The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1873-02-19

introduced into the United States Senate
bv Cole. Of Caiito-uia. viii come up for
co1siierstioa in Congress shortly after
The Holidays Briefly stated, the bin pro
Poss 10 substitute greenbaeks Ito the
growing popularity Of which We lately
made some reference for national bank
noses- II provides that as often a. the
notes Of 4 national bank 10 the smount Of
500 shall come TO the hands Of the SEQ
retz-v Of the Treasury. that Official shall.
after thirty DAYS notice TO the bank, sus-
pend the Interest on 81. 600 owned BY said
bank. and deposited with him 70 secure
Is circulztio1- The suspension Of interest
! % continue Until the bank shall redeem
the $1,000 bonds With 500 currency. II
II redeen them With greenbaeks. there
VII Be 5 substitution OF greeuback Tor
nstion4l hank notes 10 the amount Of
500. while II Il redeem them with na-
tiouzl hank notes, the Secretary VIII de
nzaI the redemption Of them; and thus
the prcoe>s will 20 on until al the na-
tiolzl hank notes shall have been retired.
and Al equal amount Of greeabacks sub
stirutei IN their place. The Secretary Is
also authorized = the process goes on, 10
issue new greenbaeks a. they NAV be
needed, 20 take the place Of the with
drawn national bank notes. The object
Ct the bill. a vii be seen At a glance, Is
% reduce the tEo kinds Of currency now
n use 70 one. and 70 make that universal.
there5T saving 70 the people the interest
On The four hundred million dollars United
St1tes boais which form the basis Of the
national bank circulation Of Ss5s.9I7.47O.
i : maintained By the advocates Of the
measure that It VII save annually ) per
cert interest on the bonds held bv the
national hanks, which interest amounts 10
some twenty r1ilIions Of dollars. and that
II VII substitute : noa-iuterest bearing
debs Of ss5s.sI7.l7o In greeubacks TOR an
Interest bearing one Of the same amount
n bonds The proposition has one mani
feSt advantage whieh nobody can fail 10 .
aPp-eciate- Il would give 10 the Govern
2eHt- that + to say, TO the people, all the
profits O. supplying the national eireula-
ti7u II the resumption Of specie pay
nsHts / TO be indefinitely postponed
and this seems more probable every dav
there can be no reasonable question that
the substitution Of greenbaeks for nation
81 notes ought 70 be adopted In a word.
unless It i proposed 70 restore our cur
rsuey u s specie basis, there i no good
mason Why the whole Of It, instead Of
-our-~eveuths Of Il, should not be directly
supplied b. the Government Its Ger
tar, however, that an immediate return
70 specie l. not seriously contemplated in
Any controlling quarter. and hence Sen :
stor Coles proposition would seem to be ,
The best policy that could be adopted.
-Four hundred millions Of circulating me I
iiam issued BY the peoples treasury
-oul3 purchase nearly that amount OF
sou3s nov drawing interest. 50 that It }
-oul8 Be the substitution Of a debt not !.
'earing interest for debt now bearing
interest In other words. as we have
.l7eady said, the people and not the IA !
ioaal banks would receive all the benefit
& the currency which Is used by them in :
Re transaction OF their business. Surely.
his i = cousumzatiou deyogtly to be
H1Hty1ctlrsr.