New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-02-12

Nhas VII oniA i've the effect IN states and regions
in which stay laws nave q, Sonseboid goods :
Tbose Who during past mutations have not peeh aDe 10
pay their debts are 1os y TO be able TO pay them
sboud We create once an alIerVadlHg necessity iOr
paynent Of all the matured individual in
30 Tic country which arose before specie pay
ents we're suspended Is II not manifest that II coin
C f he parties they cannot safely be permitted I'M.
der restrictions more eheotual aud discriminating
Khan tlcse The second seciion Is tte more tDa re-
@ of D much OF section OF the act of Feb %, 1862 as
devote ON amount OF customs equal to one per cent OF
the entire debt Of The United states, ana the interest on
Of that amount TO the gradual extinction Of the public
debt GA the st OF January, 1862 the Understanding
debt Was Funded dcDl, 2'lGl $3.50 tnice p JET
cent certificates, S55,e65OOO; Total, s2lo3Icl55o.
IdJrot include compound interest notes because lne
interest las ceased OF ShouId eeaSe Inc aiiIf
js SAY fl26O0OCO0 Section second OF the bill proposes
20 eel $4OOo00o for The payment Of Interest Snu
Tor TIE reduction Of the debt which sum is 10 be IN e9
O. to sinking fund already referred 20 Ihe lnloies
M sl2 10000 there would remain OF the & as The
tihO TO take the place OF me slnAhg Iu' ia about
total dct whether bearing interest or sr - sinking
fund amounts TO S220O0Ol ana me looIs TP place of
Iu1y. Thus, in effect, S1400oCOO IS 10 lho @ the
1r5yisio become law and be treated with as Itue re-
gard has been paid TO The provision ~ ciapre That
good VII come, Is I0S Iift Mode Of reducing to par
Section finds snrc ana sEIlCa and consequently of
jug an o,leI y 6ny Ten-Fory bonds AZ par
w iyf mi money This is the substance OF the sectl1n
WV sluld This bel These bonds are no" I'VE, Win
cc1t i1 coin or 3 por cent an currency, leaving
, Ice ~ The bouds lO5s Why sell them for pari
WY sue more Po sap S' ppot The effect would be
dep,ss them below par Ihe ane.u mem VI M t
il he ovcLanrpd again for currency, at the option
ar tho holder might prevent thelr sIklng oelow P ai
l,ut could not them higher. having teIeiieu
~, his amendments l may say IT was thor
ougliy considered in the Senate on former
n Tr6roses TO make the Government the custodian OF
such money individuals may choose 70 deposit Win
The Treasury aud TO charge the t - rn
cent in coin FOR the privilege Of keeping IT, without even
the privilege Of using It, currency - ~ 10 One ee eC II
Government call at 5per cent 10 com, One eneet ~
seems 10 me- would be 10 turn the existing currency INTO
pass from hand to hand-preterIeu 70 pA notes oI e
lender notes bearing interest," and convertible
back again at any moment into notes This would result
in tho 9vmeut Of interest upon the whole large part
OF the legal tender currency, The Senator from Oregon
e. % GOO 600 month In one sense this might diminish
the evil, but in another lear ~ WouIo aegrav IL
traction once a month there would be an imnoderate
scramble for the forthcoming bonds, ana thus, inc
depression Of the market value OF securities qua OV
occur fluctuations alleged favOrtsm and recurring con
fractions must ensue section empowers lIe
OF the Treasury Issue demand notes payable IN god
ana Win the IN hls ~ The creditor thew are
also Dayabe for coin liabilities OF the United states. The
issue is limited 10 the amount OF com anI DlIOn III te
Treasury, and they may be reiSsqea az te tb al
the public service may require BEFORE cVhsetnB thd
Fnance n could not take bond of fate, 1 should
nj least require 70 know who the minister was 10 be-
lie shond be dt not only TO administer his department
but to be autOcrat the market Men would laugh, or
t6ey wonld cry at the wave of his wand Before com
ing however to the great discretion proposed, other
topics present themselves II is proposed that at the
same time aud at the place, two kinds OF currency
differing widely in their value shall circulate IN har
mOuy. DO the annals o. commercial commuptes inInsn
an example OF this Is IL not an axiom that distinct
kinds OF money differing greatly in their standard OF
