Year: 1874

last by the Presidents message and the
report of the Secretary of the Treasury, I
and has been continued in both houses |
but principally in the Senate, to this
day.


Upon one pOiut only has there been |
unanimity-it is the desirability of a |
speedy resumption of specie payment |
The President very strongly recon-
mended the equalization of values be-
tween gold and currency, and the Secre-
tary of the Treasury seconded it. Bout
well, Morton, Schurz, Chandler, Ferry,
and all the representative men of both
parties have agreed that the use of a
currency equal in value to coin, AMI ex-
chaugeable for coin at the option of the
holder, would be great advantage to
the credit of the United States the ex-
teusion Of commerce, and the general
business interests of the people


For purposes Of international inter
course gold coin is the only practicable
standard for the measurement of values,
and the nation which avails itself
through the instrumentality of local le-
gal enactments of special and inferior
standard of value surrounds itself with
Chinese wall and places itself in "a
disadvantageous position. As our con
tinent is the great highway between
Europe aud the far East, and as it pos.
sesses special facilities to secure por.
TO If the international commerce, the
resumption Of specie payment is deemed
essential 10 our influence and standing
in the forum OF nations


Within few days a letter from the
ripe scholar and learned historian. Mr.
Bancroft, our ambassador at Berlin, has
been published, who re enforces his own
opinion by the testimony of German
fnanciers who are certainly dispassion
ate Observers, and who hold that specie
redemption of our non-interest bearing
Indebtedness would place the credit of
our coun;ry'in the foremost rank, and
enable US to borrow at four per cent.


There probably never was public
question upon which there has been so
great unanimity of opinion, and there
fore simple statement of the case is
sufficient The only points which are to
be satisfactorily settled are the how and
when II is here where the differences
of opinion begin and are so diverse that
the friends of resumption are despairing
Of success. Senator SchurZ, for in
staucc, ], il favor of contraction, by
wlict term is meant a withdrawal Of all
or nearly all the outstanding legal tender
currcucy Senator Morton thinks that
the quickest way toward specie payment
is the additional issue of hundred OF
more million dollars OF greenback cur
rency, 50 that new enterprises both pub
lie and private, may be inauguratel and
home prosperity restored. Senator Bout
well i, OF the opinion that the mastery
inacuvity which he pursued as Secreta
X az the Treasury, trusting to thc
growtL aud expansion Of the country iol
appreciation Of the value Of greenbacks
is the proper method Senator Sher
man Void, that giving the holders o
ereelbacL, the option OF couvertin:
;Loig lotea into FIVE per cent gold-bear
ins bonds would lead toward resump
ton. while Senator Chandler think
that the issue and sale Of u hundred
million dollars of bonds. the proceeds o
which TO be applied toward the liquda
tion OF the greenback debt, would b
the most certain and speedy course


Strange to say, there is another wa,
which seems to have been lost sight o
during the recent discussion. The pres
ent laws require that one per cent. q
the revenue collected shall be apple
as a.sinking fund for the liquidation {
the bonded debt, but since our bonde
debt does not trouble us at all and th
holders thereof are perfectly satisfied t
receive their interest, if the sinking fun
law were changed so as to authoriz
the Secretary Of the Treasury to st
aside one per cent Of the revenue fror
all sources in gold coin for the ultimat
redemption Of greenbacks, We would b
steadily and certainly approaching speci
payments without expansion, contrat
ton, increase of taxation, or disturbanc
of values. Even if the greenback issu
should be extended to four hundred mi
lions Of dollars, it might be practicabl
as soon as the redemption fund reach,
two hundred million dollars, in additio
to the usual gold reserve in the Treasur,
which ought never to be less than fift
or sixty million dollars to begin spec
payment with safety, because universi
banking experience has been that r
serve of one half Of the notes outstan,
Ing i always sufficient to cover then
But whether redemption shall be begu
when there are two hundred million
three hundred dollars in the Treasur
the question will be one only of tim
and the end will be certain.


The plan of boarding the gold coin


the Treasury was suggested by the Sc
retarv and is the most natural and fca
bic yet presented. Secretary Boutw,
taught the theoretical fnauciers the o
great lesson. that however valuat
schemes may be to borrow, there Is b