The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-02-26
The Precise Thing Needed.

Correspondent complains that in oGi
appeal TO the Majority of the House to do
Their duty ON the financial question. he
finds no intimntion of what that duty
ts. We have written to very little purpose
" we have not made IL clear many times
what financial policy would take the
country out of it's present soandalous and
bankrupt condition.
Ii Is enough now TO refer him and others
OF n similar inquiring state of mind to an
article which we printed on Tuesday, Feb.
y, entitled AN Easy Way to Resume"
as stating our views III the most compact
form We know how to present them upon
the question OF resumption now agitating
Congress and the country.
We could very much expand our EXPOSE
ton OF the subject II we were 20 adopt the
verbose methods OF Congressman. But we
have neither room nor inclination fo T. such
display. II is, besides, not our province
10 frame laws or discuss details. All we
can do is to present and enforce general
principles. If we can show that Il certain
policy is right and should be adopted, II is
enough for our purpose. IL Congress will
accept our principles, we have no fear but
they will find adequate expression in legis-
ation. The details OF enactment are the
least OF our concerns. The right form of
law cannot help following the acceptance
Of the principle.
But there is one thing we can do without
much departing from this line Of action,
which cannot fail to give precision to the
views we have often expressed. This is to
recommend the reynactment of brief
~ lax
book. but now repealed. 1t is to propose
nothing new and untried, but only 10 re-
store the old, with such notifications rs
changed circumstances require The law
20 which we refer was passed OH Feb. %
1852, us follows:
Any holders 81 United states notes deposting ony
De Tre1,urcr OF Tie Taiicd atcs - sither d Il, As
tisiehl treasurer shall receive IL EXCHANGE therefor
trinsmttcd the Secretary the Treasury who shall
Of The L. tied sfitcs coupon rC.i tered as may hy
taia 40 DER desired. bearing Interest NJ the rate ~
per centum per annu, payable sent annually, ana re-.
az the plea ure II the ni states after lvc
years, and payable twenty AFTER tbs date thereof"
In the present state of the currency
question, all that we think il advisable to
propose, is the reUnnctment of this pro-
vision OF law with two notifications
One Of these is the reduction of the Iate
of interest TO four per cent. instead of SIN,
and the other is TO make the bond run
thirty or forty years, instead of making il
q nve-twenty.
Here is the simplest OF all possible propo-
sitions, us il seems to us, for restorl-
ton Of the currency to Il sound basis. We
offer it TO our correspondents who want
something definite and to our readers gen.
xph n ft,p d, 81. T.
We recommend 1t to Congressmen who are
at sea on the question, but who feel that
1t demands consideration aud specific
treatment.
II is plain to be seen that such an net
would accomplish, of itself, some very i'm
portant objects First, 1t would establish
an exact value to the greenback. Secondly,
it would fix and steady the premium on
gold. Thirdly, II would reestablish stan
dard of value. And it would do all this
without creating any disturbance in the
money market, without causing either
contraction or initiation, or appreciably
affecting the volume OF money iu circu-
Iaton.
We think that such a measure as this,
while not fully satisfying anybody, espe-
pure and simple, would yet very much
content the public mind. 1t would be a
step in the direction of unfying public
opinion, and giving a solid basis for the
operations of business men, looking to
something further and better by and by,
after experience shall have tested and
proved tue merits of this moderate policy.
Most assuredlY there ought to be wis
dom and discretion enough in Congress to
create IA willingness on the part of that
body 10 go as far as this.
A. TO the measures for the accumulation
OF coin by the Treasury, we look upon
them all as hindrances TO the adoption of
any plan, as they necessarily cucumber it,
and open one more door to diversity of
sentiment. If Congress will only agree to
redeem the greenbacks in United States
bonds, even ut low rate Of interest, no.
BODY will ask 10 have them redeemed in
specie und therefore there is no need OF
accommodating any stock OF coin for that
purpose The supply Of specie will come
naturally OF Itself as fast as IL is wanted,
and be supplied by those whose business il
Is to supply l.. Congress has lust as much
OCCASION under existing circumstances. to
provide for the pork and flour that will be
wanted by Congressman in their families
two or three years hence, as to provide
now for n supply of coin for the banks to
redeem their bills with when occasion shall
demand it. If people would talk less
about the necessity of vast denominations
OF gold, and cease to make such bugbear
OF resumption, the way 10 ii would be found
much easier. This is the mere rubbish of
financial debate, and members cannot be
too much upon their guard against il.
Congress may safely turn its back on the
whole distraoting problem of providing
coin for the redemption of the paper cir
culation, If 1t will only attend to the SIM
pie and homely duty Of giving note on
interest for tho payment of what few
RreenDacks holders may want redeemed.
The greenbacks are very favorte form of
money ana people generally are con-
tent with them. 1t Is TO distrust their
popularity TO suppose everybody win run