, 1874-12-12

| without credit, and our whole tratlo ia to mt
on foreign VESSELS nil our surplus products.
to DO taken abroad to pay our debts. That is
INC condition OF country which Inns 4 tt bal.
anco OF trado in its favor! A lalanco Of
trade simply mems TINT wo give moro than
VIC got. When tho balance of trade is aeainst
as' 1t means TINT wo get moro than wo givo
and to that extent hive increased our capital
or stock OF supplies md amount Of wealth,
But tho protected" numbslsulls, in and out
OF Congress, think that tho moro property
VIC aend away, md tho loss wo rccciva in re-
turn therefor, tho richer nc bccolno!
oEoRETARY BR1sT0W's PLAN or REsuMp-
TIoN.
| Perhaps the samo amount Of sraco could
lot 10 10 well filled as by resumo OF tho plan
Tor the resumption Of specie payment rccom-
n,onded by tho Secretary of the Trunsury in
his rocont' report. This plan having been
allied with the mass Of details which are
necessarily crowded into Il departmental re-
port, it may havo escaped tile general atten-
| ton which it go richly merits. Our present
| object is merely to recapitulate tho p1nn, md,
rs for MS it is consistent with the purpose Of
shortening the description, to gire it in the
i sccretary's own language. BIR. Dn1srow's
treatnent Of this subject naturally divides in
- '"o hea''s' VIZ. " IAe roasons for re-
Turn 10 specie payment anu (2) the way to
fo.utn.
l. Inc secretary oases tho whole System Of
to9"'-1ohoer notes on tho following proposi-
.lon' III viii not 10 denied TINT tho exist
ing 1ssuo OF lega!-tender notes, MS circulat-
ing medium, would never have been made,
except IN TIC grent emergency Of war i'll
volv'ng no less an issue than tho preservation
OF 1no natfon. Ihe logical deduction is that
tho system provided for ata emergency should
DO abandoned rs soon MS tho emergency is
passed. Ihat this was contemplated by tic
government Is evident from. this provision
OF tho act OF March IL, 1860, which declares
m ntm ot ,no 0ne IL sea,ss y socn1y ~ Psgea to
q tic United States not bearing Interest, known ~
nspes ia XIII to ,ho rovIs1 .aten "a H. Maoe@ny
practicable period for tho redemption Of tho Uned
''11us Tla ,'e.e. ceanatan.. - so.n' t,n.,
~. oot 80 con,,'oar :. e.,,,'A :.'a1:., os a,'o
i,vo eono1,,s;nns ha '1na,n. .}a"1s 5s.eo - 'n'
.t,r,,s fa;.,. ~ 49, lu'''9" l.
wv. -,aaa,,, .,sas,,s.l,. on. .ou,o ,o' 10
,ona ] ~, ] 49, ~ ~ - 11oy @o. pioaseu tnnn Is
- ..a.,;aes 1ss:s1..:sn e77, ~ S"y a. no'A''ie
n.a,.,,,. -. ", ss'.saa,. -, !. y, "4o :, IN no1
viii 1ot - a,aaaa '...;, .'' '1o 90 ~ 1no "Hr
ton sl,n1l have boen reached" The first con-
'4o'et1''@eo '1o ooie41u op!'bal!on
Of tho Government; tho second affects tile
1,oa. ;.,to.,.,.,, - "Aee'' 1no
bGoh AAkCAEakb " u DEODlQ, In |
tho 1nnttcr of fhe Tox;1,litv of tho o,,rro,,,. |
tho Secretary makes the obvions d;s,;,ct;on
Lotween the Inv of sup,ly md dammit md
Lhat Of legislative will or sr,nnoscd ox;oano;oe
Of tho Government. The former 10 ro+,,7o1 M,
Gradual; the 1attor sudden an1 vio1ont ,rho
Secretary cnunciates the tr,,e n,inc;,,,o r,hon
lie says; "In a country like ours. will vor;e5
industries and extensive commerc;o1 ra,o+ionc
,monr its different sections and Will, othor
aations and peoples, stability Of t,,e c;rcn,ot-
ne medium is Indispensable to thu canora1
,rosperity." And he dofinas cloor1v 4rtot
liability is as follows: "rha ono1;t, ~
liability in money attaebes on1v IN mil,
which. by common consont of mon1r;nd ~
10 medium of exchange. and to n naper c,r ,
onoy representative Of coin. because conu ;
crtible into it at tho will of tho holder" .
The following is m opitome of tho b;stor, ~
paner ourrcncv.
The htuory Of irredecuablo paper currency repcat.
e ,rs @ IT. u nss Il
G ia gatting higher wagcs, aud brings q flctls,o1s
ed md aIcpx. If u or md
ul It ia discovered that trado aud con,lncrce hayo,
royed and te coaes TN Wen ssk 70 @ ,oo de-
y disaster unl depression, aud doulanl for relief
r. IT, .sssl", u.s. s,; o,,o...
~ h;star,, ~ S' sa.;.. "'"1 ''' s.a"ch1 T. T.
.o,,ast :. 49, aaa",''s "' ula,icts VIII con- !.
NJ nrr,'o ,,,;sossa, 49, - sa'ts "''fsnhse" y
WV, ena,, a,,.sa.,a.. "ao w. un,' fenance :.
r' 10y ~ ~eos so.''7 10 pnnt Tue
.'ss. ~ 1 ~. 'PaA 'nu Au'ur"l Se't-oe- y
~ ,'a,;-s 49,. ,Av a.. peop.o' "na 's"'1S them TO
s;st % tns m;7;n;1,a, ss1 ,sen' .n.. nlaS. alfocty
,1n t,a,n =; t1,.;n ..au'se, nea aila BUSINESS
tnan, T.. - ,;aa,'au.l" @ '!so'u1 a.infs' ana ona: :,