New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1868-12-07
MR. LYycBS RESUMPTION BILL.

Representative John Lynch of Maine proposes
two measures designed to effect a return to
specie payments, upon which we are asked to
express our views.
The first consists Of an act entitled "To pro-
:" vide against undue expansions and cOntrac
81 tons Of the currency" and proposes to issue
$500 OOO, 900 of new coupon bonds, payable in cur
rcncy on demand, with interest, also in currency,
at per cent per annnm, payable quarterly, and
subject to State, municipal, and local taxation,
issuabe for par in currency, reissuable by the
Secretary of lthc ITreasury at any time within
ten years if received By him, aud to be re-
deemed at tho end of twenty years in coin.
This provides for loan which, being payable
principal and interest in currency and subject to
local taxation, we judge would be worth, while
Five-Twenties are at 7S, say so cents on the
dollar in gold. No possible relation exists be-
tween the provisions of this act and the func-
ton ascribed to it in its title, viz: "To provide
against expansions and contractions of the
currency" Congress might pass this act and
on the very next day another for any amount
of additional currency. 1t might with equal
propriety have been entitled "An act to prevent
:" the tides from rising on Sunday"
The second measure is entitled "a bill to
provide for the gradual resumption of specie
payments" 1t provides that, after given date,
say May I, 1859, the Government shall destroy
all United States notes when received in the
"course OF ordinary transactions" l. G., for
revenue, sales of lands, settlements of accounts,
&C., and in lieu thereof issue new United
States notes of like denominations to those
destroyed, payable after one year, in coin, on
demand all National Bank notes received by
the Treasury shall be redeemed by their banks
in "greenbacks" and the latter destroyed in
like manner. AS no provision is made for
selling these notes, it is assumed that they are
to be paid out for the ordinary expenses of the
Government for salaries, contracts, the war
and navy service, &c. Mr. Lynch estimates
that, ms the Treasury receives and pays out in
current expenses say S1SO,OOO,0OO year, or at
the rate of S150OO,0O0 per month"; his plan
would cause this entire sum in one year to be
changed from greenbacks into notes payable
in one year in coin. These new notes would
be paid out at the rate of Sl5,O0O,0O0 month
during the first year, and would fall due at
the same rate during the second year OF the
working of the plan.
We do not wish to discourage any feature OF
value in this bill, but we suggest the following
queries:
l. Would not tho payment of the members
of Congress, officers contractors, clerks soldiers,
sailors, and other beneliciarles of the Govern
ment, in notes due in coin in one year. while
the producers and taxpayers are still using the
old National Bank note and grecnback cur
rency. amount to IN immediate addition of
about twenty per cent 10 the pay of all
Federal oniccrsp and would not the new notes
20 be issued under this act bear premium of
about twenty per cent. over the remaining cur
rcncy of tho cOuniryf
ii. SO long as they should bear 3 premium,