New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-12-03
TO yses all our paper Issues shall be made OF eqnal

Rigid statute laws applied all banks, at all seasons,
and Ia all places alike, often prove an embarrassment
and injury when the conflict with economic principles
and the laws of trade and business, winch ae stronger
than legislative enaciments, aud cannot De OVerthroWh
thereby Associated banks at t1e several reismpuon
ciues named in the Banking law, which are the great
eont5oIng centers Of business might 40 mAsh 20 gys
properly constItnted boarrs or committees OF their
own encers TO exercise large discretion III the use oi
different seasons ami under different circumstances aud
In other matters within limits preser bed by law
rary enlarge the paper money CIRCULATION ia cases on
great emergeney provision may be uade 70 permit ne
NhuOual banks, under circumstances dnd 10 "a ulnleu
extent 70 increase their circulation ny pledge Or
! United States bonds bearing no interest whle
Pedsed OF su9ecing the banks TO special taxation upon
other terns that n wond he Tor their interest 10 recall
The notes and redeem bonds at the earnest possible
Jay a,ef ihe pressure aud tAer necessities shodd nave
But any large augmentation of the issue Of United
ni he sEtenaer notes ia .e OF pea Wyuu h NO.
poncy aud pledge OF the public faith to the national
creditors made in the act OF June 20 1854, that the
t amount OF such notes shall never exceed
siOOuSD00 az well from tlat more solemn pledge
contained IN tue first act Of tue ALtst congress.
70 naAe provision az the earliest praeucauie period iGt
the redemption Uuited states NOES IN eon but wond
It Ht gt 10y q specie pa, tn Te 11stti coD
dence in our national finances ana be serious detr-
be no doH5 thai duripr the eight Years since the Rebel
non there has been growing desire among the people
20 restore the paper circulation To specie standard ANA
lhat any steps taken TO accomplish that OBJECT VIII be
| received with general favor.
MEASURES LOOKING TOWARD RESUMPTION.
II is not possible to resume and maintain specie pay
nens WITH 80 large amount OF notes in circulation
and so small amouuT Of gold the country. The
volume OF currency must be reduced Or that Of coin
greatly increased Should the national banks be pro-
hbted from ceiling the coin received 9y them as inter
the same IN whole in in reserve or loaning IN
Tue discount OK Os aud notes payable IN CON- As GOh
accumulation Of gold in the banks, which would
10 SOM tnlus toward preparing i2f ttsHnp' ,
treasury, undeftakeu with the approval OF congress
would ere long lead to the desired result when other
CONDITIONS required for The maintenance OF specie pay
ucnls slouli become favorable. Inc icIs on CDnKIs5
Of FEB 25 st2 July II, 1892. and Mrch 81 1853 together
in addition 20 s50O0O0 OF such notes reserved for the
purpose Of securing prompt payment 0f tenpoaryoan
words Nor shall the total amount OF United states
notes issued or 20 be issued exceed soO0) and
rary loan" Tie temporary loans referred to i'm the
! foregoing acts having been redeemed, the maximum
iaws can now or hereafter be issue,i il 500 100000
Between the Jst OF August, 1865 when tho amount OF
and the it of February, 1868 there gradual
traction 0f the amount in actual circulation, limited By
the act u Feb. y, 1866, 10 not more than Sl000G0
within the then next six months, and thereafter NOT
more than 100000 in any one month On the Atm or
February - Congress passed an act t-s 5e5-
| when the amount outstanding 556,0VO0o,
aud mat sum u now the minimum limit OF issus But
sOOoOOoO has never been repealed ana has uniformly
|
oItess lAeIeoI 70 ne ~ Il lorce ~ view oI tAe u-
cert.inty which exists IN puohc sentiment as TO me
right OF the Secretary OF the Treasury 20 issue United
STATES notes la excess OF the minimum, aud the conflict
OF opinion 90 the policy OF dong 80, cOnceGing that
mend that Congress snail these questions rest BY
q distinct euacuneNt Until that IS G0ue, whenever
continue 10 DE pressure upon The Treasury Depart
! ment, by those who favor policy Of EXPANSION, 70
increase the issue or notes 10 The maximum by tue pur
chase Of bonds or otherwise while, on Ene other hand,
those who conceive that the public interests Will b.
d. fpH
/ the issue down TO the minimum.
