The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1870-12-12
tbis, to have by iudicious legislation, the

this, to have by judicious legislation, the
banks resume with the government.
tIAnd now, TO leave the committee, Sen.
ator Sumner says, resume at once, first,
by destroying all fractional currency;
second, when banks draw interest on their
securities, make them take gold certih-
Gates without interest and place them in
the vault as so much reserve, to be held as
such till they resume specie payments,
then pay them on presentation; third, oil
substitute bonds for bank securities TO be
bonds issued under the funding law, but
the substitution not to reduce the currency
they are now entitled TO; fourth, if bank
fails to redeem It's circulation It's bonds
shall be offered ut par, and in default oil
sale the government shall buy them at par
and pay the liability for the banks circu-
latiOn; flth, no bonds to be held by the
Treasurer as security for banks except
those bearing interest in coin; also to in.
crease the five per cent bonds to $500, OOO,'
Co., 40 i
Senator Fenton would AVOID by gradual
stages what lie calls the impossibility OF
keeping for any great length of time two
unequal currencies in the same business
intercourse. He depreciateS a violent
change, and would rather risk the threat.
cning OF d partial paralysis from moder-
ate shrinkage, than the probability OF a
collapse from sudden change. He believes
expanded currency would drive gold
abroad and would therefore curtail the
currency n.s
Senator Conkling believes in so taxing
the people Us to make their burdens light,
by taking off, first, the income tax, and
several others, and rearranging the tariff
in judiCiOus manner. By doing this, he
thinks we will have specie payments as
o natural consequence.
Senator Morton, would, by law, make
the banks and government resume, when
the premium on gold shall be lower than
now, and would create specie fund in
the Treasury after paying the specie de-
mands Of the government, to redeem the
greenbaCks with. At the same time he
would force the banks TO put the coupon
specie in their reserve. y.
Mr.. Garfield would retire all green
backs In q certain proportion 10 the Issue
Of bank currency; initiate the currency,
retire and destroy the greenbacks TO the
last dollar and force the banks into resump.
ton when the government shall be obliged
to resume specie payments from lack OF
other currency. 80.
Mr.. Lynch would, first, destroy all
United States legNl.tender notes received
into the Treasury in the course Of ordina-
~ transactions, and issue like amount
Of United States notes, redeemable In coin
on demand at and aflcr one year from the
date of issue; second, cause all national
bank notes received at the Treasury to be
redeemed by the bank issuing the same, in
United States legal-tender notes, which
legal.tender notes shall in like manner be
destroyed, and coin notes, payable in one
year, issued in their steal-in other words
all the paper currency issued after July !,
1869, from the Treasury OF the United
States, TO be in notes payable in one year
from the date Of issue, in coin third,
make these notes legal tender for the re.
demption Of national bank notes and for
all other purposes lor which United States
notes are now legal tender.
Mr.. Poland would retire all grecnb0cks
and make banking free.
Several Western members would flood
the country with greenbacks; others
would even buy greenbacks at discount
in order to retire them. Some say the re.
sumption Of specie payments would lower
the price Of crops, and they don't want it;
These arc the most prominent theories
advanced, and the people will not won:
der, while they will discover some good
things in them, that the Committee on
Banking and Currency came to the con.
clusiOn they did 1t Is just possible that
We have been spared crisis, while 1t is
certain that u great tlutter in the money
market has been prevented.