New-York tribune., 1876-10-05

must admit that the et-UIc policy has not worked
isaccry, and that some steps must be taken some plan
adopted by Congress If sTCcic payments are 10 nc re-
sumed, will not say III lo79 but at any uInc.
Now, what shall this Plan bel very simple one ilas
been suggested, which | think would be ehecuvc-tl@t
Congress- at the next session. pass an act declaring at
the United States notes after Jan J. 1879 shall cease 10
be legal tender, and authorizing the Secretary OF the
Treasury at to offer, Ill even exchange iOf them
bonds bearing interest at the rate OF four per cent paya
bic at the pleasure Of the Government after 80 years
principal and interest Davable in god the hanks to be
compelled 10 retain the gold received by tnem ior tne IN
terest their bonds deposited with the Treasurer;
banKiug to be free after resumption. .
Judgment Of the convention, that by such plan as
this, which has enforcement about IT, the specie
standard would be restored without prcudicing the
revenues, deIanging business reducing prices The
United States notes not exchanged for bonds being sun
receivable for ali public dues except duties upon I'M
ports would not be deprecated by ceasng 10 be legal
tender The bonds bearing only four per cent interest
would be sufficiently inviting 10 Withdraw from err
cuation a dollar needed for business purposes II such
bonds had been offered III exchange for legal tender
three wears ago believe we should TODAY be close
10 specie payments This is plan. shall he graft,
fed better one is presented Tor the consideration Oi
he convention am very certain that there is no real
ground for apprehension that return to specie Dy any
measure that may be adopted by Congress WIZ icGuee
the amount OF money in circulation 50 as to emoarrasS
trade check healthy enterprise.
belief exists throughout the West, and nowhere
more generally than in my own State, that return
to specie must injuriously AFFECT prices and add 20
tho embarrassments now existing ON the contrary,
believe that ii Is resumption which is needed to restore
confidence without which business always s;agnates-
that instead Of making times harder ~ would liTOfc
tL,m-ustead of reducns prices would advance them
In a word believe that 1t IS resumption that Is needed
lift the country out OF the slough OF despon INTO
which il has been sunk for three last What is
needed in is less cipherng and more confidence
in our ability and resources. country that 10 @ tnG
amazement OF the world connehced the layneut & VI ,
debt within six months from the close OF the war Mpch
she had waged for four years WIN an unparhneeu e
penditure OF lie and money ard which, IN the Ten years
Immediately following that war, mas reduced Etr uDV
nearly ~ O00,O0O0OO. aud done so to large extern p
anticipating the maturity oil her bonds, cannot I''
poverty as excuse for permitting less than TlOVVV
900 Of her promises payable ON demand 10 oe % n
Ored and deprecated II the lesalehieT lpes o ,V s
to redeemed at early day, VIII not De because M
Government unable TO pay them, pu' peeduso '"o
people will not authorize it, . 49,, H..
The present is in NAM respects favorable time for
resumption. Some years ago ihero niiEr nav - D,[ -
ground for apprehension tlaI theFe WOulu pe q "I" J
specie from the United states by return OF our stcui
ties from Europe consequence OF thc rSStoratp%m % ~
the specie standard; nut lhefe Is now anu oi , sc
be in the future no danger OF return o. our sc Sc
curities consequence Of resumption. On .ne & con,
trery such an evidence as thl. Wouu pg G oi d "a y
taitn and ability would cause taeln 10 nc htlu ''lc
firmly European investors are more careful niIi 'S &
used 10 be. TAe immense lossts they nave ltc'h9 sa
tanned by loans 10 nations thdt coud Only pay 50 o s
thew were able to borrow, ana 20 companies whose
claim confidence was found to exist ony III lhe EioM
ing terms O their pTOSpCcuses, have made tIcm wary
lhlle to-day better demand for our solvent setuIi
ties than there been, and this demaud Is AeS
to increase rather than to dminlsh
NIv THOUGHTS or THE SILVER QUESTION,
4 commission has been appointed by Congress to
investigate the silver question IwCdil not. h refore,
II had the time, undertake 20 discuss it here This
much however, may pSrnaps be permitedto TO say. The
double standard has not been found to work well in other
selrrespect on our part for us to profit by their
experience silver has been is being dcmonczed by
the leading powers Of Europe, except rs subsidiary
currency. The double standard exists IL Is true III
France but there t exists rather IN name t1n IN
fict france paws the interest her debt in gold II
she should clam and exercise the right of paying II IN
silver at existing Iatc-, lie would become lcpui'h
among hey sister natious aud sicri, ier n,Ha @ & &c
credit under The most trying circumstance. ,,.
