, 1870-12-13

The Our .lfo11 OF lEesumpsIon OF Spc-
cite PM -Cont;reAsl u onnl cneo-
fieas
Eashtnqsost {t S. care<pondtnee Of The .St,s lork
Journal Of Gemmtrct.
n oh ho.es 81
have c1erted themselves to bring about
4 resumption Of specie payments. The
efforts wcr put firth With energy, but no
plan was suggetted that suited the tastes Of
pa&i &iority, aud the subject wens over FROM
one session TO another, It'll nov. It VIA be-
we're reinforced br considerable number Of
strorg nen IN the respective Houses, that
there VIA strergth enough to pAEa scue kind
OF bill tits wIuter. Accordingly, on Tues
day, General Garfield cslted meeting
9 ea s' toe e's%sSs %sSsses,e sna ra GqFsne ve e' o
informally discussing The subject. in order to
aecertsin how far il would 20, what plsna
were Afoot, AID whether totnt plan could
be eot out Of the committee aud placed in tha
House. The committee met. It lid not take
| while every member Of the commit
teo wss n savoF Of seaurains 1t
the earliest possible moment, each had
his particular theory: some held to them With
] bulldog pertiuacity, and the development Of
| opiniont showed chtotic entanEaernent. To
make the tnAtter worse it was found that the
question had been informally cansassad
anorg the principal members of the House
and Senate in quiet way, and the Deeper it
Tas pzobed the worse it got.
would, if the question weta put, come to q
sensible conclusion, VIZ. to let the problem of
the method Of reauniug sptcie payments
/ work ITSELF our, il, 1t will do 90 before next
s' o ' soa % sh' Sq.iasI SasiSna ri ss 2a
90 p.per insse,.ins ia the y ssue ratio, snd
that the probabilities ara resu!t Of
the kind desired nay be more eaailr reached
next winter than it can during this ses.1on Of
Congress. The langusge of General Garfield
see1na TO state il more positively: In other
words, We will then have more eAblo 10 take
ou2 meas urementa from" 1t will ba realized
that this setlea the queetion now, 70 far -
the Houte is concerned, and We may safely
dis nite it for uearty year.
me PLASs WHEREBY GOLD suAL RE NADE: TILE
CURRENCY or TIE CoEs1AT-
In the Committee on Blnking and Currency
yesterday it was found that sono p1ars znd
propcaslons v. re vail zeceistd- Among thees
tain per cent OF leg1l-tendcrs receivable IN
payment Of customs dues. To s:i1en bauk
reserves by forcing the gold payments On
| coupons Of bonds held ~ security for cirrn
lation, AID gradually By various acts to drive
dan Of resumption On the banks- Opposite
from this. to hsre, by juaicious leGis1stlou tie
barks reEuuue with the government.
And now, 10 leave that committee. Senator
Sumner saye, resume 1t once, first, by daat:oy'
ling Ill fractional currency; second, when
baEka draw interest On their securities, make
thin take gold certificates without interest
atd place item in the ranft ~ 20 much re-
! serve. to be held Is suea till they resume spe,
Gle payments. then pay them o. prese: :ation
! third al substitute bonds fer bank '=cnraties
| to be bonds istued ucder the Fundinr Law. bu
! / the subttitudo7 not to reduce tia slHancl
they are nov entitled to-: focrth, II han1
fails to redeem its circulation its bc.3s eha1
: be offered 1t pa-. and, In default of sale, th
government shall buy them ut par and pay th
liability for the banks circulation fifth. n
: bonds 10 be held BY the Treasurer as secuIit
, for bRuke except those bearing interest ia coin
? also, to Increase the tive par cent bonds t
, $500, 900. 900.
t Senator Feuton, would avoid By g1sdnz
; stages Whist be calls the ir1possthlEsy Of keep
q trg for sny great letgth OF time two unequ.
+ euuencies ID the same business intercoursk
BE depfecates I violent change, and .oul
: rssher risk tie threatening Of partial pa1
slyk;s from 1 moderate ehtinkaEe, than th
b | probability Of collapsa from sudden change
9 &c helteSee expended currency would driv
!. gold abroad md wonld, therefore, custai ii
i currency.
Il Senator Ccnktng believes in 80 taxing IL
I people ~ to make their hurdans light, t
j. tskiEg Oh, fts., the income tax, and sever
d otheEs, and Feartangipg tie tariR in il
y dic1cus u1auner. By doing this, be thinks Y
% viii have specie payments ~ = natural coca
d quence.
10 sAussoe Morton would, BY 1sw, make Il
y. hxnkB and government resume. when the pr
Z mium on gold ehal bs lower than now, II
would c1eate \ specie fund IN The Treasu
1t after paying the specie demands Of the 50
u esnnent. to redeem tho Ereenbaeks with. :
y the earas time, he would fo1re tho banks
ID put The coupon kpecie in theit reserve.
70 Mr. Garfield would retire al gEaenbssks
at ! certain pror ortion to the Issue Of b&nk %
- rencJ: initiate thu currency, retire and d
t. / stEoy ths :Ereenhacks to the List dollar, !,
Of lorce The b1ptB into resrm ption. xbsn Il
- government hha1 be obliged 10 resume ap
er cis payments ffpm Lack & othex cuusncy...
T. Ms. Lynch wu1ld, first. .desttpy al Hntt,
., Btased fes1l-kender notes received into u
IL Treasury R Tho e0utss Of ordinary txsuss