New-York tribune., 1873-12-22
4 FINANCIAL DISSERTATION"

FINANCIAL DISSERTATIONS"
The eminent statesmen and tinanciers and
poltical economists in Congress who have been
discussing with so much fiucncy the finances OF
the country, seem to the ordinary observer to
be in the condition of Mr. Webster's mariner,
tossed for many days in thick weather, and
"on an unknown sea- The advice Oh MI.
Webster, to initiate the prudence OF the mariner
who naturally avails himself OF the first pause
d" i'll the storm, the earliest glance OF the sun,
&" to take his latitude and ascertain how far
:" the clements have driven him from his true
COURSE may be commended to Congress.
"The earliest glance OF the sun IN this case,
we may be permitted to remark, beams from
the other end of the Avenuc-contrary to the
received notions of astronomy. Let us recall
TO the attention of Congress the views OF
that great master of Finance who presdes
over the destines of this glorious Republic.
On the 9th of October last, i'll a letter to
Mr.. n. A. Cowdrey of this city, the President.
with that wondrous facility for handling
great subjects which characterzes all his
efforts and excites SO much admiration in the
Post Offices and CustOm-houses and other cen
ters of influence in the land, grappled this
subject and laid all its mysteries bare. You
"and all Bank Presidents he says
to Mr.. Cowdrey. "know more abont
"the condition of your banks than l
"can possibly know" But he adds with
great force, "In turn, |, through the Secre-
"tary of the Treasury, know more about the
Financial condition of the Government its
ability to render aid, &C., than any person
disconnected with the administration of its
affairs can know" Then after some states
manlke observations IA to the need OF
elasticity in the currency, he proceeds to
say: "This panic has brought greenbacks
"about TO par with silver. ] wonder that
"siyer is not already coming into the
"market to supply the deficiency i'll
"the circulating medium. When it does
come-and | predict that it will soon-
"we will have made rapid stride toward
"sDecie payments. Currency will never go
"bclow silver after that" After touching
briefly upon the advantages to accrue from
this condition of things, he says: Our mines
care now producing unlimited amounts of
"slver, and il is becoming question, What
"shall we do with it 7 | suggest here sOlu-
" ton that will answer for some years, and
Suggest to you bankers whether you may
"n0t initiate it: to put it in circulation now;
"keep it there until it is fixed and then we
"wil find other markets.
Here very plainly is a glance of the SUM-"
The economists of the House, tossed in thick
weather and on an unknown sea, have but to
avail themselves of it to take their latitude.
While they have been engaged in this debate,
they have forgotten that there is a Great
Silent Man at the other end of the Avenue
who "knows more about the financial cOndi-
"tion of tho Government than any person
disconnected with the administration of its
"affairs can know The problem of statesman
ship is not how to pay our debts He states
that distinctly. 1t is rather, What shall we do
with the unlimited amount OF silver produced
by our mines 7 This is the solution which
the President says "will answer for some
years to "put it in circulation now; keep
cit there until it is fixed, and then we will
"f find other markets. His recommendation to
the bankers to "initate itr has been reck-
lessly dsregarded. 1t should be considered by
| Congress.
An effort was made by Secretary Richardson
to carry out this plan, and dispose of the
unlimited amount of silver produced by our
mines by putting it in circulation. Under
its operation the prediction of the President
that we should make ga rapid stride toward
specie payments" was in process of fulfill
ment at the rate of several dollars day. 1t
was frustrated, or at least has the appear
ance of having been frustrated, by the
blind obstinacy of people who did
not appreciate their privileges One day
a mercenary miscreant presented two checks
at the Treasury, one in the morning and the
other in the afternoon. hoping to get FIVE dol
lars in silver on each. The keenness of a de-
partment clerk detected the imposition, and
he was properly robuked for bis high-handed
attempt to run this great measure "nto the
ground" Then, too, there was q general
complaint from church going people that
the dropping Of silver coins into the
contribution boxes disturbed their devotions.
aud the labOrious organ grinder protested
against currency that was so heavy to carry
| and 30 destructive to trowsers pockets For
these and other reasons, one of which perhaps
was that the supply was exhausted, the whole
| scheme "sort of fzzled out" What Congress
ought to do is to consider this proposition,
| what to do with the silver which is accumu-
lating 50 rapidly gpou US. No one seems to