Year: 1867

An Easy Plan for RessmpaIeu Or specie Pay


nenss Without Conra csang lhe Present Car.


TO THE EDITOR OF rHE HERALD.


From the moment when gold became an article OF
merchandise in the country ceased 10 be standard or
value, and when paper currency took the place % gold
II in Its turn became the standard OF value prvery
Of all kinds 4@


In the estimation or competent Judges this cosntEy


has been using in former times about four hundred mil
lions Of gold and silver . circulating medium and
about the same amount bank issues redeemable In
gold demand The OF gold ~ present 10 the
country possibly fall short OF the above estimate
the extent Of say fifty milIions but the rTedeeHabe
paper currency in various shapes amounts the
nous sum or three Thousand millions mot including the
issues Of all non national banks


The effects OF this sxpanson Of paper currency ara
fell in the Of house and enhanced price
OF all the of lfe while the burden OF high
prices falls those who feel it ssnsbly who are
the least able 70 bear IT, and who the majority OF the
nation.


currency remains in its present condition the advantages
must remain favor OF the few and against the
majority yet will be for the interest OF oil allow
the irredeemabe paper currency 20 remain In crcula
tion, since sudden contraction would paralyze in
dnstry and clog fatal extent the wheels Of enter


Under these circumstances, therefore, q return 70
specie payments 10 dfcsit matter, and the objcct Of
this communication Is 70 point ou. means o. recon-
cling this much desired end with the conflicting
don OF national finances Get forth above In other
words, 10 effect return 10 specie payments without any
contraction IN the paper currency.


TIE proposition, then, in plain terms n TO induce Con
TO pass act ut the earliest possible day author
an smoSns not exceeding SO a. The Sub ocss
in Nee YORK other large cities government
dempon Offices which may be established for the pul
pose, TO receive in return q like amount in gold.


II would take week u pay out two millions Of gold
In sch small payments and since the weekly receipts
Of the from customs dues at least two
mIiuns eoyesnment would De able to retain ae largs
surplus Ut nearly hundred millions apply the
PAYMENT o. ,p,ersst on .hsr bonds Tns premium on
say at the expiration OF enc two or three months-the
amount Of currency presenisbe for redemption might
be increased to 500 $50 500. until when gold and
$1,000.


puious spccuIators the withdrawal Of too large
amount Of gold al any one time, thus advancing the
price OF gold once more and embarrassing government
In the resumption OF specie payments


II needs demonstration chow that toe price OF
The people the government and then, estimating,
for example, the weekly dram Of government gold paid
,he sov.nms1. .sI Mod become
completely master ofthe situation.


In regard 20 the currency thus bought mp, govern
men should take TO redstribue IL in payment OF
current expenses, in order that sringsncy In the
money market could possibly result, might from
q withdrawal Of 20 MUCK currency.


The PROBABILITY OF heavy export OF gold is no, LOST
sight Of cau u be urged as an objection 20 the
posed plan for even IL Il should amount TO the weekly
sum % be paid out by government the void would be
more than filed by gold imports from California; and
further since our bonds would increase In value there
would be such demand created for them In Europe ~
would supersede tho necessity for the expectation OF
spocie, at least 10 any alarming amount


The standard OF value being gold, the same
prices would rule former days Of specie currency
certain Of supply and demand exccpted-notwith
standing the large amount OF paper remaining in circua
tion. England furnishes good example Of . country
with large amount Of redeemahle convertible paper
in circulation, and yet where everything Is cheap II
would be vain 10 look for any other for the cheap
Of labor and industrial products in that country be-
yond the simple that bank issues convertible
though many able English nanciers doubt the thorough
soupdncss OF the system, and advocate inconvertbily
But we have nothing to do with that question further
than insomuch Il may help 10 illustrate theory
proposed in this communication The object here
Il 70 smooth the for resumption OF specie pay
ments and call the attention OF Congress this plan,
in the belief that IL s sound and in the hope that may
adopted looking above all 10 the great end and aim OF
truly republican democratic government-Inmey, tho
welfare oj the many, and not Of the few. H0