New-York tribune., 1877-09-29


113l. More than ree-fourths OF the pre-
MUM demanded in October, 1876, has van
isbed. Why should we wait fourteen months
to see gold at par7 STILL at the thought, grave
and experienced men shake their solemn heads,
and, in tragic voice, ask if "the awful con-
sequences have been duly considered. Have
they forgotten that, less than one year ago,
these same awful consequences were held up
to alright our souls Any rapid march toward
the specie basis, it was said, would bring rum
to everybody. All debtors would be ruined,
having to pay 100 instead of SSl2 cents on
the dollar. All banks would break the fires
would go out in the furnaces, and the wheels
would stop in the mills, and the children OF
workmen would cry for bread
Three -fourths of that journey we have
passed already. Wen is the ruin to begin
Eleven months ago these dismal walls OF fore
boding were heard in every State. But now,
men say, we are on the high-road toward pros
perity. Some spectators may fail. but not
because the premium on gold has fallen. Some
banks may be in straits, but not for that rea-
son; in fact the certainty that any serious
trouble would speedily bring legal-tenders to
par, and unlock many millions of gold, Is now
their best defence. Approach toward specie
has not prevented the growth and har-
| yesting of magnificent crops. 1t mas
not made crops better in Europe, nor
prevented the demand for our products. The
approach to predicted ruin has not prevented
| great increase within the past year in ex-
ports of petroleum, cotton goods, boots, timber
and provisions of almost every kind. More
iron, cotton and woolen mills are at work,
| a. fhan ot
wear ago. Merchants see crowded stores. Rail
ways boast larger earnings, and yet the canals
have certainly well-nigh doubled their traffic.
Behind all these hopeful signs, there is the
solid fact that actual transactions through the
clearing houses of twelve chief cities are larger
than at this time last year. If this is ruin, let
us have more of it.
Has it not been proved, beyond question,
that the approach to a solid basis OF values is
not ruin to industry or tradei True, many
events have helped, but the same help con-
tnues. Why not make the most of it, and
end, this very season, the wretched uncertainty
which has so long oppressed industry like
nightmare How much longer will grown
men give way to miserable cowardice, and
shrink from little untried change, as chill
dren run from the dark7 Have we suffered
within two months, since gold was at JOG!
Business has frightened, and trade in every
part of the land has taken new life. change
scarcely greater in the purchasing power of
currency would bring gold to par. The crops
are yet to come. If we have borne a change of
three per cent three times within a single
year, have we not the courage and the sense
to end our troubles by one strong effort?
e Al. of
bankers to arrange the method We only in
sist that it is pitiful and unworthy of us to
stand helpless before paltTy three per cent.
We all know that good times can only come
to stay, when give them the solid founda-
tion of honest money, the money of the world
to rest upon. We have been hundred per
cent away from it; we are now only three per
cent distant. Have we not ability enough
courage enough, to take the one more step
We insist on no particular plan yet, in de-
fault of definite action anywhere, why not con-
slder this9
Nav it not be found that, after ALL the bank
ers of New-YOrl have themselves all the power
needed 1t is true their legal-tender reserves
have been reduced to $40, ,454, 400, but can they
not by one bold step make S19,OOO,OOO of spe-
Gle available, and unlock the Treasury vaults
1t is in their power to deposit $20,000,000 IN
United States bonds with the Treasurer, as Sc
curity for new circulation. According to the
last official report the National banks of this
city alone held 100000 and the holdings
of other banks, and the recent purchases, swell
the amount. If they take out at once S1S,O00,-
600 of bank notes, these can be issued by them
for immediate relief where currency is needed
Meanwhile, the Secretary of the Treasury will
be compelled by law to redeem sic. 900, 900 in
legal TENDERS at once. He has on hand outside of
various special funds which cannot be depleted,
only $3,O0O,O00 He will be forced to pay
gold to the banks for the legal-tenders which
they hold. No one else can suddenly command
SIC, 200, 900 in greenbacks; therefore, no one
else can bid; if the banks of this city offer
their greenbacks, they will get gold reserve
instead. In the presence of such an operation,
does any one suppose the premium on gold
could be maintained for a single day? AT
once, their own present specie reserve, with
the specie obtained from the Treasury, would
come into use as an available reserve.
Experienced bankers of this city can adjust
the details. Our only aim is to suggest whether
they have not the power in their own hands to
bring the country to the specie basis and end
the uncertainty which retards prosperity, to
relieve the pressure upon themselves, and to
bring into actual use as an available reserve
all the gold which they now hold, and many
millions more held by the Treasury. IL other
measures are needful to maintain currency at
par, and to protect the banks themselves,
the Secretary of the Treasury will doubtless
gladly take them. We do not urge any method
as the best IL better can be devised, we
u L. !. 4od p..A 4.