Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1874-12-22
TIE Nxw FINANCE ELL.

Important action was taken by the
Senate Republican sucus yesterday
upon The question Of speedy specie re-
sumption. A bill was prepared and
viii b presented to the Senate to-day.
which ID the most sensible and sooprs-
hsnsivs measure yet proposed upon this
much mootsd subject. The telegraph
gives the leading features Of the propss-
cd bill - follows: ildL
First-Frss banking. open TO all in
dividusls and associations. without limi-
tation Of capital. tl-ia
ssoond-Rstiring an amount Of green
backs equal 10 eighty per cent. Of the
amount Of new National notes issued
until the grsenbaek circulation shall b
reduced 10 $500. 900. 900. after which no
further reduction Of grsenbacks IL TO
take place. II IL claimed that BY this
provision there will DO neither eIpan-
sion mol contraction Of currency. as
about twenty Per cent. b now required
a. back reserves. rtr
Third-withdrawal and destruction
Of fractional currency and substitution
Of silver coin. This arrangement to 60
into effect - soon ~ practicable. under
direction Of the Secretary Of the Treas
ury, Who ID authorized to use surplus
money for supplying silver csin, and II
this IL not ~suficisnt. to sell q requisite
amount Of bends Of the new series 70
obtain funds for that purpose.
Fourth-Rsmoval Of cost for coinage
Of gold and silver at mints.
Finh-Rssumption Of specie payment,
10 commence the nrst day Of January.
1879. The Secretary is authorized to
use the surplus specie in tho Treasury.
but, II that Is not sufficient, to sell bonds
in order 70 obtain gold to pay the treas
ury notes; but this last provision does
not. like the others. 60 into immediate
effect. The Legal Tender Act remains
undistlrbsd.
This bill win OF course pass the Senate,
having been adopted in caucus. and its
friends are ssnguins that II will also pass
the House and become q Law. II Ii, In
the main, In direct accord with the
Recommendations Of President Grant in
his recent message. II will be noticed
that provision IL made for free banking.
without limit as to capital. This will
obvisss. or should do 80. all opposition
on the score Of currency contraction.
and break up the monopoly OF the Ma
tional Bank system, which has served
- . standing tart for cheap money advo-
Gates for years. Another wise provision
II the retirement OF the fractional paper
now afoat and the substitution therefor
Of silver coin. To facilitate the coinage
Of subsidiary coins. the coinage charge
will DO entirely abolished. and parties
dspositing bullion at U. s. minis will
only be charged for tho refining and
parting Of their bullion; or. in other
words, for the cost Of putting Il in proper
standard shape for coinage. This will OF
course not only stimulate coinage. but
thereby aid the Government in the eI-
change proposed; 1. e., silver halves,
quarters, dimes, ETC.. for paper rags.
The anal clause Of the bill 10 worthy Of
special mention. II proposes that the
Government shall resume specie pay
msnts on the frst Of January, 1879.
four years from now. On that day 10 is
provided that every holderof agrsenback
may. by presenting the same at the
counter OF any Government Depository.
receive therefor one dollar in gold or
silver coin a. he may choose; and that
Q grsenback shall. therefore, to all prsc-
teal intent b equivalent TO gold. This
will sbviats the necessity Of a repeal Of
the Lsgsl Tender Act. which is. thers-
fore, TO remain undisturbsd. for whom q
merchant can present currency at the
United States Treasury and receive gold
therefor. ID will not matter whether he
pay gold or gresnbacks for custom
duties. The bill seems TO the
most important points urged by hard
money men. and II passed will go far
toward placing our finances upon a
steady footing.