The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-01-07
Resumption Of specie Payments.

WAsaiNGToN, Jan. =. 1901.
rhs resumption Of specie payments on or before July
l. 1893 as has been suggested by Mr.. McCuoch in MS
late report to Congress- startling propagation, and
vel. calculated TO SHAKE the confidence OF the com
mun.y in bis nnsncal ssgscily It is ttuehat it would
DO very pleasant To handle the coin in daily busi.
nsss and 70 buy OF the lss prices which prevail when
we have currency redeemsbc al sight In coin. But
these pleasant dreams have serious Obstacles In the way
Of thor realization II IL necessary to bear in mind
that have some $500 900 more Of short
dated government liabilities, which fall duo within
that time, and three to Ave hundred millions
Of ak per cent bonds which payable this side IN
CON- principal and Inreres What would be the effect
OF a resumption Of specie payments in July, 1863 on
themS These bonds have cost The holders
not than seventy per cent OF their value
in gold, and We have the privilege Of rcdeemng the
short dated paper In currency maturity Buf IL IL IL
once understood that by holding to them until July
l. 1863 the owner draw gold for thor face value, IL
e m Son1 res. n.ns
about seven'y-n'ne in golds And how long could
banks and the Sub Treasury continue pay specie
with TIA large quantity OF cent bonds always at
the disposal Of the Bank or England Let the drain OF
So. 900 Of our gold in May and June last answer
tina, time they would have been compelled 70 suspend
payment
notes into bonds and second convert N possible the
six per cent bonds held u Europe into I've per osn,
ss o. ; the n%s hGs Ss .s sSas =;
tho country in which they are held.
Nov can all this 10 done previous 20 July 1909 We
think not. We also think that the less Mr. McCulloch
may say promise about rcsuming specie payment.
until after these obstacles are removed the better " win
be the oountry and himself II may b said that
expect Europeans 70 give their ak
per cent bonds payable here for the five cents
able a home n their country; but We have numerous
OF Ave per cent state bonds selling higher than
the six per cent home bonds in the European market
We therefore think the Sccretsrys plan OF enectng
the practicable, and we expect 70 SEQ Con-
gross authorizs the attempt II once.
The Rcdeuptiom Of Compound Interest Notes.
WASHINGTON, Jan 4, 1857
The resolution Of Mr. Maynard, offered in tbs House
yesterday 10 instruct She Ways and Means COMMITTEES
70 inquire into the eKpediency Of redeemng the com
pound interest uc4ss end As svs per cent Treasury
notes with actes bearing interest cf not less thsp
shres nor moro thsa nvc per cent, Ia another
rnos,on ia ne dsrsctns e ssang mo power Of the
aecrssy u the Treasury ever me contraction o. tas
currency. As tie Law stAads his power % take u
asd c,acsl oss hundrsd end forty millions Of compound
futora MOSS ~ sn sz focy-eghs millions % Un'ted
stalss sstss ~ plain legal isadsf, san6snt 70 pro
duoc N ivsnnenss stSinssscy - shs money Market n
NOT ueed carefully and ju5icous'y
This motion following tho sfcrt OF Mr. Kelley, Q,
Pennsylvania shows that tbs opponents OF tho Seoro
tsry are not key ne idle unt' they can fully tas
tho sense OF the Hsuss the QUESTION Of contraction
When Mr. Hccper's bli shalt come up for smsndins
the aot IN relation 10 the nstoas banks there will be
hard fight sobs ~ ~ provisions, which are prett'
commended by that the national banks shall onc
casrr u usccoppound Interest notes a. part OF the
rc~crya ana ,hst they shall all reacem their issues
nsy YORK Erm Ala b aheaa p'al n has esea v