, 1869-02-16

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ho prceut.ck circulation shall have been u
esstets befond toutlnkcncy. ,,,.-, i
II, thon, tho grecnbses snon,u 10 IT, 1eoessu ean
ny co, dlfons OF lts redemption, ,,,
T. ftH rt,drtt,t1tlou n1uAt be ccrtntn, ahA III
Inolc guuitable ~ Tho holder md tue sos.
mrsara ,boud be had 10 ~ character Of
s sssy,s;. 3; ''se INK mo fsN''" "a Ns's'
''T H. ,aio Of our ,,onAs in The opon market
10 nroct,rc coln for redemption !e ioAafl3M
hle, und tho proposttlon Wil! no. .aaf eon1 :s
nsnt 3no .SnAev as,sa. us suSs vusssniy anl IL.
lciicaio, uow, then, shall redemption bo
mnsr In amuAo II once certain and rquitahlr.
Ihe answer may ho found III Providing that
tho while su5plua revenues or. .ae govern
mept saall con.,.. Of ieEa' % tenaSsa I 10 ~ san,
nirs,iancc Of law. The legal tender 10 not
rrrelr ah]e tn peymeat ot duties on tmpor1s.
II II can with Proprlety bc wholly excluded,
Il cap with equal psoprlety BIG admitted TO
MARKET. 70 Tue extent Of Its use, 1t will |
Il min{sh the exporta'ion Of gold-bearing |
honas to Enrope. which the Secretary al the |
Treasury estlmAtes at $50 % 200 to SO 90
co per snnum, uotil the Industry OF me
soulh shall have been feosg saszea aha 'ss
| in The liquidation Of our foreign balances.
The crcebbacs, it Is said. Is the evidence OF
d forced loan. The statement Is undenlably
| true os to the creditors OF the government,
10 whom 1t va. originally lssued, and Incl.
! dental}v In It's eject upon values as to tue
commuuiiy ut large. Does 1t follo9. hencc,
that The merchan; or manufacturer who takes
it today, and PAYS It out for taxes tomor-
row, is thereby a loscr7 In other words. Is
ii not entirely just to the psesen; holder that
the government should redeem 1t At fts cur
rent yulne in the market!
Is it objected that this proposition Is skin
| to that Of pasilg our bonds u deprecated
! currency. The objection Ii fully met bS the
fact thet It can ulak.. no practlcll difference
| to the holder whether he buse Ko1d Or uses
The greerback in the payment OF duties.
Apai,, the sale OF our houds Was essentially
an International transaction. We fcTl!ed all
| uatturs to invest money IN their tnfcna7et
aud we arc therefore bound to pay ID What
all nations agree in treatlrg - money. ice
disposition Of the Eseenoaek, on rs s,'sf asf
not be forgotten that how 1t may be Vim.
. drawa WITH the least disturbance OF 7asee'
| is the nll-abscrbing Issue Of the hour.
1h.t redemption should be certaln Az.
!. equitable may be sbsoluteiY amtms9' -, =, -
. the Nat1oEai Bark Iote shonld ba allo"ed e
!. lake The place Of the grcenbsck retired !
= ha; been juAly and forclbly eald that capita
;. is clrar. sighted. The privilege Wtli not h'
!. exercised 10 full view Of RESUMPTION uoies
= Justified by undue st,5ngency OF the none;
: market. The rrorer rt.e Of redemption O
- the contrary. however, resolves it1e1t, IN IN
: last apalyeis, into: matter Of OPINION, an
u opinion Is various aud co1hlcting; tongress
u u cnce died the amount ct e ooJ.ooo permonds @ q
Der apnuIn. With free banktng system 1t
e not easy to see why IT sh onld not at lcss
~ | eoual the surplus revenue OF the goyernHe!i
y y which In the Judgment Of the SECRETARY o. u
u u Treasury should reach &o,ooo,ood per q
ae II these views are correct, p]an, viii
:, Will btiug about resumption may DC to
~ +. That, On aud after the 1st day Of Na
~ ~ | 1Sfp. such per cent Of the duties CO l1npo'
" as the Secretary Of the llsasur{ 5s,nt. :, !,
to the payment Of interest on tb- pup
lebt-sha15. at pleasure, be pBTubl: r. Leg
tender notes. at one per cent nboqr III
~ value IN New York OF the Gay bctors, 2
-. not more than par-tne c1ecs5 OF !egsss
=" ders urer the amount required to ds;r0T
EXPENSES Of the EovcrDRcnt, Thethtr
Hred from customs or internal revenue
ate Be cancelled ard destroyed, at slrh time
!. I Ia such nauptr as may be prescrfbeo o} 's
~. ard an estimated statement OF such excess
,s. be published monthly Tor the intosinatlol
10 .. That fhe National Banking system
ali 80 1todidcd as to authorize an iuefcase
pts, bsnh not "a to th3 extent of tbs lrgai tene
by retirctthe feature o. appoTnonanE eae
culation to particular Safes or distr.ess
Ien iuE disoeused With. To this might be- I'D
That a clauss legalizir5 coin contlacts. t1:ep
an renewa-p of existing obiigatl ons: aud anot
co., a1mipg the Secretary OF the Treasury '
yet power - botfo" ooan 20 meet ao C.
