the people have demanded resumption; members of
Congress have attempted 10 meet tue dehand WIN one
fallen Hat because of the absolute indifference OF the
PARTY most Interested in financial sOundness-he bank
ing community. 1.-THE way to resume is 10 resume"
said Mr. Greeley, amid great jeer II 1t is MT true
there is at least so much truth IN II that was WISE
The way to resume Is certainly, in the first place,
to make up minds we want resunpton In the Sec
Ond place. that we will have resumption That deter
mination taken up and ayowed by an organization OF
all banks in this country against certain date with
such preparations as circumstances admit Of would be
sufficient, we believe, to accomplish the fact itself We
observe that OF the NewYork papers very fOOsby
call the President to convene an extra session, and
have the thing done at once ~ act Of Congress- Moth
Ing could be more futile We do not extra SEES
OF Congress- but an extra session, all night sessions
If need be- OF the banking minds OF the country. Let
them spend the Autumn in conference and Organization
and when Congress meets let them make their conclu
siOns known and ielt by the Government.
PROBABLE RESULTS OF AN EXTRA SESSION OF CON
GBESS.
From The Ne,c-H aren Palladium.
Senator Morton, who is said to be the only
person OF prominence who wishes the President to call
an extra session OF Congress- must have been somewhat
astonisbed Yesterday to lind his views Endorsed by TIE
TRIBUNE journal not apt TO coincide with the opinions
the distinguished Senator from Indiana. 1t tells the
President that nc has a magnificent opportunity "to
make himself great name, give his party the new pres
fge that 10 needs, and establish NJ firmly and
lt The whole country up 10 the pure air and solid
eround Let MS suppose the President takes advice com
ing TO him from such strange quarter lie issues his proc
laaton In days assemblies at all
the members and Senators who not I'm Europe That
would bring us 10 about the middle OF October The
first business In order would be the struggle for the
SDpakersliD and the appointment OF committees A
month would probably be consumed before business
was reached and another month would be but short
period to allow for the debates the grand measure
for every member would require 10 air his peculiar
notions finance Nor Is Improbable that the result,
after ALL would be the Initiation Of the currency to the
extent OF several hundred millions Of yreenbacks in.
stead GI Ihe SUI h o., specie % There
occur while Congress was in session. and that before
that body assemblies the excitement will have had
TO cool.
A FAVORABLE TIME
From The Boston journal.
We assume that the present upward ten
dency OF gold but temporary il has sprung up sud
which varies with every hour Of ats contnuance-than
out OF any real necessity of the case, and may
neghborhood Of the figure which has prevailed for the
year past. That would indicate general margin Of
per dollar and the humiliation of that IN order TO make
the convertible Into the other-n other words to
render IL possible TO return 10 specie payments. II,
then there Is nothing special in the present crisis to
change the relations OF gold TO currency by en-.
and its only marked effect, as we can yet see,
namely, the shriukage OF prices. favorable to the
ference OF values must be overcome in some way and
1t equally PLAIN that in the way going on be-
fore this crisis the overcoming would have been work
almost inyInciDle difficulty The tremendous pressure
brought 10 bear upon the President the Secretary Of
the Treasury New York last week in favor incfeas
ing the only shows the continually outstanding
peril on this score. And now, when we wanting this
desideratum Of a shrinkage Of values or rise In the
purchasing worth of currency We find It all at once
made TO our hands by this financial panic We do
have TO wait for II work for III IL exists and the gues-
ton u.s. Why shall 1t not be turned to account by the
restoration specie payments which will be the one
eecual means OF preventing the return OF all such de-
struotye yisationsf
THE ONE AIM OF THE NATION.
From The NJ u EpeAlng Post
We do not say that it Is either practicable
possible To recur 10 sound constitutional currency
at this moment; but do say that there never has
more practicable or possible. We say further that,
whether IT can be reached now or not, 1t is the one
object which the Government and the cOmmunity and
those OF opinion which supposed to influence
both Government and community, ought 10 bear con
"a 10 specie currency, whchthe laws OF nature
prescribe the best The experience of the civilized
world, the wisdom OF tho foremost thinkers and writer's
Of the civilized world, the practice OF all the leading COM
mercia nations have pronounced In favor OF gold It's
gold want gold we must baye aud gold We should en-
deav0r 20 get one OF the earliest oucoes OF the ex
listing thrOes and quakes OF the social body The bank
ing institutions everywhere are virtually state OF
suspension, T. C., they pay as they can, and, We are
happy say, with Careful study OF the inerest
people; but they do not pay in full It must be
some time before they w be able TO transact their
business as they formerly did hut In the attempt 20 get
back why should they not aim at return To pay
ment OF specie US well IA OF legal tenders No doubt
before they accomplish the purpose but there Is
thing far important than legislation just now
aud that is the purpose ITSELF the way OF accomplish
ING the thing VIII easily enough present Itself when Ne
have become earnest IN demanding the thing Let US
first be convinced OF tho absolute necessity OF the end
ana the means TO 1t viii inaluby follow. 1t 10 the will
that makes tue way.