New-York tribune., 1874-01-01
LOCAL MISCELLANY.
TIE ROAD TO RESUMPTION.
usws on FlNANClER IN REGARD TO TlIE OPP

Ssws on A FiNANCIER IN REGARD TO TIIE oPPoR-
TUNITIEs OF CONGRESS.
Enaeoss was light in Wall-st. yesterday,
he stoet Exchange closing at p Prices we're firm,
sswover, and the market gives promise OF activity
.fter the holidays. A. s. Hatch of the trm OF Fisk
Batch has been readmtted to membership by both the
~o<k and Gold Exchanges. The amounts paid out al
e United States Sub Treasury Yesterday were sOlooo
W account OF January interest $4,000 for currency III
.erest aad s4sOOo in redemption OF Fve-Tweny bonds
a TRIBUNE reporter held the following conVersauop'
yesterday with John Thompson. hnaneer OF tnls o'S
tn reference 10 she probable results OF the action ob
Cougross:
O DO Won anticipate any legislation by Congress tlat
si place our finances upon secure basis ana pavSThe
40 hone thar Congress viii act comprehensive lan
and carry into effect any i o @ ,b'n, ~ .hich
-al proportions. Patchwork Is tHo o''S 'N'"e "io
% what svstem would you propose FOR the fesump-
zion Of specie payments and wltnurawaI ., " gIeon
back eurrencyi Your intimate relations with tecreary
Chase during period when the deet was made ana
tboory Of resumption would he OF interest 10 the pnoo
The question you put covers @ TOO uc % Sketch
roughly y financial structure whlch 10 my minu Is
ar a. cold coin conform in fneness weight, and value
to the Enghsh sovereign The 81 so and si0 pieces shou
Id or SILVER coin would nave thrOe denominations
az presentlo cents rs cents ana 6o cents Inc sse
xo and tender 10 the extent per cent for all larger
amounts There Is will be seen, depreciation OF our
Ercpudation" But let briefly explain. All gold
obligations issued under the present coinage laws hgut
he paid "a equivalent value hence "repudatloh VIII
ttach to nothing but currency obligations Ano as tn
s2a per step toward resumption the county @ "ia
cation" Of American ana British currency Seconuly
The next business in hand 70 aga pt VIII no,s e1
rhangeaDle for greenDaeKs at the SUD treasury M M
only in Washing gton there 70 De assOIJG an
a. may oe advisable All banks should Keep per s5 cen
saspre1 with whoS to do this redemption ana as,S,t
ING business and abolish all other reserves u @ m no Oh
.aJ.mntion agency With this arrangelnent sec ~ "
s a., rying e5 in currency TO the banks on th9
bonds deposited security for cnrrency. ~ & en-
with this me asure give the banks PoSer N,i W S o.
80 sIhont limit except that no bank shalI nave a
amount excess of Its capts actually paIa VI" The iee
t,nder currency until it be made 1n.o
.roio OF the new Sttnuaru such .nv circnmstances
III tho amount exceed s4oc0coOoo, nor would - IN IN
Jnly wonid have the coinage ready all conld OF
gold and SILVER and then resume as IouowS w.,
oId If the present standard 10 be no. then Of the
month July pay in gold tnew coinage9 Tor an green @
backs presented and during August pay n,io ss u
reached This woud settle the question as 10 no" ir
resnmption would contract the paper currency 10
make The 20 wer and position OF the treasury lmprg
pahle authorize the President and secretary OF the
st eopds Whenever the reserve of in the Treasury
.han sink below 20 per cent OF the legai i @h1eas
outftandlng. In order to anass al me soiu M ol
The country Sub Treasury IN this oty ana 10 MAKE
II useless everywhere else. continue vi. int, c te
oposed resumption OF National bank notes make them
legal tender eryWhere except IN W .hs oiy,
foreot 10 In proper place that the SUD treasury
,hond give greenbacks for gold when requested dollar
Tor dollar Fourthy, would have Congress give 70 the
k.tlon, hanks at least, a general law IN relation TO
rates interest and punishment for usury 1he feo-
sra Government borrows at the best rate can ana SO
o the States and do corporations OF many e'1sss
but stin they borrow: / remember when the
secretary Of the Treasury =. PAID ~ per
cent for money. II is cruels that individuals
with ample assets should De proclaimed bank
Inpt simply because they prohibited from borrow
ing except a fixed rate. when more powerful borrow
are IN for all the oanabe money without
limit as 70 rate In gland it has been demonstrated
HAT effective aud the most innocent OF nnanca
tronbes is in q sliding scale OF interest There should
e no Increased taxation. 1t evident TO my mind
when the panic had only one week that the
Treasury receipts would fall OFF S0000o0 Ii IL evident
nov tnat before the close OF 1874 the treasury VIII be
replenished aud all the eneroachment on the ti4NOU
~i be restored All agitation OF taxation ana borIOS
fns v III only check the restoration OF business