value, and in their purchasing power canhOt
ably simultaneously circulate together IN the same
channels Why does not gold circulate among us now
Because 1t is demonetized-t Is eOmul0uy, Ing uIa,
mOnds pearls. 1t has, however, the image ana
III Sbop 81 NJ Bt Wherever our paper money
goes gold vanishes; gold and silver are driven out SIM
ply because there is cheaper circulating medium Inc
rbeapcr money OF the two mOnOpOlze the eld il
occupies. until OF two things occurs When the cur
scarce or by becoming the symbol Of metallic currency,
comedies in value with coin all distinction disappears
haha ~hen tS Sheala S oSless Inc discoTded or
repudiaed 1t driven altogether, and the genuine
notes fare better or worse than gold itself They would
be based upon coin bullion actually in the vaults OF
the Treasury. Each note, therefore, would be
the symbol and representation Of an amount Of
gold equal IN value to its denomination
Ii would be more portable and convenient
sSsh n from metallic token The gold certificates now
authorized illustrate this. California, and the conmunl
Ohio furnish no Illustration Of the feasibility posslb
ity of keeping afoat at the same te ana pace GntTe
ces Of different standards In ihese locaiIes a. IA Cah
ada, ana in other places lar ana near goa ana slyel
tie currency in use. AS attempt to inuse new ele-
mont into the actual circulation, cannot see now such
an experiment could succeed but as means OF produc
ing other results, its efficacy obvious For commercial
purposes other than eiTcuatio the volume OF g0d IN t
Treasury would be doubled. Inc goa IN the treasury
walk abroad at the same ule. LUIS W9slu Ieuuce Io
price. and reduction OF price would, as II always
sent abroad gold could be sent and would be sent
more and more as its value here was diminished The
by the National banks OF coin notes. proposed in the
last section of the BILL would augment the EVIL ana thus
tie country would be drained Of conf and to what endI
What Is be done with the proposed coin nOtesi The
Secretary may In ms discretion, purchase any part OF
the securities OF the United states bearing SIX per cehu
Mai adjustment Of eGnyalents is he to purchaser The
j
is he say TO A. Twill 5ny your bonds for the race ana
nav you in coin notes. If he to say this 10 A. what
he to say lob what may he not say TO ca Is there not
under existing law, room enough Tor unwholesOme
favortsm and enough for unfortunate suspicOns
Another thing tine Secretary do with coin notes is 10
nay them out for coin liabilities OF the United States
and must have the equivalent gold all the time lying in
vaults But look at the discretion reposed N the
senator from Oregon to give notice OF an amendment
be az the discretion OF the Secretary OF the Treasury Is
there 10 limit to tins discretion 40 limit TO the amount
Is l Why he must not for this purpose use coin notes
amounting TO more than all the Ten-fOrty bonds he
The whole amount OF gold 10 the Treasury reached)
The entire legaltender volume Of currency, with
the remnant OF outstanding cOmpoundinterest
notes added. for they too have been deemed "awful
money substantially as bank reserves But go little
further What is 10 become Of the egal-tender notes
received for the TenFory bOndsl just what the Secre
many dollars he receives egatender notes for the
l0iO bonds, and then what fOllowsi Does anything
certain OF nxed follows No. Discretion Is piled on dis
notes six per bonds and II he does then he
destroy the legaender notes. and II he does not why
then the legalender notes to find their way back
into the world again; and thus holding the market In
grasp the secretary cnehes his fist opens hand
his will The coin notes having gone out and returned
for redemption, and been redeemed bring up ut
last in the discretion Of the Secretary-ther out
going again. depends upon the exigencies OF the
public service and who has commandment or Judgment
upon these except the head OF the Treasury Depart
ment Thus the Secretary OF the Treasury would be-
Eolus, standing at the where chains hold
the winds, ready at his bidding to blow in tempered
breezes TO forth errands Of destruction,
and prOsratnR enferprise and streWinR tho land