The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1870-10-04

which amounts to about $50, 0O0, 600, Is
held to meet tho contingent necessity aql
redeemingthe three per cent temporary
loan certificates, which are tosbe retired
under the new law upon Issue ol the new
currency to tho banks.
Mr.. Ingersoll argued against holding
this large balance while the West stood
SO much minced Of currency and while
greenbaclSs were eagerly sought even In
the New York money market to meetthe
demands Of bankers and brokers. Upon
this point Mr.. Boutwell, was regefy sbpt
cyinced . disposition TO let some ~ itgo
II lie found the proper use for It, and 1t ts
not improbable that the usual purchase OF
bonds will be increased in amount in the
near future. ~ NiisaN''' 'lt'tss 'f',.'
The policy Of allowing interest on do
posits was discussed and deprecated by
both. There did not appear to be any
difference Of opinion on that point, ~ :,
Mr.. 1ngefsOll asked the Secretary 9
opinions regarding the revenueto be col
lected under tho new tariff bill, and this
led to q general discussion Of the internal
revenue and tariff laws. Mr.. Boutwell,
calculated that twill require $l77,OOO,O ,OOg
in gold to pay the interest on the national
debt during the next fiscal year, and that
the new tariff bill during the first year ol
It's operation will yield revenue Of $780,
600, 600 gold. Estimating next years re-
celpts at that, there will be in round num-
bers $4,000, 900 gold In excess. He
expects the interest on the public debt
will be reduced TO $780, ,OOO,9O0 IN prTo9lbNa1 pT9lN
bly, two years.
Then came u discussion on specie pay.
ments, in which Mr.. IngersOu urged that
as the greenbaCk had been partially shorn
Of It's functions US money, the first step
towards specie payments must DO the cle'
vGtion of the greenbacks. 1t could moi
be used in payment OF interest on the M
tional debt, but Congress could amend the
legal tender net so aS 10 allow grccnbacks
to be, received for rs per centum OF the
amount paid by the importer us customs
dues Tho SeCretary's calculation showed
that IS per cent OF the gold collections a
the custom house would bc in excess .o
the amount required to pay the interest on
the debt. Itwas reasonable to believe thai
his estimate was low. Ifa merchant pay
ing $4,000 duty on IN invoice could ust g
grcenbAclIs to pay q portion, say u l,OOO
| tho value Of the greenback would advance
toward the coin standard; md tits proba
bic that instead Of advancing Ill the ratio
of its relative usefulness in answering tht
purposes Of coin, it would wipe out 1llty
instead of twenty-five per- cent oil tht
prcmium on coin. The. Secretary was
iavorably impressed with tho idea. Id
recognized tho logic otEthc suggestion
lie did not know ofany substantial rcasor
why gold should now command pre-
mitIm Of 13 per cent. 1t was being re
duced gradually, and he thought specit
payments would come as natural conse
oucnce. IIe was paving the way for sucl
an event by oil means in his power, !bu
was careful not TO do0nythinG that woult
be likely to cause revulsions in the nlarKe
or trouble among tho people, The natura
laws OF trade and demand were gradually
working towards the resumption OF speci'
payments. Hc believed 20 per cent 0
the duties might be received in legal ten
ders without impairing tho ability OF th'
government 10 meet any demand maal
upon it for payments due in gold, and II
believed that il Congress should admi
that principle by substantial legislation
half tic premium onGgold existing at u!
present time would be wiped OUT y :
The above are the only important point
touched, and details but follow out thu
substance given, ] regard the interview
rs one ofvastimpOrtancei because It SEEM
to foreshadow some suggestions that vii
be contained in the Secretary's annual re
port to Congress. aa ~ e, ~,
The probable operations ofthc Funding
bilI wcrc not mentioned. ,.,,i .4aia4