New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-12-12

& , Ss5 ga CO. and there IS SliGgo9n 50 of puhhc
and 13ls he paid the coming year. so INN.
t, .c., The semi-auuual Interest now constantly
faii,, due there viii Ert he more iLhh anot 80 -
IN ,. n $50 much. in the Treasury ON july :, - eo
~ lc.t SIS O0O Goo will bc due and paid out iui me
J,i, interest on the public debit While II may nc "a
i tr tir good offices 10 aid general return To the
Inn, standard OF value, the Government h'S' IN
anon to defy any combination Of the gol t,niDCi,s'
whose occupation would be gone me inolhtht ~
tiu of paperm ceased 10 tNst. 1Aoso NUNS ~
Uni Wtd be exposed should they maze any aloinpc To-
1, down the Government under sueh cfcn iiHSO'i
10 glch extreme hazards that they M"Id uSuH ~, a.
those without capital would not he hcB 20 i,hu any I"
les willing o lend "grecnbaC;s" for such purposes
The section will prevent any sales oelns made ny 'J
Secretary Of tue Treasury, except at cIau perII Inv r
law abuut 10, 10 lot suppose any secretary Va io
Treasury would transcend ne Hmlts poposeu ~ v1S
section Of the h but hat fun Information may DC l9s
scssed Icy the public Of The precise p"cy WIT - ~ 70
pursued, tmaE IL may be as wen 20 TX y W. tnV h
law, and thus any uncertainty Whi,h I3W h@hs
the subject The hind section pro'ues 'na' UaGs
having on hand less thAl ~ Ut Cc1 1Sca i,oiv
Of ucIr capital shall; unti july !Sc,r hoU S""
tire specie interest maid TO them on thelI Donuts
ON tdo lst of OCTOBER last inc amount ~ SUI, ~,
held by the National Bark was Sl04o6SO so hI NJ Gun
would be increased by tie addition Of about ssGoooC
posrd Tcie would be suspension ~ Tic payment 81
dividends earned ana no JOSS 10 the DAI tt' W.
Tie sp.cio retained could not be sold, hui would 6e
counted as part Of their reserve, and legal lenders Wn
be issued ln lien o. the same llS lo s n!n 'tVi @
they have tLortO largely prohttd buy MnGh II VIII hu
he pretended TO have been conie mpai part O
permanent system of banking ana h9Vl's a,renI Ell
cited the public Jealousy should pe Joy i",5
10 bring up Their own currency 10 pa. NleiJ ~ - IL
more feasible model Aud they ought 10 be Wlilhg j! "
were necessary, to make some saerlnces 10 Og UP 9
United states bonds which they own To tlrlr lll no'n
valuc, rs they mtaiOy would be by inc sdhe PtU.,Vo
The fourth section provides that National BankS having
issued bills Of the denomination o. - or i, 80, ' and NAV
quicd 10 pay them whenever demanded III CON- anu ny
IN! suc,i& has been 50 long boarded that whenever
10 again into there must pe some pics
uon Tie United states Treasury would he too fsgq9ent
and IN The aggregate too LARGE ana yet II Wou no H.
..t. ffVn lIe
Tor an their bills while United states notes remain lrga
tender; and they must remain legal teuC a. ion 10
they arc expected 10 circulate. At some utule e cy
can Doe easily retired 10y fixing rmc LOT lcpennUs 'lCii
legal tender qualifications and then u II Slil NC i"u
tGe tho lrr t circulation OF the national banks l. m
i i H., IN ~ mean lime coiuncud themselves the
country such circulation can De Increased by tlnaen
the number 81 national banks. Al the present uhc the
s,tfr f ~ rrcnsury il not contracting the currency,
Ior Is 10 10 De under the practical operation pIolosrG
IN force paper monty by It's scarcity alone up to
tbe value Of specie. As II may be found con
,o tie money market expect that some small
mart of our s00 OOOOO Of PAPER currency will be retired
as 70 should he, before tie 4th OF july loC pu as Wy
Government viii then lave tho power to hold, II ~
chooses. ali tic notes for which payment may be DO
bonds or taXcs DO not think It would be iudicous or
necessary 10 CRATE any srugcncy IN the money market
On advance and IL Is probable that tuhHdtht anu eHS
Iuo,y malket would encourage rather than endang'r
rsnpon II there should be found an excess III cur
rrrCN 10 would be TcdCly absorbed ny tue 4Icdsul!
