Carson daily appeal. [volume] (Carson City, Nev.) 1873-1877, 1874-06-09
CoEMCNICATCp.
EESUNPT'iGC GE SPECIE PAY
HyENTS.

In former communication I have en-
,'eavored to show the necessity which
| impelled the Government to issue green
| backs and make them legal tenders; also
Why currency Is not needed in the Pa
citic States: the prospect of re.uming
specie pay nIen,s and the effect of imIne-
Giate resumption. | ROW, nj the risk of
being called an esotisf. submit, all too
/ briefly. perhaps. a few outlines Of /.
| proposition for resuming specie pay
nitnts. II may be ccisit cred high pre-
sumption on the part Of your humble
CORE spondent to even made a sugges-
ton in "A matter " here SO many of our
| statesmen are at fault, but an ass will
! carry a load safely over "A precipic where
| the finest horse in the country could not
! travel EnencEmbertG:-
The amount of fractional Currency
now in circulation Is about fifty millions
Of lollars-,his Should he displaced hy
specie in the sborts ST time possible. To
ci.ec: this Let IL he provided. that Ger
tain amount. Say :hree millions, shall
he redeemed each month. commencing
nj such time aS the Treasury Depart
nIrIt NAV de- III practicable. Let each
fraction he reGos med il coin O: its own
denomination. The Government ought |
to lie able to prepare or such operation
in SIN months after the passage Of an |
act requiring such rrdt npiion. With |
the present large production Of silver |
there certainly could hc no difficulty III |
procuring TIL Necessary coin for this |
urelation and il TIE mint facilities are |
uet su:iicie,t le, til, II be increased. BY |
such rrs'cr,...te the country would BE- III !
-! fIact!uHH! cUrlency i'll less than two /
years .i,hout any infringe ihents ON the
cold rrci;:~ts. /
To pave th- W. to redemption Of the
larger caTrtEcy l,t1he Government issue
,lTee ier csI;. interest bearing mites
after The manner o. English tonsols. I
Ties notes 10 re na,!s- iv-ai tenders for
all purposes. Including public du, ;. thus
placing them on Il par with gold. LIT
them be made redo .n;.h'e il gold ~ Il
fixed period. ssv. t'r wears from date q!
ISSUE 1t such Issue I've at the rate q! +
FIVE millions ,.tr month until fifty per
cent of the. outstanding currency shall
have been covered Willie this prOreS, |
of issue is going on let an equal amount
NJ the present circulation be called in
and DESTROYED Thtse interest bearing
notes should consist Of "a like Geuomina-
tion of the present. issue with the eXcep-
ton that none should he less than five
dollars. These notes. bearing interest
and certain Of red,mpti, Il at a fixed
period. would he more valued for hoard
ing than GOLD auds would thus libeTa:e
large amounts OF coin now locked from
the public. B@ this operation the Gov
.rnment would increase its real inieht-
edness to only triiinc extent. as green
lacks could thus he purchased ut gold
rates. which discount wonld cover ii
large proportion % acrUmu!a'in- inter
.st bearing notes in circulation. redeem
able monthly after the expiration OF five
wears. there conld he little risk of re
summing specie payments for all other
outstanding currency. 1t would give |
he State National Banks ample TIM to
prepare for the emergency by SO shapa-
ng their circulation a. to meet payments
~ demanded. ! am aware. IL. E!iior.
hat the making these notes - legal ten
Ter NAV he an objectionable point i'll the
hnt Government will find
I necessary to resort to -xtre NE M. as
Tres in order to pass safely the great
,raeal of speculation which other"ist.
will attend any attempt at specie nay
nent. NJ.