New-York tribune., 1875-01-12

esrned specie payments might have been rssutned but
There was great obstacle 10 the way. There su was
usUs o. temporary KIND besides toe
notes three year compound interest NOES both less'
all which was funded into the 20 bonds of 1855 isei
and 1865, TO the amount Of so000o0OOO. Until this tenn
funded. 1t was obvious that the volume OF currency
could noe be redueed. IL required a with fun
banks 70 f0at such burdens
THE SPIRIT OF SPECULATION ENCOURAGED.
In The meantime while the Government was disposins
OF its temporary oaB the abundance paper carrencg
and the security OF tempted private enterprise.
The money which had accumulated immense amounts
In the principal Eastern cities gradually distributed
throughout the country which then entered its
second aud worst stage Of speculation Coin was eom
modty. The bank note circulation being redeemaDIe IN
egaender returned for pay nent Theirs
was therefore, check the banks as there other
wise would have beencrcdt became extended snd sose
the Of ceased 10 be IN excess OF tbe 40
mande Of the business OF the country hs' wa ,, .1 -
Quoted. When the Government Was IN a cOndluOn3 -
needs OF the cirizen which rendered inexpedieu
law had been passed by ConRress proydlng Tor
drawn from circulation the country crea out agansttne
pioctedlng and u was stopped TIE whole country We
ut this me actively engaged in enterprises, legitimate
and ileGumate. which lOa great degree carried
on by credit. Railroads that needed and railroads
that'werc nat needed everywhere beng bUil as
least one-laH with borrowed money Enterprises made
a start with money, and were continued on credit One
successful enterprise tempted smother could do
nothing but make debts. One railroad that paid
dividends to its stockholders led another that could
not expenses Money was borrowed without refer
cost. The leading papers Of New-YOrk
and the railroad and financial journals filed with
the prOspectuses OF mpanes OF every kind bidding
high fOr money. Seven and eight DOT cent In gold
offered bonds to be had at good deal less than
A heavy indebtedness was created by municipal Ger
pOrations OF grade-c0untleS towns. Cities and
school districts In many instances thls was Incurred
without necessity and only because cfeclt was easy.
Mucn Of the loss following TINS Indebtedness wlH
fail the creditors, while much VIII be
represented by ruinous taxation Sil the demand was
for currency while there wac enough Tor inc reg
uaf OF the country, enough TO make te sou
yield s richest products, and carry them 70 marker Ia
tie most profitable shape enough for the prOntdDe e-
poyment Of the labor OF the country IN all us various
legitimate occupations there not enough Or specu
laoB wild, Tor extravaganza for the manebhce on
indebtedness unnecessarily Created and there never
wnl Dc.
TIE OPPORTUNITY FOR RESUMPTION.
At last the end come. The bubble has burst, ana
IFS my substance golden colors have vanished into
thin AR bubble the product OF rredeern-
able currency the point Is TO get rid Of the currency
This be done either by funding IL, or by paving OH
With surplus Of be produced either by an In
crease OF taxation reduction or expenditures rie
latter plan would be good one only were persisted
in But tried once, and Congress yielded 70
canOr and abandoned it. There Il the possibility oi
being abandoned again. surer plan wOuld
it in the power OF the Government 10 pay
with plus OF revenue as IL could create IL
should a Clnging the irredeemahe currency.
and hesitation 10 fund IT, the liking date not Tar u
when its egGtender character should cease To exist
would hesitation speedily 70 disappear one
thing Is certanDo good would follow from any pian
when implied the possibility of the currency ever Oeihg
Issued again under circumstances Whatever ~
must go out Of existence entirely. The present rs
favorable to set in operation some plan " ~ B
not seized with lapse OF time buOYancY OF feein8
again the ground with probably more serious