, 1875-06-11

Iho continued upward tendency IN tho
premium on gold las induced many persons
to assume tint the oct OF the Inst Congress,
fixing 1870 as the date Of resumption OF spe-
ole payments, and the actual retirement
Of a fow millions Of groenbacks, have boen o
failuro, 20 far rs leading to spccie paymonts.
This Inference ia not fair one. The net of
Congress mentioned wns nevor expected, nor
was it intended, to bring about tho resump-
ton of specie payments. 1t was morely
stop in that direction something to direct
public attention to TINT end. The truth is,
specie payments cannot be ordered into effect
by act Of Congress tho most that Congress-
can safely do is to 60 reform its commercial
and financial legislation az to leave return
to specie payments possible. Whom trade
aud commerce nre onco unfettercd, then
trade and commerce will settle down on q
specie basis.
Tie reforms needed in our commercial
policy are two-fold: The i,redeemabls green
buck must DO got rid Of, md tho onlbargo
must be tnken OF our export Of manufac-
tures. Tho int1aUonists hare insisted that
the existing volutne of currency was inalo-
quate for tho demands Of the country, aud,
while opposing contraction, they have favored
initiation. Another Of their demauds WAS for
moro banks,-that tho West and South wero
t1enlod fair proportion Of tho banks, and
hence "money was scazco in those sections,
But Congress removed all restrictions upon
banking, n,ade It perfectly free, allowed any
company Of persons anywhere to organize a
National Bank and to issuo notes; but this
privilege hns not been accepted to my extent;
tho National Bank circulation Inns actually
decreased, showing that the real want wna
not Of currency, but Of capital.
Tho currency in circulation il far In excess
of what III needed 1t In impossible for Con-
groxs inseltigontly to regulate by law tho
amount of currency that should bs In uso.
That should bo left to regulate itself. Con-
| gross has 1noto banking free, thus furnishinp
the ngonoy through which m expansion may
toxic placo. when an expansion may be de-
,uandod by tho wants Of the country, But
! this agency can novor operate successfully so
long Is irredoomable greeubachs as lcual.
touJor aro in circulation, These must be- re-.
tired. rhey are n disturbing element An orti.
| uElN Afl1 uuCtuRtlOR Standard Of YAlQgH
The prouor mode, and the oue Least l;kely
t tn nroiuca confusion, il To authorize THAR
| funding in bond with a low rdte of interost
sav 4 mar cant. n thoro bo TIM m,,c,, cur'
r,nev olloot It won,l Ree]r this form n, In.
| vcstrnent Thia n,1v,teoc of funding ,vontd
furnish a practical teat at onco Of ths o,,as,
| t;on whothor N, orrronev ,va. h, .,,oua y.
the damand or not va hava M onest;on
thot tha ]aroo mart of thom von,d l,e funi,,d
w..hIn n co,nparatively short Tina Hoxino
| froo hant;nr' thera ran bo m dacoo, ~ !
want ~ 1nencv IN ncot INV octro, 11o,o .,s
~ trodc 1ndoaa n coao - nv s,,,,aer
ut,tno.ncv IN tn. money m,rkot Ihss, hords
.,amao,v.. oo,,,d ho rsod,iv raad A. ousaas-
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