, 1873-10-25

not Tie caae: rlo prices Of co',,uodi,lea lad not be-
at lhe ssns time rc.rk"lr r'ate II "tInrr lid In
pened III E"ropr. lending tn lis.er prices for labc
srone r'@s"F @ u h1ss Gr IT, " &
country from tho n,tIrij j@cd depression. In su fnr
t,p 10 had In ornlne ,s1s the e. currency, 10 yon,
tn4 exclangra, for Rashgs, ctc., ftn rol,l
try ,,,' W.. - al!o q. to anrr"rt' escott l.r rmn
WnG s !. 4 he s 1sst sseury 4 s,k ~
nnnl o go gold. I11w much !hr,, n,sder tl,at y,ew
wnnd It require to arerfo paynents If rrfn
e!pio sss sdol,e1 which workoi j: woli in Ei,sai'
paper to thrice tho exsent of bullion on band. n,
moment tho circulation e1ceeed that proportion tic
Dy Tho enrtet they auhorzo in nc'1 'us,s eases
to increnao tho rate OF iereHt OH louna, aud ii wa
sired equality. Borncmca, however, commereis n "a
men began to fatl anl panto stNrtcd tho result ben
;s.n nnco a the Government to atort,o tho bank i
feared Tho bank would ss,spond spccio nsymants ~,
no9SrstS a. mn'sponaton had allayed pIo fers st
mand Thcso notes wcro cRai-ter,ler erccnt ~ ~,
counter ot The bank isself. Whom presented lbcrc
xey NUT DO redeemed In specie, and that utimas1
was no Bank Of the United States now. Tic history
o. h1 former ones It was useless 10 go into At pros.
eab. ono sy De o1s's s1 ueo Gogress
improyomont OF tho bank Of tllb Unted Btaes, StIij,
e v.e nas Iteaenfy bank, which, from necessity,
y uank circulation, which retecmublo In United
St1es noses or speclo Tho resolutions would not
thems 4 would not specially operate Oh tho GaIke.
After that date thoy would redeem Just as now and
ws,o e1possd to no further liabilities. Adopting tLe
prncinle OF liking day for resumption would p}yn
notice to every debtor to get ready 10 meet tic limo
wien Tug d c9Snge occnrrea w. little ovor thrce
soino no. But he had concluded with bis coiloares @
that II day was nxed, the ons indicated vns proer
prepare themselves. II tho day Tas axed mn iio
people prepared then,solycs what would bo required
t. rssmo y ancr cr,t t1o ,Fesouon7 Il a
specie, Low much would 10 required 10 Redeem the
ksIor kRor currency & Frenzy L. tGs vas. eo1nty7 io di not
peoplc would not like 10 give specie Tor Tie potea fho
moment conversion wss poshlls that teeing would
specie which be wanted 10 send 10 Now Yorf gon n
prefer for convcncnco sako TO got treasury nota'
Bank q Engana noles stood 90 high sinco 6oldors,
Any promise which could command apccio was saits
factory 70 avery one Ho olt The only thing NECESSARY
Of 1841 thero wcro spasmodlc Efforts n
1alq 6ssSl' nono ena s "a g., ans we're
aa not iose ther speeio for nA'y the a ho,dsra sna
@ e. s sF hsa sssn ansz L Rss r % eG;f
oson sos e as sey e sS 9ts S X te
gGs aud what lid they go Gy Il RI, 1eona a.
