New-York tribune., 1874-12-22
BENEFITS OF RESUMPTION.

TIE TRUE VALUE or REAL ESTATE THEN EASILY
DIscovERED-FREEDOM OF TRADE WITH FOREIGN
NATIONS INCREASED.
To the Edttor Of The Tribune.
SIR: One of the serious evils of an irrcdecm-
able currency, when its amount has become con
stant quantity, is Its complete rigldy and consequent
nadequlcy to meet the needs OF people who have be-
come embarrassed by its nsc. To borrow term from
engineering, 1t has no spjon No raising OF the rate
Of interest can bring relief nation which has re-
sorted 10 tl expcdicn Such n nation IL, as 1t were
insulated from the rest OF tho world, and must seek
relief within itself Gold, to such nation is no longer
a circulating medium 1t has become an article OF mer-
chandisr, which afford 1t no relief. the price OF
with great cx1ctncss the depreciation OF
the ruling currency. Wero we to-day receive from
Europe large accretions to present gold should
fni Our situation materially improved, but proba-
bly, the the gold would in some way serve to
limit an equal amount OF our currency.
Tho position OF our afirrs to be this We have
too much indebtedness for the volume of currency
with its Other durs larya il Is; Other words,
there AMI debts than there is currency.
Now we know that the currency il fix dquanty since
Secretary Richardson lcit the helm OF Affairs. From
whit quarter, them Is relief t. come! UnIi"stiOnably
from o ir,clves alone. We redeem our indie coted.
ness; but not only tniS-"e must rs nh1uestl0nibly
reduce the values which we lit Oh our possessions, so
that less currency VIII be r"qrcu 10 do tc Dlsiness OF
the nation. Tnis. IL we eoitlnue oar present IRE
Iremible currency, Will be the slow, grinding,
unconscious ell 5ct or u rn>tOftllOn OF DlSlntSS.
II the most trying OF all ccrgtncirS for nation to
10, called upon reduce it, indebtedness at the
time that il reducing its values nut we are false
nsitiu and there is other course LETT for We al
knew that this mli-t eventually be the end or the ex
prrimcut which were forced TO adopt but each
robaby resolved to be prepared when the grand finale
came There have been bankruptcies and shrnklgrs;
Irrr must before snail bc IN position or
snd business health. Is It not better for to
s,rcc aymcnf. and thus put ourselves raDpOrt with
the rest of the world We're we TO fix day for resump
ion we should, in the language Of the street, discount
all s effects and as we are now situated we can never
hr more favoraDly placed for the measure. The cOA-
traction has tar srchandis' cOnccrned already
been made. X al estate winch has lost all its ancient
ideas of value would feel the effects perhaps but
i'm tins way woul be again brought within the
range fixed by political economists aS the true proper
iOn br twrcn rent ani income, aud great good would
come from IT.
Tne moment We resume specie payments put
ourselves in communication with The other nations
of the world every dollar OF our gobecomes at
an and to US aud helps float OF diculties
stead remaining an article to invite speculation We
shnll then amenabe 10 the same laws which
the trade of the rest of the world Gold viii thun seek
us as now seeks England and France because 1t will
hr wanted AMI shall no longer Dc slbj tct to
bending artificial, and uuchauging but rlcdecmabe
currency. -
Iroridenee, r. l., Dec. Z, 1874.