Year: 1864

We do not claim to DE veYSed IN the deep
er mysteries Of Finance. That our Gov
eminent is spending a great deal of money
that it must continue so to spend until
the Rebellion is suppressed, and for some
time thereafter-that Il is utterly impossi-
ble to raise all this by taxation, and that
loans in some form are an imperative me-
cessity-so much seems very plain. That
the Government cannot borrow all it needs
in CCin-cOuld not have maintained the


War for the Union had il been compelled
either SO TO borrow or to keep out Of debt
seems 10 US equally clear. When, there
fore, we hear that the Government ought
TO have maintained, or ought now to re-
sumo, specie payments, we know that the
speaker means that it ought to give up the
contest and let the Rebels triumph
There may be personsin Europe who think
the War could have been maintained on
the scale which the armameIts Of treason


prtscribed 10 US without susrenGing specie


payments; put those who are here on tie
spo. know better. With tie Rebels crowd


ing every man into The field, and fighting
On cre,.i. With thrice the :crce they could


keep on foot on 4 Basis or cash payment,


We were compelled. 10 follow their bad ex


ample or let them nave their own way.


Bat, while w- staf.G ny Legal Tender as
q military necessity, we are most anxious
that Il saaIl be kept ~ near the standard


of coin s.e may be. Hence we fought de-


ternin@Ily for the payment Of interest on


our Public neh. in coin, in order 10 rest


that Debt on a foundation Of positive and


uncnangirg value. We could not procure


coin, or coins absolute equivalent, in


amounts adequate 10 the total disburse-


men:s oi the Federal Treasury; we can OBJ
tain enough Ia pay the accruing interest on


our Debt. And that gives to our Govern
ment bonds the basis that is needed. Their
owners know that their income is fixed
and secure.


This make-shift is not without it's incon-
veniences. We have one currency for or
dinary transactions; another for the pay
ment Of duties on Imports and Of interest
on the Public Debt, We wish the discrep-


ancy did not exist; we hope it may soon


cease; but we have no expectation that il
will till the War is over.


But the Treasury, it seems, has about
Twenty Millions of Gold now on hand, and


will probably receive Fifteen Millions more
by the lst of July. 1t has TO pay Twenty.
five Millions in coin on or before that day
Why should il not sell the surplus Ten
Millions? Why keep it on hand7 The
premium On Gold has doubtless been exag-
gerated by the scarcity Of coin caused by
its absorption into the Treasury. If the
Government holds Ten Millions Of G old fol
| which it has no use, it puts up the premi.


um on Gold. And who but a gold-gambler
wants that premium increased? Is it no,
too high already?


Yet every Copperhead in Congress seems
| to evince unusual venom whenever the sale


Of that Gold is commended. The simple
fact is, that the whole crew exult over the
| advance OF the premium on Gold, and


would be glad to see it run up to 95, or even
100. They believe-no matter how correctly
that the sale Of Ten Millions of Gold by
the Government would diminish the differ
ence in price between Gold and Legal Ten


der'-in other words, reduce the premium


on Gold-and for this reason they oppose


the measure. They want to see the premi-


um 60 up, up, instead of down, down.
Hence, they will do their utmost to defeat
the legislation proposed. They will not
vote to forbid those selling Gold 'on time
who haze none to sell; for that tends to put
up the premium: but they oppose the sell
ing Of Gold by the Treasury, which has Ten
would send the premium down. ~
We do not know how far it would oper-


ate IN this direction, but we presume the
proposed sale would have someinfluencef for
good, and therefore We commend it