The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1875-06-17
From the Inter Ocean.
SPECIE RESUMPTION.

lissioht into mathematics to'demonstrate
THAT the government is no nearer specie
payments to-day than 1t was one year
ago; that is to say, if the condition OF
the Treasury is to be the gague of abili-
}ty. When the Secretary makes up his
account on the 1st prox., this fact will
not only appear, but it wiilappear that
the government has less gold than it
had in July 1, 1874 Meantime, its
liabilities will not have decreased to an
amount worth mentioning. The New
York ITGbane, one Of the most noisy
advocates Of specie resumption in 1879,
lis forced to admit that during the last
twelve months a step has been taken
backward instend OF forward. 1t just
begins to dawn upon the Tribune that.
to resume specie payments, it will be
necessary. to have specie with which to
resume The journal naiyely says 81
The United States, carrying on an ex
teBsive trade with foreign countries,
both IN produce and manufactures and
the various kinds of stocks, bonds and
debts are called on occasionally to ex
port large sums in gold amounting IN
some years to more than the whole
production of the mines. Hence arises
the necessity for specie IN order to main
tain payments in specie
Exactly. But there is another branch
of trade which the United States carries
on with foreign countries which requires
the export of large sums in gold, not
occasionally" but al, Inc time. We
allude 10 American evidence of debt
held in foreign countries, which draw
Interest day and night. While this vast
aggregate Of bonds national, State,
city, and railway-remaln in foreign
countries, they will draw gold to foreign
countries. There IS just one way in
which we can get together q pile OF
gold coin and bullion, and mold it until
1T is drained away through interest de-
mands, namely: by issuing new batch
of bonds and selling them to foreign
countries that is 10 say, providing we
are willing to sell them low enough to
benefit England, and France, Germany
to release their grip from boards Of gold
coin and bullion. Then, when We have
sold, say $500, 100000 in bonds, and
drawn 100000, 900 in gold, it will flow
b .ck in the shape of interest at the rate
of $30,000,000 per anum in addition to
the vast sums we already Fay on the
same account. The specie resumption
scheme is of course something worse
than an absolute failure. The purchase
of $5,000,000 worth of silver is 50 much
money locked up. The coins will not
|clrculate With gold at above 1l2-and
gold is pow 1T, and there is ne reason
to expect that gold will sell at less than
LII. DR.. Lindermann thinks the crops
will bring down the price of gold. But
suppose there is small demand for "the
crops" in Europe Il the balance If
trade, which must be net with gold,
continues to be against US, gold Will con-
tinuc to go up and out, and whatever
silver CONS DR.. Lindermann sends forth
for circulation will travel TO the silVere
smiths shop, there to be wrought lnto
spoons. Specie payments can only be
accomplished by bringing business down
to the starvation point. Our gold is al
mortgaged to foreign countries, and ac'
of Congress will not serve to keep it at
home The foolish attempt to resume
specie payments, with no specie on
hand, and no means for keeping it if it
were on hand, IS a piece Of madness
whose only outcome,if long persisted in,
Will be bankruptcy.