New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-05-11
THE CURRENCY QUESTION.

SENATOR MOTIONS LITTER or THE BILL VETOED BY
THE PRESIDENTIAL NEW EMISSION OF UNITED
STATES NOTES NOT AUTHORlZED-A Defense
AND ExpLANAToS OF TIE BILL.
Senator Oliver 2. Morton has written let
ter 20 the editor Of The HiiaIDolis Journal in defense
Of the currency t lately ny the President, and
% correct msapprehcnsi0n regarding the BILL which he
says have appeared in some OF the newspapers. The
principal portions Of the letter, which was published in
The journal on Saturday, gwen below:
Az EXPLANATION OF THE FIRST SECTION OF TIL
BILL.
"The bill is criticised" M Morton SAYS, a. II it au-
tLorized a emission Of the United states notes,
which would the diliulty Of return 10 specie
payments and thereby involve breach Of the National
faith pledged the redemption Of those notes IN coin"
The first section OF the bill he continues ana the only
which relates to the Uped states notes hXes the
s64 il was declared the United notes III cir
ouiatIOn should not exceed SlOOWGoU On
further reduction Of United States notes, the
amount then outstanding being $35CCOOO0 The differ
ence between tins amount and 0OO-vz SAL 100000
the successive Secretaries OF the Treasury ana the
President lave assumed the night TO reissue az their de
lawyers Congress and om OF II. The question: Mr..
Morton says, cannot be said 10 be free from doubt In
his veto message ana letter Messrs. Cafin and
Army on the 2sth OF September l67s' me President
rars m, xlnuIn amount OF United states notes as
ss00OOO0 ana toats the s4i no as being an EXISTING
reserve The FIRST section tho M therefore, "' ,res
toe Jaw TO be what the President ana tae Secretary have
assumed II TO be.
II was the wish and expectation Of the friends of the
bill" senator Morton says that the Secretary should
put circulation the remaining SlS,0OOOOO OF the
S4iOO0OO, and 1t was proposed by that the Ian
uago Of the section should be so changed 10 require
the amount 10 be put into circulation and kept out
standing but IL determined otherwise, and that the
nil should simply declare the maximum amount of cit
1eta-y Shat ,6ey had been Claimed to be- Had
Congress taken from the Secretary the enormous
put the circulation Of United States notes up ~
siO6gNCN0 or reduce IL 10 s35GOUOO by fixing IL at
$1,000 the act would have met The appreciation Of
large part OF the people VINO believe that power
should not be reposed IN any public Oticer But
that not done and the whole effect OF section
been claimed, and the exercise Of which had de
| c!ared by many TO be a srOss usurpation."
THE NATI"NAL BANK-SOTE CIRCULATION.
Tue other section Of the BILL Senator Morton saws,
auhorHes the increase Of the bank circulation
the amount Of &iCOoOOoo 10 be distributed among the
States having less than their proportion upon basis
OF the act of 1865 the banks to be established upon
the terms, liabilities and restrictions imposed upon
c1Slg banks being required 70 secure their bills
upon ue u us CT tAci own counters OF IA one OF the
redemption cities, additional restriction
that all BANKS GA ana new, shall Keep fourth OF the
! interest tncy receive ii
Tor the security % their notes Tins provision loocI for
ward the resumption OF specie payment. and WAS tie
1r, step that had been ihkeu u That direction hf Con
Short equg..zns the dstrlhlOn among tHe states Oh
me basis Of Of 1865. Under act me New
England states entitled 10 less t.aa S.gOS0a bat
/ rcesyea sIlUUJC.u., DINER
vco.s a, nearly sl2WggJ0 Tie the friends ~
Inc il desired free UaiKing-ihst It, Tie resurrection
taKcD of a. Inc dmOAut ana Jcl4'i v! .c circulation
eyrry part Of The United sGItts 70 esollsI N.loual
! h.nka wherever ana Whc.esrr LciI los"i wants aui
,i's.ries demanded them. TIe pruht upon tnc car
reHcg VI NatyG-. baaAs &c IS'A 1Iaa In" la" ''''