RESERVE FOR TEMPORARY ISSUE SUGGESTED.
Assuming that it Is the settled policy Of Congress a
declared the Of June 1904 above cited the
total amount OF United states notes issued and be is
sued shall exceed SlOoOOOOoO lam opinion that
would be unwse TO require the amount actual
laon TO be kept up to the maximum or to any amount
principally upon the receipts from customs and Internal
taxation without the power borrowing or otherwise
ges.ional appropriations which must he met In cur
repcy to the extent 81 nearly s200JO00)D year ought
always 70 have large reserve upon which 1t can draw
10 the ordinary demands upon It in OF emer
aencies when the suddenly and Unexpectedly
diminish ny feas ID OF a hatlonal Calamity OF lnanclaI
! arrangement which from time TO time are liable -
ln al nations such reserve Is also rendered
necessary by me act tha the fractional currency au-
thOr1eG 90 issued u the amount Of SnOl10, IN
re1eenable ia United states notes the option OF tho
holders In order mat there may be no msunderstaud
! between the minimum and the maximum may
I Dr. lhsued ana, that II may not DC issued
4 for the purpose Of initiating the paper currency
| 81 the country, | recommend that 10 be
ordinary demands upon the Treasury shall require 10,
and IN payment Of such demands ant Tor the rctamp
ton o fractional currency the amount so issued 20 be-
returned 20 tho the condition OF the
Treasury snail warrant 70, and that the purchase OF
bonds stall be forbidden 80 long ~ che Outstanding
United states notes shall exceed the minimum fixed by
the act " Feb 1865 believe tlat slcn reserve. 50
restricted would a proper and reasonable protection
against any contingencies whereby the revenues OF
/ tue country might temporarily be diminished, ana
/ ton. As ought not 10 be the busin IS Of
the Treasury Department 20 increase and diminish
cordug 20 tnc condition OF the money market and for
TIE -oe purpose OF aneetiag mat nlaIAet iank u
would he unvise 70 authorize the reserve 10 ne issued
except Or ne purposes aud IN the manner which have
REPLACING NATIONAL nASK MOTIFS.
In the General Appropriation act the fiscal year
ending June ls4 the following special appropriation
is made in addition the usual annual appropriation
COR making and Issuing the National currency;
Fo replacing the AMI INITIATED circulating notes o. No'il
.uh papr ami q sh and iesn t secretary OF me
Treasury prescribe Circulating or such assosstionsio re-
place ae add deaom an'io9 sos sE'eoa eounierfr-
shall rebure tb Tasu h costs Of he circulating aoie' iarisaed
under tais revision.
The operation OF this clause must be very limited with
further legislation. The making OF new plates aud
replacing notes seem be restricted 10 those Of denom
nations which have been successfully countereitcd,
and found that the only one that can be thus con
sdered Is ten-doar note although tue two ana Tue
tventy-ioar notes have been cOuntcrieited TO some
but a. the provo in this clause requires banking asso-
caJ0ns reimburse tne Treasury Tor the cost thereof
few banks are inclined to order them whs they can
continue 70 OF other denominations printed
from the old plates without cost 70 themselves
under the provisions OF the General Banking law;
recommend that the proyso in The clause ABOVE cited
De repealed. that banks De required 10 pay for 81
new notes furnished them, whether printed from
or old plates The sOied and mutilated condition Of
the circulating notes OF National banks in makes
1t matter OF necessity that something should be done
20 redeem the and 20 supply their places with
currency " the end that all te which the people
are obliged TO take and us money may be clean and
whole several metl.Sds accomplish this result have
been carefully Consider d. but plan seems 10 be
feaslh.5 without the active cooperation or The banks
themselves. assisted by such Congressional eDactments
As ms be fort uxf