New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-12-08

rangement OF business in the chief money cen
tiers. lie admits that he has plenty OF power
now TO issue bonds anil thus try to get The
rcalisite gold. but for the reasons above
stated he doubts the practicablity of the plan.
What the Secretary has to propose then IL
this: He asks the power to fund greenbacks
in per cent, long time gold bond, to DO
issued in denominations us low IA $40
and 800 He believes that, whenever capital
is az sluggish as it has been during the past
two years, and while the money centcrs are
choked with greenbacks seeking safe invest
mcnt, these bonds would be readily taken
ND. and that it would be safe
to let the rapidity of the funding
be controlled entirely by the state OF the
money market. TO prevent alarm, however,
he suggests that the issue should be limited to
an average Of not over two millions
per month. Assuming that two millions
could be issued every month between now and
1879, this would ut the utmost amount to the
Withdrawal, before the proposed resumption
of specie payments, of less than one
fonrth of the greenbacks now outstanding.
Meantime the Secretary Offers the admirable
recommendation that, as to all contracts made
or liabilities incurred after the LIST day
of January, 1877, the legal tender quail
ity of the ercenbacks be forthwith abolished
He leaves it to be inferred that, with the
adoption of these recommendations, he regards
the resumption Of specie payments III 1879 as
practicable.
We regret to have to add that the Secretary
utterly fails to carry out or even to approve,
the policy of his predecessor on the great sub
ject of Silver Resumption. He even assumes
to question the purpose OF the laws on the SUD-
ject, and freezingly observes that in the present
condition Of things it has been, and yet 49,
found impracticable to put or keep silver com
in circulation For the rest, the Secretary re-
states, in one form or another, nearly all the
arguments for resumption with wnich the
country has Of Late become familiar. FER
haps the most striking point he makes Is thar
emphasizing tho curious fact that the men
who most vehemently denied the power OF the
Government to issue the greenback, and most
opposed it when issued, in a time OF war ana
great financial stress. are the men most
vehement in demanding more greenbacks
now, in time of profound peace and
general business stagnation. How great this
stagnaiion is, some curious statistics when nc
quotes from tho report of tie Controller make
plain. During the past year the average rates
of interest ON ordinary commercial paper
in New-York City were only ooIo
per cent, while the average rate for loans on
call was only 3 per cent. Thus far during the
present year, the figures are even more re-
markable. On business paper the average rate
is : In per cent, and on call loans only $50
per cent.
The report is remarkable for its hOmely
common sense, its freedom from all theories,
and the rarity Of its specific recommen-
dations. The necessity of simplifying the
revenue laws i, enforced, but that is
clear 10 everybody. 1t is equally clear that,
with the revenue in its present con-
dtion, there il likely to be no
great reduction, or sweeping change.
in the tariff. Free Traders, however, may find
themselves startled before the session Is
through, by the extent to which even such vehe-
mcnt protectionists as the iron manufacturers
themselves are willing to go in meeting their
views. The Secretary recommends the restofa-
ton of the duty on coffee and tea, and there
are very few intelligent men in the country,
not blatant demagogues, who will not heartily
ioin in it. There never was a more dis
gushing piece of claptrap than the repeal
of this duty, and it has cost the country dear
The Secretary tells the story of his whisky
raid very simply and modestly. The breyity
of this part of the report will be surprise to
most readers. In fact we may as well close by
repeating the suggestion with which we began
that the Secretary's way of working IN such
cases is likely TO be more explicit and effective
than his record of it.