New-York tribune., 1875-12-09
SECPETARY BRISTOU'S PIN.

SECRETARY BRISTOV'S PIN
The report of Secretary Bristow is paper
OF unusual merit, aud its argument and recon-
mendatons respecting specie resumption de
serve far more serious and patient cOnsdera-
ton than they are likely TO receive. In any
other civilized country. the annual statement
or budget of the minister charged with the care
of its finances would have great weight and
its propositions would be opposed, even by
the adverse party, with some reluctance. But
in this enlightened land, after the public
servant who devOtes his whole time 10 the
care of the finances has maturcd his plans for
a new year, presumably the fruit of long study
and consultation with men Of ability and ex-
perience each small statesman in Congress or
in journalism seems to feel that his chief duty
is 20 dissent from the Secretary III some par
ticular or entirely, and to modify or defeat
his plans if he can. The result is that no
other civilized nation conducts It's financial
affairs worse.
The argument of Secretary BristOw needs no
praise. If reasons prevail, the advocates OF
specie resumption may safely rest the case
upon his statement. Argument, however, Is
not The thing chiefly needed. The Republican
party stands committed to the policy of re-
sumption, by pledges in convention, by the act
Of March, 1869, and by the act of January
last The Democratic party in the House. 10y
it. election of Mr.. KcIr, has given the country
reason to hope that it will make 10 factious
opposition to measures of resumption. II might
fairly he inferred that in both Houses there is
a majority OF members who will favor some
plan to that end. but they are much divided
as to the specific methods. The task OF the
Secretary was to mature in the light OF facts
which he should have at command more fully
than anybody else, with the aid OF the best
advice obtanable, and with due regard to the
financial interests and necessities OF the Gov
ernmcnt, definite PLAN This he has done,
and his recommendations deserve the highest
respect.
lie proposes first, to provide that paper shall
not be Il legal tender for debts contracted after
Jan. /. 1877; second, to provide that legal
tenders NAV be funded in long four per cent
bonds, at rate not exceeding an average of
~, 900, 900 per month; third, to increase the
coin balance in the Treasury by restoring the
duties on tea and coffee and fourth, to accu-
mulate gold as the condition of the markets
may permit by the sale of bonds. These four
measures support each other. Neither would
suitice alone but the four together, If not in-
terruptcd, would render resumption at the date
fixed reasonably certain. The difficulty is that
Congress may he disposed not TO consider aud
act upon them as forming together one COM
pl,;e plan, bat to discuss them separately, and
reject or modify either according to the change
fui whim of the moment. OF the four, the
Secretary now has power to employ only one,
lo f,., l. " nm
tesscs that the accumulation OF an adequate
sum lly this means viii be doubtful and diff
cult, il not impossible. For the other three
legislation is needed, and Ought to be granted
without delay, not as separate measures, OF
which either might be abandoned or esSen-
tally modified without effect upon others, but
as mutually supporting stones OF an arch, OF
which either would be inadequate without the
rest. Ia that light they are recommended by
the Secretary, We must presume and II Con-
eress rejects either it will play the part of the
patient who paid an eminent doctor for pre-
scIipti0n, and then struck out one of the ele-
ments which he thought would have bad
taste.
The restoration of the duties on tea and
coffee. i essential in view of the fact that the
provision for Withdrawal of gIeenbacks by
funding is exceedingly moderate During three
wears ouly $72, 100000 would he thus with
drawn, leaving about $500, 100000 to be pro-
vidcd for otherwise. 1t is altogether uncertain
whether enough gold can be accumulated. by
sale of bonds alone, TO make resumption pos
sible with 50 large demand debt outstand-
inc. 1t il also uncertain whether the receipts
from customs, which were smaller by $685.
III during the last than during the preceding
fiscal year, and which show n further decline
of S;3,J9S,712 during five months of the cur
rent fiscal year, will much more than supply
the gold required for interest, for the sinking
fund. and for coin expenses. An addition Of
Sis, ,0O0.O 900 yearly, by restoration of the tea
and coffee duties, would place T54,OOO,OCO
more in coin at the disposal of the Secretary,
aud might make all the difference between