The sun. [volume] (New York [N.Y.]) 1833-1916, 1875-12-02

~ which will appear on sunday, Dec. ..
To Correspondents on Finance.
I'm the discussion OF the financial ques-
tom, rs m the lis, ussiun of every other, we
cannot permit ourselves to be held rcspon-
sale for views we do not advocate, nor !
can we recognize any claim TO the use of |
our columns to refutc doctrines and poll |
cits with winch We have no ~ mpathy. and |
for which we are in 10 wise accountable. |
IN the present state of our currency, |
what we deem essential, ana that 70 which |
We alone desire to con1nc our discussions, |
,-r,nctical reform. We have neituer time
ror room for ,hcoretic disquisl'lons' anu b
v.rdo. nall to be theoretic that donot crap
1lewith the positiveand immediate facts Of
tlcsi.uation. and Offer practical remedies
We ,unuot stop to combat corresp' II !
cnts vino send us long communications
ar.niug HAT until our entire foreign debt
J. pad, we cannot hope to re ume ana
maintain specie payments; and that the
ou.y true and sure way to get on the road
t. hat desirable end, Is to extiuguish the
| ulis and substitute greenbacks for their
Ifrscut issues. All such discussions must
necessarily bc as voluminous us they are
u. ntlcss. Whether our present banking
r,stem I've good or bad, it is very certain
that IL ia generally satisfactory, and that
th.r.cou hundred banks, with all their
cast, mcrs behind them, are not going to
b. swept out OF existence by abstract
cay, on finance which few read, fewer
uilcistnnd, and fewer still would agree
with. And SO with regard to the dogma that
It's country cannot resume specie pay
Ilrui- until It's foreign debt is paid off in
full. Thisis n purely hooretic assumption,
Ola uicce with some absurd Ideas about
the balance of trade ana the necessity OF
continuous years of splendid crops, in
order to make an attempt AT resumption;
this latter being one of Mr.. BourwELL's
brilliant financial notions.
Apropos Of this doctrine about foreign
debt, so pcrtiuaciously insisted on by GER
tin positive theorizcrs, we Will pause
here just to remark that the British
Provinces composing the Dominion OF
Canada. both in their present confeder-
n,cd state nnd III their previous con-
dition Of separate existence, have been
uyerwh olminGly in debt to England for
more than half "A century, and yet during
the whole of that period specie payments
have been steadily maintained by them,
without 50 much rs one days intermis-
sion. Butevo if we were ahleto refute the
thcoiiZcis IN all things in as summary a
manner as in this Instance, II would avail
nothing against the appalling fecundty of
Ah-ud ideas ON this topic. Under tn {
manipulation Of a lively mind, they swarm
like the flies and mosquitoes Of swamp
aud the attempt to slay them one by on'
fl.. rns So "a N tle
Again we say, therefore, that we cannot
enter into theoretic discussions on the
financial question, or attempt the eXpana
ion or defence of views and problem
!ou hing resumption that have no plac
in plan of redemption which we advo
cate. Wemust content ourselves with tn
,uIcvor to establish a few primary Truth
Easy Of comprehension to every under
standing. We feel it especially to be GU
duty 1T the present time to be simple II
treating "a subject which has to be, o.
thouiI he. acted upon by a fresh, not I
tava green, House of Representatives. W
must not a. we value the necessity of thci
instruction, do anything to coniound thel
u1d, rstandings on this important matter
We shall accordingly ask their attcntio
only. rs we have asked the pubic attentio
many tlIllt~, 10 lut very hllilpltst pi'biNhl
Weusscrt the self-evident proposition ia,
Cyory country needs fixed standard Z
value. We assert that this country HI
nome, and that the speculative luctuatloI
Of the gold market show the daily inJuT
70 trade aud commerce in consequence
and that while they denote, they fail
fully exhibit, the Injurious consequences
thlt action IN the multitudnous rel
tions Of traffic all over the countr
We say that the volume OF the circulatil
laodlum should be measuIably liked M
stable quantity, measured by the deman'
~ trade ana finance, aud redeemabl,
positive values; That the rcdeenablllty
our currency Is absolutely essential 10 Il
hhty and prosperity. As the basis OF
fresh start in trade, enterprise, industii
activity. and a necessity Of our cNlsil
circumstances Of depression aud uuc'
tduty, Congress is IN duty bound to supp
ths lonp-lost want aud demand. If ii we
puct cable, that body should give us Il
MEDIATE redemption in coin. But it is ~
We therefore ask only for what Is clean
practicable. And this, rs we have Oft
urged, is redemption in gold-beari
bond drawing interest at Il rate winch "
make IT equivalent to the existing spec
value Of the Ercenback; that is 20 say,
'otost Of about Tour and "a halt per cent.
And here we stop. just tbs ard I
alone would serve rs a starting point
the final recovery of the specie standa
1t would prevent further declension Il
dchascmont of the circulating mediu
and gave hope and confidence to capI
and enterprise everywhere. 1t would $
all important fluctuations in gold, and z
assurance TO everybody inet wa had