Bradford opinion. [volume] (Bradford, Vt.) 1874-1881, 1874-12-12
Specie Payment.

The country u 10 Dc cOngratulEt'
ed, says the Boston Globe, that the
President and his Finance Minister
agree so perfectly in recommending
u speedy return to the only sound
basis for q financial ~ stem which
tho human race has ever yet devils
ed. The sound and enlightened
views which the Administration has
reached on this subject, if they can
be carried irtO effect and the neces.
sary measures set on foot for bring
ing us back to specie payments, will
atone for u multitude of mistakes
aud short comings, and exalt it to
u most honorable place in our polili-
cal history.
The plan suggested by Secretary
BristOw is, nj it's general features,
such as must ultimately be adopted
in order to reach the desired con.
summation, and the sooner it is put
in effect the better. There will new
er be more favorable time for this
great step, and the benefits which
are to be derived from it should be
brought about as speedily as posi-
bile. The first thing to he done is to
repeal the legal-tendcr act, to take
effect at an early day, so far as con-
Germs contracts made thereafter
Between this date and the day OF
actual resumption, time should in.
tervene of sufficient length "to eli.
able the, people, and banks to pre-
pare for the latter by such gradual
processes in business as will neither
lead to violent contraction in credit
and values, nor suddenly increase
the obligation of debtors" This pc
Rod, the Secretary thinks, should
not exceed three years, and in our
opinion two would be ample. To
bring the legal-tender notes gradu-
ally toward par with gold, the Sec.
rotary thinks that they should be
made Immediately convertible into
bonds, bearing low rate of inter-
est, (which, while inviting CONVEX
sion, should not he so high as to ar
preciate the iegal.tender notes rap
idly and thereby operate oppressive.
ly on the debtor class" In order to
provide the means of redemption
when the time comes, the Secretary
would have u loan authorized, "not
exceeding the total amount of notes
remaining unconverted at the time
of resumption, less the surplus rev.
enue to be made applicable to such
resumption" for the purpose of rails.
ing the gold needed for redemption.
1t will certainly be wise provision
to authorize such a loan, to be issu-
ed so far as necessary, but it is not
probable that there will be all occa-
sion for all actual redemption of any
large portion of greenhacks. All
that is needed is to make them con-
vertable with coin, and then the
holders will have 10 occasion or
wish to get rid of them. They will
be a substantial part of the curren-
cy, and may be retained as such,
unless it shall be deemed expedient
to withdraw them gradually when,
by free banking or otherwise, provi.
sion has been fully made for cur
rency adapted to the wants of the
business of the country. Whether
this particular plan, or some other
resembling it in its main features is
adopted, matters little. The impor-
tant thing is to do something, and
forever dissipate from the public
mind the mischievous delusion of
initiation and irredeemable paper
If the present Republican
Congress would come up to the po-
sition so strongly maintained by the
executive branch Of the Govern
ment, it could redeem the party
which put it in power and make the
ascendency Of the Democracy an
a flair Of short tluratiOn.