The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1873-09-03
Rssumption OF specie Payments--Mr.
- THeaaurar apAnnar,a Lettsr.

Rssumption OF Specie Paymsnts-nr.
Treasurer sP4nner's Letter. 81
Mr.. F. E. Spinner. who is really the
banker Of ,ehs United assssssss, hsT:5S as
command many millions sof gold ) and,
manySmilEons more OF greenbscks. has
written d letter to II. Osterbsrger, Esq,
editor OF the Decentralization Eoono;
mist, (at Frankfort.on:the.Ms Main, Ger
many.) It seems that this German ed.
itor has been indulging in some criticism,
upon the management of the finances OF
the United States, provoked by pro-
position of one Mr.. Riddle, who pro.
fesses to have discovered short and
| royal road to the resumption of specie
payments. We infer that the German
editor seeems to consider the Govern
menf Of the United States as sort Of
bankrupt affair, but not 80 badly broken
but that it might regain its credit among
the nations OF the earth by the exercise
| of better financial skill, and points out a
method Thereto. So far as the argument
with the German goes, Mr.. Spinner's
letter is Of but little Importance to US.
But as Mr.. Spinner's chirography pene-
| trates every nook and corner of our land,
and regulates all transactions OF our do
mestio economy, Mr.. Spinner's views as
to the time when, and the manner by
which, we are to get back to the normal
condition OF respectable nations, by the
resumption Of specie payments, become
all-important to US. It will be seen that
the Treasurer advocates now, as he has
heretofore advocated, resumption at
fixed period in the future, with three
years notice. We doubt if such notice
will ever be given. Indeed, the array
OF the cnsses who are and will be op-
posed to such O notice, presented by
MIR. Spinner himself, seems quite susfi-
cient to justify the assu mptiou that such
a notice never will be gwen SO long as
politicians 90 to Congress- The array
seats side by side the debtor class, the
manufacturers and the national banks.
Such al array will control political ma
lorities, and political majorities are far
too formidable for politicians, in power
or out OF power, to faco. The other pc
riod which the Treasurer indicates us
the time at which resumption will be
"easy and como of its own accord" is
"When the balance Of trade shall be in
our favor" Whew! Clearly, this will
not be in our day and generation, and if
this be the only period at which we may
look for such crisis as the resumption
OF specie payments will bring, we may
lie down with the consolation that no
evil from this source can befall as. We
are not sure, however, that the Treasur-
or OF the United States is correct. A
circular from one of the Leading Wall
street bankers tells us that $500, 900, 600
OF United States bonds have been sent
to Europe this year. This indicates
large balance of trade against us. It in
raj f1rt n
States must continue the supply, or
there will be crisis. We subioin the
following extract from the Treasurer's
letter, 30 that our readers NAV see aud
"reckon" for themselves:
'More than soven years ago, urged.
by letters then written and otherwise,
the enactment Of law compelling the
resumption Of specie pay ments on u day
in the future to be fixel-say, three
years from the passage of such Act; and
still think this to be the safest and the
surest way of any that has as yet been
proposed to bring about the much de-
sired resnlt. Under the operation OF
such lnw, the whole volume of paper
currency-that OF the national banks az
we'll as that Of the Government-would
Immediately begin TO appreciate in
value, and would continue to do 90 gra.
dually, bat certainly, until, ut the time
fixed for resumption, the paper cur.
rency would become the equivalent of
coin. Many obstacles have thus far
been, and they continue to be, in the
way OF resumption of specie payments.
The friends of sound currency have
themselves retarded the return to specie
payments, by insisting that tho only
way to bring about the desired result is
to reduce the volume of the paper cur
rency; that the first duty of the Govern.
ment is to return to specie payments,
and that the exchange of loans bearing
a high rate Of interest for lower one
should be deferred until after that event.
This has enlisted tue opposition of
very large class OF our citizens, who are
otherwise sound on tho main question,
but who contend that it is better, and
more economical withal, to retire the
loans on which high ruto Of interest is
paid, than loan on which no interest
whatever is paid. Then come the real
opponents Of the measure per 81. Chief
among these is the debtor class, which
in this country is largely in the majo-
rity. The persons constituting this ma
lority desire to pay their debts with
cheap money Next come the manufac.
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