New-York tribune., 1868-12-19
THE FINANCES.
SPEEDY RESUMPTION.


"a, EdttOr Of The Tribune.
O.. propose the following act to effect Rcsump
An act TO recognize the existing De probation in
~, rurrency. and provide for early assumption Of
Soeee Payments.
Re II enacted, &c, that all private and individual
.bts and debts due from corporations, except states
"a bodies polite, TO individuals or to each other, now
tstandng and payable in currency, hereafter to be
,ncurred in currency, shall, at the option OF either
tba debtor the creditor thereto, be converted and
odusted into debt payable in gold; but the amount OF
rr debt so adjusted shah be fixed above the god
value OF the currency represented by such debt "' W
time such adjustment shall be made shall the lne VI
payment thereof be changed without the consent oi %
parties to the contract any creditor who on demand
of the debtor shall refuse submit TO such adjustment
shall be entitled to recover any action III law OF III
equity upon such debt only the lowest sum IN gou "c"
the amount currency represented by such deD may De
WORTH between the date Of such demand ana 'he .e o
bringing such action. And any debtor VINO AT 'ne ue
nand Of such creditor shall refuse to unite III suoh w
justment shall be liable 10 pay IN any acon a' % - "
equity the highest sum H. gold whehthe currency iop
sented by such debt way be worth, between the u"o "
said demand and the time OF bringing an action thereon
And any and all persons who SHALL by fraud conhVah'e
or other means procure their debts now payable IN cur
rency 10 be converted into debts payable III goid Ior
larger amount than above specified Will be Aaoe 10
he forfeiture OF the principal and interest OI inc s
debt but nothing in this act shall prevent the interest
from continuing at rate per cent per anum on
che amount at which such debt may have been adjusted
IT The adjustment above referred TO may be made by
cha palties to the contract appearing IN person peoc
ny officer authorized by law to administer o"ths ana
sirnng statement in writing to be certIieu Dy S"U
officer, in substance as follows;
NEw-YoRK. Nay !. 1869.
BEFORE the undersigned Ote OF The officer appear ms
~ t,c uvlcrsigu John DJe creditor. ana tc uhuei-
stoned Richard Roe debtor, and adjust the deot oNlug
by said Zoe TO said Doe "nonnIag 10 10 Sot S @ syoS IT
s the may be), payable m gold rate OF interest ah9
end CURRENCY being to-day rs l$i to zoe. -,. rr,,,o
's" tsi-nelI JOHN DOE Creditor.
RICHARD kOE, Debtor.
III An National and state Courts civil, criminal ana
in Admiralty shall hereafter recognize intheir processes
oeadugs proceedings. judgments costs aHu IeeS' 'Ne
actual Inference 10 value at the time existing between
gold and currency, and shall them at all times 10
snacfv whether debt, or sum named, is payable in
currency or gold. and shall at their option or that
# either OF the parties interest translate The amounts
and snms involved from currency into god according
not 70 er nominal amount but TO their actual value IN
yod and in all cases shall render judgments ana issue cH
scutions for the sums found due in gold and for the
souiyalent amount which may be accepted in payment
thereof IN currency
~ From and after the st day of January 1sG9. all
National and state banks shall be required TO maintain
and keep deposit OF National bonds IN the hands OF the
Controller Of the Currency security for the redemption
of the circulating notes issued hereafter 20
e them by said Controller the actual value OF
which, in gold, according to the state OF the money
market and the condition Of the Government credit snail
at all times exceed by twenty per cent the face nominal
value or par" OF the bank issued 10 them by the
Controller for circulation Any bank failing TO do so may
e dealt with by the Controller in the manner provided
FOR in the cases of nsOlyeR National Banks Every Ma
tiona Bank SHALL fast its notes shall hereafter be
returned to it, return the same the Controller Of the
Currency who shall according to the rule herein pro-
ded redeiyer to the the bonds deposited secur
ty for such notes or shall TO such bank for future
circulation notes expressed to be redeemable in coin
20 such amount the bonds deposited may warrant.
" So much of the act entitled "An Act to provide Ma
.Onal Currency, secured by pledge Of United states
stocks provide for the circulation and redemption
thereof approved Feb 25. and It's amendments as
limits the amount Of the circulating notes to be issued
under such hereby repealed The Con-
OF the Currency shall hereafter issue circulating
ootea in snch quantities may persons
firms or corporations who shall comply with the condi
tions spccfed in section w. and with the provisions
hereinafter contained for the government OF banks ana
.he security and redemption of their currency
VI National and state Banks shall keep at all times on
hand q reserve in gold gold certificates Of the United
states Treasury OrIbonds Of the United States eqna III
gold value to 20 per cent Of the excess OF the amount OF
their loans and discounts the amount OF thor capital
stock.
VII All Government and individual notes bank notes,
,r other contracts which shall remain payable in IRE
deenabe currency and not in god from and after July
1862 shan be subject Of 10 per cent per annum
20 be collected by the Bureau OF Internal Revenue
VIII The United States will issue notes redeemsbe on
demand in coin, to the amount in all Of not exceeding
sOOOoOOO in purchase Of It's legal tender notes now out
standing at rates onehalf Of cent higher than
the value Of such in gold such value to be daily
certified by the Secretary OF the Treasuryi
TX. All officers, clerks employees, and agents Of the
Government whose salaries have not been increased by
legislation the year 16O shall be paid from and
after the st day OF July in gold IN the de-
mand aforesaid, redeemabe in gold. All officers
whose saaries have been increased shan be paid in
such demand notes the present amount Of their salaries
less onehaf the difference by which their salaries have
been increased.
X Prior TO July /, 1862 Government viii collect all In
terna Revenue taxes currency, at par on currency
valuations From and after that day said taxes Will be
assessed the rates the gold values OF all tax
able property andIneOmes and will be collected in gold,
or United states National Bank nOte redcemsbe In
gold.
XII Whenever the demand forTUntod States bonds
shall have brought price to go in gold the Secretary
OF the Treasurysha be authorized 10 issue new CON
sodaed bond n denominations Of 500 and ITS multiple
payable at the pleasure Of the United States after twenty
years with interest at cent per annum exchange
at par for the outstanding bonds Of the United States
known as 62Os and 1040s.
XII No contracs,shalbe entered into notes ssned,
after July l. 1862 payable n depreciated currency. or
otherwise han I'm gold or silver Aud from and after
said date the,IegaI Tender act is hereby repealed.
Kill This act shall take effect Immediately
Explanatory Comments.
The advantages Of this plan are First that il is
the only mode which will certainly effect resumption
Of specie payments at affixed and early date For no
interest or class will be any more harmed by this
mode Of resumption. e., by translating currency
debts into specieidebts without change Of values,