, 1876-02-18
spEcfE.REsuMPrloN.

CHICAGO, Fob 17.-1n reply to n1y GugKcasion
that tho direct and easy way 10 accomplish tho
roAumption OF specle-pnymenta u simply for tho
Government TO redoon It's promises, you aay
4" Where, wilon, or how In tho Government to
got e420,0 600 of gold to redeem Ibis paper
The..answor to that question has puzzled tho
wlsons braina In and out Of Congress. II some
nation would mako uu d present Of e120, 600, GOO
of gold, redemption would be easy sad simple
enough but vino will do :"
Permit me. Mr. Editor, to buggest way In
which all The gold necessary to accom- plisl tue
object may DO obtained.
Frat, however, II will he veil that ne stoui}
recall to mind the facts and priuciplsa connected
With the issue Of tho legal-teuder notes, that re
may SEQ moro cloarly what tho Government
ought to do. The primary object OF making
this iaaue uas not that 1t should become Al in
togral part Of tho currency, That 1t would do
no temporarily was doubtless fofoscez, and oven
DESIRED; hut that was not tho efficient cause Of
tho financial policy that WAS ndopted. Tho all
important object wau to ootain the means to carry
OF, The H'dr.
The iaauo Of grecnbAcks was ainpIy method
OF making forced loan nnd tlis, Its true cliar-
actor, shonld never be Lost sight OF. Whether It
WIS tho bcst ruothod Of making = loan, It Is net
to ba no by tho Secretary Of tho Troasnry md by
Congress; and perhaps thoy wcro right. But,
from whatever point Of Wow NO look ut tue
transaction. 1t has one cloar, Weli-aeiluel fc1-
turo: it was nolthsr more nor less than making
n to0,t, Creating debt; and, II the manncr OF
doing II could have any Influence on tho charac.
ter Of tho debt, 1t ought to make 1t moro Hacrcd
md obligatory than ordinary dabts; and, OIL
every principle Of jnstice. honor, and Hounl pol
Icy. the Government ought to pay the debt by
redaetutn9 It's NOTES.-THE evidences OF that tlsbt
Now. how cAn 1t DO done2 / do not propose
that tho Goro1nmenr should attempt fmposB1bil-
ltieB, but that 1t should do What 0verv honest
available meauo it has to thIH purpose, after
providing for it's necessary expcllsoH. Among
the meaus In possession Of tile Goyosn1ncnt arc:
. First-A considerable amount Of surplus Eolt!
In tie vaults Of tho Tsoasury.
Eecond-A surplus OF revenue that accruoB
every year, aud las hitherto been applied 70 tho
redemption OF $50 bon1A not get due (nlttough
payable At the option Of tho GoTe1umcnt), in
Btaad Of rodoemlng its diB1.onored promises.
1Tiru-Tha gale Of now boudA a. fast ~ Il
might be found practicable to soil them for
gold.
These resources would not, Of conrso, redeoln
the greonback1 At onos. It would be H,uw
process; for 1 am we'll Awaro that selling bonds
Tor any other purpose than to call IN and re-
daem other bonds, ia no oasy matter. feyer-
theloss wo hayo sold q eroat many bonds for
gold. and 1t can bc done again,-in sufficient
time.
all tuo kNN tGuh 0UiAl1tA hubuku 10 HACTEalY
Get aside to redeem tho icgal-tendar notes and.
while would not object To the exchange Of one
bond for another. for the sake Of refunding at a
lower ratio Of interest," wouid not pay a dollar
to redeem bond Of tho Government not ret
due, while gold dollar VISA any botses than 4
greenbAck dollar.
Now, It it wese decided that thu resouroos Of
th8 Government that l have mentioned rsre to
be applied TO tue redompRoa Of It's notes, ho,o
should 1t be douo Not By the 1n.spo method
nf HjttUu Gtx3,j 10 tEA GrnRH1tY mill a
amount squaled thst OF the notes to bs re-
deesnod, nor ha1f tic nluoaDt nor quarter, nor
indeed any specific amount at all. II it wcre
Practicable, ,s - ., private individual might
among the crodi!ors As fast hs 1t was
ohtssnod. That would bo tho faireat ssny. But
that would be impossible. Neither would It do
10 resume at once, knd adopt tho rule, First
that would not BE- fair. How thoo7 ~onld
give notice, weekly or monthly th.t gold, to the
oxtont that It MAJ On hand aud applicable to that
purpose, wonld be paid for g1eonbacks 70 the
party that would mako tho greatest discount on
them; or, IN the phrase Of Wasl street, would
eell the gold 70 tho highest bidder for grse,,-
backs (not bank-notes); and, when tho notes
woro thus redeemed, they should bo consigned to
tho fa1nos at tho carliess ptactlcabte nomeut.
Lot it once be tiss declared policy Of Ne Cor
etnme'4 that alI lis cash-resouroes were 10 bs
applied to the redemption OF its notes Ia tho
way bAyo Indicated aud not bond 10 pur-
CHASED for cash until greenbaokA wore ut pAr,
aud should gnesa (and that ls all that anybody
can dol that, betoro s50. .00o. .0U0 OF gold ~aH DIS
butsed, thsre wuuld be flttls OF no do.nAnd Tor
it. The premium would at first cause slight
coutraction ta ths currency; but tie confidence
ot the people in the good faith OF the Govern
snent would 70 reduce that premium thas tho re-
ductlon Of the currency would ecarcsly DO foIt.
lsrstea hsrlng gold would Laston TO buy the
Hotes whlto thoy were 1t discount; md tliuH a
How Of gold would aet iu to the country that
would soon fill up any temporary vacancy.
II may bo asked, Ia not this essentially tho
policy that was pursued by Secretary MoCulloch
under the law for contracting tho currency mud
sould It not bo the same thing to sell bondH at
once for greenbacks, aud then cancel thc.n?-
think not. Mr. MoCut!och substituted nothing NJ
currency in the place Of that " hich he destroyyd
uethor would the Vacancy be tillel II Ereen-
LAckn Were redeemed with bonds. We want the
gold. Thu Government drove 1t out OF tho
country by its trroloetnabIo notes, a,.l 1t ought
may also 10 said tint gold received while tho
grtenbacks wcro at 4 discount would not 20 into
circulation, but be eont abroad That ia mat
ter OF opinion. think TINT, in view OF tue cer-
tain resumption Of speclo,payments, It would bo
diH!1lbutod among the banks. 70 take the place Ut
their grecnbAck-rcselyeB,a aud bo ready to take
ltH proper part fu etfocting tbs grand result
At ~ events. tho honor Ut tho Government
would to restored, and tho confidence Of tho
people in the future would bo established On
irnl baalH. G. +. BUCKINGHAM,
[lf atr. u. will roaoct a momont, no must par
ceiyo that the gold received in exchange for tho
greenbackH will not circulate "a currency as
louR ~ the legll-teudefa Ire below par and
that will necessarily be until they arc 70 scarce
for debt-paJing purposes that debtoru mill giyo
the par OF gold for &hom. or that brokers will
give tmpo1taEs gold for 1sga-tandexs 4t par.
Until this bo done, tho gold 1eosivod by tho
t,uhlic In purchaa6 of Rfteubtek1 will bo ex-