New-York tribune., 1874-11-10
RIGHTS OF DEBTORS.

| DAVID A. WILDER OK IMMEDIATE. PERMANENT,
| HONEST RESUMPTION
| To the Editor OF The Tribune.
SIR: Permit me to say to your numerous
readers who, trust, all interested in this great
question so long undecided that resumption OF specie
payments does not mean many suppose, the OF
specie in commerce. but much less than is re-
quired present. and therefore, not to wait for
more insist upon less paper On the contrary. we
have already more coin than there is any reasonable
call for and of the right kind OF paper or notes noEe at
all
RESUMPTION means. II II means anything, that we will
make not only our legal tenders aud bank eqna TO
gold, but that all checks drafts and bills OF ex-
change, as well as all bonds notes and mortgages
shall come up the standard That In fact, all
this paper and these obligations shall be worth ten per
cent more than present. and be so paid when due.
this the debtors especially at the South and
West are not prepared aud it is perfectly safe TO say
that they never will be. And may properly add that
there Is no good reason why we should expect 1t
OF them. IL IL much more likely that unless
some measures are promptly adopted by the next Con-
grcss adjust this mOmentOus question, with sOme
reference t. the rights the debtors, there will be
effort their part 10 procure legislation which will
lead us still further from the end have in view. and
possibly only diminish the value Of claims but
repudiate them altogether.
The present value of the legal tender notes is rac-
tion above 80 per cent in real money and that what
all currency obligations are worth, whether corporate
individual II does not matter whether the contracts
old or new or how little they may have been worth
heretofore. II Is the present have to deal WITH aud
that fortunately for us docs not differ essentially. far
standard Is in question: from its money value or
five years past We have therefore, but to declare by
act Of Congress that all currency obligations including
the legal tenders aud bank notes. shall he considered
equal to 81 per cent in gold ana that thereafter all
tracts shan be made by tile specie rather than the paper
standard. ana resumption Will be effected without
causing ripple IN our business relations each viii
pay and receive precisely the same value as be fore
though the number OF dollars VIII be less.
ness OF tals country does not require gold as currency
the basis of currency but that the true Office OF
this metal is to serve as the standard by which de-
teIne the prices other products OF labor fer
sufficient reasons unfit for this Use.
We should also find upon establishing proper system
OF banking that while relatively 10 the whole
CURRENCY bank notes form bat an Lconsiderabe portion
tircly still there could be used conveniently in place OF
small checks and drafts as much one thousand mil
some income 10 the Treasury, AMI also retain ample
margin. 10 which they would he entitled for their Y
penscs and risk IN acting our agents 10 supply the
requisite anOInt OF this particular KIND OF paper to
small change III our transactions effected mainly by
the OF other larger FORMS such drafts and bs
which constitute than 95 per ali
the currency used, here or sewherr.
These nCtes are not money. and their creation does
add wealth single dollar. Tney in fact
.nUIv certificates of deposit issued ly thc banker n
those of whom he temporarily hOrJws capital 10 lead,
precisely he does Of other parties whose names a
pcnr upon his books as creditors.
The amount issued Will be accurately determined with
out any eesla0n IL we but provide that the Govern
ent shall supply the notes present axe into
Its coDtrO amount OF valuable. productive property
sui :ent to JUSTIFY the proper officer promising that
upon any failure the part OF the banker to make is
equal TO specie at the clearing hoiscs The holder
stall be paid at once from the property trut which
should not be part OF the wOrkLg capital. as now pro-
viied, but III addition 10 that, wIlch Win deposits
ana circulation. should be Invested IN strictly CONNER
cl shUrt.1a paper which shall mature at the right
time ana place. 10 meet all the Obligations the banker
promptly, in funds satisfactory his creditors The
nerchauC requires 10 gold behind his notes: neither
does the banner, so long As lie draw upon fnuds
winch his creditor prefers To god and this, under "a
truly national free system, every bank sLOdld be able
TO 40.
Let us have at honest return TO the specie
standard by providing against increase in the OCa
tuns the debtors, and then s he ready to estnb
lIsh system OF banking which will render future Ia
haons aud suspensions nearly IL not quite impuSsble
Let us have justice, and t!en Wc nna have peace
Boston, Nass, Oct. 20, 1914 DAVID WILDER