The existing depreciation OF silver ~ alulbut4be NOT
10 the increased production OF tine silvGF mhS- WHICH, ~
the way, has been greatly eXasy rated od l ta' aio
tDn of tnr gold standard 10y Htihdhs; pu'H- oIn' ~
mon hs of tn present year Germany has seht 10 IN
CLAN alone over Ti2tOooJO IN SILVER, tne nam tu.cl
for when has been lAdid Blsmac - lhe a"'' -,
man OF this age, amt lar as know oi any other dcr
SIN gic cnuI,. the various German States, went To work
witn that iron resolution and fac,criHg sagacity Tor
Ur"Nr ~ juanrcs lie perceived taat Great BurE Dad
derived very decided advantages ~ her tt" ni H T-
COURSE Hh Ctscr nations, 10y having al"pir d't' 10,
cOWmeuctWtht "I iLt ti' ',h' VV'tl3 " .' 49,
nay be permitted 10 CON w"rl an Gil"' .'u.IHt
as ,r uuchuugng measure ot value which had iru'o' u
give her pr cecncn she had among the nations ana
fuly understanding tfc cost of thc substitution "it
looking for conpcn.tJ.n IN IN lu.ui1 Iiso'S, t lt
German Empire gold for silver as ihr standard
currency. IN tLis free country of ours we arc hpt
70 attribute to improper uhaenccs opn ono ana
acts which do not meet with our approval l"eis
many amole MS VII" su'pu'' tiat "nH M a, % I,i,'
Cal Ccouoil.y are here plELtcd by British god Al
,t yyLat am unWIiin- 10 admit. tlat wc money
uuriasablc. do fud 10 Clcu, 10 resist the po9s'siNc
And subJnn, influences Of british guild 10 - no. suppus
able hat the great stIcshtu has bteh rdJcct
to sucn influences, inasmuci a. t' accommodation q,
siNer by Germany mas greatly disturbed thg business 81
Great Britain and very sen usly dmnisrd her lhuiah
revenues sIe bas lost immensely wi,hout any pros
ueuy, advantages, whlc hcf h ghDui ahHtid'9 h''"'
future benefits from the policy sac has adopted.
There are. gentlemen, certain laws governing business
and international intercourse that no nation can Hcc -;
fully contend against and II Is the wise nation il read
ily conforms 10 theIn. The law that makes GOA ana
silver the measure Of valIes-tIe dtter sdhsuaTG 20
the iOrmer-is one OF the each hdNns lls own ohi's
10 perform. Gold s as und Tor Slnail Idl5'ctohs az
silver Il Tor Large ones. lEc sud u"h "Hl'h vas 'O'
some years ago faure tine quarter eagle even Is
small as 10 De incOhNe1leh IN tlv sS4S n'."' , ~
things the two metals 80 dhrru III 'hdf"cleI' c'u'
through long periods possess tAc same ltdtNe Nuuc'
aud every czeu OF the United States has personal IN
tcrcst in maintenance ol sluSc uhVuyiLE stdhddd
The sovereign the English standard, the eagle ours,
and we shall commit lata blundcr II We adppt hhobef
N It's stead Inc rreso'l uepdyssIon III .,n ,i i @ ,d
of silver will b. temporary The cause Wmch pi"duccd
il VIII cease 10 exist IL rs not as nave hl' az
trbutabe to the large weld OF the silver mines but 10
the decentralization OF SILVER by Germany, lOho"ei' is
her example has been, by smaller European states Aue
maud Tor it VIII soon spring up !, VIII sooh ueo ~ o
place OF the paper now IN as III some Eu ulcdh ola c7
II was little youug'r than am, should eArect TO
400 er at a premium again Their are some VINO luK
about the payment Of the National debt IN silver way
utmost vgOr and thcy Should prove 10 he as lheNhds
bic as many suppose item to be, they would nO produce
nothing of tue principal contract WIN the h"uIs "i
tine UuiCd States bonds, TO pay thc IA shFeI ls,,au oi
gold might prove to be bad one for the Government
You understand gentlemen, and allow ne to Say lt u
Is your duty Impress TINS important fact upon Ihose
who look 10 yOu for advice that the way to lessen the
bden OF our National debt is NOT by discussing In when
currency II may DC legally paid but ny adheHGg 10 Tue
slirit Of the contract aId cevang, Dy DONG 50, the
lJlic credit, that the interest may be rapidly re-
duccd.
Vais an absence Of years, perceive everywhere evil
the misOruucB which have beiaIen TIE cOun-
fry hut see also indications OF returning prosperity
New life begins show itself in cotton and WOODEN
faciorirs-fres hen glow again in our ongslumber
ing lrOu founder estrade is improving IN our CONNER
CA cities and hOpciuluess succeeding dcspOrdency
All that ~ now needed is judcious revenue laws-a re-
tntn 10 eprcc-the exercise OF the Industry which Is
natural 10 our people and the practice OF economy which
is n0t-and may add. rcfurIn in our civil sfrYlce-
f,r M, frrn lnng endure the aran Of