, 1872-10-22

tonM Banks OF paying lntelsas o0 eenAo1' W
Mt Kimhark moved committee be appointed
| to confer VITA the Pittsburgh Committee at
Washington. He did not believe in the propo-
| sition, but it WAS net OF courtesy
AR Wright wanted to know if it would be an
act Of courtesy to send committee opposed to
the Pittsburgh scheme.
M. Randolph said they might ask the Secre-
tary to buy bonds to the amount Of the currency
in tue Treasury. That would not increase the
Mr. Wright also wanted forty Or fifty millions
of idle gold, used in buying bonds.
The Mayor said it was proposition Ii which
all wereinterested, since it was plan to water
the currency to the extent Of $54 o0o, 900. When
issued, the purchasing. power. Of the whole
would not be increased. Gold would go up at
once; how high, it was impossible to soy. The
measure struck at public faith. The gate once
opened who Was to shut it? If the issue cause
a depreciation Of per cent, what would the loss
over 5100, 900, 600 was destroyed, now deposited
in banks. The loss would be more apt to be Is
per cent than 6. It would take6 per cent
off the value Of the currency. They would lose
far more than the 81, 600 900 it was proposed to
issue. How many bonds would it purchase !?
Only $3s ,00O, 1000, and the issue of the currency
would run up the bonds 30 he could buy only
S33, ,000, 900. The National debt would thus be
increased S., ,000,0 600 or $l0,0000 900. The iBsne
Of the certificates was forbidden by law. So WAS
was no power to sell q bond. The Secretary
could buy all the bonds his surplus allowed. and
could sell gold to suit him, and that relief would
be useful as far as it went, and
letting out, out SO much locked up capital; aas
that it was irredeemab1e by the Government
that made it. It WAS redeemed only by brokers.
It Was an inaexible currency. The Government
should redeem it's greenb2cks, or retire them, or
give bonds for them. The latter thing It co9lo
4 1f.nv, Tx,$a
interest bearing obligations: II the Govern-
ment would give back to the holder OF green
backs the power Of conversion into hVe-t"enCy
bonds, and Of reconversion, they Would !, nave
the most perfect currency PoahRaDlSs S 9n sney
banks would convert their idle money into
bonds, and then, when the demand came, recon-
vert them into money, thus putting an end to
much Of the illegitimate speculation OF every
summer. Free banking he had always believed
that it would accomplish much good
Dr., Turpin offered the following:
Resolped, That this meeting is opposed to any in-
crease looking to my further expansion Of the cur
Resolpsd That we recommend to the Secretary OF
the Treasury sell gold far the necessities Of
the proceeds and thus relieve the temporary monetary
ResoIusa, is inezpsdieat to appoint Committee
to 60 to Washington Gty in accordance with the re-
quest Of the merchants Of Pittsburgh.
Mr. Wright did not see that anything in the
way Of buying bonds would do any good at all
The money would be swallowed up in Wall
street. He wanted to hear an expression On
free banking.
The third resolution was unanimously adopted.
lfr. Subway thought the first resolution too;
important matter to b. settled by few people.
He thought the resolution adopted settled the
matter. 49, -.-
Mr: Wright moved to insert the word " ire
deemable" before currency"
It was tabled.
The resolution VAS adopted.
The other resolution was adopted.
Mr. Wrght's resolution Vas taken up and VAS
amended by adding after the words '' free bank
ing" the words upon an equal basis 80 to the
issue OF currency with Others"
The meeting then adjourned