IN, Hlth and last section OF the BIN imposes penalty ot
forfeiture upon any National Bank which shall fall to
co,nty viii any provisions IN the bll affecting thcn'
and IN sch cases authorizes banks IN lieu OF those
Closed M with an equal amount capital in those
States now having less than their proportion OF the whole
amount how autAolzcd by law me plopiiei on tlIS
section think viii commend itself without further tx-
planatio1. recent writer upon our finances VINO
always deserves TO DO READ ldf us array W ia'Is
and hgurcs ~ well for the luEufauco OF his style OF
handling such Subjects whether you assent TO all hiS
ulOuOsOiS or not las suggested the prOpriey OF gou
loan N Europe Of $2O0O000, order that tie Govern
men might be strong enough to meet al dewauda nion
resumption II specie payments ana az tno sT r ,io
keep ny an abundance Of money M nome. iui' pan
would largely increase indebtedness abroad. nvoy-
s0O0ONC ~ gold and would crca'e such adlstutbaueelh
foreign money markets ~ once 10 turn the exchanges
against rs, ana Tie gold thus obtained womb 10 huy
back much OF IT. in the same vessels that brought
over as well as again when the loan became due The
/ plan OF tic hlll now before the Senate 1t is
| true, cortempiatcs the temporary use OF lhe
TEMPLATES beside being vastly less expensive In its ncep
ton their elevation 10 par That done, the greatest ey
absorption into the funded debt would DO secured await
me n,,v tbe convenience of tie Government as tic
.,A o.f ,i q, I,iI b.. ~ Thc bi1 under con fora
ton relies upon strength, while the other PROPOSE
b6 Si 70 pTotanaon q %csGs from nc outset ana
reliance upon foreign aid. think have shown that
able TO resume specie payments, ana IaAe our
paper worth what 10 purpOris 10 be-Golldr IOI uoaf
In cash Let us not endure TIE nupaiuoh13io icIO"
Cf not having The " uncOnq uerhhe WIN 10 40 ~,
when we have raised legaend9T Paher 10 Iar We sa
| total destruction Will cease TO be sure they VII msS
me premium hoy obtain upon the goa interest re-
ccved uron their bonds aud their dividends VII be thus
much curaed' but We shall restore lhtm 20 'hsiI lct
mate functions banks OF discount as wei AS 81 ceua
] IlilNrtO
tons 10 make money for Their stockholders laher 9h
associations TO lcDd capital Tor the accommodation OF ie
public TO men engaged In ordinary business Having
incurred widespread hostility by so doing, they should
promptly amend their course anu combine tler interests
with those OF the public or they VIII lose all chance 10
demonstrate that the system national one possesses
as % does possess many admirable qualities. The present
that tie currency banks forced 10 use without
their fault yet far below the standard Of gold aud
/ silver II these associations shall be found per
petuang these vices by resisting efforts made to elevate
their notes 10 par they will do 10 at their own peril,
I'm sa fffta Uud rat cd
Ar. Morrill, here quotes from the report OF ne Con
troer OF the Currency showing that the national BANKS
pay tho Government t5O0O0O0 per annum moro than
ISt Cougrcss-ns lurking purpose has been disclosed
at this ue and In tins age Of the world prompted by
any overriding necessity deliberately add tO0OOOOO0 to
our currency, even issue United states notes 10 all
equal amount with and in place Of the notes Of national
banks throwing S375l96G5O Of United States bonds now
lrd los the banks at once FOR salo upon our own money
markets FOR whatever price they would bring aud the
effect would he depl0rable After that II legal tenders
brought fifty cents dollar, II would be as mueh as
could reasonably be expected and confidence in nan
cal integrity would receive such shock mat would
not be surprising II legal tenders to be wholly reject
ed a currency by the people except so far they
could be forced unto circulation by positive law and by
! existug contracts. return 10 the barbarsm OF
| barter-trado would speedily infect the whole
| Try. Contracts payable twelve months ahead would
have assignabie value. But have apprehension
Of this row. PrOcrasnate resumption OF specie pay
mens and how much the appetite for more paper money
may grow upon what 1t feeds who can tef All the dan
ger hinges upon whether We take the right md proper
effect Juy 1896, Is believed 10 DC oppoItuhe II Will not
be rash movement, being placed beyond the Presden-
d C1up0ign ana cannot DC dragged into the region OF
politics or II II should be, IL would bo at the peru OF O
position. The people not all weaed from the attract
iyeuess OF little coin in their pockets and Will not object
measure which herads It's return 10 their daily eight
The elevation OF money to the old and no standard
be objected 10 by party when u TO be done
/ not only without any reyuson Of the money
market, but done with view OF avoiding
! tho Revision which threatens delay and Is
imminent while paper money Is the reign
ing deity OF the hour Private indebtedness Is not likely
10 he less than II Is now, and should expanded
currency prevail permanent policy, such indebted
wOud rapidly and block up the way forever
against resumption, resumption be cSsayed
IL would be the sacrifice Of the debtor the creditor
class OF the country. catastrophe which now can be
! aVoded a. q me will be