The Republican journal. [volume] (Belfast, Me.) 1829-current, 1873-11-27
The President OH Che Finances.
\ " asIington special Of Monday 81,

\ W aaiilngtOn special Of AiUudt, Sans
The President has concluded that por-
ton OF his message relating to the nation
~ finances, but has not Vet read it to the
Cabinet 1t may be stated on lmqucstion.
able authority that he will not recommend
what has been known during the past few
weeks as the Convertible Low Rate Bond
| scheme, and ii may also be stated that he
Will not recommend any measure which
| VIII tend TO case the stringcncy on the
market, except such a measure as will
completely prevent the possibility OF the
further imitation Of the legal tender clrcu-
lation 1t is safe to say that any measure
which the President may recommend will
| be one which will contain such restrictions
that whenever the stringency i'll the money
market is relieved, the currency issued by
the government will OF necessity and i'll
accordance with the laws of trade return
to the Treasury
| This can only be accomplished by max
| inc the rate Of interest upon the currency
thus advanced so great that the public
! could not afford TO borrow ii OF the gov
| eminent at times when the money market
was easy. Ii is argued in support Of such
a measure As this that so long as the aver
age rate of commercial interest for money
! IN this country is at eight per cent. per
| annum. any convertible bond scheme al
| low rate ot' interest would inevitably re-
| suit in permanent imitation, for the reason
! that those who had deposithd the low rate
! bonds for currency would never restore
the currency TO the Treasury 50 long as
| they could command much higher rate
OF interest tor their currency than they
could derive from the deposited bonds.
Those who should know state that the
| President $ recommendation viii be based
upon principle which viii compel the
restoration Of the currency to the Treasury
| in time Of easy money market, although
| the details of the recommendation are not
| yet fully disclosed II is believed that the
rate Of interest which will be suggested
| shall I've paid TO the government for cur
rcncv that may be advanced upon bonded
security should be ten per cent which is q
| rate that would compel the return of the
currency and the withdrawal OF the bonds
| when panic- have ceased The plan con-
| templates giving the government control
Of the balance of power on currency. by
| mean, Of rate Of interest on loans ad-
! yanccd somewhat higher than The average
commercial rates in the normal condition
| of finance.
| Ii j, understood that this contemplated
| loan Of currency will be made in some way
through the national banks, 50 that the le-
cal tender maximum may not be incroas-
ed above four hundred millions. This sug-
gcstion is made in view Of the supposed
claim that bondholGers have that the max
imun of legal tender circulation shall not
| exceed that sum. 1t is alleged that an in
crease the legal tender circulation above
four hundred millions would be an impair
| ment Of the contract with the bondholders.
| Ii is believed that the President will recon-
mend that these loans be made i'll bank
| notes through the instrumcntalitv of the
national banks
The chipping and singing of cricket and
grasshopper are frequently spoken Of But
| they donot sing. They fiddle BY rubbing
legs sand wings together, each in a manner
peculiar to the species. these insects pro-
duce the sounds which characterize them
Perhaps our best insect instrumental per-
former is the "Katydid." Each wing CON
tans a little tambourine, and by the open
ing and shutting Of the wings, these are
rubbed against each other, and produce
the sounds of ''katy -did->hc did" which
can be- heard at such long distance
DuTIEo ON PoTATocS \ Washington spec
ial says that lit is known that an attempt