New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-03-17

popularity OF Greenbacks, ana immediately altef IT,
THE TRIBUNE appeals to the House of Representatives
to pass quickly measure which directly proposes in
two ways TO withdraw the whole of tins egal-tender
greenback circulation. cost Of <l500OOoO year to
the IA payers the country, and TO the great ncon-
yeneuce world OF trade and to the peril OF the
whole National Banking interest whose circulation II Is
proposed increase the cancellation Of the Green
backs thus weakening the foundation Of the system and
increasing the rupcr,tructuIe 4"
Comments by The Tribanc.
If The Times had simply quoted the clause
or clauses of the Funding bill on which 1T
bases its assertion that said bill proposes to
withdraw the whole of this legal-tender
"Grecnback circulation its avermcnt would
have needed no rcfutation. Here is what the
bill preScribes on the subject:
SIC 3. amt he u rpihcr enoced. That the Secretary
OF the Treasury be- and he is hereby authorized To
the credit of the United States from time 10 time
coupon registered bonds ol such denominations, not
less than So aS he may tik proper to me amount OF
SiOOOcOOO redeemabe in coin at the pleasure OF the
Government at any time after 70 year, ana Payao9
coin at 90 years from date ana hearing interest AT the
rate OF per centum per annuin payable seLnannually
in coin ana such BOMBS may be disposed OF
either in the United States or elsewhere at
not less than their par value Tor com or
at the discretion of the Secretary for United
states notes may be exchanged at not less than par
the obligations of the United States outstand
opinion of the secretary Of tho TreaSury Is thought
advisable to issue larger amount O per centnm bonds
al
would be otherwise authorized ny this section Of the act
such further issues hereby authorized. PrOridtd
That there shall be Increase in the aggregate debt ~
the United States IN consequence Of any issues authorized
by this act.
If The Times knows no difference between
providing for some sort of redemption of the
Greenbacks and having them all presented for
redemption, it must be nearly singular i'll that
lack of perception. Year after year, we have
been urging that the Government shall provide
in some way for the redemption of the Green
backs-that it shall not permit its promise en-
gravcd Oh their front to remain "a lie forever"
We have urged such provision, not in order
that the Greenbacks should be redeemed and
cancelled. but that they shall be rendered living
truth, aud thus better and more widely
acceptable currency than they now are. Day
after day, we have argued that provision for
redecming them is the one thing Deedful to
render them equal to gold anywhere and better
than gold in many sections, because far more
portable and more easily concealed from rob
bers And still The Times, keeping all this, as
well as the provision in question, out OF sight.
asserts that this journal directly proposes in
1.-TWO WAYS to withdraw the whole of this legal
"tender Greenbick circulation"
1t proposes no such thing. We doubt that
10000, 900 of the Grecnbacks would be funded
under this act within year after its passage.
But il would tend To give them a tangible,
palpable value, and greatly to limit the iuc-
tuatons in their market pricc-that is, in the
premium on Gold. Make the Greenbacks
fundable in a per cent. gold bond and what
ever that bond may be worth in the market
the Greenbacks would be worth, if no more.
Suppose the bond to be- worth but 30, the pre-
MUM on gold could not rise above II, be-
cause any upward movement would be ar
rested at OF near that point by an influx of
Grccnbacks to the Treasury for conversion.
There could never be another BLACK Fri
day." caused by sales of phantom goldr at
80 to 80 per cent. premium. under the opera
ton of this clause. We entreat therefore, the
champions of National soyency and Currency
stability IN the House to rally in defense of
this provision, and i'll no cast suffer it to be
cxpunged from the bill
Though no single Greenhack should ever he
funded under this provision. the value of every
Greenback and OF our National Bank notes AS
we'll would be enhanced and stcadied lu its
adoption. II rests our whole Currency hence
that truth being the right to fund the Green
backs at the holders pleasure in four per
cent. Government gold bond-tlat value being
the value of such bond AS minimum. And it
is quite time-high time-that the promise
that ",hc United State, wdi pay' the