New-York tribune., 1870-05-11

ana @ ne % c Of ,h. i.ue I, he outstanding st any
ons u % % % ~. Dorpo.s Of msnnus e standard reserve Of
In the Ir.,u such @ 70 % n. s s @ G % @ % 1 eb sa
nose. The so % 10 have authority TO ue them within limits
bis discretion uhng the coin and notes thus received s dfe
m tn. ,.,,r, ,r.er,. of coin to M held the Treasury shah
sum equal the outstanding certificates psyabe on @
S % SS, of ,bs % T.,sj s,ss ,sw e1us 70 20 per cent
the ousanng certificates payable teu days notice Of the boilers
~ Whenever maintain This reserve and
better way 70 DO h h. Secretary may At his discretion ue e ~ Ss
rate Of interest or time Of payment but no certificates shall be i.e Of
either class bearing higher rate Of interest or upon any ami
onsp ,a nj i biIsrs p'''''''''' ''''p' '''A r'r'
H. All time in the Treasury belonging 70 ne ,n
the serve hal a p,g In pyTehaipg such United States per
bonds be bought under In purh.sng Or E n,s
n @ ~ sh Doh ~ par IN % a, Hayise some other
debt par discretion OF the Secretary when thefe ne
n.. can o pau ~ S.ts debt A. Tho lowest pro
MUM al which The same may thu. be offered. ,
~ All bonds now hed b the pr S h be cancelled
The sinking Fund act 70 be repealed.
Is The bonds and oehoae prnp, and t copsres, 10
The right eIceeng Of the interest upon Gil
% eaps per 1D ' % S aooy Of h. m may deposited
with security for MONEY and or 'ha' purpose %
eae sary nn, se. .rsn r~ en. jr,sre.. 't'A' :" '-
IT, Any National Banf become an agent oi he @ s %
en % or h e b that ue ban nay at any
be likely hOl in such securities belonging 70 the ooen ~
lS The Secretary may pay At bis ascrsSn In noe ~ n. mon Der
per cent upon PER @ no p.r cent, .pi others bearing
cents M % [ nr III honS. or that shall be
and settled for Of the secute. aaihc1ed BY h. act . nav r., r
~ APpropra'e 70 pay ~ .nd ber rnen.
panns Ne oonu AMI '''u''~'''' "
This substitute provides for funding the whole pubic
debt. 1t provides suitable pohd ior any iu's u''
IL cohtempa'es III a',p'o i''oi,0 pnl hat. =, .ho
maintaining the saine' 1or meeting o'oi' uoo. " ".
Government as IL natures i' Pro'iucs 's'. "' - =,
furious accommodation OF money Ill 'ho iio"'u', "
enables banks to become GoVerhmeht ascn''' anu 10
ceive fair commissions Tor all they uoor
1t abolishes the Sinking Fund arrangement III gives the
Secretary OF the Treasury ample authority ana un-
trammeed reedomof action within certainproper hms'
but those limits well defined and proper that no
has no warrant for doing anything wrong or 70
the Government public In short 1t is Funding DILL
and nothing else Having provided for funding the DEBT
into the best bonds for the Government practicable and
such other matters to be necessary 10 insure
success stops there The whole drift OF the measure Is
to run the entire public debt into bonds, bearing per
cent interest and payable at the pleasure OF the Govern
ment or into certificates bearing less rate OF interest
II docs ot authorize any increase the public debt 1t
oos NOT our banking nor currency laws 1t does
NOT ,rco bapk or other marty TO take the new bonds
r. a. -. ;onoo,o or aacreo se tbe volume of currency
- ~ 49,, ~ ,,a huoo,or ., any nart oft
o. 49, ,t ., 1nri, ,o-o there wos s10, a74s os in
oo,r T., ,ho rroas,r Tho standard reserve would re-
,rre os follows
ionr Coin Certificates outstanding April 1..... S3ss5oo %