Press enter after choosing selection

Resumption Of Specie Payments

Resumption Of Specie Payments image
Parent Issue
Day
28
Month
March
Year
1862
Copyright
Public Domain
OCR Text

New Yrk, March 15, 1862. Hon. David Wrilmot,Unitel Statea Senatop : Dkaii Sik - In view of the fucts presented in mine of tho 7lh instant, and coosidering what conrse wouid be most eonducive to the welfare of the people, and ooDsequeDtly definible íor the government, the question of a resumption of specie paymenta wil! naturfllly force itseif upon your ittetition. To conüne the expenses of the war and tho growing debt witliin a minimum,, a eurreaay oí uniform value, upon a specie basis, is of the first importfince. No other córrenoy can secure n condition ui permaoöni prosperity to indnstry, trado :nd eomtnereo. No other currency can maintain the ecouomical affairs oí the whole country upon tliat eoit'd basis which public faith requires for the suppoi't of the naticnal debt. In my huriible judgment tliere is now no obstado to the re establishment of such a currency. by the government. The rosumplion of specie payments by tha government and the banks at an early day seems to me to bc altogether practicable. This opinión is based upoo the state of our iorcign trade, thé largesnppïy of' the prebioy tnetab in the country, the judicious acts oí Congress referred to in mine oi the 7th inst , arul tbs rflpid progresa ubioh our brave anny and cavy are makiug in putting down ibe iusurrection. It is now in t'r-e power of the Recretai y of the Treasury to sell six per cent. twenty-year stock lor specie on better terina than the equivalent of a saven per cent. twenty year stouk at par. With ilie coin precured fop long loans, under judi.-inus arrangemenls as to paving in the installments, he could meet the 'Iemand notes; the power to depof.it these no'es on interest, the cali for them for curröiicy in the States freed Irom the insurgents, and tho use of them n remittances, na Bubstitntcs tor dpmestic bilis of exohange, together with the issue of iuterestbearing cer(iiiüütes in payme-nt of claim3, will sill UMid to i'acilil;to the fnnding opcrations of the Trensury Department, ;is well as to nrunhiiu specie payments. In the States subjiigated by the insurgente there is a great want of many coiiunodilics possessed in abundance by the loyal State?, and, when eommereial intercouraa is restoied bv the Hberation oí' Uiose States, thoro will be additions to our supply of exportable producís that will táke the p)ace of' specie in ourtrade with other natxms. Beeides all tliis, thora is throughout the commercial workl a greitt supply oí the preoious metuls. The premium on s-pecie and forcign exchange does not rise much abpve par; the banks are in a eonditon tfi resume henever the ajovernrnent renumcs, and it secma to ino Unit tlicru nt.vd be no hesitattiin in deciding upon a rfiuniptioQ of specie payrneiit at once by the trëasury, Very rcípectfnlly, vour obedient eervan t,

Article

Subjects
Old News
Michigan Argus