Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1874-12-21
ALEXANDRIA,, VA.
MONDAY, DECEMBER q.
New Financial Scheme.

AT tbe caucus of the Radical Senators on
Saturday, most of the time was consumed 10
the consideration of the financial question,
report having been made by the committee OF
eleven on that subject, through It's CHAIRMAN
Senator Sherman. The committee before they
brought their report in were divided IN their
views, seven being 10 favor of the report aud
four against it; but, finally, the report was
made unanimous, and after long discussion
was adopted by the caucus. The bill VIII De
reported to the Senate to-day Its leading
features are substantially as follows:
First. Free banking to be open to all lndlVl,.
duals aud associations, without lmltatlen OF
capital. r.
Second. The returning OF an amount OF
prcenbacks equal to eighty per cent. OF the
amount Of new national notes issued until the
preentack circulation, shall be reduced to three
Hundred millions, after which no further reduc-
tion of the grcenbacks is to take place. 1t Is
claimed that by this provision there will be
neither expansion nor contraction VI the cur
rency, az about twenty per ccut is now rcqulr-
ed as bank reserves.
Third. The Withdrawal aud destruction OF
the fractional currency, aud the Substltuuon Of
silver coiu, the arrangement to go Into erect
as soon as practicable under the direction OF the
Secretary of the Treasury, who is authorized
to use the surplus money IN the treasury lor
supplying the silver coin. Ii this Is not sumcicnt
he may sell the requisite amount OF bonds OF
the new series te obtain the iunds Tor that pur
pose.
Fourth. Removing the cost Tor coinage OF
gold at the several mluts.
nba mi Dt
10 commence on the first day OF January
eighteen hundred and seventy-nlne. The Sec
retary of the Treasury is authorized to use the
surplus specie 10 the Treasury, but, II 1t Is not
sufficient, to sell bonds 10 order to obtain gold
TO nav the Treasury notes. But this last pro
vision docs not, like the others, go into lmme-
date effect The legal tender act remains un-
disturbed.
The bill agreed to is in accordance with the
views of the Secretary of the Treasury contaln-
ed in his annual report, he having expressed
doubts of the expcdiency of continuing the
charge for the coinage of gold, which tends to
create 40 adverse exchange, aud causes bullon
to be exported to London, and having recon-
mended, with view to a resumption OF specie
payments, the manufacture of u large quantity
of silver coin, to take the place OF the fraction
al notes, beginning with the smallest denoml-
nation and gradually withdrawing the notes.
The Secretary says:
"The estimate of the Director of the Mint
shows gain in specie aud bullion in the last
two fiscal years of about thirty-eight mil
lions OF dollars, and the stock of specie
10 the county to be about one hundred
aud sixty-six million dollars The estimated
Increase of coin and bullion is gratifying being
one of the evidences of gradual recuporat!on
of the country from the effects OF destructive
civil strife, and 10 connection with an annual
production Of about seventy millions dollars OF
the precious metal, affords encouragement
that stock of coin may within a reasonable
time, and with favorable legislation, accumu-
late to an extent sufficient to enable the re.
sumption Of specie payments to be undertaken
aud maintained