New-York tribune., 1874-04-06
SPECIE PAYMENTS IN SPITE OF CONGRESS.

SPECIE PAYMENTS IN SPITE OF CONGRESS.
A SUGGESTION THAT THE MERCHANTS TAKE con
CERTED ACTIoN-ALL TRANSACTIONS TO BE MADE
ON COIN BASIS.
TO the Editor Of The Trtbune.
SIR: When the Supreme Court of the United
states affirmed the constitutiOnaIity OF the legat er
acts. the country suffered adsaster great hun. ia
ton as deep would been the lose Of the battle
Gettysburg The effects OF that wrong just becom
ng visible. Might has made right, and the debtor
states using t rob the creditor states. The
question ia worth considering how the latter
defend themselves against the legaener swindle in
spite OF Congress Past deOs be saved but for
all future transactions security be round only IN the
method suggested by resolution OF the Cooper Inst
tute meeting of March 2i-tha an increase of socaed
paper money By our Government, with the understand
ing that II not to be redeemed in coin when duly de-
manded, would all prudent men to make future
contracts only gold at the present standard Of weight
and fneness"
Specific contracts pay coin upheld by Che court
OF highest jurisdiction. is possible therefore for the
merchants and capitalists Of New-York and NewEng-
land 10 follow the example OF the Pacific States and by
concerted action resume specie payments They will
deserve respect when they appealing to the
prairie petoggers az the CAPITOL and begin helping
themselves The way do it is plain. LaEge amounts
OF Eastern capital are annually ent at the West on
mortgage security It would be easy for the capitalist
to refuse loans for anything bat gold He
would perhaps be compelled to convert his funds into
coin at the present OF premium, bur il would be
better for him part with his greenDacks at 80 cents
tnan 10 hold them till they sink to 49, and he would nave
the satisfaction OF knowing that as the gold premium
rose his Western debtor would be making apparent
loss aud not no himself real one. The wholesale
actions OF NeWYork and Boston could readily be put on
a gold basis. Already in foreign banking and IN
many mercantile operations coin only Is used.
Bank accounts are kept in coin, and coin
notes discounted. BY concerted action the whole
sale and iObbing trade OF the East could b. brought
back 10 specie and the extent TO which ITS use would
then be adopted IN retail trade Jud depend wholly
the degree 10 which public opinion was enlightened
by adopting this policy the merchants would gam the
further advantage OF freeing themselves from the eV
Influences OF the Stock Exchange Under the present
system the OanaDe capital OF the country B ABSORBED
loans call and the merchants are sacrnced TO the
stock ob6ers BY reducing their business 10 specie
basis the former could obtain oank ACCOMMODATIONS
themselves from destruction IN the panic th
Is brrwng. This policy would bear rurtner Irult. IL
would diminish the neld OF circulation TOr greenDacKs
and drive them home TO their western friends mus en-
| hancing prices in the diminished area where the
/ Irredeemable paper would circulate. The lnf@hOie
remedy this paper money madness ls 10 dose the
patient freely with the hair of the dog that blt him.
BY essenIng the OF greenDacks at the East these
Western people could De dosed with their own medicine
until they were sick OF IT, and then specie payments
could be- resumed thrOuz the country, not by pay
ing treasury in gold but by deprlylng them OF
thelr iegatender quality ana iuhig then NJ AZ lor per
cent The principal argument used III the west IN avo
OF tnconvertoe paper s thai under our present system
the premium paid for Eastern exchange Is nominal.
When western merchants are cCnpelIeu 70 Ouy tnelI
exchange at the premium which - now represented uy
| the premium on gold, they VIII be ready Tor haru
! money. -- -
The question Of specie payments has already become
political question, and will remain sucn Inere Is no
none therefore Of any subject by our
| lawmakers The only practicable remedy ia for the
people restore the OF com OF their own not0n IL
Is time for merchants TO help themselves 10 see
them calling for aid on Congress has recome piuaDe
| - A. NJ
Washington, D. O.. April 2, 1874