The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-01-20

be enabled TO redeem the bonds and ssvsnthy notes
in currency where the same are not exchanged for
the new bonds he issue the required Of
gresnbacks In addition 70 those already In circulation
20 that the limit Of currency imitation from this
would be inexperienced 10 the amount Of uncon
bonds and notes With the view Of keeping down the
gold premium apparently the Treasury forbidden
to accumulate coin In its vaults in any greater quantity
than may BE- to meet the demands upon for
coin and only such proportion Of the duties upon
ports Is TO be collected in gold may necessary
meet the specie obligations Of the government the
residue to be In legal tender noes sinking fund Is
to be established by setting apar. for II all moneys
arising from the sale of the public lands and from fines
penalties and foreitures under the acts providing for
the collection Of internal taxes customs duties and
also all moneys received from other miscellaneous
sources.
The feature IN this bill which reduces a six to a nvo
per cent bond and gives the per cent
thus deducted to the several States according popu
laton Is inequabe, aud would II carried out comp-
the relations between the general and the State
governments end for these reasons alone it calls for
condemnation. Moreover there Is good reason why
the individual States should receive any such subsidy
If the bondhoders TO receive but Ave per inter-
est the government should certainly pay higher rate
than that and any proposition to the contrary is en
tied TO serious consideration The plan for reducing
the gold premium by receiving part OF tho customs
duties currency is at the least premature who the
government receipts from customs likely, after the
remainder Of the seven-.hry noiesare funded, to be
barely equal TO the annual coin obligations
OF tho government and at any time the policy
would be very questionable and hybrid one
The proposal for q sinking fund Is, however,
good, and serves q reminder that the provision
already made by act Of Congress for fund has
been thus far treated dead letter by the Score.
ary Of the Treasury The scheme OF imitation involved
in the plan Of redeeming the outstanding Hve-twentes
aud seven hrtes would DO very acceptable 30 the
West and large portion OF the country generally; but
undue expansion involves ultimate contraction and
the latter is always painful and depressing pro-
cess cannot be considered wise to advocate It, The
bill reported last month by the Finance Committee Of
the Senate for funding the national debt and which has
not yet up debate before the Senate almost
identical with that part OF Mr. Hunters bill relating to
the issue bonds and deducting portion Of the
interest for distribution among the States and there
FORE discussing the have been crtcising the
other and in neither do we find outlined compre-
hensive plan for the future management of the public
debt in accordance with the interests OF the people
the government. What that plan should DO will ex
plain another occasion.
The suboned statement shows the highest cash prices
obtained for the leading stocks sold at tho FIRST regular
board on each of the following Saturdays;-