New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-04-20
LETTERS FROM THE PEOPLE.
SUGGESTIONS FOR STRENGTHENING De
BASED CURRENCY

BASED CURRENCY.
DIAN FOR REPLACING NATIONAL BANK NOTES
WITH United STATES NOTES PAYABLE ON DE-
MAND-DETAILs OF TIE scHEME-A GRADUAL
INCREASE OF THE CURRENCY TO ONE THOUSAND
MILLIONS FEATURE OF THE PLAN
To me Eduor Of The TrtbuHe'
SIR: While Congress is discussing the eur
roncv ouesop. and various propositions are brought
forward and debated, none Of which, whatever may DC
said of their expedency, of nature 10 nc Oh any
nermanence; and while the whole country l. greatly
agtated and almost paralyzed In It's various business
pursuits in consequence OF the uncertainty oi 'no
future and the withdrawal OF the confidence OF capital
ists and while everything remains In this ncntions
state, with a return 10 specie payments apparently
frtber off than ever IL well TO consider any PROPOSE
ion which promises confidence, revive DUST
ness give to the people uniform currency ana re'
TO a specie standard OF value.
Ipropose to suggest plan, without entering into NIL
mute details which, If carried out, 1t seems to me, "ouia
settle the whole question: and give us that stability ana
security for the future demanded as guaranty asans
sudden revusions and violent fluctuations OF values
idle 10 suppose that the business OF this vast country
can ever be conducted with specie the only
medium. Something must be substituted IN the vas.
aior,tv OF transactions 1t doubtless the duty OF
Government and therefore the right TO provide us Suo
iects with currency which shall be ayaliaoie III pay
ment OF all dues either public or private and snail DC
not what may be its substance, whether gold sVer OF
any other metal or paper; whatever the Government
shall elect It's stamp shall give it that validity Ine
present currency called legatenders is not OF Sucn
character 1t limited in its use and therefore improp
erly termed legaltender This limited use gives 70 IL
deprecated vaue for, although gold apparently at
premium il is only relatively gold being the stand
ard Of value United States note, payable to bearer on
demand ana receivable for all dues to the Government
would be currency which would be OF equal value
throughout the entire country To make equal to me
standard OF value 1t would not be necessary 10 s'ap ~
IA legal tender The fact or ts being payape W peh.r
on demand and receivable for all dues to Government
would make desirable currency with tue people anu
il would circulate freely, and without any question: as
to its eonverpty into gold at the option OF the houer
for II would be preferred to gold for an puIp0s.s O
which currency Is required ~ place q tne Uopern ~
ment going into the market, has Ieen prOposeu "
purchase gold for the redemption of its ereenbAeks anu
thus the premium 10, 90 or perhaps ~ per cent,
gold would become drug In the market ana our jain
Vaults would soon be oyerburdened with the precious
metal No would prefer gold to United states nos
The importer would pay his duties WIN united staGs
notes The banks would settle their differences WIN
United states notes This would be currency ayalaDe
in all parts Of vast country, and readily conVeruuc
into gold should gold at any place az any time De re-
CURED II would have the confidence OF me ehIino
people and be the best and safest currency that was
ever issued by any nation. No Constitutional question
be raised to the right OF Government 10
note PAYABLE bearer demand, ard am c0nhdenI
no person can u moment doubt but that such cur
rency would be eagerly sought ior, anu
TO the question, How eau this be brought
abOuti 49,,
Firsi: Let Congress repeal much OF the National
Bank act as author the OF National bank notes
Second Let Congress require The secretary OF tae
Treasury 10 Issue United states notes. payable 70 bearer
on demand the usual denominations OF Dahk notes,
similar to the present Z" legal tenders" .--
Third Let every National bank be required 10 return
it's circulating notes OF 5000 or over As fast as
they until their entire circulation Is 50 returned
Fourth In place OF the National bank notes thus re-
turned by the banks, let the secretsry OF the b
give the several banks United states NOTES 10 Tue
value OF the bonds held security for the notes re,
turned and until each bank shall have returned
all Of its circulating notes to the Treasury
and have received in return for the same United states
notes TO the full value of the bonds held for their re-
demption This would add to the volume e. OIL '1 of
the bonds and the amount OF currency III re-
reach the sum Of $50 90 or up@ard bit this ex,
change OF currency would occupy considerable space
OF time the increase would be so gradual scarcely to
keep pace with the increased demand for currency from
The revival and Increase OF the various industries OF e
people. The National banks would thus receive the
mil value OF the bonds in United States notes and could
continue their business as banks without crcuatiOn,
using the United States notes instead
Fun Tie Secretary Of the Treasury, IN the mean
time cancel the bonds held for the redemption OF
the bank and also the notes returned as
they shall be replaced by the issue OF United
States notes to the several banks. TINS would diminish
the interestbearng debt OF the United states ID the
amount Of the bonds thus Cancelled -,
Sirh Let the Secretary of the Treasury also call in
the legaltender" notes and give United states notes
for them dollar for dollar, and cancel and destroy them
as fast as redeemed. We would then have United
states currency aggregatlng about sSOO@00O OF uni
form charac OF uniform value In all parts OF tins
vast country. THIS currency, as have before said,
would be received everywhere and by all the people,
and preferred by them to gold, and would be readily
convertible gOld all parts OF the United states
Seventh Let Congress authorize an increase Of the
amount OF United States notes equal TO slO00oO an
nualy by the purchase and canceng ofinteresbearng
bonds the United states, or by the payment OF other
dues OF the Government, until the whole amount OF
United States notes payable TO bearer on demand shall
reach the sum of 81, 0O00 100000.
This proposed increase of circulation would not be
equal to the increased demand for currency, which
would readily absorb much larger amount FROM the
rapid development OF the various Industries OF the
people; but IL would become regular feature III our
finances for the quarter OF century, and regd-
arty ana stability are much greater Importance 10
the prosperity Of the country than redundancy OF
currency. - L" NJ
Nep- York, April IA 1874.
cur,n prcr,rrD ,NTu AMI TCNpEpANC