New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-18
FINANCIAL REMEDIES.

NATIONAL CURRENCY WITH A SPECIE BASIS.
10 thc Editor Of TIE Trfbun<
SIR In former communication, published
by you the soh ult submitted the following proPe
sition
The situation may be briefly stated The
me Mt through stress OF has been obliged
practically 10 constitute Itself bank OF issue Tho
duty Of tho people to SIMPLY Let Congress, then,
pose reasonable, well considered tax upon the country
for the creation OF a sinking fund for the purpose
Further reelection seems only to convince me- moro
strongly that this the true ont Of currency
difficulties Had the Congress Of 1866 adopted tho
measure there can be doubt that RESUMPTION would
have taken place bafore this me Great Britain found
the solution Of her paper money embarrassment In
sjmilarpocy. and our Government needs but TO place
it,eIf IN postion such as the Bank Of England now
occunies 10 get similar relief There three parties
q, ,se country each OF which, " course believes itself
N he alone right in Its the question: the imme
party regardless Oh cost
or ruin TO individuals the expansion party tha oehe'o
our business troubles arise from an insunciehcy o'
currency TO transact the business OF the country
and tho temporizing party. that thinA tnat 'ho
present currency Is good enough any way anu tDas
events are permitted to take their natural course sne
country will soon grow out OF ts trouble To the TWO
latter parties but argument can be ADDRESSED anu
that the old and orepeated affirmation tna no paper
money can be intrlnsically valuable unless h nave
spece basis; and its nominal value Is esseneo ~
fresh OF IL Ia any country WSe"Ay "e
all human experience have proved this incontesaoy
know il ia urged that England never more prosper
GUS than during the "a years which paper money was
her only circulation but the sufficient reply to TINS ar
onment Is that had paper money system Deen tno
cause OF her prosperity she would have adhered 70 N
But the simple fact Is that England al tine pstoo ao"
was mistress the commerce OF the worid anu pIos.
pered i'm spite OF all backs Tue present DanA %
England system ted by the amenoeu oauh az
of Sir Robert Peel In has proved so SATISFACTORY tnas
the project mooted transferring the power OF
now enjoyed by the bank, to the department OF tno
mint fhis making the issuing OF paper currency
function OF the Government and revvlng the aocuno
In force in Great Britain up to tine time oi ShsisA
the Second, that this power Is rOyal preIoEanv,.
IN IA a curious proof OF the souDdness or the ptpcpo
thai our Republic been forced ~ adopt tue praoce
Indeed NJ the coming Of specie Is one OF tue Po"ola
reserved TO the Government by The CONSTITUTION, WY
mould not the issuing Of paper the representative VI
' TS ,ewsip1ne rrty that Ia rho Immediate resump
ton partv not YET Indicated any practical method
with them the first step Is the greatest dhlcuity h
entirely out Of the question to suppose That tns or any
other civilized country will ever return 70 te USE %
coin "a a currency the daily purposes OF me- tnr
being granted, the question presents lirelI Is tio
circulation of this country, supp0slng IL 70 20
ss0aOOOO too much foe the wants OF population OF
10000 The presumption certainly Will DC Iha IL "a
nor An average OF go would appear 10 DC
small sum to allot to each individual tor Ordinary eh
each with the present population WOul III
he sinking Fund in less than seven years ana Win .ns
prospective increase of population Ia perhaps nse.
toud the tax be collected aud invested monthly, tho
relief would be more speedily realized. h
Huaay, n. j., NOV. 8, 1873.