, 1869-01-20

SENATOR sHERHAH's FINANCE B1LI.
Senator Sherman has reported from
the Committee CT Finance bill pre-

the Committee CT Finance bill pre-
yidinE:
l Fer tha !ssa1iutton of gold con
t1acte.
IL For the application Of $4,000, 900
per annum in gold, from the customs
duties, 10 ,he payment OF the intctest,
and the purchase OF portions Of the
principal Of the rational debs-this in
lieu OF .te sinking fund clause In the act
Of February 25th, 1866.
III. For the conversion, " the option
OF The holder, Of any lawful mony Of the
Cp:tcd Staten, in sums not less lhau $50,
iato 10-ao gold bonds, beadrg- & per cent
interest, without liability TO State or
municipal 'ts1Ation; the income from
which shall not be taxed hy The Cniled
etales, except. Is other incomes are taxed.
~. Fer the iIsue, By the Secretary Of
the Treasury. of- rotes u denominations
Of not less thAu s1n. receivable for all
debts, duties 6nd taxes due lhe United
States; said uoies payable 10 bearer on
demand, AID rot to exceed the amount,
At any time, Of tbe gold and bullion In
the Treasury. The Secretary .of the
Treasury is Rlso aathc1ized toapply an
amount Of such coin notes, not
EXCEEDING the amount Of United
s,slcs notes surendered Tor con-
version into bonds puder the.
preceding section Of this Set TO the
purchase. in oper market, and in lhe city
OF New York, oi any part of the secu1i.
ties OF the United States bearing. 6. per,
cent interest; ard, ttereupon the Secre-
tary Of the Treasury ehall cancel an
AMOUNT OF United States notes equsI to
the Securities 50 purchased with sAid COIN
Liabilities Of the United States, at the
option ci tie creditors,
'. For gold notes TOR the National
Banks, thus: Any bank Is authorized,
without respect 10 the limitation OF 5000
ooo,oo0 OF Circulating notes prescribed,
10 issue ard circulate notes,as money.
not besrirg interest. and payable on de-
nand, in coin and zuch cotu Hp,es shs}l
be obtAined by The mode provided in said
act as to other circulating notes.: and
shall be pad On demand in coin.
aIs:esd Ct United States notes, and only
be issued 10 The 4mouns Of G5 pei cent OF
the bonds Of the Cnited States, deposited
with the Trearury ofshe United States as
security TOR the redemption OF Baid coin
notes. No bank shall receive less than
SD,0e0 Of such coin notes, and such
barkE, and the said coin notes, aha1l be
sutjec', il all other respects, to the liml-
taiiens ard provisions Of said act.
The first section hes been so fully dis
cussed. and go t1equtnsl commended IL
our columns, that We need not repeat on1
endorsement Of 1t, It proposes sImp7y
to restore to American citizeus the rich
to use the recognized money OF tbs work
In The trAnfac.ion of their business, II
the extent that they avail ttem1elycs D
this privilege they will bring an add
tionss amount of. currency into u.e-.ha
Is, they will leave 3 larger sum In iht
hants OF those who prefer to continue
the use Of legAlserd.r notes. This addi
ton to the currency will 1eussallze, In ,
great degree, the proposed contraction O
the greenback currency contemplated IL
the third section.
The second sec&io n Of the bill propose
that a certain portion Of the gold re
celved t1om customs duties shall be az
p!ita annually to the purchase and can
collation. of United States bonds. Th
amount sesaptrs for this purpose is Ii
dlte1eLce between the sum needed f
The payment tofibterest and fI40,0o0,0 90
This is = wholesome measure. It loot
to the steady diminuiion OF tho gold L
terest debt, On IN accelerating SC ale, AZ
it cannot ial to improve the publ
c16cis whenever 1t is put in force
The third section looks to the grAdu
redemption Of the legal-tender notes t
tuLdlrg them into per cent bonds Th
section Of the bill will, probably, encou
ter more opposition than any other, b
cause, II carried into effect, 1t will produ
more or less contraction Of the Ereeuba.
cnrrtncy. We think 1t might be re,
der.d more pAlatable by q provisit
authorizing an additional Issue OF N
tenh Balk notes, corresponding vi
the decrease OF eleenbacks. This mes
IRE would not postpone specie psymen
asirele day, inaEmuch as the banks a
rtquired 10 resume simultaneously vii
the government, but 1t would quiet Il
exaggerated fears Of individuals on Il
subject Of contraction, and would fu1ui,
1csou.ce In lhe event Of any real st1i
etncy in the money market while~ q
process Is going On.
We can Eco neither utility nor p1aul
b!llty in the fourth and fifth secilol
Nevertheless, the bill, - q whole. Is I
best that has yet been promulgated fit
Rny official quarter. There is probat
Eo1 nnc 10 pass 1t during the ptcee
session OF Congress, but we are sure II
:ts leading ideas will gain in POPULAR
and strength from this time forward.