, 1873-12-06
The First: Goyernment-Rctlcmption Of
Qrccnl,acks iii Coin, Bonds Being
g So1Ito Naise tlio Gold.
Tho Second: Intcrconycrtibility
Of Grccnbac1ss and Bonds.
How Proper Currcncy-Ro!orm Would Furnish
Us l,c Most rcrIcct Monetary System
Ever Possessed BY Any
lIati0n.

the lcautlg top'o III CongfcBa thls Wlnter' rs lt
Is tho Chief ono among tic people, Ihcre seenia
to bo gonofal desire Tor resumption OF specie
payments, or tho adoption Of aolno plan whereby
rn,,er.inuuor ny bo nlat1e e,lnl tn uo1d in MIR
chasing nosor at,tl kopt thcro IN f,nuro. How
lh;a !. n In occon,r,,ahod H. fin r.,h,or that
..."..,.A.' ~ ~ - w. F-ou'y1. s"' w.
p"1"es 'no "lao ncaab' a''a c"uscb aoe "a ~, ~
nnlte variety OF plans anu opinions. Iho
problem would bocotno very simple and caHy
ono IL lilo ucoplo md polittciane wcro willing
thot tho 1,rorn,,ort .,au,1
'A*'' '-o ""'eas ''.'N4.'"s as..'e"S ouo"1 .s.'.
RETIRE ITS aHEksuAcks'
and leave to private capital Tho tas OF furnish
ing gold ulll convertible currorcy II Con-
crcsy gllould onact this winter tint preenbechg
ot,n,, Il, a..,,,o,toa ,,to ,,or o,,,+ h,,i,, nv
'..1- W s1 .,1,, ~ WV ,.,'a ar' -. "
even into pof ceh6s' tnoy "oaia Bpoedlly aisap-
ouco rise III value to tho gold standard. Silver
gou,a como into c;rcu1nt,on ma nnn,t c,,anr;re.
ond rotoo on aotd In ,t,oro, ftor of oo,,o,. mr..
ano noso1 A1lu eo'. w s,4elea.sel " sIua' pui.
were able to redeem their issuoy, aud TINT would
10 always, when thcro was no financial panic or
au11cn mil for ,,rro an,ounta ~ co,n a
ha,vv .,,,11o,, aon,.;1 ~ - fo,x INV yor.
a,.', au'on ue.'.a VI -" nem io
panKs "oula pfopab1y 1orco thear suapenslon,
just as heavy run by dopoaitors might exhaust
their casl,-n1cnny. This
wou1n pponror c.s,o
,7os.x, ,,n,1oaao ~ ss..aa LII, so.u 1o,,,.
oosttoy conAaenco' alla eaase ooth hote-ho!uefs
and depositors to mako run on other Now York
banks, forcing them into suspension. Then tho
panic would gproad alI oycr lho Union. and close
nm nj, 4bo har1a iu.t oa tbo 1oto ,,o,ic on,o,o
Nv y,r1. 1anoatnr. fareoa ~, tho nans IL, LIS
Ne" 1orh oeposto1s 1oeeea a'l ttlo nah2S III tno
Union into suspension, or into position whero
they had to conBo lending money mud accom-
modatiug tho pub,ic. But. aft.r the punic. the
,...,1 ~ ~ p 'Ae
banks would again generally resnme specie pay
ments in moro or less crippled condt-
tion and go continue until tho next
panic or conyulaion in monetary matters. such
wna Tho noat arnor;orco ~ s,,oc;o-,,a,,;re, ho,a
wa 1ne p"a. eApSlie!'co u epocao-las'"e pa'Rs'
nnd such WILL be tho future, as lilo causes pro-
duco like effects, No bank can be prepared to
withstand a double 'frun" Of noto-holdors and
depositors. unless it keeps in It's yuuIta co;n
ronr1, o,,a, IN IL. roto. Il, ,,rc,,1,t;o,, 49,, ~
to;.s ~ .,anaa;.a staa, - ,sa,,,s .;,s,
.a'ns lib aoposi!s lustoau oi loanlns tnen QUIZ
IN other words, 1t must stand ldle, aud not loan
cither notes or deposits on ti,ne-paper. Tho
ONLY ABSOLUTELY SAFE nANK
T. -, .1,.4 a,.aa ..,,,.t ;,a,o, ,,.
~ tn1' s'Aeo "t1et' 1noae' ~ i.oNo0' "no 4oi.oe
only lts own capital, anu loans no de"
positB except on call, secured by con-
yertib1e stocks, such rs Federal bonds. But
I'm hra;no.. cloaaoa would hord1v ho u.t;.noa
,,;.,, .a. ,,anss;.s.;~ -. ,,s.1:s a'".a"S
"Hu enae ocbcs'P'1o" u paunlns' III conblaef-
Ing tho question OF resumption, wo must not
Bhut our eyes to tho cxperioucc Of tho past, or
xunnoao Tint n ranetftlnu of INV old no1icv will
NJ .;o1a = rono,,,;o,, ~ Ill .,n.r;a,,oa
oyr nua ~ auoti,ar W Iu sha amo.,, ,
arr - 0"' A'A'o1 - "D0'A0"' sN' soHoAAA foptso
NOT IN FAeon OF gAN1suiNo anEENnAoKs
Ifotn cfenla!1oi 6at oesIte at.a intend to retain
tneu. No -! VIII vass tAo next congress, nor
ne ne hoAs, rearing tno poln!ar gfoehpaGEs from
tno money OF aceouns; ana "hatc9oe p!an may
be aoy'aed tor ING lmproVelnent and stablllty
nt 1ne currency, ~ mass includo tho fo1cn-
iion ana communion o1 t4o leSai'tenaefs
ua ? compohent part i, oi Inc currency: !
% snan no. s.op " nssuo 'na asseltlon' oi aaance
~ ~.saaone LOT tnlnAaus so, ol cosll1at ooJoctlohs
1aeteto, o9eauso ~ ~ useless aha unnecessary.
M L. ~ he9aleba g; 70 "asto "ofds on Tue iney-
tsaoLo, Lno srconpaens alo Us certa', 70 remnlh
~ aor SeAla 10 come as tuat tne Mis-
hisHsippl liver wlIa con.lnao 10 now TO the Hoa.
II II every member , OF congress %as convinced III
ls inna 5na. greenoackh shon,a DC 1ufluea INTO
nonas anu rel'reu, 1ney aaso 11ot enact LOW 10.
ing II: 80 Ioae as ne masses nave not pcrcelved
ING "lsaonl; hd'ahta6e, aha oapcdioncY ot tile