New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1866-03-24
Making q total Of. ........ 923 millions.

ti S nno through his bureau and the
dempon and retiremeos oil the notes OF Siats ~
proceeding st about equal ives ye' WI, a. ~. i
eventually the Issue becomes ~ ID" III e1Vess o. 70
tie gross amount Of paper orculn> ION 70 S1VVvVVVo
There are of gold bearing bonds o, e otiteu oia'e
81 l67 lG9 94l requiring an annual me- " ooiH
(0e. 032, 215. -..c.
The Secretary states thot for The quarter s1dag sept
80 the receipts OF gold S37O09 Se3 ana esti>Vs
that for the remainder OF the year they wiz eu0unt 10
Sl00 600, 000-making total OF over l4IUUVOV ana
this VIII probably increase to $50 600 900 at least
To reduce our inflated currency of $3.50 900 900 to
specie basis without deranrng the business Of
the country is tle financial problem to be solved.
To effect this the following propositions are so neees-
sary as 10 almost amount TO a1ioms
]. Nothing must be done suddenly
Q. Nothing must be forced.
3 Government must itself commence to redeem its
legal tender Notwithstanding notes with specie
before 1t call upon the banks to so redeem their
issues
There are suggestions made by the Secretary of
the Treasury which would OF themselves become yalu
able anxiliaries toward reduction OF the volume OF
paper now in circulation. These are:
L. The funding of the interestbearing notes. and
causing them 10 be legal tender after matur-
2 The requirement that National banks shall redeem
their circulation at New York. Philadelphia or Boston
Snpposing these Requirements enacted and regarding
the national currency being at its full legal amount
$500 COO 600 and the State bank notes as virtually all
retired then is probable that the effect of redemp
ton OF national currency notes al one OF tle hasIern
commercial ceners would tend to contract their cireu
tion eventually to 500 600 and the funding OF the
;n,sras, hearing notes would eventually remove them
to tbe amount OF nearly s2000O00OO as they were
estimated TO the amount Of $500 COO from orenla
ton Thus these two agencies would tend gradually 10
reduce the present paper circulation 10 tut.
l. Legatenders. 421 millions.
@ Fractional. SC, currency.-.- 20 mlniohs.
g. National currency. .....-....-- 2UO millions.
Being a total of G53 millions, or Whereabouts.
The funding Of the interestbearins notes would IN
crease the amount of god-bearng bonds by $500 co.,
OOO and if these al per cent interest," Woud re-
ouire an ennual interest of $4,000 600 IN goid.
The cold revenue being Sl5Q00OO 900 per annum, ana
the annual interest being SS0NOOO there woud De d
surplus OF $4,000 coo OF gold annually
These things being promised IT'S now tnat
the Secretary be authorized TO retire sl0oOOOO per
month of esa Tenders that bear interest on the fol-
lowing terms: One-hah Of the $40 OlOoo TO be re.
deemed in gold at par condition that the other nan
ne invested in L. s. bonds. payable in 80 years and
bearing gold interest payable semi Annually az such
reduced rate that il shall be just equivalent Tor the
redemption Of the other moey at par when goid was al
IA premium. A.. ,o.;.. -
10 effect this il should be required that deposits OF
for redemption should be made IL sums oil
siOO and I'm muiples of $780, That these deposits be
received at Washington ew Iorh. That depositors
should receive certificate Tor inc same uuiy nun
bored and shoud be entitled 10 receive the gold and
the bonds in the order in which their ueposts were
made That onehalf Of their deposit should be paid IN
Cod while the other half should be invested IN BOND
0r bonds OF any selected denominations not ess team
$50 And that the reduced rate Of interest which these
bonds were TO bear should be computed from the aver
age price sold Tor the % days previous 20 ne nrst OF
each month. -.
What This rate would be 10 form Just equivalent
NAV be estimated from the following table;
Assuming the legal rate Of interest 10 DO per cent
then If 500 in gold be paid for 200 IN Legal IendSr
on condition that second 500 be funded in gold
bearing 3Oyears bond upon which the interest is TO be
pad semi annually then that rate OF interest would be