The daily gazette., 1874-12-17

a Specie Basis.


argues against an early resumption Of
specie payments, and says: i
ITO provide enough gold to meet its
obligations, it must have total OF $382,
OO0, 900. 1t has about $00. O00, 900 now.
To borrow $S00. GOO, 900 would cost $l5,-
O00, 900 o year, increasing the foreign in
in four years to drain away the entire
$500, COX, 900 borrowed. To begin specie
payments and fail to maintain them is
to re-enact Richardson's farce Of paying
silver in sums Of Ave dollars or less
and failing, even in that.
nBanking in anti -bellnm times does not
sustain the conclusions which our con
temporary has drawn from the figures
we quote. On the contrary, we are Of
the opinion that the present is Of all
others the time to resume specie pay
ments.
The people are ripe for it, and they
will support any open and honest effort
Congress- may make TO reach a basis
from which there may be a hope for a
revival Of business and a steady increase
in the value Of property. And we are
confident that property vii! continhe to
sink and be sacrificed under the hammer
Of the auctioneer at forced sales antil
we do reach substantial basis for on,
circulating medium. We believe in the
intelligence of the masses. But we have
no faith in the pretended patriotism Of
the GREEDY spectators and political
schemers and gold and bond brokers
1t is their business to get money, ant
they care only that the mode in which
they get it is within the reach Of the law
The Government has 1000, 900 Of
gold and about $50, 0oO, 900 Of gold notes
to begin with. Now the people really d.
not want gold-they would not carry it il
they could get it--they only want {
standard. Neither wages nor property
real or personal, will reach safe stand
ard until after the paper money hal
been made equal in its buying capacit,
to gold. - ,... III 80,
During the old banking system, wht I
there was often larger amount of note
In circulation, there was not more thar
$4,000, 900 Of gold in the country. Thel
the bank notes were Of more doultfp
character and it required three OF fou
times the amount Of gold to sustain
them than it would take to sustain GU
greenbacks at par.
Then the banks were at the mercy o
the people-the law compelled them +
pay, and if they were sued on tneir
bills, Judgment and costs were added t
their liabilities.
1t is impossible to toll how much gol
there is in the country now. But tn
Government is not habl, TO prosecutio
for the redemption in gold Of its sma
notes, and it has been arbitrary in man
matters, and could be 60 in the psymer
Of specie. Were it resolved to con
mence to pay gold for greenbacks at Ii
hints and government agencies in IL
largo cities, We do not apprehend tn;
there would be any great run upon thei
places; and in that case the office
should be authorized to refuse to ca,
large amounts. The payments would
made between 10 n. m. and 3p. m.
was the case when the banks resume
the clerks would he instructed to lal
their time and lie sure To make eve
one who attempted to get large sums
speculate upon, pay dearly for his oper
ton.
No attempt should be made to redee
notes of higher denomination than 81
and all but greonbacks should be refu
ed. The banks would not be injur,
materially by the operation. for so lol
as the legal tender clause exists tn
could redeem their notes with gree
backs. and even il these institutio
had to suffer a fractional loss for o she
time, they could well afford it after t