Wilmington daily gazette., 1874-04-17
the nEspsp Aaaoumr OF coLD

Z No one snpposss that the Govesnmsnt can
safey undertake 10 pay its presept eresnback
debt 10 coin at anything like the pre1nt pre-
MUM on the latter, and thus rofore me ,W
mer TO par with coin, without some previous
steps for the accumulation OF gold IN the Treas
ury beyond the demands OF the gold interest on
the public debt. How much coin would actai'y
be needed for this purpose would depend upon
the premium on gold at the hms; upon the
question whether the noles were t. be 70 Issued
Lor not; upon the question whether the Govein-
ment had the option Of exchanging bonds Tor its
notes; and also upon the state OF public ieelinH
as to tho probability of success, With wise
plan, with proper preliminary steps, and win
suitable notice TO the people beforehand, We be-
lieve that the thing can be done al NO very
distant period. The main thing now wanted te
the parpose 10 do II. The purpose will hndt
plan provided 1t be real and earnest '''
There must, of course, be some proportion be-
tween the outstanding notes and the gold rc-
serve. Ii We put the notes at S4OooOo,VU,
which is the highest amount claimed by any
one, then how much gold must be accumulated
before The Government can safely commence
the work of payment Certainly not an amour
equal to the whole Of the outstanding notes and
/ probably not more than fifty per cent. OF Tie
/ amount. Even thirty.three aud o third per cent
/ would be almost certain 60 be sufficient; especi-
l oily If, as proposed by Seuator Sherman, he
G Nernml mt had the option OF exchanging bont
| Tor notes in the event ot an attempt to make II
| "run" upon the Treasury. Less than hun,
Iired and forty millions OF gold reserve would
ihnswer the purpose of placing greenoacks al
par with gold, II, as should be done, they were
icanceled and destroyed rs fast as redeemed
twith a provision tor ,the increase of bank mote
determination at least IN an equal proportion.-
}rThere would then be no contraction OF paper
1 currency; the premium on gold, IN the iace OF
such plan, would certainly decline; ana tne
tmoment its success was established AL the gold
coin of the country would at once become con
! stjtupnt mart of the circulation
How can the requisite amount OF gold be obtain
ed? There is no process by which it can be gain
ed in a week or a month, and perhaps net IN
YEAR yet the Government can get 1t by taxing
Itime enough for it, and nothing ia more certain
than that It must its gold resources in or
der to redeem it's notes in coin, unless 1t adopt
the plan of funding the debt. Let it stop all sale
of gold for the purpose.of paying the unmaturet
debt let it pursue policy calculated to husband
and keep at home as much as possible the annna
bullion production OF the country; and, IL neces
sary, let it 60 into the market OF the world as
purchaser of gold by the sale OF bonds. An efor
of this kind would In due season and al no on
tant period place the Government IN cordiho
Ito nav its own notes in coin, bringing them I
II par and as the consequence, bringing bank mole
TO the same state. This point gained and main
| tanned, then whatever subsequent legislaao
; might be needed would be suggested by the cil
cumstances Of the situation. Everything is at
dead lock and must SO remain, so lar AS spec
| PAYMENT Is concerned, until the government III
lis own notes TO the specie standard. Ihis Is u
. one prime necessity of the hour mdepende'