The New York herald., 1877-01-07
SPECIE PAYMENTS.
How to Get the Gold for
Resumption.
SOME PRACTICAL SUGGESTIONS.
WASHINGTON, Jan. 8, 1877.

letter to the Hon Josiah q. Abbott N. c. In which 10
embodied the testimony recently given by Mr. Atkin-
before the Silver Commission. After reviewing the
results ofthe financial policy OF the government since
the war he makes the following suggcstions:-
Tho interest account for the last years has aver
aged a little over s120.0O0 900 year, the highesa
amount having been paid in 1867, sllS. 7sl59l Itm
now s9J 900. 900.
II the reasoning to which tavo referred is true IL
follows that The way ike large saving In the
annual interest account is to pay interest on thas
portion OF the debt that rs nov dshonored.
THIS Is very PLAIN and simple proposition, in full
accord with the ordinary rules and methods of bus-
ness, and viii not be contested except by those who
that the credit OF the nation Is governed by
different principles from those which apply TO other
associations OF men,
TIME
In view Of the present condition or our foreign
trade may be asked whether tho present time Is not
one OF the period OF which several have occurred
since the war, when liquidation and disaster having
greatly reduced indebtedness, and when the fall In
prces having caused much less currency be noeded
the of legal tender notes might not be
ried to very large amount without IN the lcast Affect
ing tho exchanges OF the country.
May not the assurance OF the speedy re-establish.
ment OF specie standard restore confidence and u
ducc constructive enterprises In such case will not
wages prices and profits tend TO rsc rather than 10 ia
and the payment OF existing debts in good money Boz
come easier than II rs In bad money!
Has want OF confidence SO put stop to all un.
dertakings having reference to future necd TO
ducc about ten per o, tho population to compul.
sorry idlenesss
Is not the effect OF this compulsory idlenoss OF
small portion OF tho population to lower the wages Of
all unduy, 10 restrict consumption and to reduce the
prices OF almost all commodities, services and rents
even below fair specie standard.
Has not the effect OF nconvcrtble paper money
in all nations all times been the samo-1rst,
duo initiation bext, undue dcprcssiony
AMOUNT OF iDLES.ss.
wo are burdencd with what Is absurdly called a.
overproducton OF many things, which Is but anGthei
name Tor Of idle capital ready lent a
u low ratio oil interest Did abundance ever ruin
tony and Is no, this plethora OF ''quick capital .
mere consequences OF that want OF confidence which
prevents planning enterprises at long datey Arc
y.s not od'y w..S ua we earns sS
tnis tuperabundancc OF quick capital into perma.
nent or ixed iorms' Are We never to want more
mills railroads works or warehouses anywhere or at
any time, and what prevents their construction being
now entered upon 7
These questions eau perhaps DO answered by rsmov.
ing all uncertainty TO the uture of the currency BY
the simple oer oil hty four cert bond tue
voluntary conversion OF legal tender notes with the
peal OF the act liking thc date OF positive payment on
January l. 1879
In place OF which pledge of payment OF the whole
OF over $500 900, COO on liked day, January !,
1879 might be substituted the cancellation ofthc notes
from time 10 time they come into tho Treasury ~
surplus revenue. Is II not palpablc alb
suraiiy 10 coun. money in the rroasury
the demand notes OF tho government paid
| In for taxes and constituting surplus Ir the
notes nay considered money available 10 pay debts
with, are they rghtly 10 be considered debts
already paid TO accumulate great sock OF gold Ior
the purpose Of paying great debt on particular day
ing weekly in large sums ana becoming the property
| of the prornisor Is surely costly aud IN
direct method Of DONG . very simple act; t.. Why
instead Of waiting until January !, 1877
is any better economy 10 buy tho notes at dis.
count with surplus gold and then reissue them. than N
~ TO buy them "a discount aud cancel thrmg Then,
why buy now II, dscoun! with surplus gold as s
tails rather than 10 pile up the gold until January
! 1879 and then buy the whole Issue ut parY
why WAIT FOR 1897
II such purchase and cancellation makes tho notes
scusce then the price WIN r,se-that Is they Will sp.
proach par In specie VIII II not be better TO cause
the price TO rise slowly and steadily TO par rather than
wait until January 1879. and then make "A spasmodc
effort to compass the same purpose nj one stcpy
Which method rs the most likely to affect the banks
and the business community well or iily Is there any
compulsion IN the mcthUdy The public need soil
the notes even ut par in soli II they want to keep
them
Tho government can II Is true fix a dato In advance
for which u prepare and may doubtless sccumu.
"s,,es G1s on sve" dav su il Is ueyosd The powor
OF legislation to x datc advance, which private
liabilities shall become payable and be paid IN differ.
ent currency IRON that IN which they incurred
without danger OF great disaster On the other hand,
the government give the opportunity Tor the hat
NOV ng legal distractions OF such u nature " She
Legal Fender act whereby the OF the
Is forced TO circulate Let this obstruction be
moved ana tho specie STANDARD will be restored, b..
cause II will be profitable to all solvent men shat is
should be-
IL wiI be hardship upon the community II merely
the option Is given to fund the notes which not
wanted Tor use nor will there be complaint Of meas.
ures that tend TO overcome depression and stagnaou.
Specie payment rs the rule of commerce, because 10
Is Tor tho interest o all parties that should be 50,
aud ought never to bc forgotten, us u ocn 10 Tor.
g0ttcn that legal tender acts merely prescribe the
method OF enforcing contracts They never impaPe
value either the substance the symbol that ~ Of
course, beyond the power OF legislation To do There.
fore Is only necessary to make for natural laws
10 work the remedy by the removal Of legal obstrue-
tions tho specie standard viii restore tse be.
cause IL Is the normal condition OF business.
PARTISAN BIAS
In the consideration o these questions II 10 0t "a
avoid all partisan bias The wise plans OF Secretary
Met uoch hwartcd by tho action OF botn parties,
and while republicans have tailed - exert their power
while they held II, democrats have created yet more
distrust by the acts of their leaders and tho abs
scncc of any attempt to remedy the faults
If their predecessors when tho responsibility
has fallen upon them In the control of the
House OF Representatives.. May not tho opportunity
have the present confusion OF parties for right.
minded men, by Whatever name they may have been
designated to unite In the nsccssnry legislation fos
the restoration OF tho specie standard aud foe
tho reform OF the Civil Service by removing the
causes o corruption thev exist IN our system oi
excessive aud complicated taxesf IL u not that
tho whskcy thief will under any
long the attempt Is mado to collect ninety cents
per gallon tax SPIRITS and that the fraudulent I'm
porter Will take advantage Of tarn law which can-
not be construed or administered nlik0 In any two
lent dister ana the dishonest importer will 1nd thcis
nt tools among the officials by whomsocver appointed
IL needs but tlo knowledge Of the fiscal history q
other countries TO answer these questions