New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1866-05-08

~cs,e, hearing one uer cent higher interest until they
offered bearing 20 per cent il.ie .f ~ o' ,t
Treasury; continue to Offer 20 per cent ~ A-
continue redeem the cureucy ~ long ~ - uoai
Ills particular funds the Treasury and ns com Increased
per cent Offer per cent LEES interest," returning 10 tHe
standard by tie same rule reversed. .
TIcTe need be no les i,latye this issue furnish TO
tie fu extent that bonds aIc com 10 Ae 40
deposited This issue, Vtl coin aid gold eeHleaie' ialy
meet. eyery legitimate currency Of the country viii
and expand upon eommefcla ana nl'e''
10 meet he Of every section Of tue country without IN
rous effect upon prices upon trade foreign OF domestic
IL covers the whole grOgnd all other euTehV! J oe Iee"
o. tart this Is introduced. ..,., p,
These acts would restore coin currency make safe Tor
parties that desire 10 do to transact business on he &
basis and lst and then another braneb oil phts a
soon al business would be done ON has ets4s ~
medium exchange for all business upon TINS BAR. ara
sxtng controcs they can closed with the present legal
tender currency whie It Is beng displaced & % h
competent parties and then leave ever! Pa! 10 e
Fonyt An act authorizing issue Of Government bonds
sufficient in consolidate the entire puoie deut
ills issue and other 10 be received as security or paper
currency Issue these bonds at par Tor ees ana ~
exchange for any outstanding GoYerhhelt ueDt maturing
within three years This ssue to be free from all tax except
national tax deducted from the interest paid and
that not exceeding per cent Of the Interest ,.
The payment and plan OF Issue N these bohds j.
discussed No. this series OF papers to which reference Is
here made %, A., ,,, -
consolidate 81 $4,000 Of the existing debt DIVIDE Tins
into ~ parts responding with the IL months 10 year anu
parts OF COO AIM Ultimate result 10 have one OF
these parts each month for 40 consecutive months or
ten years. - a., 8, H., .,.ho
fret month that bonds can he got ready Tor issue ior
600 OF tins new lssuene bonds either per cent
coin interest payable semannuay the principal TO be aya
bic at maturity Of TOE bonds IN com OF IN otheT IKE oear
bonds rate Of interest ut the option oIh Govern
mcnt 80 ,
ard 20 mature each for years paties VINO
bid the class Of bonds they want The 6osernmeht
spulang to accept bids for the whole 200 ,oooW u, a,
cent reseryng the night TO accept such az deemed
for the interest Of the Government at over ta a'e' accepting
er 600 oc0 eco in the why each month FOR 10 con
months thus within the zine Offering the Whole
As everything else relation to the issue but the rate
of interest would fixed beforehand the bidding wond be on
the rate thus free and FIRE cent bonds
would y per cent one per cent ana Hne per cent
bonds would average lOper cent per cent ana sIy
per cent bonds wond average lO per cent In ls
way compound bids could be made ut any fractional rate
between aud per cent and yet require the issue "
Beside the greenbacks (which could mainly De retired for
Tie proposed issue OF per cent currency psDL ,neE " oSu
gust e6s be consolidated upon this Plan ia!
