, 1877-08-17
A SPECIMEN ORGAN.

Pon oil political questions. Like tho "sei
made mnn" who cannot read, 1t seems I
despfse information. Initiating BourwELt
ii boldly denies that there is any s,,ch thin
~ political economy. In oil matters Q
ba"lry tho Tina recognizes Bcience
which it industziorsly pursues, encourage,
and inspired In It's iabors rather than rc
pulsed by tho filsh aud obscenity II tlclscs In
Occasionally somebody about the office /
told to write something on some publi'
question outside Of tho specially Of that pa
per; and tho production, which, insellgen
or stupid, IL all Greek 10 tho proprietor, Il
publIahed, regardless Of what it contains.
Tho New York bulletin recently had NJ
editorial OH tho subject Of resumption, 1t
which It undertook to reply to Tns Tnrnuxr
and tho TINS man, knowing nothing what
ever On the subject himself, lns lad ths
bal'tttn article rchas1cd, and, in a most
langhablo way, has attempted to address
1t to this paper.
The point is(1), How Is the Government
to get gold with which TO redeem tho groom.
backs; and (2), having redeemed the green.
backs, II they are TO he rcissued, how and
Tor what. purpose can they bo roissucl ?
Tho Government Inns limited income, and
That income is by permanent or specific M
propEiatious to 10 expended for specific pur.
posoa. Tho gold income of tue Government
is "bout sl33,ooo,ooo annually; this is mp
propriatcd: $10o,000t0oo for intercat, sat..
100000 for sinking fund, aud tho expenses
and saiaries In foreign countries takes tho
remainder. Generally, tl,e coin expcudi.
turos consumc tho coin receipts. Now,
how la tho Government to get thp additional
gold to REDEEM, say, $780, 00o, 900 Of green.
backs yonr? In addition 10 this, tho couu-
Try will havo about $4,000 900 Of gold for
expectation, md another largo sum for re-
1nietance TO pay tho expenses Of Americans
In Europe. Tho market for gold is in Lon.
don, and tho stato OF that market is indicat-
cd by the ratio Of discount Of tho Dauk Of
England. An extraordinary demand for
gold will bo answered by rise in tho bank
ratea. No means havo been provided by
law for obtaining this gold on the 1st OF
January, 1879, except Tho salo Of bonds,
These bonds arc the y and 4per couts. Tho
sale Of tho latter has probably roaci,ed It's
maximum for tho prescnt, oyon 1t tAo
amount already subscribed for sl,a]l
be talseR by the subscribers. Tho
supply of gold, therefore, to redeem tho
grecnbacks must 10 obtained nbroal, and bv
tho salo OF 4 per cont bonds. But Gerr,n.
ny IL in tho market for gold, and for tho
United States to demand $3.50, ,000, 900 to rc-
doom ita greenbacks would 60 unsottlo tint
'narkot that 1t is not likely that u ,er cont
bond can bo sold at par, or anything near
par. II tho policy be to merely retire tic
grcenbacks, why sen bonds for gold with
which to redeem the grconbacks? Why not
offer the bonds ut, say, . Per cent, direct for
the grcenbackx?
But concoding that, In somo way at prcs.
ont unknown, tho Government shall procuro
gold enough to begin rc,lee,niug tho grcon.
backs, mud shnll redeem enough 10 supply
the country with Tic gold to pay tia customa
duties anil make its remittances to Europo.
thcro will bs that much currency with
drawn; tho banks, having to rotleem in
gold, must rotire their notos. :rllon tlore
will oe All exclusive gold currency. But, It
IL answered, tho greonbaoks, as fast as re-.
deemed, will bo paid out again. How, anil
for what purposo7 They cannot b. maid
uus for any eoin obligation OF tho Govern.
ment. Tho Government will hare its onli-
nary rovenue 10 meet all other expenditures,
low arc tue gseenbacks to DO put back Into
circulation? Tho Chicago 1In,zs, taking
Tho idea Of New York paper, but not uu.
it, aays:
I. II will 10 easy caough 10 ind wsys Of .clssu.
III tho redeemed grcenhaeks, II that IL found de.
,aGlc. They may bs rcissucl In exchange far |
'od dclSstts lnst certificates are now issued In
'1chhnge for such deposits. liealtcs, Ercenbockf
my be feIsaucd In exchange for bonds Or bullion,
provided sncy sro "ot sslsaue4 t such cxcc44 A. to
Ause depreciation.
=. Thetc IL very little danger that thor viii, bo
resented for redemption after their vouno has
sca 70 for reduced ~ u bring ttIcm to par with
oln. Hut we may rest assurxd that theY wou1a
omo an very slowy after thsy were once rcsto,cl
y contraction to tha level OF gold. 1t II upusen.o
D say taAt there would b. demand on tue Treas.
~ for t11l, 600. 900 every year for payn,eut Of
ustoms dut!cs, because just ~ soon a. the cur.
sncy was tcstored To par people GOULD eet what
old they wanted without gotag to tLe Trrasury.
hey could os more conveniently served by taci,
INKS than by tho Government, and consequently
10 demands upon tha Treasury would coasc
II tho Whofc amount IL presented for rsdcun.
on, then $500, QUO, 600 OF spccis will be nut In
In tts place, aud tho bauks can easily
rosida for tho redemption Of their notes by ex.
hanging thclr esecnbaek se4cryes ut the Tteasurv
u specie. Thsy need not rctlro duIar Of their
Fculstloa lnIcss there " more Of It titan car bs
oatcd At par. aud II there il no.o It ought to 10
,tlrcd.
It il 1tartllv ncceaxnrv tn s1aApau p,,,l, .,.,, !