, 1876-02-12

lilo umE 4AQNs
Tho Democratic members Of Congress have
undertaken the serious business Of cooking
up u financial policy which will be satisfac-
tory to all the factions of the fierce Dcmoc-
raoy." Dir. KEnn, Mr.. THURMAN, AIr. Mon
n1soS, and Mr.. PAYNE, representing tho hard-
money faction, and A1cssrs. Boar, 1To1-
MAN, LAApEns, B1AoKnUnk, and other
scnp-mouey representatives, have eudeay-
orcd to sti1o individual action aud
opinion, ind compel tho whole party
to accept tho jProcr1,stenn plntform for tho
Thursday night, while not taking any final
action on tho subject, referred the mattor to
q COMMITTEES, which il to report n definite
proposition ut future meeting. The general
drift, however, Of sentiment seemed to be in
fayor Of tho PAINE compromise, which is
already denounced by tho Cincinnati En-
quirer and Chicago Times, and which in SUBJ
atanco proposes:
/. Tho repeal Of tho so-called Resumption
net Of January, 1875.
9. Tho creation Of gold sinking fund.-"
or accumulation in tho Treasury, to bo held
with view to resumption.
3. Non.nction in relation to the National
Danks save to refuse to rechartar them.
- The first Of these propositions is a matter
dependent largely Oh whit substitute ,nay bo
adopted for tho act Of 1871. The law as it
stands is imperative. and cannot DO executed
without further legislation, md must either
DO repealed directly OR substantially changed
by MI a1uendatory law. Tho third PROPOSE
tion Is a postponement of q somewhat COM
p1icated question involving tho constitution
aiity Of repealing charters. Tho socoud
proposition il, Of course, tho one including
aud defining the policy Of tho party.
We have discussed this subject Of hoarding
gold repeatedly, and hnvo pointed out its
wasto of time, costlincss, it's disturbance Of
the money markets Of tho world, and its in
ovitable failure. In fact, nil schemes to nc
compllsh specie payments by boarding vas.
sums Of gold are mere e1pedienta to avoid,
postpone, mud defeat resumption, aud this
il truc no matter how honestly intended
snch schoncs mny DO by their proposers.
| TO carry out tlIia sclsomo Of hoanling enough
gold to redeem 237U,000,oo0 Of grconbacks,
| there must bo certain sum A1ed annually
to DO put aside. Whnt shall this sum be ?
Shall 1t be thirty millions. twenty millions,
or ton ,nillions? This gold can only le OBJ
timed by taxation, by tho hase of bonds, OF
by diversion of the sinking fund. The amount
Of Treasury notes to 10 redeemed is $;,70,-
100000 Accumnlating 10000. 900 year,
will require twelve years and half; accumu-
hitting S2o,ooo, QUO year, will require eight
ecu aud half ycara; aud to put away $10,-
0oo,otS' q year, will require thirty-seven ycarf
in which tn obtain enough gold to redeem the
| notes in coiu.
We understand, of course, that tho notes
once redeemed Arc not 10 be put in circula.
tion again, for il this wcro done tho Goyorn.
meut would bo obliged to purclase from
$o5o,ooo, 600 to s3ooooo. 900 year Of gold te
supply the wants OF the foreign commerce ol
this country, and to furnish the coin required
by importers to pny dutios, which aum woult
bo impossible for tho Government to purclas,
without mourning enormous loss. Wo as
au.ne, then, that the Democratic greenback
rcdomptioniats propose to cancel and rotir
the legal-tenlcrs MS fast NJ redeemed.
It ia oasy to count up tho cost Of this pro
cess Of accumulating gold for purposes OF rc
sumption. Whether the gold bo raised b
taxation, or by The sale OF bonds, or by SUE
pension Of tie sinking fund, it will represu1
fire per etut interest, either On tho bond
given in exchange for 1t or the bonds wl.ic
might 10 bought with it, mud tho cost Of al
, cunulntion will represent .Jlre PER cent pc
annusn Oh tue amount boarded whether til
r whole sun. be raiscd in zen, twenty, or thirt
/ yeaIs. If ten millions be raised annually TO
. th'Fty-seven years, tho simple interest vii
represent tho total cost OF resumption. Thi
: tlous not Include tho interest on tho COL
, while lying ids in tue Treasury, which vii
have to ba paid in the form of intercst on til
bonds sold III exchange or which might lay
been purchased. This interest, starting q
half million OF dola:H tho first year, will il
J crease annually by the addition Of like sut
. until tho end, and in the aggregate far c,
ceeding the entire value Of the greenbacks /
DO redeemed. 1t Is im,uaterial what Ii