, 1874-12-12

TINT 1t provides Tint all oblieetiong contract.
ca prior to tho ropenl may be paid In the legal
tender. All obligations contracted aubsc-
tla'ont to the Eepoal aro on n now basa, m11tu.
my understood and mutually accepted by
oeotor and creditor. Tho only safeguard
necessary la TINT tho time fixed for the repcal
shall not bo 80 sudden M to materially dig.
turo present values Tho time slioud not, In
the opinion OF tho Secretary, DO extended DO.
yona threo years, snd might safely be mat1o
aa much hss as in tho Judgment Of Coneresa
would sufficiently protect Tie interest of .]cbt.
ora and avoid tho OWLS Of too sudden co1-
traction. Tho Secretary then recommends TINT
tile law shall authorize tho immediate con.
version (but not reconversion) Of lceal.teutlcr
notes into bonds bearing low rnte of inter.
est, rs a gradual process Of contraction, to In
regulated by tho people themselves. Ro.
detnption must now be provided for when tho
timo comes. ITO this ond, tho Secretary
should be authorized to rnlto loan not cx.
occaing the total amount Of notes remaining
1lnconyerted at the time Of resumption, lcrI
tho surplus revenue to be made applicable 10
such resumption" His own notion is tim,
the revival Of business and tho increase O,
public revenue will DO SO great tint a 1nraa
loan Will not be required for this purpose, and
tho worry fact Of resumption will create ready
market for them. In the opinion Of tho Sec
fetary, these bonds should run for n long No.
riod, md should bear interest at O roto not mr.
cccding tho lowest rato which the Govoru-
1nent may then be paying in ref1tnainR its G
per cent securities. These two recommends.
tlons constitute, substantially, tic wllo1o
plan; tile details can be ronlily fixed if tho7
conform to these general principles.
We believe TINT MI examination Of secrc.
tafy Hn1srows recommendations ,s condensed
anove will convince every Intelligent reader
TINT speedy resumption il tho best policy. md
catise him to wonder why he has mada so
great bugboar Of so simple aud easv n
matter. We desire to add only these general
tr71tils statoa by tho Secretary:
That which is Of tho highest Importance Is tho ua m.
we: .o aovesluo ppesS ., sha hafame,'1n: nny,
,s c9try in obeoco 10 the law S Of sppy wij nos sl so 3
dimn mi, o millions 81 VS eo1Y Yt9ad. nic ,a w ses!y
tuIo only commodity Of trade will resume ite 1ror
'osi 'nnSoa' W becoming again part of tho crealay
Mh tho adoption Of tho policy Of resumption frea
netnal amount Of coin avaabo for circuation ean
e9 supplied " bank notes convertible iuto cou !u 1
OF m, m ineonyerttb1o paper cagrency.
Iae enactment Of q law having for ita rurpose tha
snstttation OF eound and stable medium Of c1otu.s
lof G irredcenalo pnrcr currency viii tend to re- os
contae'cc aud titus reylval Of trduurie, mi
general business. @A'i'|' s''t
What ta demanded By tic best ntercass of the rs,y.
crnmen aud tho people, and by tic hfrhTst con.,,,-
uons q virtue and morality, IT, that Congress s;jl
Mhao saat stnte Of thngs which only tho uceas3ites Of
war Justified or required in th!s resI,s,t.
Thero Will TO- no better time III tho futuro to cutc.
upon tho work Of returning to specie ba4s.
Ii the present Congress cannot comprehend
50 tcrse, elear, and simple demonstration e..
secrctary Barsrow has made, the best thing it
Gun do is to lot national finances alone,