The sun. [volume] (New York [N.Y.]) 1833-1916, 1875-10-19
a simple Method of Reaching a Great
End.

End.
Mr.. McCrftocu, formerly Secretary
uf the Treasury has devoted "a good deaf
VI ms time for year past to discussing
the financial question in its more general
aspects. lie now approaches practical
tontion Of it. Ills last essay presents
plan for putting the currency on u sound
basis.
We ar, happy to sec that he adopts the
recommendation which we put forth more
than ayrar ago, and have been constantly
urging ever since. This Ia the rcdcmp ion
oi the greenback in al per cent. bond.
Mr. Mi 'rILOCH has had ample time to
weigh the merits of our proposition. and
cautious rs ho Is in regard to practical
measures. he sees his way clear to commit
iimself fully to il. lie also associates with
II another idea which we long ago advo-
Gated, and have never omitted on proper
occasion Ia advance, namely, the prospcc-
tive repeal of the legal tender act These
two measures, Mr.. MCCCLLoCu thinks.
would soon bring our finances out upon
solid basis, and open the way to an easy
resumption of coin payments, at no dis
ttnt date.
such is the value Of public discussion.
We have never had any doubt that the
plans we have proposed were not only suf-
hcient to accomplish the purpose in view.
but were in fact the only effective means
of doing IL. Mr.. McCULLoCH has had wide
experience in finance, first Us manager of
the old state Bank of Indiana, whose af-
fairs in his hands were conducted with
conspicuous ability, and subsequently as
,,T
ports were models OF sound thought and
f"licitous exposition. His present adop-
ton Of our views we regard with satisfac-
ton rs evidence that the best thinker Of
the country, when they leave generalitics
aud come TO the consideration OF specific
propositions, will in the eud unite upon
the bond redemption of the greeuhacks ut
moderate rate of interest. rs the first and
only practical step out of the present loose
aud dehauched condition OF our circulat-
ing medium.
There is nothing In the measure to alarm
anybody IL the bond is issued M n rate of
Interest that makes il worth just about
pa in greenbacks. At present this would
be very near y per cent. II redecmable
in such bond. the grcenback would take
on very different aspect from any that
ii has ever before exhibited. Its volume
would not be materially influenced. but
III function would be elevated aud
v .denod. 1t would at once become
regulator of the gold market, and thus
remove the mos: important disturbing
agency in American trade and finance
he gtecnhacii would become tn. cqiiva-
lrnt Ia value Of Tie United states & per
-. 81
uacIily the value of gold, would lc
measured ANA bounded ly the huctua. ions
in flic value ~ this bond. These would
nudrr all ordinary circumstances be slight.
Any variation would usually be IN the
rint elton Of reducing the premium ON
z w. The fact of the Ertohhank bciug
rtdronAtblr i'm .u,ha bond would improve
the credit # tro country abroad. ard thus
gradually enhance N" value OF all our
t',uii'ics until il might happen that our
4 PER cents would advance to par IN
forrien ruat 'tets ana this OF itsolf would
liug thcooUutry e. specie puymont- with
on' AN effort.
lti-toho hoped. therefore, that the COM
ing Courryss viii Lose no time in giving
this sui ioct it, particular and thouehtfnl
ni''riion. II there Is "A really simple
rothol Of cxticatinc ours,lvos out Of tho
di-Tal swamp OF insolvency and broken
promises in which we now founder. with
ont creating auv peroeptibld disturbance
a. pressure, rs we contend there H. there
lovor can be a better time e. put il in op-
cation. Money Is plenty, business lags,
tie country waits. There ought to be no
delay in acting. The present House Is
iIc,h from the people, and it has great
opportunity 10 make Us mark upon the
! story Of cur Times. What il more, the
pressure q necessity is upon us.
Something must he done with the cur
,ency, or there VIII heuo revival of trade.
enterprise, and business. There has been
too much debate over it, aud TOO much at
tcntion bestowed upon il, to allow il TO re-
main in is old ruts. Capitalists and pru-
dent men generally Will not be content to
embark in new ventures, unless they know
what to depend upon. They want the
question settled what the grcenbauk dollar
is, and IL TO be in the future. There are
those who want it expanded in quantity
md reduced in value. There are others
who think if ii could only be let alone, we
would be well enough off. Others again
desire the volume 10 be yet further con-
tIacted. Among these conflicting views
ii is not only desirable, but il be-
comes absolutely necessary to the
stability Of trade and the encouragement
Of enterprise, that there should be some
settlement of the veXed question. Moth
Ing Tut ilnbecility has marked the course of
Congress over the subject for years. But
under the new impulse Of II revolutlouized
House of Representatives, and in the pros
poet OF New Departure generally it is
to be hoped, and it VIII be expected.
TINT something Of real Importance viii
BE- done. We have done our duty in
suggesting what that thing should be.
We are for a bond redemption OF the
Hrc,nhacks, and atprcsent for stop there,
Tie repeal Of the Legal Tender act Is n
good thing bntnot now an essential meas
hre' Let MS start with a light load, that
everybody sees We eau carry. The first
ana neodful thing is to get on the rl.ht
path II II the first step that counts.