National Republican. (Washington City (D.C.)) 1872-1888, 1874-03-02
TILE EERRENGY

uc uiSCuSSlOu Ill Ocllitc Vi Tic pIOp-
osition to give instructions to the Commit
tee on Finance regarding the features to be
embodied in the proposed currency bill
evolves many and varied views of the pres
ent condition of the currency, its cause and
the measures needed for rescuing the coun-
try from its imaginary embarrassments.
We use the word imaginary advisedly, be-
cause our money stringency is simply an
obstruction of the circulation of the cur
rency we have. That obstruction is the
:esult of fright. A panic stricken commu-
nifty is without reason. 1t has no conf
dence in anything 1T an impeded circu-
sation arising froni tight is as surely fatal,
Fnot soon re-esta!I ished, as though it came
from any other source. The discussion in
the Senate has done much to restore reason
to her throne, re-establish confidence in the
soundness of commercial affairs, and to re-
store circulation to its wonted activity.
The people of the country seem to be
daily becoming satisfied that their condition
is not SO bad as it at first appeared, when
he panic was precipitated upon them in
September last by the failure of a single
private banking firm and one national bank
which was intimately connected with it.
If Congress could be brought to view the
condition of things in similar light. matters
would soon assume a brighter aspect. Mem
bers should devote their energies to the
outstanding of the resources we have, in
stead of devising ways and means for fur
ther disturbance of the business of the coun-
try by the introduction of new and untried
schemes of finance, Let them inaugurate
weekly payments of wages to all Govern
ment employees where it is practicable.
Let them provide for the redemption of the
legal tenders in gold, at some fixed future
date, upon the principle contained in Hon.
Freeman Clarke's bill. And then let bank
ing be free and unrestricted, except by the
laws of supply and demand, providing only
that ample Government security to the
:nete holder shall be given. Then all peo-
ole can bank who desire to do so and have
The money to buy the bonds, and they
would receive such q share of deposits as
their reputation for honesty and fair-deal-
ing would attract to them
The country has been surcharged with
financial excitement, to the utter disturb
ance of commercial and monetary affairs,
and the opinion has become SO general and
widespread that Congress will intervene to
relieve the consequent embarrassment by
legislation, that all future business opera
lions seem to be awaiting the development
Of the character of that legislation. The
debate thus far has simply acted as q valve
through which the excitement has effer-
vesced SO as to expose the true condition of
affairs and indicate tie character of the
remedy needed. These having happily
been discovered, Congress should now,
without further delay, proceed to make up
and announce its decision to the country.
1t is the season of the year when people
Are accustomed to forecast their plans for
business. Those plans must be predicated
apon the resources which can definitely be
depended upon. Upon this subject all is
now uncertainty. Will Congress NEEDLE
with the currency, and if so. in what man
lions of the hour. 1t is idle to talk of fix
ing dates of adjournment until something
has been accomplished. Mr.. Clarke's bill
provides that the legal tender notes shall be
redeemable in coin by the Treasury on or
before January 1, 1876, as may be deter
mined by the President on giving thirty
days notice, but may be again reissued;
that national banks shall continue to hold
their reserve funds and subscribe to the
stock of clearing and redeeming bank in
New York, to be organized under the na-
tional banking act; that national banks shall
be exempt from taxation on the amount of
their average deposit with the redemption
agency, the latter being required to pay tax
on the same; that no sales of coin shall be
made by the Treasury or paid out except for
Interest or legal contribution to the sinking
fund, when 1t will reduce the coin in the
Treasury below one hundred millions, until
redemption shall commence: (Prosidsd,
That this shall not interfere with the ex.
>.iange of new bonds of lower rate Of IN
tercss for five-twenticsD and the repeal Of