Year: 1873

A. =


There must be something about this
tonic that is peculiar to itself and unlike
sny other topic that Is discussed by intel
Iigept people. Before the good HORACE
GREELEY died he WAS fond Of saying that
the way to resume specie payments was
slmDly 10 "resume." This was first said
several years ago. His paper, the 7T1'
,sne, is still persistent in saying the same
thing. And some other people and other
ospers soy the same thing. And yet
:onehow this wise advice fails to take
practical shape. There Is much talk on
the subject but 1t appears as If the ideas
advanced by the resumists, fall to point
out the way to immediate resumption.
We have tried to comprehend these specie
advocates but VIC fall to SEQ how their ad'
vice can be followed by the Government
We all know that the Treasury has but
twenty or thirty millions Of gold, exclu'
live Of the amount represented by its gold
certificates. We all know that It gets no
rold except from custom receipts. We
all know that these receipts just now are
comparatively light. And we all know
,Aa, the interest on a large portion of the
public debt is payable in gold


Now how, under such circumstances,
il the Government to commence redeem
iug $50 millions Of greenbacks. We
should really like to have some wise per.
.Ou who pretcnds to see the way clear tell
ushow such a feat could he accomplished.
We hear It said that the Government
would not be called on for gold II 1t was
to announce resumption OF specie pay
nsnts. This Is q sheer assumption and 1t
would be hazardous in the extreme for
the Government TO trust to such q con-
tiugency: The men in Wall street are
shrewd and powerful. They know what.
thirty millions OF gG!d amounts to, and
they are capable OF efFecting q combina'
tion that would swallow all that is in the
Treasury in q single day. We all saw
gold pu, up to "sixty" in 1850. We all
saw the Government withdraw its brokers
from the market at the time Of the Bng-
lish panic in 1866, and stop selling gold.


Its easy TO advise the Secretary oi
the Treasury what to do. AllNew York
advised him and the President what to do
on The Sunday after the panic broke out.
And ho took some Of the advice and in
compliance with 1t bought twelve or fl
teen millions oi bonds, and the greenbacks
thatwere paid out for them disappeared
like water on parched ground. They
disappeared no one knows how or where
scarcely. They did not find their way
into the New York National banks and
enable them to resume even green
back payments. On the contrary the
holdings Of those banks ran down steadily
rom thirty.six millions to six, And this,
perhaps, might have been the case II the
whole torty.iour millions Of the Treasury
reserve had been paid Out in exchange
Tor bonds.


The problem of specie payments waits
on the further strength Of the country in
our opinion for its solution. We cannot
help but think that Mr.. BOUTWELL, took
sslalesman like Wow Of the question in
aIsspcech in New York Tuesday night,
when he said that in his judgment it was
DOT possible ITO resume or maintain specie
payments" at present, and that he "had
10 aith in any scheme ior resumption but
Inagenerous and comprehensive public
policy by which the industry Of the coun.
IY shall be developed, its resources multi.
piled, aud its capacity to supply foreign


Countries with articles of production in
creased so that the demand for gold to 60
'ArOAd shall be met by q demand for gold
10 ul"