! II of as 1t natures IN the Currency Dot -,
Any norton Of the 500 issued in month the
frat time offered he offered In the same way toe core
spending month the and go continue until the whole
IL cor dated into bonds principal Of which would be
practically deferred until convenient for the Govern
Every reasonable should be made TO popuarize this
per and place il within the reach Of every person
In the country One this Is 10 permit the Nationa
hold portion Of their reserve IT, so that they can
have assortment OF all Tor sale al 81 tes
Government could well afford Ia pay TIE banks ano
other moderate commission on all they sod oil tn
Tne aim should in possible way make these bonds
useul 10 citizens and 10 hcm any Del
Ter Tor foreigners than for people Hence not tax
them except by retaining cent OF the interest," wbeh
could be done all the bonds akehence issue them IN 1e
nominations Of go or multples Of So and place ihem within
The roach of one provide for The
organization National savings and Trust Companies ana
require invest Government bonds and IN nothing
else while tins had Hence make this and
other receivable as security for pager currency thus
bringing whole force OF the plan 10 bear on the rate OF ID
this issue which m no event to be higher sn
| per cent per annum. -
cusscd IN No devised let be adopted IT II the ssG
and the that shoud be imperative
Having shown the tOlId ground beyond TIE quAemte
that between present financial condition anl
sound basis let there not bridge Ia carry " TO ~
lSuce writing the foregoing Senator SheTmans BAL ior
sodaiug tho pGbc debt has under notice That
give siI months pevou. notice whether will fund these
notes bonds take The for them 'ye them
bonds uhe per currency suggested IN article ih
or with consolidated dobt fSke rsH oSay from
FiGA An act making the $500 COO National Bank
rency legal tender tie greenbicks ree' ms the
~ 49, M NO., c.n on ,he sncau, of t,ken HE
this the
ecenbscks and uni after resumng specie pay menis con
IN Government disbursements in preference
10 any other currency ytmany Bank time 10 return
lite eqn, hlen and take ~ secuTy and aef
Iese1 a. a sge &C. IL for
interest hereafter maturing on their securities cIups we
the banks with the 10 per ceni ana nos mem me
amount final settlement Any bank neeecing TO take up
log Specie aynen sell declare forfeit TO The Government
Their securities. and thns close NJ thsissne.
/
sue, and res v,s IT, SECURITIES to exchange said
bonds and such bonds TO take The
new issues Of paper currency.
fHr NATIONAL BANK CuRKFsCY.
We have in circulation about t53 t"oco which may Nv
existing law be increased 10 tGGoooo Of paper currency
furnished by the Government 10 the National Banks upon the
deposit Of Government In per cent Government
bonds every go in currency where per cent bonds are
This currency payable demand IN legal money nt and
by the bank that receives 1t for circulation and each eans
required hold in legal money from 10 TO - cent on IL
circulation Redemption fund Tbs may be IN compound
Interest Treasury Zach bank required 10
par the currency Of this Of every other bank payments
counter and the Government receives IT and pays out
ohe purposes that receives sDdpay out legal tender
paper Practically therefore this about The
n, The legal tender paper currency. a. -.,,-
ese and assuming that the profits nurng 10 The banks from
other than this currency them for all ie
and this IL not 70 let II be made Its nersahd
the matter appears TO sta md tea', :, -
furnished the Of oil The banks will have paid
capital tso- 1n With t333f 3j Of this they will
have taken the same amount six per Government
bonds deposited tneD aud taken e3ODOOO Of currency
With the remaining sl captsihey may have taken
the same 10 per compound interest bonds
which they hold redemption fund Thus far The Govern
upon which pays them per interest 81, t0oOo
annually This appearance however di'apYea' upon further
The Government In receiving and paying out this currency
does all the rodeeming that done treats precisely as 1t
does greenbacks Practically the banks do redeem, but
have tho 100000 600 TO they would use the same amount
IN greenbseks 30 that The banks have parted with and tbs
Government has received but eloe 33 IIi upon which 1t
pays and the banks receive anbusy the ga $1,000 or
nearly Is cent III Ia true the banks required To
per per a upon the Of their
culaon This is the only abatement be made and
tsnly If not the whole OF this they should pay the
pay all the expense Of preparing aud furnish
ing the paper live deduct the whole Of this stl have
81, 10000 or nearly 20 per cent
Thus the Government would immediately receive 900
in money per the Of furnished
upon which woud pay interest and 10 the extent Of this
interest would he better for the Government than the
sent arrangement, while 10 way would be for
the The Government and public would be better
served the currency being legal tender the same as green
backs thus avoiding the tendency 10 currency OF " differ
values snd better secured The 10 per deposited
with the Government would be far better than the Is