0nseF eo5 sir currency e tho banks tut every
Y equal to c,freucy To courageous banks, purtiea-
4r!y n nc csngo whleh deedel on ID spe Of
ng n. unl lad an bcioro the papIc. nGMs Me
~ aaro1mont Of T. TIT TIT would 10 tTuo the
- no drain Of tpecio fro1n tho rreas',ry @1u.a
Tho proposition made by the Committee mudo no |
LfCnAAfy, or tho QbIGEtH
'ayment Of intcreat on the debt being of corse nr
laed dor ror years there ha1 been largo con ba
espec wAs dust aud nsllcs for my Influence on fbe
ufaency t Of tue country. II portion Of that tdie
. plucc themselves upon an equality will oticr m" my
ons1. Az Tor tue second proposition Of the rosoil-
tae history oi ous business had been market. by
ioeit nactaat!oua N tho currency ut different points
turing the summer It nocclulatcda 1t tho East Ieca,non
rug there aud was loaned all sors Of speculative
'ancd 10 apcculasora and etockgamblr1s. Thn nro
alton to issue cersihca Of dcGt wn4 to provide for
unity to convert 1t into god security a, ~
waun dcsira1ls. Tlcso Certificates would bo uooi
r iie Investment Of tho surplus currency Of National
zen no frequently dceircd soo fuxibijIty In the cmr
nGy aEng It greater whcn required and less wl,cn
vor as the abuses Of ouna ou Gull md intersat 'n,o n
,poaia , became moro n'anifest. There must ,
something TO act on the currency. nud lila
at the tino Of the panic, hi> savings bank had lad
Ky surriaa fescrveh 10 these certificates aid not in
'irch without selling mortgages ind other nnrnsnent
casien a les; !, Il nntgh os asd the Government bought
rkera had taken sA tho currency tho goyernrnemt !
Is willing 10 give. Thcsocertiaca,es would ston
3es gambling, and give savings nanks ehuneo to
60: Inc amount Was mnttcr for Congress to do
NINE MI It WE. however, ayisablo to isieate some
notes Should remsn "Ai eaaiatauaaa nas Iteas :.
y, .,,,'a and !. on o. that thcro might be some
.aThiee 81 5 n% d some had
y: 81 aorm o. panes currency Ind been adopted
,sio pAyn1ensa resumed, and Tho Treasury noIes q
rh specie. what difference would 1t mako to man
cnsaly specie payment? for 1t could 30 easily be-
neg tnt1 % %sxeeie snd would be preferred for muny
@ H. ~ nad ne1t feature was that the ceshcatc
held BY the banks. That was wise, II tho banks
IN feGas to ye y
4ld nut bo called on to ~ pay ~ tneres9 Rausa &c :.
theT ssHos when they were already paying inter Il
uld hesitate II tho banks chose 10 conyert tcir r.
osita Into Certificates thore gus no objection to
T r. m " a ns5est on them Hence TINT principle
~ itnnohs Nhen mohoy was plouty b4nkH were viii W
to ;a.' loan on ca at very ow rates @
erlencs had by any years. discussioua, he Gceyed W.
haa fsashe1 po,ns where they could say some Gu
ussed many plaus aui hpd failed to aes' sss de
any answered. sinro oil were based On
ertainties, md liked no day for rrsu,nut,om.
icsailed these various schemes, but believed tho
ent ono was alone practicable and cortaip. ia
not wholly responsible for tho proposition made I'll
whole Conmitsc0 agreed about liking tic day. 80
tssue Of certificates received all Utmost l.nnin,os m
nt Ho had simply prepared thor cuncluAons in vi
uellg1be bhApe, and iad Lefore The meeting tho III
Vhfng Which bud cotrolled tho Committee. nT
NIL. RAzAot OF noBloN. I'm
he fully agreed With the report aud tbs oxpann- ~
He Lad hoped that tho date Ut resumption would -
been hx"d early, but lie would defer to the Wis c,,
ot the Cotninittee. It scented to him TINT, In en-,
Ct the great wealth Of the country aul tho conii NJ
Of business II was not necessary 10 reuue euScio nj
aents tattiaY. ue desred move the FOLLOWING cm,
llmtnts; 49,. 49,.
,sTo in5ert aftcr the word coniuue In tile ~;
CLAUSE tho words "unul the frat Monday of n, m,
1877 y mud, ~ ~. ~,
;ond-To insurt an additional resolution: }na IN,
ftSored That Oh and after the tirst Monday in ~,
1877, gold md hyor coin shall be tho only leas orn
r for tue payment Of my debts, public or pri- Du
believed In meeting The question fairly and nf f
roy. Dy giving thu people md banls tmo to | Of :,
lfe, complete resumption could be speedily nrt
ght about. e., ~
80. Mr.. NouasE, or 1oaToN, IL +
LINT, o. the Hoaton Hoard uf Tlade Ind nrop1eea Il
NnlCiAl problem. Il