PCS, POS s'IT r inn Hing the greeneacks Into |
som s1n brnrinr a fair rate OF Interest is Ieces
bye measure Q. resumption. tne prlEi'fses 81 81
hen be e1teoaea not g SisetMT; r. fSnT ia rates and
Iys l"es. Violated It's sgTeemens. True. But The
aasa .ns sons to whom the promise was made
oun % lorg since ceased to have a1y pecul's il,s
here terest in It's pc1torElsnee' = 1us
l5ns, 5;sd, AID AID should bear :intercss If the cret
fs1nS 1das ,his as@anaI is, :" that - the debt
lace, NOT resemble that Of 90 lncividusi ~ aet ae
nuch zoe Government nu~ III W - - rot 1nc ;,t
uires nolaer Ae par ss'ae' 'a.],ers Sa1 It is ust
5oss Sos :ur1gacy-ix rect i;ed aud paid out Wit
W., loss. and can be In rested, on any day, tn
~ to liz ard private securities whsca % oea
t33aet tctest Viewed In this. aspect, tue que
= PACE srs offuudine is merely one or e1pedienc!
- !. ~ ~ which the interest Of the note.hoider
.t ~ the community at largo are identical.
sears The relation the National Banks are y y
th.t | tt{N TO the future cul<cuE1 ~ t1e ~ol
.e.nr eha1ld be brought INTO the psegrou'
an3 discussion. The grecubeck, cannos pc
= n,r3nv | pstpnteb aud q reserve foE rs Eedem
ssueT nsiptatued without, n effect, funoln
,incs cmrcpt expenses OF the government a.,
n;rEeS stats Banks ore not to be revived, Ia
',o1s tlouat Banking system must be takei
W AZ per,ected and adapted to the wants
S,n :; | people. The Idea o! .nppErtsnn1Qg
nf,cs Laaa1,.onal circulation to the West and .
- an, | Is delys!yc, Tnc plaE will not uhor
= Y - a,. neeea: aTy relief Banks will only b. 9
I'd At lied where there Is surplus capital SEEK
- nf xc4trent. Is these sections Increase 1t
IS thu latou sud business, they WilI., under
,nnSr. baokinu system, acquire aud retstn tae
=. Hi shc7e Of circulation. Ranks Will alHay
l,en,r troll loans Ii their immcalate neiGheo'
4tt.sys md hereafter we shall see nu Eastern
Tovann coipn into liquidation SId d Western
been tesiHg: its place, In oteilence.to = MOI
,ns1 in tls aud aerrasye law than the afbatf1
~. al. nctmaut Of q statute
"a inds The d. bt Of Europe Is the. beqtest,
ansely. Of ages Of Tyranny, cast8 and oPpfesslo
+ T. u foundations rest within the narrow CT
,ixtcsn Of She 3ovesning cl.ss2s. Wnea me
= lii slave shall offer to ktss the rod which
;, non .,r him, It VIII BE- paid-rct sooser- Thg
.nr ~ | Will show that the debt OF tt1a nat
1u5 ~ ~ cured In the interests Of Justice and 7
sne sae "a ali usa, shall be Eaid: TO- tho us'
r pass sNIa1oS' 'e'1 +. BR
c eome |